times but no rules for using them at bad times; and (iii) a possible bias to over-accumulation of resources in SWFs without …

During the global financial crisis in 2008-10 Estonia symbolized a pathway of fiscal consolidation and austerity …. Moreover, despite opting for austerity and all the social and political consequences of achieving fiscal consolidation, the …. The current article analyses the variables that made the austerity reforms in Estonia in 2008-11 electorally successful …

After a brief introduction dealing with critical opinions of some economists on the European austerity policy, the … authors point out that austerity as a means of achieving fiscal consolidation and financial stability is applied when the … fiscal domain is weak. After analyzing the effects of the 2009 crisis on some indicators and austerity measures taken by …

the euro crisis. It presents new econometric estimates on the link between cumulative GDP growth and fiscal austerity … closely related to the harshness of fiscal austerity. Cumulative multiplier estimates are found to vary in a range from 1.4 to …, a reasonable approximation of the size of the output losses due to fiscal austerity in the euro area during 2011-2013 is …

austerity measures in order to abide by their commitments with Eurozone institutions and the IMF. We show that the introduction …