Monitoring Fiscal Adjustments in the European Union and Emu
In: Bundesbank Series 1 Discussion Paper No. 1999,04
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In: Bundesbank Series 1 Discussion Paper No. 1999,04
SSRN
In: European Journal of Political Economy, Band 24, Heft 1, S. 172-191
In: European journal of political economy, Band 24, Heft 1, S. 172-191
ISSN: 1873-5703
This paper addresses the question whether public finance reform can affect trend growth in the EU-15. Focusing on time series patterns, we investigate whether there have been persistent trends in economic growth and fiscal variables over the last 40 years. In addition, we estimate a distributed lag model, which 1) indicates that government size measured either with total expenditure or revenue shares, government consumption and direct taxation negatively affect growth rates of GDP per capita, while public investment has a positive impact, and 2) provides robust evidence that distortionary taxation affects growth in the medium-term through its impact on the accumulation of private capital. [Copyright 2008 Elsevier B.V.]
SSRN
Working paper
In: ECB Working Paper No. 656
SSRN
In: Public choice, Band 109, Heft 3-4, S. 327-346
ISSN: 0048-5829
Recent research has demonstrated the importance of good quality of fiscal adjustments for the success of government budget consolidations. We extend this approach to analyze the importance of the economic conditions in which fiscal consolidations are started for their success. The cyclical positions of the domestic & international economy, the initial debt level, & the stance of fiscal policy in the OECD are all important determinants of the likelihood of fiscal consolidations. They also affect the government's choice of consolidation strategy, making them important determinants of the success of fiscal consolidations. In contrast, the monetary policy stance plays only a negligible role for fiscal consolidations. The authors use the analysis to test for any Maastricht effects on the performance of European governments during the 1990s. Such effects are weak at best & occurred only during the first half of the decade. 9 Tables, 13 References. Adapted from the source document.
In: Public choice, Band 109, Heft 3, S. 327-346
ISSN: 0048-5829
In: European journal of political economy, Band 23, Heft 2, S. 338-359
ISSN: 1873-5703
SSRN
In: ECB Occasional Paper No. 113
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In: British journal of political science, Band 42, Heft 3, S. 573-597
ISSN: 0007-1234