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Gesamtwirtschaftliche Auswirkungen der Budgetkonsolidierungspolitik in der EU

Author

Listed:
  • Markus Marterbauer

    (WIFO)

  • Ewald Walterskirchen

    (WIFO)

Abstract

Das Budgetdefizit wurde in den EU-Staaten zwischen 1995 und 1997 von durchschnittlich 5% des BIP auf 2½% reduziert. Das Wirtschaftswachstum blieb in dieser Phase zwar gedämpft, die vielfach als Folge restriktiver Fiskalpolitik erwartete Rezession trat allerdings nicht ein. Dies hat mehrere Ursachen: Die gute internationale Konjunktur bildete in der Konsolidierungsphase den wichtigsten Wachstumsmotor. Einige Länder, die eine besonders restriktive Politik verfolgten, werteten ihre Währungen deutlich ab und konnten so die fehlende Inlandsnachfrage durch steigenden Export ausgleichen. Aufgrund einer beträchtlichen Verringerung der Sparquote schlug der Rückgang der verfügbaren Einkommen der privaten Haushalte nicht in vollem Umfang auf den Konsum durch. Zinssenkungen im Übergang zur Europäischen Währungsunion hatten in einigen Ländern eine merkliche Dämpfung der Staatsausgaben für Zinszahlungen zur Folge. Einmaleffekte und Ausgliederungen spielten für die Konsolidierung in der EU eine nicht zu vernachlässigende Rolle.

Suggested Citation

  • Markus Marterbauer & Ewald Walterskirchen, 1999. "Gesamtwirtschaftliche Auswirkungen der Budgetkonsolidierungspolitik in der EU," WIFO Monatsberichte (monthly reports), WIFO, vol. 72(4), pages 305-314, April.
    • Handle: RePEc:wfo:monber:y:1999:i:4:p:305-314
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    References listed on IDEAS

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    1. Alberto Alesina & Roberto Perotti & José Tavares, 1998. "The Political Economy of Fiscal Adjustments," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 197-266.
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    Cited by:

    1. Karl Aiginger & Margit Schratzenstaller-Altzinger, 2010. "Budget Consolidation in a Difficult Environment – Ten Guidelines Plus a Preliminary Reality Check," WIFO Working Papers 381, WIFO.
    2. Fritz Breuss, 1999. "Gesamtwirtschaftliche Evaluierung der EU-Mitgliedschaft Österreichs," WIFO Monatsberichte (monthly reports), WIFO, vol. 72(8), pages 551-575, August.

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