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Fiscal Consolidation - Does it deliver?

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  • Weymes, Laura

    (Central Bank of Ireland)

Abstract

This note examines recent experiences of fiscal consolidation in a selection of euro area countries. It illustrates the pace and composition of consolidation, together with expected budgetary impacts over 2008 to 2015. The effectiveness of consolidation measures is assessed through the lens of change in the structural budget balance and headline debt ratios. The assessment takes into account efforts undertaken to date (2008-2011), together with consolidation plans over 2012 to 2014 announced as of end April 2012. Country-specific examples focus on EU-IMF Programme countries; Greece (GR), Ireland (IE), Portugal (PT), together with Spain (ES) and Cyprus (CY).

Suggested Citation

  • Weymes, Laura, 2012. "Fiscal Consolidation - Does it deliver?," Economic Letters 07/EL/12, Central Bank of Ireland.
  • Handle: RePEc:cbi:ecolet:07/el/12
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    File URL: https://centralbank.ie/docs/default-source/publications/economic-letters/economic-letter---vol-2012-no-7.pdf?sfvrsn=10
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    References listed on IDEAS

    as
    1. Nathalie Girouard & Christophe André, 2005. "Measuring Cyclically-adjusted Budget Balances for OECD Countries," OECD Economics Department Working Papers 434, OECD Publishing.
    2. Alberto Alesina & Silvia Ardagna, 2010. "Large Changes in Fiscal Policy: Taxes versus Spending," NBER Chapters,in: Tax Policy and the Economy, Volume 24, pages 35-68 National Bureau of Economic Research, Inc.
    3. Hansjörg Blöchliger & Dae-Ho Song & Douglas Sutherland, 2012. "Fiscal Consolidation: Part 4. Case Studies of Large Fiscal Consolidation Episodes," OECD Economics Department Working Papers 935, OECD Publishing.
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    Cited by:

    1. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "EU-IMF assistance to euro area countries: an early assessment," Blueprints, Bruegel, number 779.
    2. Jacquinot, Pascal & Clancy, Daragh & Lozej, Matija, 2014. "The effects of government spending in a small open economy within a monetary union," Working Paper Series 1727, European Central Bank.

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