No CrossRef data available.
We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
The public finances were transformed in the second half of the 1990s as the economy recovered from recession, a range of fiscal measures were implemented and there was unexpected buoyancy in revenues from existing taxes. The budget surplus that this produced looks set to continue for a number of years, provided that the economy does not suffer any major unfavourable shocks. Indeed, the underlying budgetary position is sufficiently strong that it would take a serious adverse macroeconomic shock to raise the deficit to threatening levels.
1 Source: OECD Health Data I999. Figures for I997. Reported in Financial Times, January I5/I6, 2000.
2 Source: Public Expenditure 1999-2000. HM Treasury, March, I999.
3 See Church et al. on page I07 of this Review for an explanation of their effects in a range of different models.
4 Cardarelli, R., Sefton, J. and Kotlikoff, L.J. (1999), ‘Generational accounting in the UK’, NIESR Discussion paper no. 147, www.generationalaccounting.com.