Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
7366051 | Journal of International Money and Finance | 2013 | 13 Pages |
Abstract
⺠We examine the cyclical patterns in fiscal policy over the 1970-2007 period in EMU member countries. ⺠Insufficiently-countercyclical fiscal patterns in the pre-crisis years were certainly a contributory factor to the subsequent crisis. ⺠The conduct of fiscal policy improved in the wake of the Maastricht Treaty but deteriorated after the launch of the euro. ⺠The institutional environment can affect the conduct of fiscal policy. ⺠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
Authors
AgustÃn S. Bénétrix, Philip R. Lane,