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Fiscal Adjustment in Eu Countries

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  • Kenji Moriyama
  • Gian-Maria Milesi-Ferretti

Abstract

Several 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 Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/143.

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Length: 25
Date of creation: 01 Aug 2004
Date of revision:
Handle: RePEc:imf:imfwpa:04/143

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Keywords: Fiscal reforms; European Union; Privatization; Government expenditures; government debt; public debt; budget balance; fiscal balance; fiscal measures; fiscal adjustment; fiscal operations; taxation; public finances; budget deficit; fiscal rules; fiscal imbalances; fiscal policy; fiscal deficit; budget deficits; fiscal activities; fiscal accounts; quasi-fiscal activities; fiscal deficits; fiscal balances; fiscal restraints; government budget; central banks; budget constraint; debt reduction; fiscal measure; central bank; public finance; fiscal transparency; government deficit; fiscal indicators; fiscal plans; budgetary impact; budgetary flows; formal fiscal restraints; budgetary position; fiscal stability; fiscal studies; fiscal accounting; national debt; amount of debt; fiscal sustainability; fiscal deficit reduction; fiscal position; fiscal situation; debt ratio; tax revenue; illusory ? fiscal adjustment; primary expenditure; public debts; debt dynamics; government solvency; high tax burdens; fiscal targets; fiscal conditions; fiscal constraints; government budget balance; debt management; tax revenues;

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References

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  1. Marco Buti & Sylvester Eijffinger & Daniele Franco, 2003. "Revisiting the Stability and Growth Pact: grand design or internal adjustment?," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 180, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  2. Jordi GalÌ & Roberto Perotti, 2003. "Fiscal policy and monetary integration in Europe," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 18(37), pages 533-572, October.
  3. Simon Bradbury & Jim Brumby & David Skilling, 1999. "Sovereign Net Worth: An Analytical Framework," Treasury Working Paper Series 99/03, New Zealand Treasury.
  4. Blejer, Mario I & Cheasty, Adrienne, 1991. "The Measurement of Fiscal Deficits: Analytical and Methodological Issues," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 29(4), pages 1644-78, December.
  5. Easterly, William, 1999. "When is fiscal adjustment an illusion?," Policy Research Working Paper Series 2109, The World Bank.
  6. Kiewiet, D Roderick & Szakaly, Kristin, 1996. "Constitutional Limitations on Borrowing: An Analysis of State Bonded Indebtedness," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 12(1), pages 62-97, April.
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Citations

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Cited by:
  1. Buti, Marco & Martins, Joao Nogueira & Turrini, Alessandro Antonio, 2006. "From Deficits to Debt and Back: Political Incentives under Numerical Fiscal Rules," CEPR Discussion Papers, C.E.P.R. Discussion Papers 5809, C.E.P.R. Discussion Papers.
  2. J. Ayuso-i-Casals & S. Deroose & E. Flores & L. Moulin, 2007. "The role of fiscal rules and institutions in shaping budgetary outcomes," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 275, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  3. Kerstin Bernoth & Guntram Wolff, 2006. "Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia," DNB Working Papers, Netherlands Central Bank, Research Department 103, Netherlands Central Bank, Research Department.
  4. Canova, Fabio & Pappa, Evi, 2006. "The elusive costs and the immaterial gains of fiscal constraints," Journal of Public Economics, Elsevier, Elsevier, vol. 90(8-9), pages 1391-1414, September.
  5. Lojsch, Dagmar Hartwig & Rodríguez-Vives, Marta & Slavík, Michal, 2011. "The size and composition of government debt in the euro area," Occasional Paper Series 132, European Central Bank.
  6. Gábor P. Kiss, 2007. "One-off and off-budget items: An alternative approach," MNB Conference Volume, Magyar Nemzeti Bank (the central bank of Hungary), Magyar Nemzeti Bank (the central bank of Hungary), vol. 1(1), pages 18-27, December.
  7. Fabrizio Balassone & Daniele Franco & Stefania Zotteri, 2006. "EMU fiscal indicators: a misleading compass?," Empirica, Springer, Springer, vol. 33(2), pages 63-87, June.
  8. von Hagen, Jürgen & Wolff, Guntram, 2004. "What Do Deficits Tell us About Debts? Empirical Evidence on Creative Accounting with Fiscal Rules in the EU," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4759, C.E.P.R. Discussion Papers.
  9. Roel M.W.J.Beetsma & Frederick van der Ploeg, 2007. "The political economy of public investment," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 276, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  10. Roel Beetsma & Heikki Oksanen, 2007. "Pension Systems, Ageing and the Stability and Growth Pact," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 289, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  11. Roel M.W.J. Beetsma & Frederick van der Ploeg, 2007. "Partisan Public Investment and Debt: The Case for Fiscal Restrictions," Economics Working Papers, European University Institute ECO2007/37, European University Institute.
  12. Laurian LUNGU, 2011. "The Romanian economy - four years afterthe EU accession," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, Centre for European Studies, Alexandru Ioan Cuza University, vol. 2, pages 31-48, December.

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