Article ID Journal Published Year Pages File Type
7366051 Journal of International Money and Finance 2013 13 Pages PDF
Abstract
► We examine the cyclical patterns in fiscal policy over the 1970-2007 period in EMU member countries. ► Insufficiently-countercyclical fiscal patterns in the pre-crisis years were certainly a contributory factor to the subsequent crisis. ► The conduct of fiscal policy improved in the wake of the Maastricht Treaty but deteriorated after the launch of the euro. ► The institutional environment can affect the conduct of fiscal policy. ► The financial cycle affects fiscal policy over and beyond the effect of the business cycle.
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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