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Forecasting Fiscal Variables : Only a Strong Growth Plan Can Sustain the Greek Austerity Programs - Evidence from Simultaneous and Structural Models
Apergis, Nicholas - 2013
The goal of the present paper is to investigate not only the dynamics of the Greek public debt, but also the appropriate measures required for achieving fiscal consolidation. The empirical estimation is carried out using a macroeconomic dataset spanning the period 1980-2008 and both the 3SLS...
Persistent link: https://www.econbiz.de/10013081968
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Forcasting Fiscal Variables : Only a Strong Growth Plan Can Sustain the Greek Austerity Programs - Evidence from Simultaneous and Structural Models
Apergis, Nicholas - 2013
The goal of the present paper is to investigate not only the dynamics of the Greek public debt, but also the appropriate measures required for achieving fiscal consolidation. The empirical estimation is carried out using a macroeconomic dataset spanning the period 1980-2008 and both the 3SLS...
Persistent link: https://www.econbiz.de/10013080935
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Fiscal consolidation strategy
Cogan, John F.; Taylor, John B.; Wieland, Volker; … - 2012
In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In...
Persistent link: https://www.econbiz.de/10009622444
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The costs of Greece's fiscal consolidation
Gechert, Sebastian; Rannenberg, Ansgar - In: Vierteljahrshefte zur Wirtschaftsforschung 84 (2015) 3, pp. 47-59
This policy brief reexamines the effects of the Greek austerity experiment on its economy via a counterfactual analysis. We combine the fiscal multipliers from the meta regression analysis in Gechert and Rannenberg (2014) to the fiscal consolidation measures that have been implemented in Greece...
Persistent link: https://www.econbiz.de/10011498230
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The Composition of Fiscal Consolidation Matters : Policy Simulations for Hungary
Guerson, Alejandro - 2013
This paper evaluates policy alternatives to achieve permanent fiscal consolidation in Hungary, based on a general equilibrium calibration. The main finding is that the composition of the consolidation, as determined by the mix of revenue and expenditure measures, has important implications for...
Persistent link: https://www.econbiz.de/10013073774
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Debt limits and fiscal space for some Latin American economies
Lozano-Espitia, Ignacio; Julio-Román, J. Manuel - In: Latin American journal of central banking : LAJCB 1 (2020) 1/4, pp. 1-10
This paper provides evidence on the debt limits and fiscal space for some Latin American emerging economies under the fiscal fatigue approach (Ghosh et al., 2013). We propose the spline technique to estimate each government's reaction function and the sovereign risk premium endogenous to the...
Persistent link: https://www.econbiz.de/10012545587
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Fiscal consolidations and heterogeneous expectations
Hommes, Cars H.; Lustenhouwer, Joep; Mavromatis, Kostas - 2017
We analyze fiscal consolidations using a New Keynesian model where agents have heterogeneous expectations and are uncertain about the composition of consolidations. We look at spending-based and tax-based consolidations and analyze their effects separately. We find that the effects of...
Persistent link: https://www.econbiz.de/10011770688
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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 …, as well as a fundamental transformation of the party system. By contrast, in Portugal, where parties relied less on …
Persistent link: https://www.econbiz.de/10013049407
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Austerity measures amplified crisis in Spain, Portugal, and Italy
Engler, Philipp; Klein, Mathias - In: DIW economic bulletin 7 (2017) 8, pp. 89-93
The fiscal consolidation efforts of Spain, Italy, and Portugal from 2010 to 2014 did not achieve their goal of reducing …
Persistent link: https://www.econbiz.de/10011607711
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Drivers of fiscal sustainability : a time-varying analysis for Portugal
Afonso, António; Coelho, José Carlos - 2023
We assess the drivers of fiscal sustainability in Portugal during the period 1999Q4-2021Q4. We resort to expanding … the debt-to-GDP ratio. Our results show the prevalence of a Ricardian fiscal regime in Portugal. If the (i-g) differential … financial assistance program to Portugal, between 2011Q2 and 2014Q2. …
Persistent link: https://www.econbiz.de/10014391313