Chapter

Public policy responses to fiscal debt or deficit: is there a difference?

Fred Mear

in From recession to renewal

Published by Policy Press

Published in print November 2010 | ISBN: 9781847427007
Published online March 2012 | e-ISBN: 9781447302377 | DOI: http://dx.doi.org/10.1332/policypress/9781847427007.003.0004
Public policy responses to fiscal debt or deficit: is there a difference?

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After the government rescue package for the UK banking sector in 2008–9, the government's fiscal deficit rose substantially and quickly to over 12 per cent per annum. This chapter presents information on financial instruments and mechanisms which have been available to local government and other public sector agencies in responding to the fiscal deficit, and argues that current economic models will not work for the future. It also examines the consequence of the globalisation of financial markets and acceptance of global financial monitoring by the big international financial institutions such as the International Monetary Fund, World Bank, and European Central Bank.

Keywords: UK; local government; fiscal deficit; banking sector; global financial monitoring; International Monetary Fund; World Bank

Chapter.  6442 words. 

Subjects: Economic Sociology

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