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Soaring unemployment, various economic stimulus packages, and the financial backlash have left their marks on the public finances of most industrialized countries. Fiscal adjustments are a top priority for the governments of the OECD member states. Against this background, this paper investigates the determinants of fiscal adjustments in the 1990s  – a period when many budget consolidations occurred. Through a quantitative analysis, this research shows (1) what variables explain the probability of budget consolidation, (2) what consolidation strategies are most successful, and (3) what factors influence the relative consolidation performance within the group of consolidators. [ABSTRACT FROM AUTHOR]