期刊名称：Hacienda Pública Española. Revista de Economía Pública
印刷版ISSN：0210-1173
出版年度：2005
卷号：2005
期号：172
页码：61-61
出版社：Ministerio de Hacienda, Instituto de Estudios Fiscales
摘要：This article examines the short-term economic impact of alternative fiscal adjustment strategies, with an especial focus
on their effect on economic growth and income distribution. Based on a sample of 53 adjustment episodes occurred
in the fifteen EU Member States between 1960-2000, this article shows that different strategies of fiscal adjustment
bring about different economic consequences. Expenditure-based adjustments that are preceded by bad
economic and fiscal initial conditions, that are accompanied by a devaluation, and that succeed in cutting the least
productive expenditures of the budget, are likely to have anti-Keynesian effects and to be expansionary. Nevertheless,
they do so at the expense of increasing income inequality. The opposite is true for revenue-based consolidations.
The nineties epitomize the story of expansionary fiscal consolidations via strong wealth and credibility effects,
but also the rebirth of the trade-off between growth and equality, mediated by fiscal policy.
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