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Why 'Fiscal Austerity'? A Review Of Recent Evidence On The Economic Effects Of Sovereign Debt, Catherine Bosner-Neal
Why 'Fiscal Austerity'? A Review Of Recent Evidence On The Economic Effects Of Sovereign Debt, Catherine Bosner-Neal
Indiana Journal of Global Legal Studies
Concerns about the economic effect of high sovereign debt levels have motivated policy makers to constrain or reduce the growth of fiscal deficits, a practice commonly known now as "fiscal austerity." However, what do we know about the economic impacts of sovereign debt? This article provides an overview of some recent empirical economic research into this question. The article first discusses data and estimation challenges confronted by empirical research into the impact of sovereign debt on economic growth. The article then reviews several studies, which vary by country sample, time period studied, and estimation technique employed. The article also reviews …