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The benefits of fiscal consolidation in uncharted waters
Rother, Philipp; Schuknecht, Ludger; Stark, Jürgen - 2010
This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the …
Persistent link: https://www.econbiz.de/10011606273
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The size and composition of government debt in the euro area
Lojsch, Dagmar Hartwig; Rodríguez-Vives, Marta; … - 2011
This paper explains the various concepts of government debt in the euro area with particular emphasis on its size and composition. In terms of size, the paper focuses on different definitions that are in use, in particular the concept of gross general government debt used in the surveillance of...
Persistent link: https://www.econbiz.de/10011606284
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Real-Time Measures of the Output Gap and Fiscal Policy Stance
Virkola, Tuomo - 2014
This paper studies real-time measures of the output gap and fiscal policy stance estimates for EU countries. We construct a comprehensive real-time data set on fiscal forecasts and study whether there are systematic differences between the European Commission and IMF estimates of the output gap...
Persistent link: https://www.econbiz.de/10012037657
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Finland and Its Northern Peers in the Great Recession
Suni, Paavo; Vihriälä, Vesa - 2016
The report focuses on the relative macroeconomic performance since the global financial crisis of six Northern European countries with a special emphasis on Finland. While fiscal and monetary policies have definitely impacted on macroeconomic outcomes in the six countries examined, as a whole...
Persistent link: https://www.econbiz.de/10012037669
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The Stability and Growth Pact - crisis and reform
Schuknecht, Ludger; Moutot, Philippe; Rother, Philipp; … - 2011
The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances, while the Stability and Growth Pact was watered...
Persistent link: https://www.econbiz.de/10011606281
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The reform and implementation of the Stability and Growth Pact
Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - 2006
provisions of the revised SGP be rigorously implemented in order to ensure fiscal sustainability. …
Persistent link: https://www.econbiz.de/10011606199
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Debt sustainability analysis for euro area sovereigns: A methodological framework
Bouabdallah, Othman; Checherita-Westphal, Cristina; … - 2017
sufficient fiscal buffers during normal and good times. It has also reaffirmed the need for a thorough debt sustainability … narrative shock scenarios; (ii) a stochastic DSA, providing for a probabilistic approach to debt sustainability; and (iii) other … summarised in a heat map, which can provide guidance on the overall assessment of risks to debt sustainability. This method …
Persistent link: https://www.econbiz.de/10011661911
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Keep It Simple, Not Stupid – Kuinka pelastaa EU:n finanssipoliittiset säännöt?
Kuusi, Tero; Puonti, Päivi - 2021
both political and technical reasons. In our view, Europe needs fiscal rules to ensure sustainability of public finances … conclusion is that the new rules should emphasize the long-term debt sustainability target more clearly, while at the same time …
Persistent link: https://www.econbiz.de/10012939224
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Keep it simple, not stupid: How to save the EU fiscal framework?
Tero, Kuusi; Päivi, Puonti - 2022
both political and technical reasons. In our view, Europe needs fiscal rules to ensure the sustainability of public …-term debt sustainability target more clearly, while at the same time making its monitoring more effective through better short …
Persistent link: https://www.econbiz.de/10014278148
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Rakenteellinen budjettitasapaino
Virkola, Tuomo - 2013
Euro Area member states have agreed to introduce a structural budget balance target to their national legislation (Treaty on Stability, Coordination and Governance). However, there exists no commonly agreed methodology to calculate this macroeconomic indicator. This report presents the...
Persistent link: https://www.econbiz.de/10012037631