Bank Rescues and Fiscal Policy in the European Union during the Great Recession

Authors

  • Jesús Ferreiro University of the Basque Country, UPV/EHU, Department of Applied Economics V, Spain
  • Catalina Gálvez University of the Basque Country, UPV/EHU, Department of Applied Economics V, Spain
  • Carmen Gómez University of the Basque Country, UPV/EHU, Department of Applied Economics V, Spain
  • Ana González University of the Basque Country, UPV/EHU, Department of Applied Economics V, Spain

DOI:

https://doi.org/10.2298/PAN1602211F

Keywords:

European Union, Fiscal policy, Great Recession, Financial crisis, Bank rescues

Abstract

The outbreak of the economic and financial crisis in 2008, the so-called Great Recession, has made that many European Union countries have made massive interventions in their banking and financial systems. These interventions have had a considerable impact in the public finances of these countries. The aim of the paper is to analyze the impact on the national public budgets of the measures of public support to problem financial institutions carried out between the years 2008 and 2013, and to study how this budgetary impact has affected to the fiscal imbalances and to the strategies of fiscal impulse and consolidation implemented along these years.

Key words: European Union, Fiscal policy, Great Recession, Financial crisis, Bank rescues.
JEL: E62, E65, H62, O52.

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Published

2016-10-10

How to Cite

Ferreiro, J., Gálvez, C., Gómez, C., & González, A. (2016). Bank Rescues and Fiscal Policy in the European Union during the Great Recession. Panoeconomicus, 63(2), 211–230. https://doi.org/10.2298/PAN1602211F

Issue

Vol. 63 No. 2 (2016): 12th International Conference Developments in Economic Theory and Policy, Bilbao (Spain)

Section

Original scientific paper