sources of, ‘deficit bias’, including political and governance factors, public attitudes, the role of financial markets and … imprecision about which debt targets should be pursued. It then examines the evidence regarding the exogenous and policy …

during recent years have produced substantial results. The fiscal deficit has been brought down significantly and, despite … déficits persistants. Les efforts déployés ces dernières années ont été très fructueux. Le déficit budgétaire a été nettement …

, leaving a deficit or surplus at the cyclical peak which may be termed a "structural" budget balance. The "built-in stabilizer …" component of the deficit should be self-cancelling as the cyclical output gap is closed so that it is temporary and non …-structural. A structural budget deficit is then that excess of public spending over revenues which would persist if the economy were …

Portugal’s fiscal policy has failed to durably reduce the deficit below the Stability and Growth Pact threshold of 3 …% of GDP and was submitted to the excessive deficit procedure of the EU Commission for a second time in 2005. The paper … to get its deficit under 3% of GDP. It includes structural reforms on the spending side that are going in the right …

growth. This suggests a remarkable fiscal effort to ensure public debt sustainability. To better gauge the magnitude of this … increase in the debt-to-GDP ratio by 1 percentage point is associated with a decrease in discretionary federal spending by 0 …

consolidated public sector and different levels of government, and tests for the sustainability of the public debt dynamics. The …

. Logit regression analysis confirms that when deficit rules or, to a lesser extent, debt thresholds tend to become more …

Since 2004, the fiscal deficit has been brought down by over 5% of GDP to below the 3% limit in 2006, which is a major … level of government debt, favourable outlook for output growth, and long-term fiscal costs of ageing which are estimated to … needed pension reform, would have substantial longer-term costs in terms of higher taxes and additional debt service costs …

during recent years have produced substantial results. The fiscal deficit has been brought down significantly and, despite …