How long can austerity persist? The factors that sustain fiscal consolidations
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Isabelle Joumard & Makoto Minegishi & Christophe André & Chantal Nicq & Robert Price, 2008. "Accounting for One-off Operations when Assessing Underlying Fiscal Positions," OECD Economics Department Working Papers 642, OECD Publishing.
- Rudiger Ahrend & Pietro Catte & Robert Price, 2006. "Interactions Between Monetary and Fiscal Policy: How Monetary Conditions Affect Fiscal Consolidation," OECD Economics Department Working Papers 521, OECD Publishing.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009.
"The Aftermath of Financial Crises,"
American Economic Review, American Economic Association, vol. 99(2), pages 466-472, May.
- Reinhart, Carmen & Rogoff, Kenneth, 2008. "Las secuelas de las crisis financieras [The aftermath of financial crisis]," MPRA Paper 13695, University Library of Munich, Germany.
- Reinhart, Carmen M. & Rogoff, Kenneth S., 2009. "The Aftermath of Financial Crises," Scholarly Articles 11129155, Harvard University Department of Economics.
- Rogoff, Kenneth & Reinhart, Carmen, 2009. "The Aftermath of Financial Crises," CEPR Discussion Papers 7209, C.E.P.R. Discussion Papers.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," NBER Working Papers 14656, National Bureau of Economic Research, Inc.
- Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-679, June.
- Patrick Royston, 2006. "Explained variation for survival models," Stata Journal, StataCorp LP, vol. 6(1), pages 83-96, March.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009.
"Is the 2007 US Sub-Prime Financial Crisis So Different?: An International Historical Comparison,"
Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(3), pages 291-299.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "Is the 2007 US Sub-prime Financial Crisis So Different? An International Historical Comparison," American Economic Review, American Economic Association, vol. 98(2), pages 339-344, May.
- Reinhart, Carmen & Rogoff, Kenneth, 2008. "¿Es tan diferente la crisis financiera de sub-prime en EEUU? Una comparacion historica internacional [“Is The 2007 U.S. Subprime Crisis So Different? An International Historical Comparison,”]," MPRA Paper 13656, University Library of Munich, Germany.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison," NBER Working Papers 13761, National Bureau of Economic Research, Inc.
- Reinhart, Carmen M. & Rogoff, Kenneth S., 2008. "Is the 2007 US Sub-Prime Financial Crisis So Different? An International Historical Comparison," Scholarly Articles 11129156, Harvard University Department of Economics.
- Larch, Martin & Turrini, Alessandro, 2011.
"Received Wisdom and Beyond: Lessons from Fiscal Consolidation in the EU,"
National Institute Economic Review, National Institute of Economic and Social Research, vol. 217, pages 1-18, July.
- Martin Larch & Alessandro Turrini, 2011. "Received Wisdom And Beyond: Lessons From Fiscal Consolidation In The Eu," National Institute Economic Review, National Institute of Economic and Social Research, vol. 217(1), pages 1-18, July.
- Martin Larch & Alessandro Turrini, 2008. "Received wisdom and beyond: Lessons from fiscal consolidation in the EU," European Economy - Economic Papers 2008 - 2015 320, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- Larch, Martin & Turrini, Alessandro, 2008. "Received wisdom and beyond: Lessons from fiscal consolidations in the EU," MPRA Paper 20604, University Library of Munich, Germany.
- Carmen M. Reinhart & Vincent R. Reinhart & Kenneth S. Rogoff, 2012.
"Public Debt Overhangs: Advanced-Economy Episodes since 1800,"
Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 69-86, Summer.
- Carmen M. Reinhart & Vincent R. Reinhart & Kenneth S. Rogoff, 2012. "Debt Overhangs: Past and Present," NBER Working Papers 18015, National Bureau of Economic Research, Inc.
- Bracke, Philippe, 2013.
"How long do housing cycles last? A duration analysis for 19 OECD countries,"
Journal of Housing Economics, Elsevier, vol. 22(3), pages 213-230.
- Mr. Philippe Bracke, 2011. "How Long Do Housing Cycles Last? a Duration Analysis for 19 OECD Countries," IMF Working Papers 2011/231, International Monetary Fund.
- Alberto Alesina & Roberto Perotti, 1997.
"Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects,"
IMF Staff Papers, Palgrave Macmillan, vol. 44(2), pages 210-248, June.
- Mr. Alberto Alesina & Mr. Roberto Perotti, 1996. "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects," IMF Working Papers 1996/070, International Monetary Fund.
- Alberto Alesina & Roberto Perotti, 1996. "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects," NBER Working Papers 5730, National Bureau of Economic Research, Inc.
- Agnello, Luca & Castro, Vitor & Sousa, Ricardo M., 2013.
"What determines the duration of a fiscal consolidation program?,"
Journal of International Money and Finance, Elsevier, vol. 37(C), pages 113-134.
- Luca Agnello & Vítor Castro & Ricardo M. Sousa, 2012. "What determines the duration of a fiscal consolidation program?," NIPE Working Papers 17/2012, NIPE - Universidade do Minho.
- Luca Agnello & Vitor Castro & Ricardo M. Sousa, 2013. "What Determines the Duration of a Fiscal Consolidation Program?," GEMF Working Papers 2013-09, GEMF, Faculty of Economics, University of Coimbra.
- Salvador Barrios & Sven Langedijk & Lucio Pench, 2010. "EU fiscal consolidation after the financial crisis. Lessons from past experiences," European Economy - Economic Papers 2008 - 2015 418, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- Atif Mian & Amir Sufi & Francesco Trebbi, 2014.
"Resolving Debt Overhang: Political Constraints in the Aftermath of Financial Crises,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 6(2), pages 1-28, April.
- Atif R. Mian & Amir Sufi & Francesco Trebbi, 2012. "Resolving Debt Overhang: Political Constraints in the Aftermath of Financial Crises," NBER Working Papers 17831, National Bureau of Economic Research, Inc.
- Reinhart, Carmen M. & Rogoff, Kenneth S., 2013.
"Banking crises: An equal opportunity menace,"
Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4557-4573.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "Banking Crises: An Equal Opportunity Menace," NBER Working Papers 14587, National Bureau of Economic Research, Inc.
- Rogoff, Kenneth & Reinhart, Carmen, 2009. "Banking Crises: An Equal Opportunity Menace," CEPR Discussion Papers 7131, C.E.P.R. Discussion Papers.
- Ant�nio Afonso, 2010.
"Expansionary fiscal consolidations in Europe: new evidence,"
Applied Economics Letters, Taylor & Francis Journals, vol. 17(2), pages 105-109, January.
- Afonso, António, 2006. "Expansionary fiscal consolidations in Europe: new evidence," Working Paper Series 675, European Central Bank.
- António Afonso, 2006. "Expansionary fiscal consolidations in Europe: new evidence," Working Papers Department of Economics 2006/18, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
- Pablo Hernández de Cos & Enrique Moral-Benito, 2011. "Endogenous fiscal consolidations," Working Papers 1102, Banco de España.
- Lojsch, Dagmar Hartwig & Rodríguez-Vives, Marta & Slavík, Michal, 2011. "The size and composition of government debt in the euro area," Occasional Paper Series 132, European Central Bank.
- Heylen, Freddy & Everaert, Gerdie, 2000. "Success and Failure of Fiscal Consolidation in the OECD: A Multivariate Analysis," Public Choice, Springer, vol. 105(1-2), pages 103-124, October.
- Ardagna, Silvia, 2004. "Fiscal Stabilizations: When Do They Work and Why," Scholarly Articles 2580047, Harvard University Department of Economics.
- Briotti, Maria Gabriella, 2004. "Fiscal adjustment between 1991 and 2002: stylised facts and policy implications," Occasional Paper Series 9, European Central Bank.
- Ruiz, Rubén & Maroto, Concepción, 2008. "The Youngest OR in Europe," European Journal of Operational Research, Elsevier, vol. 189(3), pages 579-582, September.
- Ardagna, Silvia, 2004. "Fiscal stabilizations: When do they work and why," European Economic Review, Elsevier, vol. 48(5), pages 1047-1074, October.
- Reyes Illera & Carlos Mulas-Granados, 2008. "What makes fiscal consolidations last? A survival analysis of budget cuts in Europe (1960–2004)," Public Choice, Springer, vol. 134(3), pages 147-161, March.
- Mr. Andrea Pescatori & Mr. Daniel Leigh & Mr. Jaime Guajardo & Mr. Pete Devries, 2011. "A New Action-Based Dataset of Fiscal Consolidation," IMF Working Papers 2011/128, International Monetary Fund.
- Mr. Emanuele Baldacci & Mr. Sanjeev Gupta & Mr. Carlos Mulas-Granados, 2010. "Restoring Debt Sustainability After Crises: Implications for the Fiscal Mix," IMF Working Papers 2010/232, International Monetary Fund.
- Stéphanie Guichard & Mike Kennedy & Eckhard Wurzel & Christophe André, 2007. "What Promotes Fiscal Consolidation: OECD Country Experiences," OECD Economics Department Working Papers 553, OECD Publishing.
- Maria Gabriella Briotti, 2004. "Fiscal adjustment between 1991 and 2002 - stylised facts and policy implications," Occasional Paper Series 09, European Central Bank.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Lucia Mihokova, 2017. "Fiscal Consolidation Start and its Determinants Analysis Within European Member Countries," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 13(3), pages 135-148.
- Jan-Hinrik Meyer-Sahling & Barbara Janta & Iveta Reinholde & Christian van Stolk, 2016. "Hidden costs of cuts: Austerity, civil service management and the motivation of public officials in Central and Eastern Europe after the crisis," European Journal of Government and Economics, Europa Grande, vol. 5(2), pages 120-137, December.
- Camilla Mariotto, 2022. "The Implementation of Economic Rules: From the Stability and Growth Pact to the European Semester," Journal of Common Market Studies, Wiley Blackwell, vol. 60(1), pages 40-57, January.
- repec:mje:mjejnl:v:12:y:2017:i:3:p:135-148 is not listed on IDEAS
- Dirk Foremny & Agnese Sacchi & Simone Salotti, 2017. "Decentralization and the duration of fiscal consolidation: shifting the burden across layers of government," Public Choice, Springer, vol. 171(3), pages 359-387, June.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Yang, Weonho & Fidrmuc, Jan & Ghosh, Sugata, 2015.
"Macroeconomic effects of fiscal adjustment: A tale of two approaches,"
Journal of International Money and Finance, Elsevier, vol. 57(C), pages 31-60.
- Weonho Yang & Jan Fidrmuc & Sugata Ghosh, 2013. "Macroeconomic Effects of Fiscal Adjustment: A Tale of two Approaches," CESifo Working Paper Series 4401, CESifo.
- Agnello, Luca & Castro, Vitor & Sousa, Ricardo M., 2013.
"What determines the duration of a fiscal consolidation program?,"
Journal of International Money and Finance, Elsevier, vol. 37(C), pages 113-134.
- Luca Agnello & Vítor Castro & Ricardo M. Sousa, 2012. "What determines the duration of a fiscal consolidation program?," NIPE Working Papers 17/2012, NIPE - Universidade do Minho.
- Luca Agnello & Vitor Castro & Ricardo M. Sousa, 2013. "What Determines the Duration of a Fiscal Consolidation Program?," GEMF Working Papers 2013-09, GEMF, Faculty of Economics, University of Coimbra.
- Agnello, Luca & Castro, Vítor & Sousa, Ricardo M., 2019. "A competing risks tale on successful and unsuccessful fiscal consolidations," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 63(C).
- Kleis, Mischa & Moessinger, Marc-Daniel, 2016. "The long-run effect of fiscal consolidation on economic growth: Evidence from quantitative case studies," ZEW Discussion Papers 16-047, ZEW - Leibniz Centre for European Economic Research, revised 2016.
- Hüseyin ŞEN & Ayşe KAYA, 2017. "Mali Konsolidasyon Büyüme ve İstihdam için Bir Çıpa mı, Mali Tuzak mı? Teorik ve Ampirik Literatür Temelli Bir Analiz," Sosyoekonomi Journal, Sosyoekonomi Society, issue 25(34).
- Charles Amo Yartey & Mr. Machiko Narita & Mr. Shelton M Nicholls & Mr. Joel Chiedu Okwuokei, 2012. "The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean," IMF Working Papers 2012/276, International Monetary Fund.
- Tagkalakis, Athanasios, 2011. "Fiscal adjustments and asset price changes," Journal of Macroeconomics, Elsevier, vol. 33(2), pages 206-223, June.
- Moulaye Bamba & Jean-Louis Combes & Alexandru Minea, 2020.
"The effects of fiscal consolidations on the composition of government spending,"
Applied Economics, Taylor & Francis Journals, vol. 52(14), pages 1517-1532, March.
- Moulaye Bamba & Jean-Louis Combes & Alexandru Minea, 2019. "The effects of fiscal consolidations on the composition of government spending," Working Papers halshs-02043892, HAL.
- Moulaye Bamba & Jean-Louis Combes & Alexandru Minea, 2019. "The effects of fiscal consolidations on the composition of government spending," CERDI Working papers halshs-02043892, HAL.
- Moulaye Bamba & Jean-Louis Combes & Alexandru Minea, 2019. "The Effects of Fiscal Consolidations on The Composition of Government Spending," Post-Print halshs-02315739, HAL.
- Moulaye Bamba & Jean-Louis Combes & Alexandru Minea, 2020. "The effects of fiscal consolidations on the composition of government spending," Post-Print hal-02887275, HAL.
- Moulaye Bamba & Jean-Louis Combes & Alexandru Minea, 2019. "The effects of fiscal consolidations on the composition of government spending," Post-Print hal-02314999, HAL.
- Moulaye Bamba & Jean-Louis Combes & Alexandru Minea, 2019. "The Effects of Fiscal Consolidations on The Composition of Government Spending," Post-Print halshs-02316204, HAL.
- Piotr Ciżkowicz & Grzegorz Parosa & Andrzej Rzońca, 2022. "Fiscal tensions and risk premium," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(3), pages 833-896, August.
- Georgia Kaplanoglou & Vassilis T. Rapanos & Ioanna C. Bardakas, 2015.
"Does Fairness Matter for the Success of Fiscal Consolidation?,"
Kyklos, Wiley Blackwell, vol. 68(2), pages 197-219, May.
- Georgia Kaplanoglou & Vassilis T. Rapanos & loanna C. Bardakas, 2014. "Does fairness matter for the success of fiscal consolidation?," Working Papers 180, Bank of Greece.
- Dirk Foremny & Agnese Sacchi & Simone Salotti, 2017. "Decentralization and the duration of fiscal consolidation: shifting the burden across layers of government," Public Choice, Springer, vol. 171(3), pages 359-387, June.
- Heylen, Freddy & Hoebeeck, Annelies & Buyse, Tim, 2013. "Government efficiency, institutions, and the effects of fiscal consolidation on public debt," European Journal of Political Economy, Elsevier, vol. 31(C), pages 40-59.
- Ibrar Hussain & Jawad Hussain & Arshad Ali & Shabir Ahmad, 2021. "A Dynamic Analysis of the Impact of Fiscal Adjustment on Economic Growth: Evidence From Pakistan," SAGE Open, , vol. 11(2), pages 21582440211, June.
- Bardaka, Ioanna & Bournakis, Ioannis & Kaplanoglou, Georgia, 2021.
"Total factor productivity (TFP) and fiscal consolidation: How harmful is austerity?,"
Economic Modelling, Elsevier, vol. 94(C), pages 908-922.
- Ioanna Bardaka & Ioannis Bournakis & Georgia Kaplanoglou, 2018. "Total factor productivity (TFP) and fiscal consolidation: how harmful is austerity?," Working Papers 255, Bank of Greece.
- Bardaka, Ioanna & Bournakis, Ioannis & Kaplanoglou, Georgia, 2020. "Total factor productivity (TFP) and fiscal consolidation: How harmful is austerity?," MPRA Paper 98880, University Library of Munich, Germany.
- F. Heylen & A. Hoebeeck & T. Buyse, 2011. "Fiscal consolidation, institutions and institutional reform: a multivariate analysis of public debt dynamics," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 11/763, Ghent University, Faculty of Economics and Business Administration.
- Athanasios Tagkalakis, 2009. "Fiscal adjustments: do labor and product market institutions matter?," Public Choice, Springer, vol. 139(3), pages 389-411, June.
- Mr. Julio Escolano & Laura Jaramillo & Mr. Carlos Mulas-Granados & Mr. G. Terrier, 2014. "How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments," IMF Working Papers 2014/179, International Monetary Fund.
- Christoph A. Schaltegger & Martin Weder, 2014.
"Fiscal adjustment and the costs of public debt service: evidence from OECD countries,"
Applied Economics, Taylor & Francis Journals, vol. 46(22), pages 2593-2610, August.
- Christoph A. Schaltegger & Martin Weder, 2010. "Fiscal Adjustment and the Costs of Public Debt Service: Evidence from OECD Countries," CESifo Working Paper Series 3297, CESifo.
- Christoph A. Schaltegger & Martin Weder, 2010. "Fiscal Adjustment and the Costs of Public Debt Service: Evidence from OECD Countries," CREMA Working Paper Series 2010-08, Center for Research in Economics, Management and the Arts (CREMA).
- Schaltegger, Christoph A. & Feld, Lars P., 2009.
"Are fiscal adjustments less successful in decentralized governments?,"
European Journal of Political Economy, Elsevier, vol. 25(1), pages 115-123, March.
- Christoph A. Schaltegger & Lars P. Feld, 2007. "Are Fiscal Adjustments less Successful in Decentralized Governments?," CESifo Working Paper Series 1946, CESifo.
- Christoph A. Schaltegger & Lars P. Feld, 2007. "Are Fiscal Adjustments less Successful in Decentralized Governments?," CREMA Working Paper Series 2007-06, Center for Research in Economics, Management and the Arts (CREMA).
- Amine Lahiani & Ameni Mtibaa & Foued Gabsi, 2022. "Fiscal Consolidation, Social Sector Expenditures and Twin Deficit Hypothesis: Evidence from Emerging and Middle-Income Countries," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 64(4), pages 710-747, December.
More about this item
Keywords
government debt; government deficit; fiscal consolidation; panel data; survival function;All these keywords.
JEL classification:
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
- E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
- H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:egr:ejge00:v:2:i:1:p:5-24. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Europa Grande (email available below). General contact details of provider: .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.