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Over 2010-2016, municipal debt in Germany crowded out private investment worth 1 percent of GDP. Forced to lend to … firms in Germany's locally segmented credit markets. The ensuing crowding-out was made worse by increased municipal …
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and Germany. We find that the response of the current account balance to the budget balance is greater in Portugal than in … Germany. On the other hand, the response of the budget balance to the current balance is higher in Germany than in Portugal …. In Portugal and Germany, a fiscal rules index has a negative impact on the current account balance and the government …
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