Fiscal Adjustment in Eu Countries; A Balance Sheet Approach

Several European Union countries have recently implemented or are envisaging fiscal that operations improve budgetary figures but have no structural impact on government finances. This paper evaluates some of these measures using a balance sheet approach. In particular, it examines the degree to which reductions in government debt in EU countries has been accompanied by a decumulation of government assets. In the run-up to Maastricht (1997) it finds a strong correlation between changes in government liabilities and government assets, and larger declines in government assets in countries starting from higher public debt levels.

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Year of publication:	2004-08-01
Authors:	Moriyama, Kenji ; Milesi-Ferretti, Gian-Maria
Institutions:	International Monetary Fund (IMF)
Subject:	Fiscal reforms \| European Union \| Privatization \| Government expenditures \| government debt \| public debt \| budget balance \| fiscal balance \| fiscal measures \| fiscal adjustment \| fiscal operations \| taxation \| public finances \| budget deficit \| fiscal rules \| fiscal imbalances \| fiscal policy \| fiscal deficit \| budget deficits \| fiscal activities \| fiscal accounts \| quasi-fiscal activities \| fiscal deficits \| fiscal balances \| fiscal restraints \| government budget \| central banks \| budget constraint \| debt reduction \| fiscal measure \| central bank \| public finance \| fiscal transparency \| government deficit \| fiscal indicators \| fiscal plans \| budgetary impact \| budgetary flows \| formal fiscal restraints \| budgetary position \| fiscal stability \| fiscal studies \| fiscal accounting \| national debt \| amount of debt \| fiscal sustainability \| fiscal deficit reduction \| fiscal position \| fiscal situation \| debt ratio \| tax revenue \| illusory ? fiscal adjustment \| primary expenditure \| public debts \| debt dynamics \| government solvency \| high tax burdens \| fiscal targets \| fiscal conditions \| fiscal constraints \| government budget balance \| debt management \| tax revenues

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Extent:	application/pdf
Series:	IMF Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	The text is part of a series IMF Working Papers Number 04/143 2 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005253008