The New World Fiscal Order: Implications for Industrialized Nations

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C. Eugene Steuerle, Masahiro Kawai
Urban Institute Press, 1996 - Political Science - 277 pages
Despite widespread deficit reduction legislation in recent years, the nations of the industrialized world have not gained control over their long-term fiscal policy. The authors examine the triple threat of factors that have brought this problem to a head. They look at demographic issues: the aging of populations and decline in birthrates that burden social security programs. They analyze the yoke of prior commitments -- or current spending based on past decisions. And they address the unsustainable growth of government debt, which eats up a substantial portion of worldwide net saving and poses severe problems. Finally, the authors address the steps needed for nations to effectively plan for its future in an increasingly interdependent world.

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About the author (1996)

Steuerle is with the Department of the Treasury, where he is economic staff coordinator for the Fundamental Tax Reform Project and deputy director of the Office of Tax Analysis.

Masahiro Kawai is Dean of the Asian Development Bank Institute (ADBI). Prior to joining ADBI, Dr Kawai served as Head of ADB s Office of Regional Economic Integration (OREI) and Special Advisor to the ADB President. He also worked as Chief Economist for the World Bank s East Asia and the Pacific Region, and as Deputy Vice Minister of Finance for International Affairs of Japan s Ministry of Finance. He has served as a consultant at the Board of Governors of the Federal Reserve System and at the International Monetary Fund, a Special Research Advisor at the Institute of Fiscal and Monetary Policy in Japan s Ministry of Finance, and a visiting researcher at the Bank of Japan s Institute for Monetary and Economic Studies and at the Economic Planning Agency s Economic Research Institute. Dr Kawai has published a number of books and numerous articles on economic globalization, and regional financial integration and co-operation in East Asia. He received his PhD in Economics from Stanford University.

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