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标题：Fiscal Position and Size of Automatic Stabilizers in the CESEE EU Member States – Implications for Discretionary Measures1
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作者：Markus Eller
期刊名称：Focus on European Economic Integration
出版年度：2009
卷号：2009
期号：2
出版社：Österreichische Nationalbank
摘要：In the EU Member States in Central, Eastern and Southeastern Europe (CESEE-10), budget- ary positions have been observed to react less strongly to GDP changes than in the euro area. In the observation period, automatic stabilizers mostly operated on the revenue side, while the response of government expenditure to GDP changes was quite inelastic. In most CESEE-10 countries, the government expenditure-to-GDP ratio is smaller than the euro area average. Thus, the automatic response of the budget balance to the present downturn is expected to be rather moderate. Moreover, the room for discretionary f iscal measures is limited as there are no suff icient buffers owing to the predominantly procyclical f iscal stance during past “boom times” in several countries and, currently, government debt markets in many countries are rather illiquid
关键词：Automatic stabilizers, f iscal space, output gap, cyclicality of f iscal policy, discretionary f iscal policy