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Fiscal Issues in Financial Crisis

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Abstract

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.

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  • 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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    File URL: https://wiiw.ac.at/fiscal-issues-in-financial-crisis-dlp-2482.pdf
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    Keywords

    public debt; sustainability; No-Ponzi game criterion; private debt; foreign debt;
    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
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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