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debt above 60 percent or deficits above 3 percent of GDP. We find that the proposed framework would require ambitious … fiscal adjustment: on average, more than 2 percent of GDP over the medium term, in addition to the adjustment that is already … framework. We also find that for most countries with debt above 60 percent of GDP, these adjustment requirements are driven by …
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This paper describes the particular impacts of the financial and economic crisis on central and eastern European (CEE) countries, studies pro-cyclicality of fiscal policies, discusses the impact of the crisis on fiscal policy, and the policy response of various governments. After drawing some...
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