Fiscal Adjustment in EU Countries: A Balance Sheet Approach
AbstractSeveral European Union countries have recently implemented or are envisaging fiscal that operations improve budgetary figures but have no structural impact on government finances. This paper evaluates some of these measures using a balance sheet approach. In particular, it examines the degree to which reductions in government debt in EU countries has been accompanied by a decumulation of government assets. In the run-up to Maastricht (1997) it finds a strong correlation between changes in government liabilities and government assets, and larger declines in government assets in countries starting from higher public debt levels.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 04/143.
Date of creation: 01 Aug 2004
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Other versions of this item:
- Milesi-Ferretti, Gian Maria & Moriyama, Kenji, 2006. "Fiscal adjustment in EU countries: A balance sheet approach," Journal of Banking & Finance, Elsevier, vol. 30(12), pages 3281-3298, December.
- NEP-ALL-2005-10-22 (All new papers)
- NEP-EEC-2005-10-22 (European Economics)
- NEP-FIN-2005-10-22 (Finance)
- NEP-MAC-2005-10-22 (Macroeconomics)
- NEP-PBE-2005-10-22 (Public Economics)
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