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Target-balances : the Greek examples
Krüger, Malte - 2013
This article looks at the evolution of the Target balance of the Greek central bank. It is shown that in the first 18 months “after Lehman”, lending policy has been relatively lax, contributing to the increase of Target deficits. However, from spring 2010 onwards, there has been a...
Persistent link: https://www.econbiz.de/10010255109
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Did fiscal consolidation cause the double dip recession in the euro area?
Heimberger, Philipp - 2015
This paper analyses the short-run effects of fiscal consolidation measures on economic activity in the euro area during the euro crisis. It presents new econometric estimates on the link between cumulative GDP growth and fiscal austerity measures during 2011-2013. The main empirical finding is...
Persistent link: https://www.econbiz.de/10011778844
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The roles of fiscal rules, fiscal councils and fiscal union in EU integration
Calmfors, Lars - 2015
EU-level fiscal rules have not been able to prevent the large-scale accumulation of government debt in many eurozone …
Persistent link: https://www.econbiz.de/10011305767
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Financial Repression and Debt Liquidation in the US and the Euro Area
Hoffmann, Andreas - 2013
In this paper, we argue that rising debt levels have caused a revival of financial repression in the Euro Area and the US to reduce debt-servicing costs and even liquidate debt. We describe how, in addition to the “safe haven capital flight,” the Federal Reserve directly represses US bond...
Persistent link: https://www.econbiz.de/10013090225
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Exchange Rates and Fiscal Adjustments : Evidence from the OECD and Implications for the EMU
Lambertini, Luisa - 2009
This paper investigates whether monetary and exchange rate policies are important for the success of major fiscal adjustments. We assess their role controlling for other determinants of success identified in the literature, including the size and composition of the deficit cut, the level of...
Persistent link: https://www.econbiz.de/10013157440
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Spillover Effects of Fiscal Policy in EMU : A Misconception behind the Stability Pact?
Huart, Florence - 2020
This paper extends the Mundell-Fleming model to a monetary union between two countries that are different with regard to the determinants of aggregate demand, demand for money, foreign trade, price and wage adjustment. Depending on these national disparities in structural parameters, a fiscal...
Persistent link: https://www.econbiz.de/10012838538
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Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies : Ricardian Equivalence, Fiscal Stabilization, and Emu
Bayoumi, Tamim - 2006
This paper looks at theoretical and empirical issues associated with the operation of fiscal stabilizers within an economy. It argues that such stabilizers operate most effectively at a national, rather than local, level. As differing cycles across regions tend to offset each other for the...
Persistent link: https://www.econbiz.de/10012782193
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The Euro Crisis and Economic Growth : A Novel Counterfactual Approach
Terzi, Alessio - 2019
warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific … Eurozone's specificity, which is instead to be traced back to a sharper-than-expected contraction in investment and fiscal …
Persistent link: https://www.econbiz.de/10012866042
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How Party Linkages Shape Austerity Politics : Clientelism and Fiscal Adjustment in Greece and Portugal During the Eurozone Crisis
Afonso, Alexandre - 2014
Drawing on an analysis of austerity reforms in Greece and Portugal during the sovereign debt crisis from 2009 onwards, we show how the nature of the linkages between parties and citizens shapes party strategies of fiscal retrenchment. We argue that parties which rely to a greater extent on the...
Persistent link: https://www.econbiz.de/10013049407
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Received Wisdom and Beyond : Lessons from Fiscal Consolidation in the EU
Larch, Martin - 2011
The paper examines consolidation episodes in the EU since 1970 with a view to shedding light on the factors that determine the success or failure of fiscal adjustment. Compared to the existing literature on successful fiscal consolidations we add a number of new dimensions. Three deserve...
Persistent link: https://www.econbiz.de/10012714042