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Fiscal Consolidations in the Central and Eastern European Countries

António Afonso, Christiane Nickel and Philipp C. Rother
Review of World Economics / Weltwirtschaftliches Archiv
Vol. 142, No. 2 (Jul., 2006), pp. 402-421
Published by: Springer
Stable URL: http://www.jstor.org/stable/40441098
Page Count: 20
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Fiscal Consolidations in the Central and Eastern European Countries
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Abstract

We study fiscal consolidations in the Central and Eastern European countries and what determines the probability of their success. We define consolidation events as substantive improvements in fiscal balances adjusting for the impact of cyclical effects. We use logit models for the period 1991-2003 to assess the determinants of the success of a fiscal adjustment. The results seem to suggest that for these countries expenditure based consolidations have tended to be more successful. By contrast, revenue-based consolidations have a tendency to be less successful.

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