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Afonso, António; Claeys, Peter; Sousa, Ricardo M. - Núcleo de Investigação em Políticas Económicas … - 2009

We estimate changes in fiscal policy regimes in Portugal with a Markov Switching regression of fiscal policy rules for …

Persistent link: https://www.econbiz.de/10008583524

Getting Back on Track: Restoring Fiscal Sustainability in Ireland

Haugh, David - Economics Department, Organisation de Coopération et … - 2011

Ireland’s banking crisis, one of the most severe in the OECD area, and the associated economic recession have taken a heavy toll on public finances. Large public deficits have accumulated since 2008 and net public debt, which had been eliminated, has soared once again. The rapid deterioration...

Persistent link: https://www.econbiz.de/10009364451

The Swedish Experience of Fiscal Reform: Lessons for Portugal

Jonung, Lars - Nationalekonomiska Institutionen, Ekonomihögskolan - 2014

This paper derives a set of policy lessons for Portugal from the new fiscal framework including a fiscal policy council … out among the strongest in Europe. Recent Swedish macroeconomic performance has been impressive. As Sweden and Portugal … are small open economies in the periphery of Europe, Sweden may serve as a fiscal model for Portugal. Policy lessons are …

Persistent link: https://www.econbiz.de/10010884881

The macro impact of the Portuguese Constitutional Court decisions regarding the budgetary proposals of the Portuguese Budget Law (2012, 2013, 2014)

Afonso, António; Caiado, Jorge; Aubyn, Miguel St. - ISEG - School of Economics and Management, Department … - 2015

We review the main budgetary measures not accepted by the Portuguese Constitutional Court in the Budget Laws of 2012, 2013 and 2014. Considering the feedback effect of the fiscal impulse, the impact on the budget balance is -0.42% and of -0.34% of GDP respectively for 2013 and for 2014; in both...

Persistent link: https://www.econbiz.de/10011200172

Fiscal Policy and Rebalancing in the Euro Area: A Critique of the German Debt Brake from a Post-Keynesian Perspective

Hein, Eckhard; Truger, Achim - In: Panoeconomicus 61 (2014) 1, pp. 21-38

The German debt brake is often regarded as a great success story and has therefore served as a role model for the Euro area and itâ€™s Fiscal Compact. In this paper we fundamentally criticise the debt brake. Firstly, we show that it suffers from serious shortcomings and that its success is...

Persistent link: https://www.econbiz.de/10011134502

Austerity, cyclical adjustment and the remaining leeway for expansionary fiscal policies in the Euro area

Truger, Achim - Institut für Makroökonomie und Konjunkturforschung … - 2014

Fiscal policy in the Euro area is still dominated by austerity measures implemented under the institutional setting of the 'reformed' stability and growth pact, and the even stricter 'fiscal compact'. At the same time, calls for a more expansionary fiscal policy to overcome the economic crisis...

Persistent link: https://www.econbiz.de/10011098356

Reforming the Fiscal Framework. The Case of Sweden 1973-2013

Jonung, Lars - Nationalekonomiska Institutionen, Ekonomihögskolan - 2014

This paper explores the evolution of Swedish fiscal policy from one extreme approach to another one in less than four decades. After the demise of the Bretton Woods-system in the early 1970s, Swedish fiscal policy was based on a Keynesian approach with the goal to stabilize the business cycle...

Persistent link: https://www.econbiz.de/10010788970

Signalling fiscal stress in the euro area: A country-specific early warning system

Cos, Pablo Hernández de; Moral-Benito, Enrique; … - Banco de España - 2014

The sovereign debt crisis in the euro area has raised interest in early warning indicators, aimed at signalling the build-up of fiscal stress in advance and helping prevent crises by means of a timely counteraction of fiscal and macroeconomic policies. This paper presents possible improvements...

Persistent link: https://www.econbiz.de/10010862284

Future fiscal and debt policies: Germany in the Context of the European Monetary Union

Hein, Eckhard; Truger, Achim - Fachbereich Wirtschaftswissenschaften, Hochschule für … - 2013

Currently fiscal policies in Germany seem to be in a very comfortable position and the German Debt Brake is regarded as an institutional precondition for this success and has been exported to the Euro area in the guise of the Fiscal Compact. In this paper we scrutinize German fiscal policies and...

Persistent link: https://www.econbiz.de/10010955076

Austerity in the Euro area: The sad state of economic policy in Germany and the EU

Truger, Achim - Fachbereich Wirtschaftswissenschaften, Hochschule für … - 2013

The Euro area is currently going through its worst period of recession and economic stagnation since the Great Depression and World War II. The article tries to give an impression of the extraordinary degree of fiscal austerity and the devastating economic effects it has already had and must be...

Persistent link: https://www.econbiz.de/10010955081