Germany and Italy : stumbling giant and prodigal son? : social pacts and the political economy of fiscal consolidation (1991-1998)
In the run-up to European Monetary Union (EMU), Italy put in place an extraordinary fiscal adjustment, whereas Germany encountered serious difficulties that go beyond the re-unification shock. "War-of-attrition" models are employed to explain this puzzle. It is argued that Italy's hig...
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London School of Economics and Political Science (University of London)
2005
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| Online Access: | http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.420471 |