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Measuring the success of fiscal consolidations

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We measure the success of fiscal consolidation, with alternative definitions, based on ad-hoc quantitative approaches and on a policy-action approach. The cyclically adjusted primary balance, and the duration of the consolidation contribute for its success, and the opposite applies for revenue-based consolidations.

Keywords: C23; E62; H50; H62; expenditure; fiscal episodes; logit; panel data; revenue

Document Type: Research Article

Affiliations: 1: Department of Economics,ISEG/UTL – Technical University of Lisbon, R. Miguel Lupi 201249-078 Lisbon, Portugal 2: European Central Bank, Directorate General Economics, Kaiserstraße 29,D-60311 Frankfurt am Main, Germany

Publication date: July 1, 2012

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