English, Article edition: Budget Consolidation in Western Europe Ewald Walterskirchen

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Budget Consolidation in Western Europe
Author
  • Ewald Walterskirchen
Physical Description
  • article
Notes
  • Within only a few years, the four Scandinavian countries and the U. K. succeeded in turning high budget deficits into surplus without impairing GDP growth and employment. A key role in the consolidation process played a boom in private consumption triggered mainly by a liberalization of credit markets coupled with tax deductability of interest rates. While the example of the five countries shows that government deficits do not by necessity put a higher burden on future generations, there is one decisive drawback: In every case the consumption boom led to severe problems in the current external account. Budget deficits are particularly high in Italy and the smaller EC countries. Also on other policy-relevant indicators the smaller EC economies tend to perform less well than the members of EFTA and the major EC countries.
  • Budgetsanierung in Europa; Budget Consolidation in Western Europe
  • RePEc:wfo:monber:y:1990:i:1:p:37-46
Language
  • English
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