Fiscal Cyclicality and EMU

For the set of EMU member countries, we examine cyclical patterns in fiscal outcomes. We find that there is significant time variation in fiscal cyclicality, with an improvement in the wake of the Maastricht Treaty but a deterioration after the creation of EMU. Furthermore, we show that the fiscal cycle is affected by the financial cycle in addition to the output cycle. The lessons for the current reforms of European economic and fiscal governance are manifest.

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Year of publication:	2012-07
Authors:	Bénétrix, Agustín S. ; Lane, Philip R.
Institutions:	Institute for International Integration Studies (IIIS), Trinity College Dublin
Subject:	Cyclicality \| EMU

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Series:	The Institute for International Integration Studies Discussion Paper Series.
Type of publication:	Book / Working Paper
Notes:	29 pages
Classification:	E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010904653