Das Konzept der Finanzierungssalden impliziert, dass das Finanzierungsdefizit des Staates nur verringert werden kann, wenn sich gleichzeitig der Unternehmenssektor und das Ausland stärker verschulden oder die privaten Haushalte ihren Überschuss verringern. Dieses Working Paper untersucht, wie...

The concept of financial balances implies that the general government balance can be improved only if the enterprise sector and the foreign sector simultaneously increase their financial deficits and the household sector cuts its surplus. This paper explores how these adjustments can be...

This paper explores the political economy of fiscal adjustment. It begins with an examination of the evidence for, and sources of, ‘deficit bias', including political and governance factors, public attitudes, the role of financial markets and imprecision about which debt targets should be...

This commentary critically analyzes the debate between ‘deficit financing' and ‘deficit-reduction financing' in contemporary economics. Reading through the paper by Ann Pettifor (2019), one gets the impression that deficits don't matter and that fiscal consolidation has not improved the...

This paper explores the political economy of fiscal adjustment. It begins with an examination of the evidence for, and sources of, ‘deficit bias’, including political and governance factors, public attitudes, the role of financial markets and imprecision about which debt targets should be...

The Partnerships pillar of the 2030 Agenda for Sustainable Development cuts across all the goals focusing on the mobilisation of resources needed to implement the agenda. Thailand’s “sufficiency economy philosophy” encourages the prioritisation of long-term sustainability over short-term...

In this paper we use the widely held assumption that left-wing cabinets favor a larger size of government to answer the question: does the pair cabinet ideology-fiscal action affect the persistence of major fiscal adjustments? For a panel of OECD countries from 1960 to 1995, we find that left...

This paper undertakes a rigorous analysis of the effects of policies to respond to the looming demographic pressures in Europe and elsewhere. We examine the impact of fiscal adjustment by itself, and when pursued in combination with tax, labor and product market reforms, using the IMF's Global...

We assess the specific need (or its absence) of a country to implement a fiscal consolidation programme by focusing specifically on their degree of success, notably in terms of fiscal sustainability. The "need" to consolidate is based on having a primary balance above or below the...

This paper provides new insights about the existence of expansionary fiscal consolidations in the Economic and Monetary Union, using annual panel data for 14 European Union countries over the period 1970-2012. Different measures for assessing fiscal consolidations based on the changes in the...