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Fiscal policy in the Euro area is still dominated by austerity measures implemented under the institutional setting of …
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, known as austerity. In opposition to fiscal contraction measures, expansive fiscal action policies are often called for to … initiate economic recovery. But the national interests of austerity's main proponent, performed in an asymmetric … intergovernmental bargaining arena, render most of the proposed expansive action plans impossible and hence austerity is expected to …
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This paper dwells on the Eurozone woes and addresses the origins of the transition from a fictitious boom to a painful bust by unravelling (i) the supply-side structural imbalances that formed the core-periphery economic divide, and (ii) the necessity of the periphery's sovereign debt to finance...
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Depression and World War II. The article tries to give an impression of the extraordinary degree of fiscal austerity and the …
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