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Financial and Fiscal PoliciesCrises and New Realities$
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Y. V. Reddy, Narayan Valluri, and Partha Ray

Print publication date: 2014

Print ISBN-13: 9780199452651

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199452651.001.0001

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Response to the Crisis and Fiscal Implications

Response to the Crisis and Fiscal Implications

(p.57) Chapter 4 Response to the Crisis and Fiscal Implications
Financial and Fiscal Policies

Y.V. Reddy

Narayan Valluri

Partha Ray

Oxford University Press

The depth and spread of the global financial crisis was of such magnitude that most nations plunged into action with conventional and unconventional globally coordinated measures. Remedial stimulus measures were both monetary and fiscal, by central banks and national governments, respectively, recognizing that monetary or fiscal actions alone might not suffice. To begin with, the actions were at a national level but soon converged to globally concerted and coordinated action. With traditional monetary easing of lowering interest rates knocking against the zero-bound limit, some monetary authorities even resorted to extraordinary monetary actions like quantitative easing. Stimulus measures inevitably have fiscal consequences, even monetary stimulus action because of latent quasi-fiscal implications. What emerges from this chapter is that the various ramifications of the global financial crisis ultimately and inevitably have fiscal consequences, thus underscoring the centrality of fiscal issues, which are to be addressed at a national level.

Keywords:   fiscal stimulus, unconventional monetary policy, fiscal implications of the global financial crisis, lessons from the crisis, discretionary fiscal spending

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