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The European debt crisis and fiscal reaction functions in Europe 2000–2012

Baldi, Guido; Staehr, Karsten - Eesti Pank - 2013

After the global financial crisis, some governments in the EU experienced serious debt financing problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance by assessing the fiscal conduct in the EU countries before and after the outbreak of the...

Persistent link: https://www.econbiz.de/10010721195

A history of public debt in Australia

Marco, Katrina Di; Pirie, Mitchell; Au-Yeung, Wilson - In: Economic Roundup (2009) 1, pp. 1-15

Understanding debt and its historical trends is important, as the level of debt provides one measure of the strength of public finances. Levels of public sector borrowing fluctuate in line with the economic cycle and the budget position. This paper briefly describes the various measures of debt...

Persistent link: https://www.econbiz.de/10010729077

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

Dabrowski, Marek - CASE-Center for Social and Economic Research - 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/10010857964

Signalling fiscal stress in the euro area: A country-specific early warning system

Cos, Pablo Hernández de; Moral-Benito, Enrique; … - Banco de España - 2014

The sovereign debt crisis in the euro area has raised interest in early warning indicators, aimed at signalling the build-up of fiscal stress in advance and helping prevent crises by means of a timely counteraction of fiscal and macroeconomic policies. This paper presents possible improvements...

Persistent link: https://www.econbiz.de/10010862284

A numerical evaluation of the sustainable size of the primary deficit in Japan

Arai, Real; Ueda, Junji - In: Journal of the Japanese and International Economies 30 (2013) C, pp. 59-75

We investigate how large a primary deficit-to-GDP ratio Japan’s government can sustain. For this investigation, we construct an overlapping generations model in which multi-generational households live and the government maintains a constant ratio of the primary deficit to GDP. We numerically...

Persistent link: https://www.econbiz.de/10010869517

Long-term Issues for Fiscal Sustainability in Emerging Asia

Kawai, Masahiro; Morgan, Peter J. - Asian Development Bank Institute, Asian Development Bank - 2013

fiscal sustainability. Even though many Asian economies implemented fiscal stimulus policies during the crisis period, their … not always be so supportive. The first objective of this paper is to identify long-term issues of fiscal sustainability … risk for emerging Asian economies. The second objective is to recommend policies to reduce these risks to sustainability. …

Persistent link: https://www.econbiz.de/10010840223

Fiscal Sustainability of the European Welfare State: Evidence from Cumulative Excess of the Primary Balance

Stoian, Andreea - Centro de Investigação em Gestão e Economia (CIGE), … - 2012

total government spending. Growing public debt can generate fiscal sustainability issues in the long run. Therefore, the aim … of this paper is to study fiscal sustainability using an indicator named the Cumulative Excess of the Primary Balance …, we find that the Nordic welfare states are less exposed to fiscal Sustainability issues in the long run than the …

Persistent link: https://www.econbiz.de/10010840271

Fiscal reaction under endogenous structural changes in Brazil

Simonassi, Andrei G.; Arraes, Ronaldo A.; Sena, Augusto … - In: Economia 15 (2014) 1, pp. 68-81

economic crises, the paper analyzes the sustainability of the Brazilian fiscal policy by taking into consideration the …

Persistent link: https://www.econbiz.de/10010854719

Building a financial conditions index for the euro area and selected euro area countries: what does it tell us about the crisis?

Angelopoulou, Eleni; Balfoussia, Hiona; Gibson, Heather D. - Bank of Greece - 2012

In this paper we construct Financial Conditions Indices (FCIs) for the euro area, for the period 2003 to 2011, using a wide range of prices, quantities, spreads and survey data, grounded in the theoretical literature. One FCI includes monetary policy variables, while two versions of the FCI...

Persistent link: https://www.econbiz.de/10010855048

Comportamiento presupuestario y crecimiento económico en los países de la Unión Europea, 1984-2003

Miranda, María Jesús Vara - In: EKONOMIAZ 68 (2008) 02, pp. 370-403

This paper starts off explaining the arguments put forward to defend the need to reduce the State’s budgetary activity and minimize fiscal deficit in accordance with the institutionalized consensus reached under the Maastricht Treaty and the Stability and Growth Pact. Secondly, it sheds light...

Persistent link: https://www.econbiz.de/10010751611