Fiscal adjustment becomes like walking up the down escalator when growth-promoting spending is cut so much as to lower growth and thus the present value of future tax revenues to a degree that more than offsets the improvement in the cash deficit. Although short-term cash flows matter, a preponderant focus on them encourages governments to invest too little. Cash flow targets also encourage governments to shift investment spending off budget, by seeking...
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2007/03/01
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Documento de trabalho sobre pesquisa de políticas
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WPS4158
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1
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1
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2010/07/01
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Disclosed
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Walking up the down escalator : public investment and fiscal stability
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public capital
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