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Fiscal Solvency in Europe: Budget Deficits and Government Debt under European Monetary Union

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  • Guglielmo Maria Caporale

Abstract

The debate on European monetary union has brought the issue of European fiscal policy into public scrutiny. This note discusses the problems of fiscal policy coordination in Europe over the next decade, and analyses the evolution of debt and deficits over the 1970s and 1980s. We then look more formally at the concept of a sustainable path for public debt and report on some tests that investigate whether or not debt paths in Europe have been on a stable trajectory. The note by Barrell and In't Veld in this Review considers the importance of fiscal solvency in constructing large scale macro models, and casts further light on the issues discussed here.
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  • Guglielmo Maria Caporale, 1992. "Fiscal Solvency in Europe: Budget Deficits and Government Debt under European Monetary Union," National Institute Economic Review, National Institute of Economic and Social Research, vol. 140(1), pages 69-77, May.
    • Handle: RePEc:sae:niesru:v:140:y:1992:i:1:p:69-77
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    Cited by:

    1. Cuddington, John T., 1997. "Analyzing the sustainability of fiscal deficitsin developing countries," Policy Research Working Paper Series 1784, The World Bank.
    2. Guglielmo Maria Caporale & Miguel A. Martin-Valmayor & Luis A. Gil-Alana & Nieves Carmona-González, 2024. "Persistence of the Sovereign Debt Components and Debt Sustainability: Some Evidence for the US and Europe," CESifo Working Paper Series 11409, CESifo.
    3. Ronald D. Kneebone, 1994. "Deficits and Debt in Canada: Some Lessons from Recent History," Canadian Public Policy, University of Toronto Press, vol. 20(2), pages 152-164, June.

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