Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/202002 
Year of Publication: 
2019
Series/Report no.: 
CESifo Working Paper No. 7776
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
The paper analyses the linkages from financial developments to public finances. It maps and discusses the transmission channels to fiscal variables. These channels include asset prices, financing conditions, balance sheets of banks, non-banks and central banks and international linkages. The study argues that the fiscal effects via each and all these channels can be very serious in magnitude and can put the sustainability of public finances at risk. However, there is only limited in–depth analysis of these channels and risks.
Subjects: 
public debt
deficits
financial stability
fiscal financial linkages
sustainability
asset prices
JEL: 
E62
G01
H63
Document Type: 
Working Paper
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