@TechReport{CEPII:2013-35,
author={Gianluca Cafiso and Roberto Cellini},
title={Fiscal Consolidations and Public Debt in Europe},
year=2013,
month=November,
institution={CEPII},
type={Working Papers},
url={https://www.cepii.fr/CEPII/fr/publications/wp/abstract.asp?NoDoc=6236},
number={2013-35},
abstract={The objective of this paper is to gain insights into the relationship between deficit-reducing policies and the evolution of the debt/GDP ratio. We consider past events of fiscal consolidation in a selected group of EU countries and check what is the associated change of the debt/GDP ratio both from a short and medium-term perspective. As for the medium-term perspective, we do also differentiate between tax-based and savings-based fiscal consolidations. Our results point towards a positive short-term effect, while the medium-term effect turns out to be negative. Savingsbased fiscal consolidations result to be less negative on the debt/GDP ratio’s evolution than tax-based ones.},
keywords={Fiscal consolidations ; debt/GDP ratio ; Europe}
}