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Debt Sustainability Analysis in Reformed EU Fiscal Rules: The Effect of Fiscal Consolidation on Growth and Public Debt Ratios

Author

Listed:
  • Heimberger Philipp

    (Vienna Institute for International Economic Studies, Austria; and Forum for Macroeconomics and Macroeconomic Policies (FMM).)

  • Welslau Lennard

    (University of Copenhagen; and Danmarks Nationalbank, Denmark.)

  • Schütz Bernhard

    (Vienna Institute for International Economic Studies, Austria; and University of Duisburg-Essen, Germany.)

  • Gechert Sebastian

    (Chemnitz University of Technology, Germany; and Forum for Macroeconomics and Macroeconomic Policies (FMM).)

  • Guarascio Dario

    (Sapienza University of Rome, Italy.)

  • Zezza Francesco

    (Sapienza University of Rome, Italy; and Levy Economics Institute, USA.)

Abstract

No abstract is available for this item.

Suggested Citation

  • Heimberger Philipp & Welslau Lennard & Schütz Bernhard & Gechert Sebastian & Guarascio Dario & Zezza Francesco, 2024. "Debt Sustainability Analysis in Reformed EU Fiscal Rules: The Effect of Fiscal Consolidation on Growth and Public Debt Ratios," Intereconomics: Review of European Economic Policy, Paradigm, vol. 59(5), pages 276-283.
    • Handle: RePEc:vrs:intere:v:59:y:2024:i:5:p:276-283:n:1007
    DOI: 10.2478/ie-2024-0055
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    References listed on IDEAS

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    6. Charles Wyplosz, 2011. "Debt Sustainability Assessment: Mission Impossible," Review of Economics and Institutions, Università di Perugia, vol. 2(3).
    7. Valerie A. Ramey, 2019. "Ten Years after the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research?," Journal of Economic Perspectives, American Economic Association, vol. 33(2), pages 89-114, Spring.
    8. Antoine Goujard, 2017. "Cross‐Country Spillovers from Fiscal Consolidations," Fiscal Studies, Institute for Fiscal Studies, vol. 38, pages 219-267, June.
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    18. Olivier Blanchard & Alvaro Leandro & Jeromin Zettelmeyer, 2021. "Redesigning EU fiscal rules: from rules to standards," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 36(106), pages 195-236.
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    20. Marco Buti & Gabriele Giudice, 2002. "Maastricht’s Fiscal Rules at Ten: An Assessment," Journal of Common Market Studies, Wiley Blackwell, vol. 40(5), pages 823-848, December.
    21. Sebastian Gechert & Andrew Hughes Hallett & Ansgar Rannenberg, 2016. "Fiscal multipliers in downturns and the effects of Euro Area consolidation," Applied Economics Letters, Taylor & Francis Journals, vol. 23(16), pages 1138-1140, November.
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    23. Eric M. Leeper & Nora Traum & Todd B. Walker, 2017. "Clearing Up the Fiscal Multiplier Morass," American Economic Review, American Economic Association, vol. 107(8), pages 2409-2454, August.
    24. J. Bradford DeLong & Lawrence H. Summers, 2012. "Fiscal Policy in a Depressed Economy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 43(1 (Spring), pages 233-297.
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    Cited by:

    1. Philipp Heimberger, 2025. "Fiscal consolidation and its growth effects in euro area countries: past, present and future outlook," Review of Evolutionary Political Economy, Springer, vol. 6(3), pages 589-617, December.
    2. Philipp Heimberger & Branimir Jovanović & Sanja Madzarevic-Sujster & Tim Pionteck & Dragan Tevdovski, 2024. "Fiscal governance in the Western Balkans: An analysis of fiscal rules, fiscal councils, and medium-term budgetary frameworks," wiiw Research Reports 478, The Vienna Institute for International Economic Studies, wiiw.
    3. Philipp Heimberger, 2025. "The new EU fiscal framework: Implications for public spending on the green and digital transition," wiiw Policy Notes 94, The Vienna Institute for International Economic Studies, wiiw.
    4. Jacques Sapir, 2025. "The French and European Multi-faceted Crisis (Part 1)," Studies on Russian Economic Development, Springer, vol. 36(5), pages 723-732, October.
    5. Frane Banić & Milan Deskar-Škrbić & Maroje Lang, 2025. "Which bite harder: new or old EU fiscal rules? Backcasting Croatian episode under the EDP," Surveys 42, The Croatian National Bank, Croatia.
    6. Philip Arestis & Malcolm Sawyer, 2026. "The euro after quarter of a century: a post-Keynesian perspective," Review of Evolutionary Political Economy, Springer, vol. 7(1), pages 1-20, December.
    7. Dario Guarascio & Jelena Reljic & Francesco Zezza, 2025. "Energy vulnerability and resilience in the EU: concepts, empirics and policy," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 52(3), pages 683-726, September.
    8. Cinthia De Souza, 2026. "Sovereign bondholders and the Eurozone core-periphery divide: from the debt crisis to the quantitative tightening," Review of Evolutionary Political Economy, Springer, vol. 7(1), pages 1-28, December.
    9. Davide Romaniello & Antonella Stirati, 2026. "Potential output versus target unemployment in the EU fiscal framework: implications for the Italian economy of a change in perspective," Review of Evolutionary Political Economy, Springer, vol. 7(1), pages 1-26, December.

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    More about this item

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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