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From the Publisher"This analytical cross-country study of fiscal adjustment will behighly relevant for several countries, especially those in the euroarea that, in the context of the new European governance, willfollow a path of public debt reduction in the years ahead."
—Carlo Azeglio Ciampi, Emeritus President of the ItalianRepublic (President, 1999–2006; Finance Minister,1996–1999)
"Unfortunately, out of necessity, the issues of debt and deficitdominate the national debate in too many countries. The experienceof others can often provide a guide to solutions—what to doand what not to do. In this context, this book will proveinvaluable."
—The Right Honorable Paul Martin, former Finance Minister(1993–2002) and Prime Minister (2003–2006) ofCanada
"Budget consolidation may well be the defining macroeconomicissue for the industrialized world over the next decade. The budgetdebate is as unbalanced as the budget. Ideology and rhetoricdominate in places where evidence and logic should dominate. Thisimportant book balances the debate by providing careful andanalytic evidence on all the important tradeoffs. It is a must-readfor everyone concerned about our fiscal future."
—Lawrence H. Summers, University Professor at HarvardUniversity; former Director, National Economic Council(2009–2011); Secretary of the U.S. Treasury(1999–2001)
"Reducing public debt will be the main policy issue for the nextdecade. This volume greatly helps us understand how to do it in away that achieves the intended objectives despite unexpected eventsthat will inevitably occur. We don't know as much as we shouldabout fiscal policy: this volume improves our understanding with acareful analysis of many international examples of fiscaladjustment. A great read."
—Alberto Alesina, Professor of Political Economy, HarvardUniversity
"How should countries around the world deal with theirburgeoning levels of national debt? This timely book's detailedcase studies illustrate that though failure is common, there isalso more than one path to success and a number of key principlesthat can serve as a guide to navigation."
—Alan J. Auerbach, Professor of Economics and Law, Directorof the Burch Center for Tax Policy and Public Finance, Universityof California, Berkeley
"There are few questions more important in the U.S. and Europetoday than how public debt will be brought under control.Chipping Away at Public Debt reviews a wealth of experiencewith large-scale fiscal adjustment plans in advanced economies,drawing on country studies as well as statistical analysis. Theauthors reach useful and sometimes unexpected conclusions. Inparticular, economic factors such as 'growth surprises' are perhapseven more important than political factors in determiningsuccess."
—Dani Rodrik, Professor of International Political Economy,John F. Kennedy School of Government, Harvard University