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Fiscal Consolidation and Economic Crisis – Ten Years After

Lenuta Cojocariu () and Florin Oprea ()
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Lenuta Cojocariu: „Alexandru Ioan Cuza†University of Iaşi
Florin Oprea: „Alexandru Ioan Cuza†University of Iaşi

Ovidius University Annals, Economic Sciences Series, 2020, vol. XX, issue 1, 866-882

Abstract: In general, public finances are constantly exposed to many risks, shocks, stressors or pressure factors, demographic evolution, political turbulences, including economic and financial crises, depending on the stages of an economic cycle. On this background, we analyze the efforts of fiscal consolidation enacted in the EU Member States and their effects, using for judgments the concept of “smart fiscal consolidation†, aiming to identify the sources of success and failure in matter of governmental interventions. Our analysis relies on data from Eurostat database for the 28 Member States of the European Union, covering a decade timescale, from 2008 to 2017. The main findings suggest that the composition of fiscal adjustment measures, timing, burden or sacrifice distribution over society and the harmonization of structural reforms represent the most important determinants of the success of fiscal consolidation episodes. Based on our findings, we identify and formulate some successful recipes, which could be useful for policy makers in the context of other economic turbulences.

Keywords: smart fiscal consolidation; fiscal policy; public budget deficit; global economic crisis; budget reform (search for similar items in EconPapers)
JEL-codes: H30 H50 H62 (search for similar items in EconPapers)
Date: 2020
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Handle: RePEc:ovi:oviste:v:xx:y:2020:i:1:p:866-882