02097cas a2200253 a 4500 AALejournalIMF007973 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455263325 2617-6742 BD-DhAAL BD-DhAAL Schaechter, Andrea. Long-Term Trends in Public Finances in the G-7 Economies / Andrea Schaechter, Carlo Cottarelli. Washington, D.C. : International Monetary Fund, 2010. 1 online resource (24 pages) IMF Staff Position Notes <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Today's record public debt levels in most advanced economies are not only a direct fall-out from the global crisis. Public debt had ratcheted up over many decades before, when it had been used, in most of the G-7 countries, as the ultimate shock absorber-rising in bad times but not declining much in good times. Alongside, primary spending increased, particularly during 1965-85, reflecting predominantly a surge in health care and pension spending. Looking ahead, advanced economies will face the formidable challenge of reducing debt ratios at a time when ageing-related spending, in particular often underestimated pressures from health care systems, will put additional pressure on public finances. Addressing these fiscal challenges will require growth-friendly structural reforms, a fiscal strategy involving gradual but steady fiscal adjustment, stronger fiscal institutions, expenditure and revenue reforms, and an appropriate degree of burden sharing across all stakeholders. Mode of access: Internet Cottarelli, Carlo. IMF Staff Position Notes; Staff Position Note ; No. 2010/013 Full text available on IMF http://elibrary.imf.org/view/journals/004/2010/013/004.2010.issue-013-en.xml IMF e-Library