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Fiscal Issues in Financial Crisis

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  • Vladimir Gligorov

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    (The Vienna Institute for International Economic Studies, wiiw)

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    Abstract

    Fiscal constraint is potentially lax in catching-up economies, but it has not been abused by most countries considered in this paper. Fiscal risks are significant currently, but sustainability and structural balances are not threatened as a rule, if the return to potential growth rates is to be achieved in the medium run. The risks to countercyclical public financing could be discouraged by a comprehensive EU stabilization policy of some sort. Early euro adoption, absent credible stabilization policy, is not the first best policy option for fiscal policy targets.

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    Bibliographic Info

    Paper provided by The Vienna Institute for International Economic Studies, wiiw in its series wiiw Research Reports with number 373.

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    Length: 31 pages including 11 Figures
    Date of creation: Sep 2011
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    Publication status: Published as wiiw Research Report
    Handle: RePEc:wii:rpaper:rr:373

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    Related research

    Keywords: public debt; sustainability; No-Ponzi game criterion; private debt; foreign debt;

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