Economic growth is the only way that nations can extricate themselves from fiscal crises.
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But recently that trend has reversed, as states have had to deal with their own fiscal crises.
Municipal fiscal crises seem to be spreading across the Golden State like wildfire.
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The dominant faction of the GOP now seems to be positioning itself to show responsibility in facing various impending fiscal crises.
It is a very hot topic at the moment as states everywhere are reducing expenditures in the face of fiscal crises.
"If it was really, really tough, you'd see that happen, " Cuomo said in his strongest comments yet on the local fiscal crises.
This year's fiscal crises notwithstanding, countries could shift more reserves into euros if America mismanaged its finances or if they feared it would.
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The authors, Daniel Gros and Thomas Mayer, think the euro area should prepare for fiscal crises instead of trying only to prevent them.
So there is reason to suspect that when the next round of fiscal crises looms in March, more compromises will be made to avert the danger.
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But fiscal crises, particularly in America, are straining big deals.
The absolute monarchies of Spain and France suffered fiscal crises in the 17th and 18th centuries, and were challenged by Britain and the Netherlands which, though not yet democracies, had dispersed power more widely.
Gov. Andrew Cuomo had tough words Friday for local officials facing fiscal crises and seeking more help from Albany, telling them they should consolidate services or whole governments and school districts rather than looking for relief from Albany.
On February 22, 2013, Frederic Mishkin, Peter Hooper, James Hamilton and David Greenlaw published Crunch Time: Fiscal Crises and the Role of Monetary Policy, an 86-page paper that predicts the Fed will stare down the barrel of a few hundred billion dollars of losses when interest rates rise.
The long history of fiscal and financial crises is that they happen abruptly, at a moment that seems not to matter, but in retrospect it was easy to see that the crisis would eventually materialize.
Since 2009, its history has been of fiscal and banking crises that force eurozone leaders to make modest reforms, which provide calm for just a few weeks and months, till there is another crisis and more modest reforms.
The recent history of emerging market investing has been fraught with currency crises, massive fiscal and trade deficits, debt defaults, political risk and hyperinflation.
The IMF notes that countries that responded to past crises with aggressive monetary and fiscal stimulus, structural reforms and rapid repair of their financial systems limited the loss of potential.
The difference between them - much exaggerated in the historical record - was that Keynes saw a big role for fiscal policy too, particularly in the aftermath of financial crises.
The fudging of the fiscal cliff issue means there will be a few more crises to come in the US, but Friday's employment numbers suggest that the economy is heaving itself back on its feet.
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These countries will have to take the IMF medicine of debt restructuring and fiscal tightening that was meted out so often in previous emerging-market crises.
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