Budgetary policies during recessions. Retrospective application of the "stability and growth pact" to the post-war period. Economic Papers No. 121, May 1997

Buti, M. and Franco, D. and Ongena, H. (1997) Budgetary policies during recessions. Retrospective application of the "stability and growth pact" to the post-war period. Economic Papers No. 121, May 1997. [EU Commission - Working Document]

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Abstract

Over recent years, the budgetary policies carried out by Western countries during the Post-War period have been analysed extensively in the literature. Several studies have pointed to the interaction of economic and political factors and underlined the important role of institutions and procedures in shaping policies and outcomes1. Considerable attention has been devoted to budgetary consolidation processes, with some studies emphasising the role of the composition of budgetary measures in determining the success of these policies2. The purpose of this paper is to analyse budgetary policies carried out during and after severe recessions, an issue which the above-mentioned literature has not yet focused upon.

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