Abstract
Since the financial crisis in 2008–09, concern over the sustainability of some EU countries’ sovereign debt has continued to mount higher and higher. This paper explores the ways in which the financial crisis caused the deterioration of European debt-to-GDP ratios, examines which countries are on sustainable debt paths and quantifies the fiscal adjustment required per country for debt sustainability.
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The analytic relations used for the analysis in this paper are explained in details in the document G. Cafiso: A guide to Public Debt equations. Mimeo, available at https://sites.google.com/site/giancafiso/research-works/notes-other, 2012.
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Cafiso, G. Debt developments and fiscal adjustment in the EU. Intereconomics 47, 61–72 (2012). https://doi.org/10.1007/s10272-012-0407-x
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DOI: https://doi.org/10.1007/s10272-012-0407-x