Fiscal policy and the Covid-19 pandemics: What’s new in the mainstream view?
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Data de Publicação: | 2023 |
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Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Nova Economia (Online) |
Texto Completo: | https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7378 |
Resumo: | In this paper we map the debates on fiscal policy in the Economics mainstream that resulted from the Covid-19 crisis. We present the discussions around the following topics: (a) fiscal policy in a context of low interest rates; (b) the metrics for assessing the fiscal situation of a jurisdiction; (c) alternative fiscal frameworks such as semi-autonomous discretionary fiscal architecture or fiscal standards; and (d) the fiscal agenda in the most recent International Monetary Fund (IMF) publications. We argue that the acceptance of fiscal expansions in contexts of low interest rates – especially those focused on public investments that do not generate current expenditures – and the adoption of greater flexibility in the framework of fiscal rules in central countries reappear as important elements in the “new” framework of the mainstream. However, as far as developing economies are concerned, fiscalism persists and the “old convictions remain rooted” in the mainstream view. Keywords: Covid-19; fiscal policy; fiscal rules; new fiscal consensus. JEL Codes: E62; H50; H60. |
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Fiscal policy and the Covid-19 pandemics: What’s new in the mainstream view?A pandemia de Covid-19 e a política fiscal: o que há de novo na visão do mainstream?In this paper we map the debates on fiscal policy in the Economics mainstream that resulted from the Covid-19 crisis. We present the discussions around the following topics: (a) fiscal policy in a context of low interest rates; (b) the metrics for assessing the fiscal situation of a jurisdiction; (c) alternative fiscal frameworks such as semi-autonomous discretionary fiscal architecture or fiscal standards; and (d) the fiscal agenda in the most recent International Monetary Fund (IMF) publications. We argue that the acceptance of fiscal expansions in contexts of low interest rates – especially those focused on public investments that do not generate current expenditures – and the adoption of greater flexibility in the framework of fiscal rules in central countries reappear as important elements in the “new” framework of the mainstream. However, as far as developing economies are concerned, fiscalism persists and the “old convictions remain rooted” in the mainstream view. Keywords: Covid-19; fiscal policy; fiscal rules; new fiscal consensus. JEL Codes: E62; H50; H60.Este artigo tem como objetivo mapear os debates da visão convencional sobre política fiscal engendrados pela crise associada à pandemia de Covid-19. Apresentam-se discussões em torno das seguintes questões: (a) a política fiscal num contexto de taxas de juros baixas; (b) as métricas para avaliar a situação fiscal de uma jurisdição; (c) o espaço para ações discricionárias semiautônomas ou para arcabouços guiados por princípios; e (d) a concepção consolidada nas publicações mais recentes do Fundo Monetário Internacional (FMI). Argumenta-se que a aceitação de expansões fiscais em contextos de taxas de juros baixas – especialmente, aquelas focadas em investimentos públicos não geradores de despesas de custeio – e a adoção de maior flexibilidade no arcabouço de regras fiscais nos países centrais reaparecem como elementos importantes na “nova” concepção do mainstream. Contudo, quanto às economias em desenvolvimento, persiste inalterada uma concepção fiscalista e contrária ao endividamento, continuando “arraigadas as velhas convicções”. Palavras-chave: Covid-19; política fiscal; regras fiscais; novo consenso fiscal. Códigos JEL: E62; H50; H60.Departamento de Ciências Econômicas da UFMG2023-07-25info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7378Nova Economia; Vol. 33 No. 1 (2023): Revista Nova Economia; 95-119Nova Economia; v. 33 n. 1 (2023): Revista Nova Economia; 95-1191980-53810103-6351reponame:Nova Economia (Online)instname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGporhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7378/3976Copyright (c) 2023 Norberto Montani Martins, Maria Isabel Busatohttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessMartins, Norberto MontaniBusato, Maria Isabel2023-12-27T01:34:31Zoai:ojs.pkp.sfu.ca:article/7378Revistahttps://revistas.face.ufmg.br/index.php/novaeconomiaPUBhttps://revistas.face.ufmg.br/index.php/novaeconomia/oai||ne@face.ufmg.br1980-53810103-6351opendoar:2023-12-27T01:34:31Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)false |
dc.title.none.fl_str_mv |
Fiscal policy and the Covid-19 pandemics: What’s new in the mainstream view? A pandemia de Covid-19 e a política fiscal: o que há de novo na visão do mainstream? |
title |
Fiscal policy and the Covid-19 pandemics: What’s new in the mainstream view? |
spellingShingle |
Fiscal policy and the Covid-19 pandemics: What’s new in the mainstream view? Martins, Norberto Montani |
title_short |
Fiscal policy and the Covid-19 pandemics: What’s new in the mainstream view? |
title_full |
Fiscal policy and the Covid-19 pandemics: What’s new in the mainstream view? |
title_fullStr |
Fiscal policy and the Covid-19 pandemics: What’s new in the mainstream view? |
title_full_unstemmed |
Fiscal policy and the Covid-19 pandemics: What’s new in the mainstream view? |
title_sort |
Fiscal policy and the Covid-19 pandemics: What’s new in the mainstream view? |
author |
Martins, Norberto Montani |
author_facet |
Martins, Norberto Montani Busato, Maria Isabel |
author_role |
author |
author2 |
Busato, Maria Isabel |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Martins, Norberto Montani Busato, Maria Isabel |
description |
In this paper we map the debates on fiscal policy in the Economics mainstream that resulted from the Covid-19 crisis. We present the discussions around the following topics: (a) fiscal policy in a context of low interest rates; (b) the metrics for assessing the fiscal situation of a jurisdiction; (c) alternative fiscal frameworks such as semi-autonomous discretionary fiscal architecture or fiscal standards; and (d) the fiscal agenda in the most recent International Monetary Fund (IMF) publications. We argue that the acceptance of fiscal expansions in contexts of low interest rates – especially those focused on public investments that do not generate current expenditures – and the adoption of greater flexibility in the framework of fiscal rules in central countries reappear as important elements in the “new” framework of the mainstream. However, as far as developing economies are concerned, fiscalism persists and the “old convictions remain rooted” in the mainstream view. Keywords: Covid-19; fiscal policy; fiscal rules; new fiscal consensus. JEL Codes: E62; H50; H60. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-07-25 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7378 |
url |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7378 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7378/3976 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2023 Norberto Montani Martins, Maria Isabel Busato http://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2023 Norberto Montani Martins, Maria Isabel Busato http://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Departamento de Ciências Econômicas da UFMG |
publisher.none.fl_str_mv |
Departamento de Ciências Econômicas da UFMG |
dc.source.none.fl_str_mv |
Nova Economia; Vol. 33 No. 1 (2023): Revista Nova Economia; 95-119 Nova Economia; v. 33 n. 1 (2023): Revista Nova Economia; 95-119 1980-5381 0103-6351 reponame:Nova Economia (Online) instname:Universidade Federal de Minas Gerais (UFMG) instacron:UFMG |
instname_str |
Universidade Federal de Minas Gerais (UFMG) |
instacron_str |
UFMG |
institution |
UFMG |
reponame_str |
Nova Economia (Online) |
collection |
Nova Economia (Online) |
repository.name.fl_str_mv |
Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG) |
repository.mail.fl_str_mv |
||ne@face.ufmg.br |
_version_ |
1799711060456898560 |