Fiscal Adjustments and Their Effects During the Transition to EMU
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SourcePublic Choice, 109, 3-4, (2001), pp. 269-299
Article / Letter to editor
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Economische theorie en economisch beleid
SubjectInstitutional Shifts in Government and Governance in a Comparative and International Context
The transition phase to EMU has been accompanied by considerable monetary and fiscal consolidation efforts in the EU. This paper analyses this consolidation process and its effects on economic activity in the EU. It is tested to which extent the fiscal retrenchment efforts have depressed or stimulated private spending. In the latter case non-Keynesian effects dominate the traditional Keynesian expenditure effects of government spending, taxation and transfer payments.
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