全球智库信息集成服务系统(G2TT): DP13016 Financial and Fiscal Interaction in the Euro Area Crisis: This Time was Different

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP13016
	DP13016 Financial and Fiscal Interaction in the Euro Area Crisis: This Time was Different
	Alberto Caruso; Lucrezia Reichlin; Giovanni Ricco
发表日期	2018-06-28
出版年	2018
语种	英语
摘要	This paper highlights the anomalous characteristics of the Euro Area `twin crises' by contrasting the aggregate macroeconomic dynamics in the period 2009-2013 with the business cycle fluctuations of the previous decades. We report three stylised facts. First, the contraction in output was marked by an anomalous downfall in investment, while consumption, savings and unemployment followed their historical relation with GDP. Second, households' and financial corporations' debts, and house prices deviated from their pre-crisis trends. Third, the jump in the public deficit-GDP ratio in 2008-2009 was unprecedented and so was the fiscal consolidation that followed. Our analysis points to the financial nature of the crisis as a likely explanation for these facts. Importantly, the `anomaly' in public deficit is in large part explained by extraordinary measures in support of the financial sector, which show up in the stock-flow adjustments and reveal a key interaction between the fiscal and the financial sectors.
主题	Monetary Economics and Fluctuations
关键词	Euro area Government debt Recessions
URL	https://cepr.org/publications/dp13016
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/541822
推荐引用方式 GB/T 7714	Alberto Caruso,Lucrezia Reichlin,Giovanni Ricco. DP13016 Financial and Fiscal Interaction in the Euro Area Crisis: This Time was Different. 2018.