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Fiscal adjustment in EU countries: A balance sheet approach

  • Milesi-Ferretti, Gian Maria
  • Moriyama, Kenji

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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File URL: http://www.sciencedirect.com/science/article/pii/S0378-4266(06)00119-1
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Article provided by Elsevier in its journal Journal of Banking & Finance.

Volume (Year): 30 (2006)
Issue (Month): 12 (December)
Pages: 3281-3298

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Handle: RePEc:eee:jbfina:v:30:y:2006:i:12:p:3281-3298
Contact details of provider: Web page: http://www.elsevier.com/locate/jbf

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  9. von Hagen,Juergen, . "A note on the empirical effectiveness of formal fiscal restraints," Discussion Paper Serie B 155, University of Bonn, Germany.
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  11. 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.
  12. 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.
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