IMF: central banks face unpopular choices in making up fiscal gap
An IMF paper published on 1 June explains why restoring fiscal soundness after a crisis is harder than it looks.
The author, Masato Miyazaki, argues that because fiscal deficits after a crisis owe much to a drop in tax revenues and a sluggish revenue growth, its adjustment has to rely more on revenue augmentation than commonly thought as cutting extra spending in the wake of the crisis would not balance the books, while a natural growth of tax revenue after the recovery may take a long time
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