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Borrow and adjust : fiscal policy and sectoral adjustment in an open economy

Steigum, Erling; Thøgersen, Øystein - 2001

Should the government run fiscal deficits in response to an adverse external shock that warrants transfer of resources from production of non-traded to traded goods? This paper considers normative fiscal policy implications of sectoral adjustment costs in a two-sector model with overlapping...

Persistent link: https://www.econbiz.de/10011400804

An investment initiative for fiscally constrained EU member states : the role of synergetic financial instruments

Zeilbeck, Severin - 2015

The economy of the European Union has not recovered from the impact of the economic and financial crisis. Growth rates remain low and investment activity is weak. This questions current economic policies of the Economic and Monetary Union, known as austerity. In opposition to fiscal contraction...

Persistent link: https://www.econbiz.de/10011380141

Estimating simple fiscal policy reaction functions for the euro area countries

Plödt, Martin; Boeing-Reicher, Claire - 2014

We formulate and estimate a simple fiscal policy reaction function for the euro area and individual euro area countries. Our reaction function allows for primary surpluses to feature three components: an anti-cyclical response of primary surpluses to the output gap, a response to the debt-GDP...

Persistent link: https://www.econbiz.de/10010235448

Macroeconomic and fiscal challenges faced by the Southern and Eastern Mediterranean region

Dąbrowski, Marek - 2014

The current fiscal imbalances and fragilities in the Southern and Eastern Mediterranean countries (SEMC) are the result of decades of instability, but have become more visible since 2008, when a combination of adverse economic and political shocks (the global and European financial crises, Arab...

Persistent link: https://www.econbiz.de/10010337694

Deficit policy within the framework of the stability and growth pact : empirical results and lessons for the fiscal compact

Afflatet, Nicolas - 2016

This paper examines the question whether joining EMU or the breach of the Stability and Growth Pact in 2003 had an … having joined EMU or after having breached the Pact in 2003. These results can be explained with the fact that the Pact was …

Persistent link: https://www.econbiz.de/10011488439

Austerity, cyclical adjustment and the remaining leeway for expansionary fiscal policies in the Euro area

Truger, Achim - 2014

Fiscal policy in the Euro area is still dominated by austerity measures implemented under the institutional setting of the 'reformed' stability and growth pact, and the even stricter 'fiscal compact'. At the same time, calls for a more expansionary fiscal policy to overcome the economic crisis...

Persistent link: https://www.econbiz.de/10010424293

The fiscal compact and current account patterns in Europe

Behrendt, Stefan - 2014

This paper shall give an overview of the implications to the sectoral balances stemming from the implementation of the Fiscal Compact in the Euro area in 2013. Since there is noew a more or less strict limit to deficit spending - absent from cyclical factors - some other sector has to make up...

Persistent link: https://www.econbiz.de/10010436737

Fiscal policy and rebalancing in the Euro area : a critique of the German debt brake from a Post-Keynesian perspective

Hein, Eckhard; Truger, Achim - 2013

The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain...

Persistent link: https://www.econbiz.de/10010187671

Debt sustainability analysis for euro area sovereigns : a methodological framework

Bouabdallah, Othman; Checherita-Westphal, Cristina; … - 2017

The euro area sovereign debt crisis has highlighted the importance of reducing public debt levels and building up sufficient fiscal buffers during normal and good times. It has also reaffirmed the need for a thorough debt sustainability analysis (DSA) to act as a warning system for national...

Persistent link: https://www.econbiz.de/10011634439

Economic stabilisation and performance in West Africa : the role of fiscal and monetary policy

Mesagan, Ekundayo P.; Yusuf, Ismaila A. - 2019

The study examines the impact of fiscal and monetary policy on economic performance and stabilisation in Nigeria … proxy economic performance and economic stabilisation respectively while fiscal policy is captured with deficit finance and … confirms that monetary policy significantly drives economic stabilisation in Nigeria and the Gambia, but insignificantly in …

Persistent link: https://www.econbiz.de/10012137607

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