{"id":114690,"date":"2024-01-22T19:00:30","date_gmt":"2024-01-22T18:00:30","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/114690\/"},"modified":"2024-11-14T13:15:12","modified_gmt":"2024-11-14T12:15:12","slug":"budget-consolidation-in-a-difficult-environment-ten-guidelines-plus-a-preliminary-reality-check","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/114690\/","title":{"rendered":"Budget Consolidation in a Difficult Environment \u2013 Ten Guidelines Plus a Preliminary Reality Check"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-114690","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"There is evidence that a budget consolidation strategy can work with only a small and short lived negative impact on growth. However, this time consolidation is taking place in the aftermath of a deep crisis which had lead to increased levels of uncertainty. In addition the financial sector, as well as its regulation is under reconstruction. Firms and consumers are deleveraging, and many countries are trying to consolidate at the same time. We develop ten guidelines for consolidation during such a difficult economic period. We compare them to other guidelines published and, to the extent possible, cross-check whether the upcoming consolidation programs being implemented or revealed in various countries comply with our guidelines. We propose to follow a \"high road\" on cutting deficits, which includes an active growth enhancing component during the consolidation period. The \"active component\" should be financed by deeper cuts in subsidies, by eliminating obsolete government expenditure as well as by increasing the efficiency of the public sector. Taxes should not be raised permanently \u2013 a temporary contribution to consolidation will be needed, but tax structures in general should be made more growth and employment friendly.","onlinedate":"2010-10-25 12:00:00","lang":"English","publication_series":"","publication_date":"20101001","publication_date_year":"","publication_date_full":false,"publication_num_pages":"18","keywords":"[\"budget consolidation\",\"financial crisis\",\"tax and expenditure structure\"]","jelcodes":"[]","related_publications":"[]","pdf":415022,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"381","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2010-10-25 12:00:00","types":[44410],"research_groups":[3491,3500],"collaboration":"","persons":[4383,3830],"persons_data":"[{\"personId\":4383,\"personName\":\"Karl Aiginger\",\"organisationNames\":[]},{\"personId\":3830,\"personName\":\"Margit Schratzenstaller\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Aiginger, K.<\\\/span><span>, &amp; Schratzenstaller, M.<\\\/span> (2010). <span>Budget Consolidation in a Difficult Environment \u2013 Ten Guidelines Plus a Preliminary Reality Check<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (381). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/40655\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/40655<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Aiginger K<\\\/span><span>, Schratzenstaller M<\\\/span>. <span class=\\\"title\\\"><span>Budget Consolidation in a Difficult Environment \u2013 Ten Guidelines Plus a Preliminary Reality Check<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2010 Oct;(381).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{31afb0d69f7f4c36a92d54b63d18d05e,<\\\/div><div>  title    = \\\"Budget Consolidation in a Difficult Environment \u2013 Ten Guidelines Plus a Preliminary Reality Check\\\",<\\\/div><div>  abstract = \\\"There is evidence that a budget consolidation strategy can work with only a small and short lived negative impact on growth. However, this time consolidation is taking place in the aftermath of a deep crisis which had lead to increased levels of uncertainty. In addition the financial sector, as well as its regulation is under reconstruction. Firms and consumers are deleveraging, and many countries are trying to consolidate at the same time. We develop ten guidelines for consolidation during such a difficult economic period. We compare them to other guidelines published and, to the extent possible, cross-check whether the upcoming consolidation programs being implemented or revealed in various countries comply with our guidelines. We propose to follow a {\\\"}high road{\\\"} on cutting deficits, which includes an active growth enhancing component during the consolidation period. The {\\\"}active component{\\\"} should be financed by deeper cuts in subsidies, by eliminating obsolete government expenditure as well as by increasing the efficiency of the public sector. Taxes should not be raised permanently \u2013 a temporary contribution to consolidation will be needed, but tax structures in general should be made more growth and employment friendly.\\\",<\\\/div><div>  keywords = \\\"budget consolidation, financial crisis, tax and expenditure structure, budget consolidation, financial crisis, tax and expenditure structure\\\",<\\\/div><div>  author   = \\\"Karl Aiginger and Margit Schratzenstaller\\\",<\\\/div><div>  year     = \\\"2010\\\",<\\\/div><div>  month    = oct,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Budget Consolidation in a Difficult Environment \u2013 Ten Guidelines Plus a Preliminary Reality Check<\\\/p><p>AU  - Aiginger, Karl<\\\/p><p>AU  - Schratzenstaller, Margit<\\\/p><p>PY  - 2010\\\/10<\\\/p><p>Y1  - 2010\\\/10<\\\/p><p>N2  - There is evidence that a budget consolidation strategy can work with only a small and short lived negative impact on growth. However, this time consolidation is taking place in the aftermath of a deep crisis which had lead to increased levels of uncertainty. In addition the financial sector, as well as its regulation is under reconstruction. Firms and consumers are deleveraging, and many countries are trying to consolidate at the same time. We develop ten guidelines for consolidation during such a difficult economic period. We compare them to other guidelines published and, to the extent possible, cross-check whether the upcoming consolidation programs being implemented or revealed in various countries comply with our guidelines. We propose to follow a \\\"high road\\\" on cutting deficits, which includes an active growth enhancing component during the consolidation period. The \\\"active component\\\" should be financed by deeper cuts in subsidies, by eliminating obsolete government expenditure as well as by increasing the efficiency of the public sector. Taxes should not be raised permanently \u2013 a temporary contribution to consolidation will be needed, but tax structures in general should be made more growth and employment friendly.<\\\/p><p>AB  - There is evidence that a budget consolidation strategy can work with only a small and short lived negative impact on growth. However, this time consolidation is taking place in the aftermath of a deep crisis which had lead to increased levels of uncertainty. In addition the financial sector, as well as its regulation is under reconstruction. Firms and consumers are deleveraging, and many countries are trying to consolidate at the same time. We develop ten guidelines for consolidation during such a difficult economic period. We compare them to other guidelines published and, to the extent possible, cross-check whether the upcoming consolidation programs being implemented or revealed in various countries comply with our guidelines. We propose to follow a \\\"high road\\\" on cutting deficits, which includes an active growth enhancing component during the consolidation period. The \\\"active component\\\" should be financed by deeper cuts in subsidies, by eliminating obsolete government expenditure as well as by increasing the efficiency of the public sector. Taxes should not be raised permanently \u2013 a temporary contribution to consolidation will be needed, but tax structures in general should be made more growth and employment friendly.<\\\/p><p>KW  - budget consolidation<\\\/p><p>KW  - financial crisis<\\\/p><p>KW  - tax and expenditure structure<\\\/p><p>KW  - budget consolidation<\\\/p><p>KW  - financial crisis<\\\/p><p>KW  - tax and expenditure structure<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Budget Consolidation in a Difficult Environment \u2013 Ten Guidelines Plus a Preliminary Reality Check - 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