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Periods of fiscal consolidation in selected European economies

机译：选定欧洲经济中的财政整顿期间

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Economic crisis exacerbated short-term overview for fiscal sustainability in the European Union member countries. Increased burden of the sovereign debt was followed soon by intention of governments to provide an effective timetable of crucial and inevitable fiscal consolidation procedures. In the paper we provide an overview of main trends in public budgets and sovereign debts in European economies from the past Eastern block of countries during last two decades. We identify episodes of successful and unsuccessful (cold showers versus gradual) fiscal (expenditure versus revenue based) consolidations by analyzing effects of improvements in the cyclically adjusted primary balance on the sovereign debt ratio reduction. Effects of fiscal consolidating adjustments are evaluated for pre-crisis and crisis periods to reveal crisis effects on fiscal consolidation efforts. We also provide ideas about a feasibility of expenditure versus revenue based fiscal consolidation episodes (i.e. side effects on the macroeconomic performance).
机译：经济危机加剧了欧盟成员国财政可持续性的短期概况。凭借各国政府的意图，致力于提高主权债务的负担，以便提供有效的时间和不可避免的财政整顿程序的有效时间表。本文在过去二十年中，我们举报了欧洲经济中的公共预算和主权债务的主要趋势概况。我们通过分析在循环调整后的主要余额减少对循环调整后的主要平衡的影响，确定成功和不成功（Cold Shower与逐步）财政（支出与收入）合并的剧集。对危机前和危机期的影响进行财政巩固调整的影响，以揭示对财政整顿努力的危机影响。我们还提供了关于支出与收入的财政整顿集合的可行性的想法（即对宏观经济表现的副作用）。

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