Research considers impact of fiscal consolidation on debt-to-GDP ratio


Fiscal consolidation implemented through an increase in government revenues tends to result in "self-defeating austerity", according to a working paper published by the European Central Bank (ECB).

In Is fiscal consolidation self-defeating? A panel-VAR analysis for the euro area countries, Maria Grazia Attinasi and Luca Metelli study the impact of consolidation on the debt-to-GDP ratio of 11 eurozone countries.

When consolidation is implemented through a cut in government primary spending, the

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