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The meaning and treatment of an “unsustainable†budget deficit

Author

Listed:
  • B. HOPKIN

    (University of Cambridge)

  • B. REDDAWAY

    (University of Cambridge)

Abstract

Budgetary policy decisions in many Western countries are now overhung by anxiety about the growth of public debt. Substantial budget deficits are being run in these countries and in many of them public debt has recently grown not only in absolute terms but also as a proportion of GNP. A 'structural' deficit exists when a significant part of a budget deficit is not the result of the current recession and can be expected to remain if and when the recession is over unless the country changes its policies.

Suggested Citation

  • B. Hopkin & B. Reddaway, 1994. "The meaning and treatment of an “unsustainable†budget deficit," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 47(190), pages 295-308.
    • Handle: RePEc:psl:bnlqrr:1994:34
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10530/10415
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    More about this item

    Keywords

    Budgetary policy; deficits;

    JEL classification:

    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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