The meaning and treatment of an “unsustainable†budget deficit

B. Hopkin and B. Reddaway
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B. Hopkin: University of Cambridge
B. Reddaway: University of Cambridge

BNL Quarterly Review, 1994, vol. 47, issue 190, 295-308

Abstract: Budgetary policy decisions in many Western countries are now overhung by anxiety about the growth of public debt. Substantial budget deficits are being run in these countries and in many of them public debt has recently grown not only in absolute terms but also as a proportion of GNP. A 'structural' deficit exists when a significant part of a budget deficit is not the result of the current recession and can be expected to remain if and when the recession is over unless the country changes its policies.

Keywords: Budgetary policy; deficits (search for similar items in EconPapers)
JEL-codes: H61 H62 (search for similar items in EconPapers)
Date: 1994
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