The Global Financial Crisis and its Budget Impacts in OECD Nations

The Global Financial Crisis and its Budget Impacts in OECD Nations

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The global financial crisis of 2007a€“09 constituted the biggest shock to the economies of the OECD nations since the Second World War and caused most of their governments to move into intense crisis mode. They made significant adjustments to their fiscal policy regimes, including massive interventions to stabilize markets and economies. But how they reacted to the crisis, and what measures they took to deal with it, still underpin their economic and budgetary positions. This singular shock provides the editors and authors of this book with an intriguing opportunity to examine how different OECD budgetary systems performed. Chapters cover the EU, North America and Asia, assessing how governments responded to the challenge and how their budget systems evolved in the aftermath.The main indirect tax on goods and services (levied at 10 percent) continued to be paid directly to the states and territories, but ... Savings measures were announced in four successive budgets (2009a€“10, 2010a€“11, 2011a€“12 and again in 2012a€“13), ... Some benefit or entitlement provisions were rationed in minor ways.


Title:The Global Financial Crisis and its Budget Impacts in OECD Nations
Author: John Wanna, Evert A. Lindquist, Jouke de Vries
Publisher:Edward Elgar Publishing - 2015-09-25
ISBN-13:

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