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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research

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Real time uncertainty in fiscal planning and debt accumulation in the euro area, International Economics and Economic Policy January 2017, Issue 1 (2017). Paloviita, Maritta


Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Paloviita, Maritta 
Number of authors 1 
Status Published
Year of publication 2017 
Date 21.07.2017 
Name of article Real time uncertainty in fiscal planning and debt accumulation in the euro area 
Name of journal International Economics and Economic Policy
Volume of issue 14 
Number of issue January 2017, Issue 1 
Pages 43-59 
Abstract Using real time data from the OECD this study explores euro area fiscal policies since the late 1990s. The results indicate that in the so-called periphery countries (Greece, Ireland, Italy, Portugal and Spain) ex ante fiscal plans have been more sensitive to economic cycles in the countercyclical direction than in the other euro area countries. Accumulated debt ratios in the periphery reflect high initial debt ratios, underlying deficit biases and cumulated errors in the data on macroeconomic imbalances. Overall, reliable statistics, balanced macroeconomic developments and longer-term policy orientation are crucial for sound and sustainable public finances.
Free text descriptor in Finnish finanssipolitiikka; velkaantuminen; julkinen talous; euroalue; valtionvelka 
Free text descriptor in English Fiscal policy; Debt accumulation; Real time data; Cyclical sensitivity; Economic crisis 
JEL-codes E62; E32 
ISSN / e-ISSN 1612-4804 
auki Internet addresses
Additional information First Online: 21 July 2015
Notes BoF DP 35/2012 
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