Anatomy of a fiscal débacle: the case of Portugal

Antonio Afonso

No 2013/01, Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa

Abstract: After entering the EU in 1986, Portugal benefited from low interest rates and some growth momentum. However, the difficulty in taming fiscal imbalances, the pro-cyclicality of fiscal policy, the use of extraordinary fiscal measures, coupled with the 2008-2009 economic and financial crisis led to a fiscal débacle and to an international financial rescue in 2011.We briefly review here those developments.

Keywords: Portugal; public finances; fiscal imbalances (search for similar items in EconPapers)
JEL-codes: E62 E65 H6 (search for similar items in EconPapers)
Date: 2013-01
New Economics Papers: this item is included in nep-fdg and nep-mac
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Citations: View citations in EconPapers (2)

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More papers in Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa Department of Economics, ISEG - Lisbon School of Economics and Management, Universidade de Lisboa, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL.
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