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The Fiscal Tools of Crisis Management – A Comparative Analysis

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  • Asztalos, Viktor

Abstract

The study provides an overview of three European countries’ crisis management in response to external shocks in 2008. Following a short theoretical outline, the paper evaluates the key characteristics of adjustment measures, placing special emphasis on the vulnerability of countries. On the basis of the analysed crisis periods it concludes that fiscal stability in itself is insufficient. As the study argues, economic policymakers must not be narrow-minded and -- along with maintaining fiscal prudency -- they also have to closely observe the regulatory activities of the financial intermediary system and other economic indicators.

Suggested Citation

  • Asztalos, Viktor, 2015. "The Fiscal Tools of Crisis Management – A Comparative Analysis," Public Finance Quarterly, Corvinus University of Budapest, vol. 60(4), pages 462-481.
    • Handle: RePEc:pfq:journl:v:60:y:2015:i:4:p:462-481
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    File URL: https://unipub.lib.uni-corvinus.hu/8828/
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    References listed on IDEAS

    as
    1. Paolo Manasse, 2006. "Procyclical Fiscal Policy: Shocks, Rules, and Institutions: A View From Mars," IMF Working Papers 2006/027, International Monetary Fund.
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    More about this item

    Keywords

    global crisis; vulnerability; crisis management; fiscal policy; economic policy;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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