The dynamics of Spanish public debt and sustainable paths for fiscal consolidation
This paper analyses possible patterns for the Spain debt-to-GDP ratio with a small macroeconomic model. The role of international macroeconomic variables (such as the US and French GDP growth rates, prices of raw materials, ECB monetary policy stance) and domestic policy instruments is analyzed in the debt dynamics. We find that external conditions, together with policies aimed to stimulate the growth and fulfilling Maastricht restrictions on deficit, play a fundamental role for fiscal consolidation in Spain and help to reach a sustainable pattern.
|Date of creation:||25 Jul 2011|
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- Paolo Casadio & Antonio Paradiso & B. Bhaskara Rao, 2012.
"The dynamics of Italian public debt: alternative paths for fiscal consolidation,"
Applied Economics Letters,
Taylor & Francis Journals, vol. 19(7), pages 635-639, May.
- Casadio, Paolo & Paradiso, Antonio & Rao, B. Bhaskara, 2011. "The dynamics of Italian public debt: Alternative paths for fiscal consolidation," MPRA Paper 30646, University Library of Munich, Germany.
- Oliver Röhn, 2010. "New Evidence on the Private Saving Offset and Ricardian Equivalence," OECD Economics Department Working Papers 762, OECD Publishing.
- Carlo A. Favero & Massimiliano Marcellino, 2005. "Modelling and Forecasting Fiscal Variables for the Euro Area," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 67(s1), pages 755-783, December.
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- Favero, Carlo A. & Marcellino, Massimiliano, 2005. "Modelling and Forecasting Fiscal Variables for the euro Area," CEPR Discussion Papers 5294, C.E.P.R. Discussion Papers.
- Beetsma, Roel & Debrun, Xavier, 2005. "Implementing the Stability and Growth Pact: Enforcement and Procedural Flexibility," CEPR Discussion Papers 5005, C.E.P.R. Discussion Papers.
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- Carlo A. Favero, "undated". "How do European monetary and fiscal authorities behave?," Working Papers 214, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Favero, Carlo A., 2002. "How do European Monetary and Fiscal Authorities Behave?," CEPR Discussion Papers 3426, C.E.P.R. Discussion Papers.
- Gonzalo C Pastor Campos & Thierry Pujol & Michel Galy, 1993. "Spain; Converging with the European Community," IMF Occasional Papers 101, International Monetary Fund. Full references (including those not matched with items on IDEAS)
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