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The Stabilising Effect of Social Policies in the Financial Crisis

Author

Listed:
  • Thomas Leoni

    (WIFO)

  • Markus Marterbauer

    (WIFO)

  • Lukas Tockner

Abstract

Social policy measures and the social security systems in the EU stabilised GDP and employment noticeably during the recent financial and economic crisis. In terms of their size automatic stabilisers were particularly important. Discretionary social policy measures aiming at the stabilisation of the economy had positive but modest effects. The welfare state's stabilising influence on expectations, though difficult to quantify, is also assumed to have played an important role.

Suggested Citation

  • Thomas Leoni & Markus Marterbauer & Lukas Tockner, 2011. "The Stabilising Effect of Social Policies in the Financial Crisis," WIFO Monatsberichte (monthly reports), WIFO, vol. 84(3), pages 187-198, March.
  • Handle: RePEc:wfo:monber:y:2011:i:3:p:187-198
    as

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    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 1065-1188, November.
    2. Dani Rodrik, 1998. "Why Do More Open Economies Have Bigger Governments?," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 997-1032, October.
    3. Romer, Christina D., 1992. "What Ended the Great Depression?," The Journal of Economic History, Cambridge University Press, vol. 52(04), pages 757-784, December.
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