of the five countries to the 2008 crisis was countercyclical. On the fiscal side, countries had a larger fiscal space in … indicators and a reduction in financing needs in the years before the crisis. On the monetary side, the capacity to implement … countercyclical responses in future crisis episodes, the fiscal authorities should reverse expansionary measures during good times and …

shorty before and on the onset of the global financial crisis, the link between credit growth and GDP growth becomes more … pronounced. In particular, the financial sector plays a dominant role during the early stages of the crisis, while the real … global financial crisis. Overall, our results suggest feedback effects between the financial and the real sectors that create …

before the financial crisis of 2008, the EU public finances keep relatively stable. However, after the crisis, the budget of …