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Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
CESifo Working Paper No. 4027
Verlag: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Zusammenfassung: 
The objective of this paper is to gain insights into the relationship between deficit-reducing policies and the evolution of the debt/GDP ratio. We consider past events of fiscal consolidation in a selected group of EU countries, by using the new data set recently made available by Devries et al. (2011), and check what is the associated change of the debt/GDP ratio both from a short and medium-term perspective. Our results show that a favourable short-term response emerges in the majority of the countries considered, while the medium-term one is adverse for all. The analysis provides information to assess the convenience of deficit-reducing policies to contain or invert the evolution of the debt/GDP ratio.
Schlagwörter: 
fiscal consolidation
debt/GDP ratio
European Union
JEL: 
H63
E63
Dokumentart: 
Working Paper
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