Conclusions and other country perspectives
To combat the recession that accompanied the global ﬁnancial crisis (GFC), most major countries supplemented automatic ﬁscal stabilizers with discretionary ﬁscal stimulus packages. While the global economy has started to recover, these packages, combined with the costs of ﬁnancial sector and other bailouts and sharp output and revenue losses, have left many countries with large public debt burdens as a long-lasting legacy of the crisis. This is especially true of the United States (US) and several European countries. As noted by Reinhart and Rogoff (2011), the global economy moved from a ﬁnancial crash to a debt crisis, although Asia was not at the epicenter of the GFC, nor is it at the center of the subsequent debt crisis.