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Fiscal-Financial Vulnerabilities

Ludger Schuknecht ()

No 7776, CESifo Working Paper Series from CESifo Group Munich

Abstract: The paper analyses the linkages from financial developments to public finances. It maps and discusses the transmission channels to fiscal variables. These channels include asset prices, financing conditions, balance sheets of banks, non-banks and central banks and international linkages. The study argues that the fiscal effects via each and all these channels can be very serious in magnitude and can put the sustainability of public finances at risk. However, there is only limited in–depth analysis of these channels and risks.

Keywords: public debt; deficits; financial stability; fiscal financial linkages; sustainability; asset prices (search for similar items in EconPapers)
JEL-codes: E62 G01 H63 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2019
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https://www.cesifo-group.de/DocDL/cesifo1_wp7776.pdf (application/pdf)

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Working Paper: Fiscal-financial vulnerabilities (2019) Downloads
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