Spain should hold on tightening fiscal policy
The depth of Japan's 1997 recession could have been significantly attenuated if fiscal policy had not been reversed so quickly and Spain should not repeat the same mistake, new research from R. Anton Braun, University of Tokyo and Javier Díaz-Giménez, IESE Business School, reveals.
The analysis finds that although Japan rapidly ramped up government spending and used temporary income tax cuts to stimulate consumption in the 1990s, this course was reversed at the first signs of recovery. The
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