{"product_id":"9781455272860","title":"Long-Term Trends in Public Finances in the G-7 Economies","description":"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.","brand":"INTERNATIONAL MONETARY FUND","offers":[{"title":"Default Title","offer_id":47128809144560,"sku":"9781455272860","price":4.49,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9781455272860_p0.jpg?v=1763852481","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9781455272860","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}