caa a22 4500 47584047X CHVBK 20180406123900.0 cr unu---uuuuu 170329e20001001xx s 000 0 eng 10.1023/A:1005130929435 doi (NATIONALLICENCE)springer-10.1023/A:1005130929435 Success and Failure of Fiscal Consolidation in the OECD: A Multivariate Analysis [Elektronische Daten] [Freddy Heylen, Gerdie Everaert] This paper tests five hypotheses explaining thesuccess and failure of fiscal consolidation in amultivariate regression framework. These hypothesesconcern (i) the composition of the consolidationprogramme, (ii) its size and persistence, (iii) thegravity of the debt situation, (iv) the influence ofthe international macroeconomic environment and (v) thecontribution of a preceding devaluation. To testfor composition effects we use cyclically-adjusteddata. Although many conclusions of the existingempirical literature are confirmed, some do notsurvive. A popular hypothesis - that to succeed, consolidationshould rely on cutting the government wagebill - is rejected. A new empirical result is that thecontribution of a devaluation to the success of fiscalconsolidation depends on the composition of theconsolidation programme. Kluwer Academic Publishers, 2000 Heylen Freddy Social Economics Research Group, University of Ghent, Hoveniersberg 4, B-9000, Ghent, Belgium aut Everaert Gerdie Social Economics Research Group, University of Ghent, Hoveniersberg 4, B-9000, Ghent, Belgium aut Public Choice Kluwer Academic Publishers 105/1-2(2000-10-01), 103-124 0048-5829 105:1-2<103 2000 105 11127 https://doi.org/10.1023/A:1005130929435 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1023/A:1005130929435 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Heylen Freddy Social Economics Research Group, University of Ghent, Hoveniersberg 4, B-9000, Ghent, Belgium aut NATIONALLICENCE 700 1- Everaert Gerdie Social Economics Research Group, University of Ghent, Hoveniersberg 4, B-9000, Ghent, Belgium aut NATIONALLICENCE 773 0- Public Choice Kluwer Academic Publishers 105/1-2(2000-10-01), 103-124 0048-5829 105:1-2<103 2000 105 11127 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer