Fiscal Policies in High Debt Euro-Area Countries
This book explores the role of national fiscal policies in a selected group of Euro-area countries under the European Economic and Monetary Union (EMU). In particular, the authors characterize the response of output to fiscal consolidations and expansions
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Fiscal Policies in High Debt Euro-Area Countries
Fiscal Policies in High Debt Euro-Area Countries
Antonella Cavallo Pietro Dallari Antonio Ribba •
Fiscal Policies in High Debt Euro-Area Countries
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Antonella Cavallo Department of Economics University of Modena and Reggio Emilia Modena Italy
Antonio Ribba Department of Economics University of Modena and Reggio Emilia Modena Italy
Pietro Dallari Fiscal Affairs Department International Monetary Fund Washington, DC USA
ISBN 978-3-319-70268-1 ISBN 978-3-319-70269-8 https://doi.org/10.1007/978-3-319-70269-8
(eBook)
Library of Congress Control Number: 2017957207 © Springer International Publishing AG 2018 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
Disclaimer: The ideas and positions expressed by the authors of the book are exclusively personal and do not in any way represent the positions of the IMF and its policies.
This book deals with the effects produced on the macroeconomic variables by exogenous changes in fiscal policy. The focus is on the Euro Area, both as a whole and on a group of member countries affected by high levels of public and/or private indebtedness. We also examine the spillover effects exerted on the other member countries by expansionary fiscal policies pursued by the leading country of the Euro Area, i.e. Germany. These topics are of the greatest relevance, and in recent years, marked by the so-called Great Recession, they have consequently received much attention from scholars and policymakers. The methods of our approach are mainly based on the VAR (Vector Autoregression) and VAR panel models. Inasmuch as the authors belong to three distinct generati
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