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Fiscal Issues in Financial Crisis




Fiscal constraint is potentially lax in catching-up economies, but it has not been abused by most countries considered in this paper. Fiscal risks are significant currently, but sustainability and structural balances are not threatened as a rule, if the return to potential growth rates is to be achieved in the medium run. The risks to countercyclical public financing could be discouraged by a comprehensive EU stabilization policy of some sort. Early euro adoption, absent credible stabilization policy, is not the first best policy option for fiscal policy targets.

Suggested Citation

  • Vladimir Gligorov, 2011. "Fiscal Issues in Financial Crisis," wiiw Research Reports 373, The Vienna Institute for International Economic Studies, wiiw.
  • Handle: RePEc:wii:rpaper:rr:373

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    References listed on IDEAS

    1. E. Paul Durrenberger, 2005. "Labour," Chapters,in: A Handbook of Economic Anthropology, chapter 8 Edward Elgar Publishing.
    2. Sugawara, Naotaka & Sulla, Victor & Taylor, Ashley & Tiongson, Erwin R., 2010. "The Crisis Hits Home: Stress-Testing Households in Europe and Central Asia," World Bank - Economic Premise, The World Bank, issue 12, pages 1-4, May.
    3. Kuddo, Arvo, 2009. "Employment services and active labor market programs in Eastern European and Central Asian countries," Social Protection and Labor Policy and Technical Notes 51253, The World Bank.
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    More about this item


    public debt; sustainability; No-Ponzi game criterion; private debt; foreign debt;

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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