Fiscal Adjustment in EU Countries: A Balance Sheet Approach

By Kenji Moriyama, Gian M Milesi-Ferretti

August 1, 2004

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Kenji Moriyama, and Gian M Milesi-Ferretti. Fiscal Adjustment in EU Countries: A Balance Sheet Approach, (USA: International Monetary Fund, 2004) accessed December 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

Several European Union countries have recently implemented or are envisaging fiscal that operations improve budgetary figures but have no structural impact on government finances. This paper evaluates some of these measures using a balance sheet approach. In particular, it examines the degree to which reductions in government debt in EU countries has been accompanied by a decumulation of government assets. In the run-up to Maastricht (1997) it finds a strong correlation between changes in government liabilities and government assets, and larger declines in government assets in countries starting from higher public debt levels.

Subject: Budget planning and preparation, Financial statements, Fiscal stance, Government liabilities, Public debt

Keywords: Debt, Present discounted value, Rate of return, WP

Publication Details

Pages:

25
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2004/143
Stock No:

WPIEA1432004
ISBN:

9781451856378
ISSN:

1018-5941

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