During the latest global financial crisis, austerity as a concept has been described as the best possible and inevitable solution to achieve fiscal consolidation in Europe and in the euro zone. But even considering austerity as an economically rational measure, the politicians of most EU member states' have introduced the austerity measures only to a limited extent or have chosen less stressful and politically less risky strategies. Estonian politicians, having earlier shock therapy experience from the years of re-independence, were among few European governments, who decided to adopt austerity measures with its economic and social consequences. Against all theoretical and rhetorical expectations they remained in power. The aim of the article is to analyze why austerity has not triggered negative political reaction of citizens, as expected in theoretical models as well feared by politicians, and was it caused by specific socio-cultural factors or well-planned strategy of government
Unter der Annahme eines schwachen fiskalischen Multiplikatoreffekts und in der Hoffnung die Haushaltskonsolidierung schnell zu erreichen wurden die fiskalpolitischen Konsolidierungsmaßnahmen in der Europäischen Währungsunion ehrgeizig implementiert. Die erhoffte Konsolidierung blieb allerdings aus. Es stellte sich heraus, dass der fiskalpolitische Multiplikator nicht linear ist, sondern vom wirtschaftlichen Umfeld und vom Konjunkturzyklus abhängt. Im speziellen hängt der Erfolg der Schuldenstabilisierung von Finanzmarktstress, von der Kreditspreizung, von der Stabilität des Bankensystems und von geldpolitischen Maßnahmen ab. Auf Basis von relevanten empirischen Studien, die die zustandsabhängigen Effekte von fiskal- und geldpolitischen Maßnahmen evaluieren, argumentieren wir, dass Konsolidierungsmaßnahmen unter bestimmten Umständen stark kontraktiv wirken können. ; Assuming a weak fiscal multiplier effect and expecting to reach the consolidation of the public deficits fast, fiscal policy consolidation measures were ambitiously implemented in the European Monetary Union. The expectation of fast consolidation was disappointed, however. It turned out that the fiscal multiplier is not linear but depends on the economic environment and on the business cycle. In particular, the success of debt stabilization depends on financial market stress, credit spreads, the stability of the banking system and monetary political measures. Drawing from relevant empirical studies, which evaluate the state dependent effects of fiscal and monetary policy measures, we argue that consolidation measures under certain circumstances can work strongly contractionary.
Ponencia presentada en el VII Symposio de Derecho histórico de los territorios de Vasconia: La fiscalidad, celebrado en Donostia/San Sebastián, 11 y 12 de diciembre de 2008. ; El objetivo de este trabajo es el de aportar una perspectiva poco usual sobre los sistemas fiscales del siglo XIX. La reconstrucción del impacto de la fiscalidad durante la etapa final del Antiguo Régimen y durante la era liberal sobre un conjunto de patrimonios agrarios permitirá entender mejor la realidad tributaria del periodo. La imagen de conjunto resalta la extraordinaria punción fiscal de origen bélico del periodo 1808-1840, la estabilización de una fiscalidad suave durante los treinta años siguientes, el aumento de la presión tributaria que tuvo lugar durante la revolución democrática, con sus efectos sobre unas explotaciones agrarias pronto enfrentadas al reto de la competencia internacional, y la suavización que supuso la puesta en marcha del denominado catastro provincial hacia 1890. ; Hitzaldiaren helburua XIX. mendeko sistema fiskalen inguruko ezohiko ikuspuntua eskaintzea da. Garai hartako errealitate fiskala ezagutzeko, oso lagungarria izango zaigu Antzinako Erregimeneko azkeneko urteetan eta garai liberalean fiskalitateak ondasun zehatz batzuetan izandako eragina ikustea; hots, San Adriángo markesae, Zaldívarko kondeak, eta Arteta y Giménez de Cascante familiak zituenetan. Egoera aztertzean, hainbat alderdi nabarmenduko ditugu: 1808-1840 aldiko ezohiko ziztada fiskala, gerra jatorria izan zuena, fiskalitateak hurrengo 30 urteetan izaniko egonkortasuna, Iraultza demokratikoan gertatutako presio fiskalaren igoera, nazioarteko lehiari aurre egin behar izan zien nekazaritzako ustiategien ondorioak, eta 1890 inguruan probintzia katastroa abian jartzeak ekarri zuen leuntzea. ; The purpose of this paper is to provide a different perspective on the fiscal systems of the 19th century. The reconstruction of the impact of the taxation system during the final phase of the Ancien Régime and during the liberal era on agricultural estates will provide us with a greater appreciation of the taxation situation of the period. The overall picture is characterised by the extraordinary tax burden arising from wars during the period 1808-1840, the consolidation of a gentler taxation system during the following 30 years, the increased tax pressure that occurred during the democratic revolution – with its repercussions on agricultural holdings, which were soon faced with the challenge of international competition – and the relief provided by the implementation of the so-called provincial land register around 1890.
