Giavazzi, Francesco ; Pagano, Marco
(1990)
Can Severe Fiscal Contractions Be Expansionary? Tales of two Small European Countries.
Bologna:
Dipartimento di Scienze economiche DSE,
p. 61.
DOI 10.6092/unibo/amsacta/5276.
In: Quaderni - Working Paper DSE
(89).
ISSN 2282-6483.
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Abstract
In most European countries, the high real interest rates of the early 1980s combined with the large stock of public debt inherited from the 1970s to create a potentially explosive debt problem.
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