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Growth-friendly fiscal rules? Safeguarding public investment from budget cuts through fiscal rule design

Ardanaz, Martín; Cavallo, Eduardo A.; Izquierdo, Alejandro - 2020

We show that some types of fiscal rules can mitigate the well-known procyclical bias in public capital expenditures. Past research has found that fiscal adjustment episodes coincide with large public investment cuts, a pattern we also document in a sample of 75 advanced and emerging economies...

Persistent link: https://www.econbiz.de/10012534434

Beyond the Centre: Tracing Decentralization's Influence on Time-varying Fiscal Sustainability

Afonso, António; Alves, José; Jalles, João Tovar; … - 2024

This paper explores the nuanced relationship between fiscal decentralization and fiscal sustainability. Employing panel … data analyses, it scrutinizes how decentralization influences fiscal discipline across different governmental levels …. Results for 185 countries show that while tax decentralization often hampers the degree of fiscal responsiveness, potentially …

Persistent link: https://www.econbiz.de/10014574299

Vertical Effects of Fiscal Rules - The Swiss Experience

Burret, Heiko T.; Feld, Lars P. - 2014

) provides little evidence that budget constraints at the cantonal level affect municipal finances and fiscal decentralization …

Persistent link: https://www.econbiz.de/10010435789

Public sector efficiency in Europe: Long-run trends, recent developments and determinants

Christl, Michael; Köppl-Turyna, Monika; Kucsera, Dénes - 2018

decentralization and fiscal rules on the public sector efficiency. We conclude that while decentralization is fostering efficiency …, fiscal rules do not have any effect. Moreover, fiscal rules combined with decentralization may harm efficiency, consistently …

Persistent link: https://www.econbiz.de/10011815538

Structural Distortions and Decentralized Fiscal Policies in EMU

Beetsma, Roel; Bovenberg, Lans - 2001

The combination of discretionary monetary policy, labor-market distortions and nominal wage rigidity yields an inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an inflation target eliminates this inflation bias, it creates a...

Persistent link: https://www.econbiz.de/10010315136

The output effects of fiscal consolidations: Does spending composition matter?

Ardanaz, Martin; Cavallo, Eduardo A.; Izquierdo, Alejandro - 2021

This paper studies whether changes in the composition of public spending affect the macroeconomic consequences of fiscal consolidations. Based on a sample of 44 developing countries and 26 advanced economies during 1980-2019, results show that while fiscal consolidations tend to be on average,...

Persistent link: https://www.econbiz.de/10014518215

Fiscal Contractions in Eurozone in the Years 1995-2013. Can Non-Keynesian Effects Be Helpful in Future Deleverage Process?

Balcerzak, Adam P.; Pietrzak, Michal Bernard; Rogalska, … - 2014

Last global financial crisis has led to massive fiscal stimulation actions in most of developed countries which resulted in significant increase of their public debt. For many economists current level of debt in case of many highly developed countries is coming up to unsustainable level or at...

Persistent link: https://www.econbiz.de/10012232241

Niekeynesowskie skutki polityki fiskalnej w krajach strefy euro, ze szczegolnym uwzglednieniem wplywu na proces konwergencji gospodarczej

Balcerzak, Adam P.; Pietrzak, Michal Bernard; Rogalska, … - 2014

Last global financial crisis has led to massive fiscal stimulation actions in most of developed countries which resulted in significant increase of their public debt. This can be also said about Eurozone or wider EU economies. This factors in near future will force many EU countries to adopt...

Persistent link: https://www.econbiz.de/10012232243

Non-Keynesian Effects of Fiscal Consolidations in Central Europe in the years 2000-2013

Balcerzak, Adam P.; Rogalska, Elzbieta - 2015

Last two decades were a period of significant discussion concerning determinants of effectiveness of fiscal policy. After some cases of expansionary episodes of fiscal consolidations in eighties of XX century, an intensive international research on the possibility of non-Keynesian effects of...

Persistent link: https://www.econbiz.de/10012232306

The 'Expansionary Fiscal Contraction Hypothesis' and Uncertainty About the Permanence of Fiscal Consolidations

Bergman, Michael - 2000

This paper contrasts the effects of balanced-budget reductions in government consumption on private consumption in the permanent income model and a model allowing for precautionary savings. We compare impulse responses of private consumption to temporary and permanent shocks to government...

Persistent link: https://www.econbiz.de/10013208403