Macroeconomic Effects of the Policy of Budget Consolidation in the EU
Future budget consolidation measures – within the framework of the "Stability Pact" – may result in a more significant slow-down of economic growth than that experienced during the 1995-1997 period. One-time effects and outsourcing measures are limited in scope, further interest-rate effects are not to be expected, least of all in the former soft-currency countries, devaluation has become impossible within the Monetary Union, and the savings ratio is expected to stabilise on a medium-term basis. Hence, an anti-cyclical budget policy is called for from the macroeconomic point of view.
Year of publication: |
1999
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Authors: | Marterbauer, Markus ; Walterskirchen, Ewald |
Published in: |
WIFO Monatsberichte (monthly reports). - Österreichisches Institut für Wirtschaftsforschung (WIFO), ISSN 0029-9898. - Vol. 72.1999, 4, p. 305-314
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Publisher: |
Österreichisches Institut für Wirtschaftsforschung (WIFO) |
Subject: | Gesamtwirtschaftliche Auswirkungen der Budgetkonsolidierungspolitik in der EU | Macroeconomic Effects of the Policy of Budget Consolidation in the EU |
Description of contents: | Abstract [wifo.ac.at] |
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