The myth ( or folly ) of the 3% deficit/GDP Maastricht ‘parameter’

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55 Citazioni (Scopus)


The author argues that, for any chosen level of the public debt, a consequent social burden arises as the tax-percentage of GNP that can be imposed to service the debt. In this way, there is an infinite number of steady-state paths that are sustainable (and each of them might well be different from one country to another). When considering Europe, the trouble is that the particular Maastricht couple of 3% Deficit/GNP and 60% Debt/GNP was chosen as a singularity, simply because at the time, those parameters characterized the German Economy.
Lingua originaleEnglish
pagine (da-a)103-116
Numero di pagine14
RivistaCambridge Journal of Economics
Stato di pubblicazionePubblicato - 1998


  • Public debt sustainability
  • Situation of main EU countries at the end of 1996
  • total indebtedness


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