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Fiscal Cyclicality and EMU

Agustín Bénétrix () and Philip Lane

The Institute for International Integration Studies Discussion Paper Series from IIIS

Abstract: For the set of EMU member countries, we examine cyclical patterns in fiscal outcomes. We find that there is significant time variation in fiscal cyclicality, with an improvement in the wake of the Maastricht Treaty but a deterioration after the creation of EMU. Furthermore, we show that the fiscal cycle is affected by the financial cycle in addition to the output cycle. The lessons for the current reforms of European economic and fiscal governance are manifest.

Keywords: Cyclicality; EMU (search for similar items in EconPapers)
JEL-codes: E62 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec and nep-mac
Date: 2012-07
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Journal Article: Fiscal cyclicality and EMU (2013) Downloads
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