English, Article edition: Fiscal Adjustments and the Short-Term Trade-Off between economic growth and equality Carlos Mulas-Granados

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Fiscal Adjustments and the Short-Term Trade-Off between economic growth and equality
Author
  • Carlos Mulas-Granados
Physical Description
  • article
Notes
  • This article examines the short-term economic impact of alternative fiscal adjustment strategies, with an especial focus on their effect on economic growth and income distribution Based on a sample of 53 adjustment episodes occurred in the fifteen EU Member States between 1960-2000, this article shows that different strategies of fiscal adjustment bring about different economic consequences. Expenditure-based adjustments that are preceded by bad economic and fiscal initial conditions, that are accompanied by a devaluation, and that succeed in cutting the least productive expenditures of the budget, are likely to have anti-Keynesian effects and to be expansionary. Nevertheless, they do so at the expense of increasing income inequality. The opposite is true for revenue-based consolidations. The nineties epitomize the story of expansionary fiscal consolidations via strong wealth and credibility effects, but also the rebirth of the trade-off between growth and equality, mediated by fiscal policy.
  • Fiscal adjustment, economic growth, equality, budget composition.
  • RePEc:hpe:journl:y:2005:v:172:i:1:p:61-92
Language
  • English
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