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The Human Side of Austerity : Health Spending and Outcomes During the Greek Crisis
Perotti, Roberto - 2018
The Greek crisis was the most severe in postwar Europe; its budget cuts were the deepest. Among the components of the budget, health spending was hit particularly hard, declining by more than one third in just five years. This paper has two goals: establish the facts about health inputs, outputs...
Persistent link: https://www.econbiz.de/10012480564
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Non-Keynesian Effects of Fiscal Policy Changes : International Evidence and the Swedish Experience
Giavazzi, Francesco - 1995
In earlier work we documented two episodes in which a sharp fiscal consolidation was associated with a very large expansions in private domestic demand. In this paper we draw on further evidence to investigate if and when fiscal policy changes can have such non-Keynesian effects. In the first...
Persistent link: https://www.econbiz.de/10012473537
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Trigger Points and Budget Cuts : Explaining the Effects of Fiscal Austerity
Bertola, Giuseppe - 1991
We propose and solve an optimizing model which explains counterintuitive effects of fiscal policy in terms of expectations. If government spending follows an upward-trending stochastic process which the public believes may fall sharply when it reaches specific "target points," then optimizing...
Persistent link: https://www.econbiz.de/10012475149
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Export Expansion and Investment in Children's Human Capital : Evidence from the U.S.-Vietnam Bilateral Trade Agreement
McCaig, Brian; Nguyen, Minh; Kaestner, Robert - National Bureau of Economic Research - 2022
reductions across industries associated with the BTA and differences in industry employment shares across Vietnamese provinces … adolescents (15 to 18) and young adults (19 to 29). The BTA also increased household expenditures, slightly decreased employment … among nonmigrant adults and increased employment among migrant adults. Among adolescents, enrolment increased among non …
Persistent link: https://www.econbiz.de/10013172130
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The Stability and Growth Pact as an Impediment to Privatizing Social Security
Razin, Assaf - 2002
The aging of the population shakes the confidence in the economic viability of pay-as-you-go social security systems. We demonstrate how in a political-economy framework the shaken cofidence leads to the downsizing of the social security-system, and to the emergence of supplemental individual...
Persistent link: https://www.econbiz.de/10012469430
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Do Balanced Budget Rules Work? U.S. Experience and Possible Lessons for the EMU
Inman, Robert P. - 1996
The `Excessive Deficit Procedure' of the Maastricht Treaty on Economic and Monetary Union proposes two fiscal convergence conditions for entry and continued membership in the EMU: 1) a country's overall budget deficit for each fiscal year must be equal to or below 3% of GDP, and 2) a country's...
Persistent link: https://www.econbiz.de/10012472990
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The Permanent Effects of Fiscal Consolidations
Fatás, Antonio - 2016
The global financial crisis has permanently lowered the path of GDP in all advanced economies. At the same time, and in response to rising government debt levels, many of these countries have been engaging in fiscal consolidations that have had a negative impact on growth rates. We empirically...
Persistent link: https://www.econbiz.de/10012456303
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A Surplus of Ambition : Can Europe Rely on Large Primary Surpluses to Solve its Debt Problem?
Eichengreen, Barry - 2014
IMF forecasts and the EU's Fiscal Compact foresee Europe's heavily indebted countries running primary budget surpluses of as much as 5 percent of GDP for as long as 10 years in order to maintain debt sustainability and bring their debt/GDP ratios down to the Compact's 60 percent target. We show...
Persistent link: https://www.econbiz.de/10012458350
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Over-optimistic Official Forecasts in the Eurozone and Fiscal Rules
Frankel, Jeffrey A. - 2012
Why do countries find it so hard to get their budget deficits under control? Systematic patterns in the errors that official budget agencies make in their forecasts may play an important role. Although many observers have suggested that fiscal discipline can be restored via fiscal rules such as...
Persistent link: https://www.econbiz.de/10012460377
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'Fiscal Devaluation' and Fiscal Consolidation : The VAT in Troubled Times
de Mooij, Ruud - 2012
This paper focuses on two core tax design issues that arise in addressing current fiscal challenges It first explores the idea, prominent in troubled Eurozone countries, of a 'fiscal devaluation:' shifting from social contributions to the VAT as a way to mimic a nominal devaluation. Empirical...
Persistent link: https://www.econbiz.de/10012460745