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Political budget cycles in the Eurozone

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Figure 1 – Pro-cyclical and counter-cyclical fiscal policies in the EA19 (1995-2017)
Figure 2 – Comparison against the budget-to-GDP (right axis) and debt-to-GDP  criteria (EA19 average: 1995-2017)
Table 1 – Empirical results in the related literature: summary
Table 3 - Fiscal statistics in the year before elections (EA19 average: 1995-2017)
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