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The debate on fiscal consolidation is dominated by controversies about the negative impact of consolidation on growth …. This contribution shortly summarizes the discussion about links between fiscal consolidation and growth. In addition …, common advice that is derived from arguments about the detrimental impact of consolidation on growth, is analyzed. We argue …
The debate on fiscal consolidation is dominated by controversies about the negative impact of consolidation on growth …. This contribution shortly summarizes the discussion about links between fiscal consolidation and growth. In addition …, common advice that is derived from arguments about the detrimental impact of consolidation on growth, is analyzed. We argue …
The debate on fiscal consolidation is dominated by controversies about the negative impact of consolidation on growth …. This contribution shortly summarizes the discussion about links between fiscal consolidation and growth. In addition …, common advice that is derived from arguments about the detrimental impact of consolidation on growth, is analyzed. We argue …
A number of novelties have emerged in the study of the discretionary fiscal policy within the Euro area during the last decade. Among the others, the availability of up-to-date information on fiscal indicators for the years following the Great Recession, the introduction of cutting-edge...
The objective of this paper is to derive the characteristics of an effective fiscal governance framework, focusing on the incentives that ensure a commitment to the fiscal rules. We study this problem with the use of econometric tools, complementing this analysis with formal modelling through...
Are the characteristics of the exchange rate regime relevant for the degree of fiscal discipline? What are the conclusions for fiscal behavior in Europe after the transition to EMU? These are the central questions that are analyzed in this paper from a theoretical point of view. After a general...
Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to consequences for the exchange rate. This might lower fiscal discipline. In order to shed light on the empirical relevance of this consideration, the impact of the exchange rate...
This paper identifies and measures fiscal spillovers in the EU countries empirically using a global vector autoregression (GVAR) model. Our aim is to look at the sign and the absolute values of fiscal spillovers in a country-wise perspective and at the time profile (impulse response) of the...
This paper aims at determining whether economic, financial and monetary integration on the one hand, and institutional factors on the other, may have led to gradual convergence in key fiscal variables across the euro area over the recent period, bringing fiscal positions closer together. The...
-based spending policies could have led to much safer fiscal positions much more in line with the EU’s Stability and Growth Pact rules. …