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Bank Rescues and Fiscal Policy in the European Union during the Great Recession

Author

Listed:
  • Jesús Ferreiro
  • Catalina Gálvez
  • Carmen Gómez
  • Ana González

Abstract

The outbreak of the economic and financial crisis in 2008, the so-called Great Recession, has made that many European Union countries have made massive interventions in their banking and financial systems. These interventions have had a considerable impact in the public finances of these countries. The aim of the paper is to analyze the impact on the national public budgets of the measures of public support to problem financial institutions carried out between the years 2008 and 2013, and to study how this budgetary impact has affected to the fiscal imbalances and to the strategies of fiscal impulse and consolidation implemented along these years. Key words: European Union, Fiscal policy, Great Recession, Financial crisis, Bank rescues.JEL: E62, E65, H62, O52.

Suggested Citation

  • Jesús Ferreiro & Catalina Gálvez & Carmen Gómez & Ana González, 2016. "Bank Rescues and Fiscal Policy in the European Union during the Great Recession," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(2), pages 211-230.
    • Handle: RePEc:voj:journl:v:63:y:2016:i:2:p:211-230:id:384
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    More about this item

    Keywords

    European Union; Fiscal policy; Great Recession; Financial crisis; Bank rescues;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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