Macro-economic Effects of the Fiscal Stimulus Measures in Austria
In order to cushion the impact of the financial and economic crisis on the real economy, the Austrian government adopted fiscal stabilisation packages. Relative to GDP, these are among the largest in an international comparison, amounting to 4.2 percent of 2008 GDP in cumulative terms and including similar measures taken by the Lander (federal states). Simulations with the WIFO macro-economic model suggest that these measures, together with those taken by Austria's major trading partners, contribute substantially towards limiting the repercussions of the crisis, reducing the fall in GDP in 2010 by 2.1 percentage points. With a share of less than 30 percent of the total amount spent, investment geared towards raising potential growth in the future receives less emphasis than in a sample of 11 OECD countries with an average share of almost 40 percent.
The crisis in retrospect: Causes, effects and policy responses
The Euro area has been hit by two crises. The first, the global financial crisis (GFC) had external (U.S.) origin and has caused the Great Recession with large drops in GDP around the industrial world. The second, the Euro crisis was homemade. It is the result of systemic failures of EMU’s policy design. Due to the economic heterogeneity of the Euro area the shocks were felt more severely in the peripheral Member States than in the core leading to an economic and political split of the Euro zone. As a consequence the political architecture of EMU was reformed step by step in order to fight the trinity of crisis: first, the fiscal policy coordination was strengthened by reforming the Stability and Growth Pact and additional agreements (Fiscal Compact); second, the macroeconomic imbalances are now monitored by a new procedure; third, to stabilize the financial (banking) sector many surveillance institutions have been installed and finally the European Banking Union should help to monitor and resolute banks in a more systematic way as before the crisis, switching from “bail-out” to “bail-in” and hence breaking the vicious circle of bank failure and public debt accumulation.
Seismic and Sequence Analysis of Middle to Late Miocene Deposits of Northeast Java Basin
DOI: 10.17014/ijog.2.2.101- 110 This study is focused on Middle to Late Miocene sediments. As depicted in the regional geology of Indonesia, the area of study is part of Northeast Java Basin. There are three phases of tectonism in the basin: extensional tectonics at Eocene-Oligocene time, compressional tectonics at Middle Miocene, and compressional tectonics at Miocene-Pliocene time. The result of the study shows three sequences were developing during Middle to Late Miocene, those are: (1) Middle Miocene sequence-1 (MM-1 sequence) consisting of a Lowstand Tract System deposition in Middle Miocene-1 (LST MM-1), Transgressive System Tract deposition in Middle Miocene-1 (TST MM-1), and Highstand System Tract deposition in Middle Miocene-1 (HST MT-2); (2) Middle Miocene sequence-2 (MT-2 sequence), comprising Transgressive System Tract Middle Miocene-1 (TST MM-2), and Highstand System Tract deposition in Middle Miocene-1 (HST MM-2); (3) Late Miocene sequence-1 (LM-1 sequence), composed of a Lowstand Tract System deposition in Late Miocene -1 (LST LM-1) and a Transgressive System Tract deposition in Late Miocene-1 (TST LM-1).