{"id":83371,"date":"2024-01-22T08:47:45","date_gmt":"2024-01-22T07:47:45","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/83371\/"},"modified":"2024-11-06T23:36:01","modified_gmt":"2024-11-06T22:36:01","slug":"das-konsolidierungsvorhaben-der-bundesregierung-gesamtwirtschaftliche-wirkungen-3","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/83371\/","title":{"rendered":"The Government Strategy For Fiscal Consolidation: Its Macroeconomic Effects"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-83371","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"In a Working Agreement, the new coalition government proposes a set of measures designed to contain public spending, reduce deficits, and stabilize public debt over the medium term. This article sets out to quantify the measures envisaged and, using the WIFO econometric model, to assess their impact on major policy target variables. The proposals listed in the annex to the Working Agreement concentrate on four main areas of public spending: government payroll; retirement benefits; social transfers, particularly family and unemployment insurance benefits; and public investment and subsidies. Implementation of savings, as planned, is estimated to relieve federal expenditure by a cumulated Sch 120 billion over the next four years. The simulated macroeconomic effects should be read against a baseline medium-term scenario incorporating the effects and policy decisions related to EU membership but assuming no change in policy otherwise. According to these calculations, the consolidation measures dampen the growth of real GDP by approximately \u00bc percentage point per year, private consumption by about half a point and gross fixed investment by 0.4 percentage point. Slower output growth entails a loss of 15,000 jobs over four years, pushing up the unemployment rate by \u00bc percentage point. The current account should improve under the impact of weaker import demand. A major goal of the consolidation strategy is for Austria to meet the convergence criteria for participation in a future European Monetary Union. In the absence of correcting fiscal measures Austria would miss the current deficit target (3 percent of GDP according to the Maastricht Treaty) by 1998. Timely implementation of the spending cuts envisaged would bring the general government deficit down to 2.3 percent of GDP in 1998 and should stabilize the public debt ratio at around 66 percent (Maastricht target 60 percent). The redistributive impact of the fiscal measures is difficult to assess at the present stage where details are not yet known. Those measures intended to harmonize entitlements from different retirement schemes and to streamline family support should, in principle, reduce income inequalities. However, the abolition of supplementary maternity benefits for single mothers and of family supplements for the unemployed may hit primarily the lower income groups and add to their poverty risk. The latter measures are also those most likely to depress aggregate demand, given the high spending propensity of low income earners.","onlinedate":"1995-01-01 01:00:00","lang":"German","publication_series":"","publication_date":"19950101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":274778,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"68","monthly_report_pages":"24-30","monthly_report_pages_sort":"24","issue":"1","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3500],"collaboration":"","persons":[3917,3593,3953],"persons_data":"[{\"personId\":3917,\"personName\":\"Fritz Breuss\",\"organisationNames\":[]},{\"personId\":3593,\"personName\":\"Alois Guger\",\"organisationNames\":[]},{\"personId\":3953,\"personName\":\"Gerhard Lehner\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Breuss, F.<\\\/span><span>, Guger, A.<\\\/span><span>, &amp; Lehner, G.<\\\/span> (1995). <span>Das Konsolidierungsvorhaben der Bundesregierung \u2013 gesamtwirtschaftliche Wirkungen<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>68<\\\/em>(1), 24-30. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/148\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/148<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Breuss F<\\\/span><span>, Guger A<\\\/span><span>, Lehner G<\\\/span>. <span class=\\\"title\\\"><span>Das Konsolidierungsvorhaben der Bundesregierung \u2013 gesamtwirtschaftliche Wirkungen<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 1995 Jan;68(1):24-30.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{5ee314c57ced468596ee99d7277d9304,<\\\/div><div>  title    = \\\"Das Konsolidierungsvorhaben der Bundesregierung \u2013 gesamtwirtschaftliche Wirkungen\\\",<\\\/div><div>  abstract = \\\"Die beiden Regierungsparteien haben f{\\\\\\\"u}r die Periode 1995\\\/1998 eine Reihe von Ma{\\\\ss}nahmen zur Budgetkonsolidierung ({\\\"}Sparpaket{\\\"}) vereinbart. Die geplanten Einsparungen lassen sich auf rund 120 Mrd. S sch{\\\\\\\"a}tzen. Die Schwerpunkte liegen im Personalaufwand f{\\\\\\\"u}r die {\\\\\\\"o}ffentlich Bediensteten und bei Transferzahlungen. Daneben sind K{\\\\\\\"u}rzungen der F{\\\\\\\"o}rderungen (im Unternehmensbereich) und verschiedener{\\\\\\\"o}ffentlicher Leistungen geplant. Die vorgesehenen Ma{\\\\ss}nahmen w{\\\\\\\"u}rden das reale Wirtschaftswachstum j{\\\\\\\"a}hrlich um etwa 0,2 Prozentpunkte d{\\\\\\\"a}mpfen. Auf die Preisentwicklung hat das Sparpaket keinen Einflu{\\\\ss}, es entlastet aber die Leistungsbilanz. Das Ziel des Sparpakets, die Konvergenzkriterien nach dem Vertrag von Maastricht zu erreichen, wird gro{\\\\ss}teils erf{\\\\\\\"u}llt. Die Neuverschuldung k{\\\\\\\"o}nnte etwas unter 3\\\\% des BIP reduziert werden, die Staatsschuldenquote w{\\\\\\\"u}rde allerdings mit 66\\\\% etwas {\\\\\\\"u}ber dem Ziel der Konvergenzkriterien von 60\\\\% liegen.\\\",<\\\/div><div>  keywords = \\\"Das Konsolidierungsvorhaben der Bundesregierung \u2013 gesamtwirtschaftliche Wirkungen; The Government Strategy For Fiscal Consolidation: Its Macroeconomic Effects\\\",<\\\/div><div>  author   = \\\"Fritz Breuss and Alois Guger and Gerhard Lehner\\\",<\\\/div><div>  year     = \\\"1995\\\",<\\\/div><div>  month    = jan,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"68\\\",<\\\/div><div>  pages    = \\\"24--30\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Das Konsolidierungsvorhaben der Bundesregierung \u2013 gesamtwirtschaftliche Wirkungen<\\\/p><p>AU  - Breuss, Fritz<\\\/p><p>AU  - Guger, Alois<\\\/p><p>AU  - Lehner, Gerhard<\\\/p><p>PY  - 1995\\\/1<\\\/p><p>Y1  - 1995\\\/1<\\\/p><p>N2  - Die beiden Regierungsparteien haben f\u00fcr die Periode 1995\\\/1998 eine Reihe von Ma\u00dfnahmen zur Budgetkonsolidierung (\\\"Sparpaket\\\") vereinbart. Die geplanten Einsparungen lassen sich auf rund 120 Mrd. S sch\u00e4tzen. Die Schwerpunkte liegen im Personalaufwand f\u00fcr die \u00f6ffentlich Bediensteten und bei Transferzahlungen. Daneben sind K\u00fcrzungen der F\u00f6rderungen (im Unternehmensbereich) und verschiedener\u00f6ffentlicher Leistungen geplant. Die vorgesehenen Ma\u00dfnahmen w\u00fcrden das reale Wirtschaftswachstum j\u00e4hrlich um etwa 0,2 Prozentpunkte d\u00e4mpfen. Auf die Preisentwicklung hat das Sparpaket keinen Einflu\u00df, es entlastet aber die Leistungsbilanz. Das Ziel des Sparpakets, die Konvergenzkriterien nach dem Vertrag von Maastricht zu erreichen, wird gro\u00dfteils erf\u00fcllt. Die Neuverschuldung k\u00f6nnte etwas unter 3% des BIP reduziert werden, die Staatsschuldenquote w\u00fcrde allerdings mit 66% etwas \u00fcber dem Ziel der Konvergenzkriterien von 60% liegen.<\\\/p><p>AB  - Die beiden Regierungsparteien haben f\u00fcr die Periode 1995\\\/1998 eine Reihe von Ma\u00dfnahmen zur Budgetkonsolidierung (\\\"Sparpaket\\\") vereinbart. Die geplanten Einsparungen lassen sich auf rund 120 Mrd. S sch\u00e4tzen. Die Schwerpunkte liegen im Personalaufwand f\u00fcr die \u00f6ffentlich Bediensteten und bei Transferzahlungen. Daneben sind K\u00fcrzungen der F\u00f6rderungen (im Unternehmensbereich) und verschiedener\u00f6ffentlicher Leistungen geplant. Die vorgesehenen Ma\u00dfnahmen w\u00fcrden das reale Wirtschaftswachstum j\u00e4hrlich um etwa 0,2 Prozentpunkte d\u00e4mpfen. Auf die Preisentwicklung hat das Sparpaket keinen Einflu\u00df, es entlastet aber die Leistungsbilanz. Das Ziel des Sparpakets, die Konvergenzkriterien nach dem Vertrag von Maastricht zu erreichen, wird gro\u00dfteils erf\u00fcllt. Die Neuverschuldung k\u00f6nnte etwas unter 3% des BIP reduziert werden, die Staatsschuldenquote w\u00fcrde allerdings mit 66% etwas \u00fcber dem Ziel der Konvergenzkriterien von 60% liegen.<\\\/p><p>KW  - Das Konsolidierungsvorhaben der Bundesregierung \u2013 gesamtwirtschaftliche Wirkungen; The Government Strategy For Fiscal Consolidation: Its Macroeconomic Effects<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 68<\\\/p><p>SP  - 24<\\\/p><p>EP  - 30<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Government Strategy For Fiscal Consolidation: Its Macroeconomic Effects - 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