Narrow search
Showing 1 - 10 of 19
Cover Image
Towards Expenditure Rules and Fiscal Sanity in the Euro Area
Hauptmeier, Sebastian - 2010
-based spending policies could have led to much safer fiscal positions much more in line with the EU's Stability and Growth Pact rules …
Persistent link: https://www.econbiz.de/10013136395
Cover Image
The Design of National Fiscal Frameworks and Their Budgetary Impact
Nerlich, Carolin - 2013
This study analyses the link between fiscal frameworks and their budgetary impact. We look at di fferent features of national numerical fiscal rules in combination with fiscal councils and medium-term budgeting frameworks. We construct our own time-varying dataset for national fiscal frameworks...
Persistent link: https://www.econbiz.de/10013076444
Cover Image
Fiscal Rules, Fiscal Space and Procyclical Fiscal Policy
Nerlich, Carolin - 2019
In this paper we analyse the interaction of fiscal rules and fiscal space. We find strong evidence for fiscal rules being associated with higher fiscal space. Furthermore, the analysis shows that countries with more fiscal space tend to have higher discretionary expenditures, but that this...
Persistent link: https://www.econbiz.de/10012867815
Cover Image
Fiscal Developments and Financial Stress : A Threshold VAR Analysis
Afonso, António - 2011
economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … effect on output growth and worsens the fiscal position; (iv) the nonlinearity in the response of output growth to a fiscal …
Persistent link: https://www.econbiz.de/10013128285
Cover Image
Cost of Borrowing Shocks and Fiscal Adjustment
de Groot, Oliver - 2013
Do capital markets impose fiscal discipline on governments? We investigate the responses of fiscal variables to a change in the interest rate paid by governments on their debt in a panel of 14 European countries over four decades. This is done in the context of a panel vector autoregressive...
Persistent link: https://www.econbiz.de/10013089247
Cover Image
Fiscal Sustainability and Policy Implications for the Euro Area
Balassone, Fabrizio - 2009
-term targets defined in the context of the revised stability and growth pact would ideally need to be revised upwards to …
Persistent link: https://www.econbiz.de/10012765709
Cover Image
Fiscal Policy Adjustments in the Euro Area Stressed Countries : New Evidence from Non-Linear Models with State-Varying Thresholds
De Santis, Roberto A. - 2015
We introduce a non-linear model to study the adjustment of fiscal policy variables in Greece, Ireland, Portugal and Spain over the last 50 years, based on endogenously estimated budget deficit-to-GDP thresholds, which vary with fiscal disequilibria, the economic cycle and financial market...
Persistent link: https://www.econbiz.de/10013013642
Cover Image
Fiscal Policy in Real Time
Cimadomo, Jacopo - 2021
This paper argues that any assessment on the intentional stance of fiscal policy should be based upon all the information available to policymakers at the time of fiscal planning. In particular, real-time data on the discretionary fiscal policy "instrument", the structural primary balance,...
Persistent link: https://www.econbiz.de/10013316500
Cover Image
A Disaggregated Framework for the Analysis of Structural Developments in Public Finances
Kremer, Jana; Rodrigues Braz, Cláudia; Brosens, Teunis; … - 2021
In this paper, we present a disaggregated framework for the analysis of past and projected structural developments in the most relevant revenue and expenditure categories and the fiscal balance. The framework, in particular, distinguishes between the effects of discretionary fiscal policy and of...
Persistent link: https://www.econbiz.de/10013318107
Cover Image
Post-Covid Fiscal Rules : A Central Bank Perspective
Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022
Regarding a prospective reform of the European Stability and Growth Pact (SGP) it seems rather consensual that a … growth rule as single operational indicator linked to a debt anchor. Compared to the status quo, our analysis suggests that … expenditure growth targets which take account of the ECB’s symmetric 2% inflation target can improve the cyclical properties of …
Persistent link: https://www.econbiz.de/10013297106