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The Liberals, whom he ousted a year ago, bequeathed a robust economy and a large fiscal surplus.
Both countries face a lack of competitiveness as a consequence of an appreciation of the exchange rate, a recession and a large fiscal deficit (Argentina's was -4.7% of GDP and Ireland was 14.6% in 2009).
Ten years ago, at a similar remove from the bursting of its stockmarket bubble in 1989, Japanese share prices climbed by 30% in four months, spurred by falling interest rates and a large fiscal stimulus.
The chairman of India's Commission for Agricultural Costs and Prices says that "more spending on welfare programs especially when that spending relies on a flawed system is reckless in an economy burdened by a weakened currency and a large fiscal deficit".
NEW YORK (Reuters) - The year-end stocks rally on the heels of the election of Donald Trump as U.S. president was built on expectations of reduced regulations, big tax cuts and a large fiscal stimulus.
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The region's current-account surplus actually shrank between 1998 and 2001.Thanks to a large fiscal stimulus and the healthier state of private-sector balance-sheets in most economies, domestic spending (consumption and investment) should revive earlier in emerging Asia than elsewhere, rising by perhaps 7% next year, up from 4-5% this year.
However, the government has been quick to bail out its banking system, and most economists reckon that a large fiscal boost and the cheaper won (down by 29% this year) will help to cushion the economy, resulting in modest growth, of around 3% next year.In contrast, Taiwan is already in recession.
In 2009, the American Recovery and Reinvestment Act (ARRA) generated a large fiscal stimulus.
Public investment in infrastructure has been fairly low, and part of the reason is a large fiscal deficit.
If inflation jumps or if inflation expectations increase significantly, this will push up longer-term interest rates and make it harder to finance a large fiscal stimulus package over the next two years.
Both were quickly lauded for bold economic policies, including a large fiscal stimulus and a huge bond-buying program.
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