Arbeitspapier

Fiscal Consolidation in Europe: Pre- and Post-Maastricht

Based on a panel data model this paper investigates whether the effects of fiscal policy on national saving in Europe have changed after the Maastricht Treaty came into force. Recently Giavazzi, Jappelli and Pagano (2000) found evidence that national saving responds nonlinearly to fiscal policy when a large and persistent consolidation is undertaken. I show that their finding is not robust, one reason being that the structural budget deficit is not a time-invariant criterion for identifying episodes of large and persistent fiscal impulses. This paper proposes and analyses an alternative definition of a fiscal consolidation episode: the post-Maastricht period.

Language
Englisch

Bibliographic citation
Series: Kiel Working Paper ; No. 1028

Classification
Wirtschaft
Subject
Fiscal policy
national saving
budgetary consolidation
European Union
panel
Finanzpolitik
Sparen
Haushaltskonsolidierung
Wirtschaftspolitische Wirkungsanalyse
Europäische Wirtschafts- und Währungsunion
Schätzung
EU-Staaten

Event
Geistige Schöpfung
(who)
Kamps, Christophe
Event
Veröffentlichung
(who)
Kiel Institute of World Economics (IfW)
(where)
Kiel
(when)
2001

Handle
Last update
10.03.2025, 11:45 AM CET

Data provider

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Object type

  • Arbeitspapier

Associated

  • Kamps, Christophe
  • Kiel Institute of World Economics (IfW)

Time of origin

  • 2001

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