Do financial markets and the Maastricht Treaty discipline governments? New evidence

Jakob de Haan and Jan-Egbert Sturm

Applied Financial Economics, 2000, vol. 10, issue 2, 221-226

Abstract: This note examines whether financial markets have a disciplining effect on governments' financial policies. It is concluded that increasing interest burdens indeed lead to lower primary deficits. There is only weak evidence that the fiscal policy rules of the Maastricht Treaty reduced budget deficits.

Date: 2000
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DOI: 10.1080/096031000331860

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