Dell' Erba, Salvatore; Mattina, Todd; Roitman, Agustin - In: Journal of International Money and Finance 51 (2015) C, pp. 196-213
We study whether multiyear fiscal adjustment plans in 17 OECD countries during 1980–2011 have been associated with market pressure. We find that only a fraction of the consolidations occurred under market pressure, suggesting that market pressure is important but not the main element...