This paper examines the differences between the impacts of fiscal policy in advanced versus emerging economies. The emergence of substantial fiscal deficits and a large build-up of government debt in major advanced economies will inevitably lead to a period of fiscal consolidation in coming years. In an earlier paper, McKibbin and Stoeckel explored the effects...

The emergence of substantial fiscal deficits and a large build up of government debt in major advanced economies will inevitably lead to a period of fiscal consolidation in coming years. In an earlier paper, McKibbin and Stoeckel (2010) explored the effects of this fiscal adjustment in advanced economies on the global economic outlook. This paper...

This paper by Lowy Institute Professorial Fellow Warwick McKibbin and Timo Henckel summarises a conference held in Sydney on 18-19 March 2010, which was sponsored by the Asian Development Bank, Australian National University, the Brookings Institution, the Lowy Institute for International Policy and Worley Parsons.

Warwick McKibbin outlines the key features that are needed in a new climate change framework beyond Kyoto, drawing on lessons from monetary history. Using the analogy of the way modern central banks run monetary policy, it outlines an alternative to the Kyoto protocol which is a system of national climate policies coordinated around a common...