Fiscal adjustment and deficit financing during the debt crisis

Firstly analyses the fiscal adjustment undertaken in high-debt countries after the outbreak of the crisis, using only consolidated public sector data. Then sets out a framework for the analysis of the domestic financing of public deficits and their macroeconomic consequences, discussing firstly overall flows within the economy and then the menu of financing choices available. Next, some economic outcomes are examined in light of the predictions obtained from the previous sections. -after Author