Fiscal consolidation and its growth effects in euro area countries: Past, present and future outlook (Record no. 9106)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 02972nam a22003977u 4500 |
| 001 - CONTROL NUMBER | |
| control field | pwiiw7016 |
| 003 - CONTROL NUMBER IDENTIFIER | |
| control field | OSt |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20260405120009.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 241007t2024 au ||||| |||| 00| ||eng d |
| 040 ## - CATALOGING SOURCE | |
| Transcribing agency | OSt |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | eng |
| 084 ## - OTHER CLASSIFICATION NUMBER | |
| Classification number | H30 |
| -- | H63 |
| -- | O47 |
| Number source | jelc |
| 100 1# - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Heimberger, Philipp |
| 245 10 - TITLE STATEMENT | |
| Title | Fiscal consolidation and its growth effects in euro area countries: Past, present and future outlook |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Place of publication, distribution, etc. | Wien : |
| Name of publisher, distributor, etc. | Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw), |
| Date of publication, distribution, etc. | 2024. |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 36 S., |
| Other physical details | 11 Table and 8 Figures, |
| Dimensions | 30cm. |
| 490 1# - SERIES STATEMENT | |
| Series statement | wiiw Working Papers |
| Volume/sequential designation | 253 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This paper is about fiscal consolidation measures (i.e. tax hikes and government spending cuts motivated by a desire to reduce the fiscal deficit and public debt) in euro area (EA) countries. The focus is on analysing the growth effects of fiscal adjustments as well as their implications for debt sustainability assessments. I discuss the size and composition of fiscal consolidation by distinguishing three periods: the run-up to the EA, when governments faced the Maastricht criteria for joining the monetary union (1992-1998); before and during the recession triggered by the global financial crisis (1999-2009); and the euro crisis (with a specific focus on the 2011-2013 period). The empirical evidence on the growth effects of fiscal consolidation shows that while fiscal adjustments are contractionary, the negative growth effects were particularly strong and persistent during the euro crisis. With regard to the austerity outlook, I show that, beginning in 2025, EA countries are set to implement fiscal consolidations over multiple years so as to meet reformed EU fiscal rules. The adjustment requirements for some member countries are large in historical comparison. The paper argues that the framework for debt sustainability analysis at the heart of the reformed EU fiscal rules downplays the domestic growth impacts of fiscal adjustments and ignores cross-country spill-overs that magnify domestic growth effects. In all likelihood, the reformed framework underestimates the negative growth effects of fiscal consolidation. I conclude that implementing the multi-year fiscal adjustments required to meet EU fiscal rules may not reduce public debt ratios across the EA’s member countries, as the European Commission expects, and that the economic and political implications of austerity may complicate the governance of a fragile EA.<br/> |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Fiscal policy |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | fiscal consolidation |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | fiscal multiplier |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | growth |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | public debt |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | euro area |
| 651 ## - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME | |
| Geographic name | Austria |
| 651 ## - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME | |
| Geographic name | Euro Area |
| 651 ## - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME | |
| Geographic name | France |
| 651 ## - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME | |
| Geographic name | Germany |
| 651 ## - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME | |
| Geographic name | Italy |
| 651 ## - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME | |
| Geographic name | Netherlands |
| 651 ## - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME | |
| Geographic name | Spain |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Macroeconomic Analysis and Policy |
| 830 #0 - SERIES ADDED ENTRY--UNIFORM TITLE | |
| Volume/sequential designation | 253 |
| Bibliographic record control number | 7703 |
| Title of a work | wiiw Working Papers |
| 856 40 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://wiiw.ac.at/p-7016.html">https://wiiw.ac.at/p-7016.html</a> |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Koha item type | Paper |
| Withdrawn status | Lost status | Damaged status | Not for loan | Home library | Current library | Shelving location | Date acquired | Inventory number | Total Checkouts | Full call number | Barcode | Date last seen | Price effective from | Koha item type |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| WIIW | WIIW | Library | 10/07/2024 | pwiiw7016 | 5.700/253 | 1000010007016 | 10/07/2024 | 04/07/2025 | Paper |