Fiscal adjustment in EU countries: A balance sheet approach
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.
(This abstract was borrowed from another version of this item.)
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Willem H. Buiter, 1983. "Measurement of the Public Sector Deficit and Its Implications for Policy Evaluation and Design (Mesure du dÃ©ficit du secteur public et ses implications pour l'Ã©valuation et l'Ã©laboration de la poli," IMF Staff Papers, Palgrave Macmillan, vol. 30(2), pages 306-349, June.
- 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, vol. 12(1), pages 62-97, April.
- Blejer, Mario I & Cheasty, Adrienne, 1991. "The Measurement of Fiscal Deficits: Analytical and Methodological Issues," Journal of Economic Literature, American Economic Association, vol. 29(4), pages 1644-78, December.
- Buti, Marco & Eijffinger, Sylvester C W & Franco, Daniele, 2003.
"Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?,"
CEPR Discussion Papers
3692, C.E.P.R. Discussion Papers.
- Marco Buti & Sylvester Eijffinger & Daniele Franco, 2003. "Revisiting the Stability and Growth Pact: grand design or internal adjustment?," European Economy - Economic Papers 180, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
- Jordi Gali & Roberto Perotti, 2003.
"Fiscal Policy and Monetary Integration in Europe,"
NBER Working Papers
9773, National Bureau of Economic Research, Inc.
- von Hagen, Jurgen, 1991.
"A note on the empirical effectiveness of formal fiscal restraints,"
Journal of Public Economics,
Elsevier, vol. 44(2), pages 199-210, March.
- von Hagen,Juergen, . "A note on the empirical effectiveness of formal fiscal restraints," Discussion Paper Serie B 155, University of Bonn, Germany.
- Blanchard, Olivier J & Giavazzi, Francesco, 2004. "Improving the SGP Through a Proper Accounting of Public Investment," CEPR Discussion Papers 4220, C.E.P.R. Discussion Papers.
- repec:ner:tilbur:urn:nbn:nl:ui:12-152958 is not listed on IDEAS
- Willem H. Buiter, 1990. "Principles of Budgetary and Financial Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262524139, June.
- Dafflon, Bernard & Rossi, Sergio, 1999. " Public Accounting Fudges towards EMU: A First Empirical Survey and Some Public Choice Considerations," Public Choice, Springer, vol. 101(1-2), pages 59-84, October.
- repec:ner:tilbur:urn:nbn:nl:ui:12-176184 is not listed on IDEAS
- Simon Bradbury & Jim Brumby & David Skilling, 1999. "Sovereign Net Worth: An Analytical Framework," Treasury Working Paper Series 99/03, New Zealand Treasury.
- William Easterly, 1999.
"When is fiscal adjustment an illusion?,"
CEPR;CES;MSH, vol. 14(28), pages 55-86, 04.
- Fabrizio Balassone & Daniele Franco, 2000. "Public investment, the Stability Pact and the ‘golden rule’," Fiscal Studies, Institute for Fiscal Studies, vol. 21(2), pages 207-229, June.
When requesting a correction, please mention this item's handle: RePEc:eee:jbfina:v:30:y:2006:i:12:p:3281-3298. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If references are entirely missing, you can add them using this form.