Rettungsprogramme und „Ownership“ – Irland, Portugal und Griechenland im Vergleich

Jens Boysen-Hogrefe and Ulrich Stolzenburg ()

Wirtschaftsdienst, 2015, vol. 95, issue 8, 534-540

Abstract: While euro area adjustment programmes in Ireland and Portugal were successfully completed – more or less in accordance with projections – the second adjustment programme for Greece failed, with substantial deviations between target figures and economic reality. To determine causes for the success or failure of adjustment programmes, the authors compare the three countries with regard to the economic and political environment, programme intensity and “ownership”. They also discuss the role of political uncertainty in the widely discussed under-estimation of fiscal multipliers and in the Greek crisis of 2015. Finally, the authors address possible implications for the future design of rescue mechanisms in the euro area. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015

Keywords: E65; F34; F53 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/s10273-015-1862-3

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