E-catalog        

Subtitle from cover.

Includes bibliographical references (pages (203-210) and index.

Introduction : the paradox explained -- What is and what is to come. Disaster and debt ; How did we respond ; What we (think we) knew, before we didn't know ; How'd it all work out? ; It's all political -- Some interesting cases : what happened when, where, and why. Hellenic hellions or heroes of hellas? ; The enchanted (and indebted) island of Puerto Rico ; Nipponomics ; The paradox of Argentine austerity -- Conclusion : is there really a paradox?

If governments followed the optimal fiscal policy path, surpluses in good times would counter necessary deficits during economic downturns, leading to worldwide balance. The world, however, has chosen to go in a different direction in recent decades, avoiding thrift in light of a decidedly more indebted future. When financial crises kicked off a global recession in 2008, the spotlight placed on countries' fiscal conditions put pressure on policymakers around the globe to find a way to slow the growth of deficits and debt by imposing fiscal consolidations (or, more simply, austerity). How have these policies fared across the developed world? Were they even necessary to begin with? This book examines the many factors that have contributed to the success (or failure) of such policies, including timing, magnitude, accompanying policies, composition, and more, while explaining the economic rationale behind their choices.

Description based on print version record.