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.)
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
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.:
- 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.
- 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.
- 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.
- William Easterly, 1999.
"When is fiscal adjustment an illusion?,"
CEPR;CES;MSH, vol. 14(28), pages 55-86, 04.
- Jordi Gali & Roberto Perotti, 2003.
"Fiscal Policy and Monetary Integration in Europe,"
NBER Working Papers
9773, National Bureau of Economic Research, Inc.
- Willem H. Buiter, 1990. "Principles of Budgetary and Financial Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262524139, June.
- 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 Financial Affairs (DG ECFIN), European Commission.
- 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.
- 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.
- repec:ner:tilbur:urn:nbn:nl:ui:12-152958 is not listed on IDEAS
- repec:ner:tilbur:urn:nbn:nl:ui:12-176184 is not listed on IDEAS
- 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.
- Simon Bradbury & Jim Brumby & David Skilling, 1999. "Sovereign Net Worth: An Analytical Framework," Treasury Working Paper Series 99/03, New Zealand Treasury.
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 you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.