The global financial crisis of 2007-09 constituted the biggest shock to the economies of the OECD nations since the Second World War, testing budgetary systems, and causing most of the their governments to move into intense crisis mode. Policy responses by governments and international authorities included massive interventions to stabilize markets and economies, and significant adjustments to fiscal policy regimes. How governments reacted to the crisis, which was manifested differently in each jurisdiction, had significant political implications for sitting governments and led to reforms of fiscal policy and budgetary regimes, which have since continued to wrestle with slow economic growth and strained public finances. This singular shock provides the editors and authors of this book with an intriguing opportunity to examine how different OECD budgetary systems performed. The contributions frame and assess how governments responded to the challenge and how their budget systems evolved in the aftermath, with a focus on strategy, decision-making and balancing competing demands. Chapters cover the EU, North America and Asia, including comparison between countries that fared well, those who were moderately affected and those countries massively affected by the global financial crisis. This timely book will appeal to students and academics seeking an international understanding and analysis of the effects and consequences of the global financial crisis.
Contents:Acknowledgements1. Meeting the Challenge of the Global Financial Crisis in OECD Nations - Fiscal Responses and Future ChallengesEvert A. Lindquist, Jouke de Vries and John Wanna2. The United States Response to the Global Financial Crisis - From Robust Stimulus to Fiscal GridlockPaul L. Posner and Denise M. Fantone3. Canada's Reactive Budget Response to the Global Financial Crisis - From Resilience and Brinkmanship to Agility and InnovationDavid A. Good and Evert A. Lindquist4. Australian and New Zealand Responses to the 'Fiscal Tsunami' of the Global Financial Crisis - Preparation and Precipitous Action with the Promise of ConsolidationJohn Wanna5. Budgeting in Japan after the Global Financial Crisis - Postponing Decisions on Crucial IssuesMasahiro Horie6. Budgetary Challenges in The Netherlands - Resuming Business after a Turbulent TimeJouke de Vries and Tom Degen7. The Global Financial Crisis in Denmark and Sweden - A Case of Management 'Lite'Lotte Jensen and Sysser Davidsen 8. Spain Facing the Global Financial Crisis - Cutting Public Spending and Struggling with Structural ReformsEduardo Zapico-Goni9. Portugal and the Global Financial Crisis - Short-sighted Politics, Deteriorating Public Finances and the Bailout ImperativePaulo T. Pereira and Lara Wemans10. The Global Financial Crisis in Greece - Its Background Causes, Escalation and Prospects for RecoveryMichael G. Arghyrou11. Managing Ireland's Budgets During the Rise and Fall of the 'Celtic Tiger'Richard Boyle and Michael Mulreany12. Readiness, Resilience, Reform and Persistence of Budget Systems after the GFC - Conclusions and ImplicationsEvert A. Lindquist, Jouke de Vries and John WannaIndex
