In the 1980s and 1990s, when African governments faced severe fiscal crises, the bank pushed for the public sector — often badly managed and inefficient — to pull back from agriculture, incorrectly assuming that market forces would jump-start agricultural growth.
In the 1970's, a decade of severe fiscal crisis, the city lose over 10percentt of its population.
It is costly and unpopular to build new prisons and hire more guards; California, amid a severe fiscal crisis, is already spending $9 billion a year on corrections.
Gifford Miller, the City Council speaker, said yesterday that "the city is going into perhaps the most severe fiscal crisis in its history," adding that it was worse than the crisis of the 1970's.
Basically, the Fund looks at the severity of the downturns in countries practicing severe fiscal austerity and says, gee, maybe fiscal policy has a big impact after all.
Lavish public-works spending in the 1990s failed to revive growth substantially and instead left Japan with severe fiscal problems.
Their hope was that this president would not do what a Republican predecessor did in the 1970's when he rejected a federal bailout for New York during a severe fiscal crisis.
State law also forbids cuts in the pensions that today's public workers expect to earn in the future, Calpers says, even in cases of severe fiscal distress.
Abraham D. Beame failed after his ineffective response to a severe fiscal crisis.
States, squeezed by severe fiscal problems, have been unable to hire all the inspectors they need.
In Alabama, a severe fiscal crisis is forcing some of these changes, Ms. Davis acknowledged.
