If President Bush's gamble pays off, the world may have to follow suit

Article Abstract:

US President George Bush's plans for tax cuts are discussed. If his tax cuts are successful, they will become a new standard, with governments across the world tending to become smaller.

Bush, George W., Tax policy

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The world-wide quest for balanced budgets among finance ministers

Article Abstract:

There are a number of reasons why finance ministers have begun to emphasize the need for stability. For European countries, a key issue is European monetary union, which is forcing countries with a history of instability to make improvements. Another reason is a shift in voter preferences, to which politicians are responding. Politicians are no longer simply paying lip service to fiscal restraint, even though this means increasing taxes. It is now likely that a prolonged period of fiscal stability will emerge.

Analysis

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Japan needs a Thatcher revolution, not another minor fiscal boost

Article Abstract:

There are mixed views among economists about how Japan should manage its fiscal policy in order to revive its economy. Its economic problem is largely the result of the combination of an ageing population and a surplus of debt. Short-term growth will be severely restricted by debt, while the ageing population will have a negative impact on long-term growth. There is certainly a need for deregulation, but this will only be successful when debt has been reduced. It is possible to argue that Japanese authorities are right to be unwilling to widen the fiscal deficit further, as this would probably not provide sufficient economic stimulus.

Economic aspects, Japan

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