dc.contributor.author | Blavoukos, Spyros |
dc.contributor.author | Pagoulatos, George |
dc.date.accessioned | 2008-09-23T21:24:05Z |
dc.date.available | 2008-09-23T21:24:05Z |
dc.date.issued | 2008-03 |
dc.identifier.uri | https://ketlib.lib.unipi.gr/xmlui/handle/ket/416 |
dc.description | GreeSE Paper No 12
Hellenic Observatory Papers on Greece and Southeast Europe.
Earlier versions were
presented at the Istanbul ECPR Third Pan-European Conference, the Hellenic
Observatory, European Institute, LSE, and the European Studies Centre, St. Antony’s
College, Oxford. |
dc.description.abstract | The EMU fiscal adjustment paths of the four Southern Europe
members (Italy, Spain, Greece, and Portugal – SE-4) vary along two
dimensions: a) cross-temporal (pre- and post-EMU accession) and b)
cross-country. We account for the cross-temporal variation by
distinguishing between the ‘hard’ and ‘softer’ EMU conditionality of
the pre- and post-accession stage. External constraints in the form of
the Maastricht eligibility criteria constituted a significant common
‘push’ factor in the fiscal stabilization process of EMU candidate
countries throughout the 1990s. However, their potent does not
necessarily lead to fiscal sustainability as demonstrated by the postaccession
budgetary outlook of the SE-4. We account for the crosscountry
variation by introducing additional ‘pull’ factors related to
the reform content, context and capability (such as unemployment,
the level of social concertation, and government effectiveness). Only
in cases where such factors were at work did governments engage in
structural reforms to consolidate public finances instead of the less
controversial path of macroeconomic policy reform. |
dc.description.sponsorship | EU 6th Framework project
DOSEI (Domestic Structures and European Integration). |
dc.language.iso | en |
dc.publisher | Hellenic Observatory, LSE |
dc.subject | Southern Europe |
dc.subject | conditionality |
dc.title | Fiscal Adjustment in Southern Europe: the Limits of EMU Conditionality |
dc.type | Conference Paper |
dc.corporate.name | European Commission / Directorate General for Enlargement |
dc.subject.countries | United Kingdom |