Research Article
Playing with Fire: Internal Devaluation for the GIPSI Countries
Table 2
Episodes of debt, EU core versus GIPSI countries, entire period 2004–2012f. Differentiating episodes by the change in the debt-to-GDP ratio.
| | TOTAL |
| | Episodes | | | | | Country | Change in debt to GDP (percent) | GDP growth (percent) | Inflation (percent) | Primary balance
(% of GDP) |
| | Austria | 9.04 | 1.73 | 1.83 | −0.36 | | Belgium | 0.63 | 1.46 | 2.07 | 1.47 | | Finland | 8.08 | 1.70 | 1.71 | 1.21 | | France | 26.77 | 1.09 | 1.71 | −1.91 | | Germany | 18.64 | 1.42 | 0.99 | 0.43 | | The Netherlands | 16.20 | 1.26 | 1.42 | −0.47 |
| | Average | 13.23 | 1.44 | 1.62 | 0.06 |
| | Episodes | | | | | Country | Change in debt
to GDP (percent) | GDP growth (percent) | Inflation (percent) | Primary balance
(% of GDP) |
| | Greece | 73.33 | −0.48 | 2.10 | −3.40 | | Ireland | 87.04 | 1.62 | 0.02 | −5.56 | | Italy | 22.43 | 0.07 | 1.86 | 1.10 | | Portugal | 59.67 | −0.03 | 1.73 | −2.68 | | Spain | 41.89 | 1.11 | 2.28 | −2.35 |
| | Average | 56.87 | 0.46 | 1.60 | −2.58 |
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Source: own elaboration, data from IMF [9], Eurostat, and ECB SDW.
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