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The Short-Term Budgetary Implications of Structural Reforms. Evidence from a Panel of EU Countries

Deroose, Servaas; Turrini, Alessandro Antonio - C.E.P.R. Discussion Papers - 2005

The EU fiscal framework has often been criticized for neglecting a possible trade-off between short-term budgetary objectives and the implementation of reforms that could improve public finances in the long term This concern was reflected in the recent reform of the Stability and Growth Pact,...

Persistent link: https://www.econbiz.de/10005136743

A Comparison of Debt and Primary-deficit Constraints

Beetsma, Roel; Ribeiro, Marcos Poplawski; Schabert, Andreas - C.E.P.R. Discussion Papers - 2008

This paper compares constraints on the public debt with constraints on the primary deficit. The analysis takes into account how an optimizing government reacts to the different constraints when deciding on a spending and borrowing plan. We find that the economy behaves similarly under both...

Persistent link: https://www.econbiz.de/10005662084

Budgeting versus implementing fiscal policy in the EU

Beetsma, Roel; Giuliodori, Massimo; Wierts, Peter - C.E.P.R. Discussion Papers - 2009

Using real-time data from Europe's Stability and Convergence Programs, we explore how fiscal plans and their implementation in the EU are determined. We find that (1) implemented budgetary adjustment falls systematically short of planned adjustment and this shortfall increases with the...

Persistent link: https://www.econbiz.de/10005041099

Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?

Buti, Marco; Eijffinger, Sylvester C W; Franco, Daniele - C.E.P.R. Discussion Papers - 2003

The Stability and Growth Pact is under fire. Problems have appeared in sticking to the rules. Proposals to reform the Pact or ditch it altogether abound. But is the Pact a flawed fiscal rule? Against established criteria for an ideal fiscal rule, its design and compliance mechanisms fare...

Persistent link: https://www.econbiz.de/10005791638

Fiscal Solvency and Fiscal Forecasting in Europe

Artis, Michael J; Marcellino, Massimiliano - C.E.P.R. Discussion Papers - 1998

This paper analyses two features of concern to policy-makers in the countries of the prospective European Monetary Union: the solvency of their government’s finances; and the accuracy of fiscal forecasts. Extending the existing methodology of solvency tests, the paper finds that, with few...

Persistent link: https://www.econbiz.de/10005656359

Is Lisbon far from Maastricht? Trade-offs and Complementarities between Fiscal Discipline and Structural Reforms

Buti, Marco; Röger, Werner; Turrini, Alessandro Antonio - C.E.P.R. Discussion Papers - 2007

While according to the so-called “Brussels-Frankfurt consensus” sound fiscal policies and structural reforms support each other, it is often claimed that the EU fiscal framework, by reducing the budgetary room of manoeuvre and the political capital of governments, may deter reforms. The aim...

Persistent link: https://www.econbiz.de/10005123588

What Do Deficits Tell us About Debts? Empirical Evidence on Creative Accounting with Fiscal Rules in the EU

von Hagen, Jürgen; Wolff, Guntram B. - C.E.P.R. Discussion Papers - 2004

the SGP rules have induced governments to use stock-flow adjustments, a form of creative accounting, to hide deficits …. This tendency to substitute stock-flow adjustments for budget deficits is especially strong for the cyclical component of …

Persistent link: https://www.econbiz.de/10005656275

Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2003

This 2003 Institute for Fiscal Studies Lecture addresses two sets of issues relevant to current and prospective future E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic stability, and some risks associated with operational...

Persistent link: https://www.econbiz.de/10005662197

Cyclical and Structural Deficits on the Road to Accession: Fiscal Rules for an Enlarged European Union

Coricelli, Fabrizio; Ercolani, Valerio - C.E.P.R. Discussion Papers - 2002

The Paper is one of the first attempts to compute cyclical and structural deficits for a set of countries candidate to … accession to the EU. Three main results are derived: first, the high deficits observed in candidate countries in recent years … trend, countries are forced to run budget surplus, while in periods of economic slack they will run deficits. The rule is …

Persistent link: https://www.econbiz.de/10005123632

Debt and the Effects of Fiscal Policy

Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2007

A shift in taxes or in government spending (a ”fiscal shock”) at some point in time puts a constraint on the path of taxes and spending in the future, since the government intertemporal budget constraint will eventually have to be met. This simple fact is surprisingly overlooked in analyses...

Persistent link: https://www.econbiz.de/10005497892