When growth-promoting spending is cut so much that the present value of future government revenues falls by more than the immediate improvement in the cash deficit, fiscal adjustment becomes like walking up the down escalator. Although short-term cash flows matter, too tight a focus on them encourages governments to invest too little. Cash-flow targets also encourage governments to shift investment spending off budget by seeking private investment...
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2008/01/08
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Artigo de revista
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76781
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1
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1
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2013/04/23
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Disclosed
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Walking up the down escalator : public investment and fiscal stability
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net worth
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