Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness

We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The resultsshow that the existence of effective fiscal rules, the degree of public spendingdecentralization, and the electoral cycle can...

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Year of publication:	2009-05-13
Authors:	Afonso, António ; Hauptmeier, Sebastian
Institutions:	European Central Bank
Published in:	Working papers published in 2009 ECB Working Paper Series No 1054, May 2009
Subject:	Europäische Union \| Panelanalyse \| panel analysis

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Abstract
Non-technical summary
1 Introduction
2 Motivation and empirical strategy
2.1 The relevance of fi scal rules
2.2 The degree of government spendingdecentralization
2.3 The relevance of the electoral cycle
3 Empirical analysis
3.1 Primary balance reaction functions
3.2 Primary spending reaction functions
4 Conclusion
References
Tables
Appendices
European Central Bank Working Paper Series

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