Fiscal Sustainability Challenges

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The book explores the implications of the global financial crisis on public debt, particularly in advanced economies where debt has surged to unprecedented peacetime levels. It contrasts this with the initial resilience of emerging markets, which later faced challenges due to falling commodity prices. The author emphasizes that the 'safe' levels of fiscal deficit and public debt are not universal but depend on specific country circumstances. Additionally, it highlights the need for accurate assessments of contingent fiscal liabilities, especially concerning aging populations and declining demographics.