Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/204145 
Year of Publication: 
2011
Series/Report no.: 
wiiw Research Report No. 373
Publisher: 
The Vienna Institute for International Economic Studies (wiiw), Vienna
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.
Subjects: 
public debt
sustainability
No-Ponzi game criterion
private debt
foreign debt
JEL: 
E62
G18
Document Type: 
Research Report

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