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In this paper we revisit one of the missing linksʺ between budget balances and the economic cycle, namely the impact of asset prices on fiscal revenues. We estimate revenue elasticities with respect to equity and real estate price indices for 16 OECD countries, as well as for a synthetic euro...
Persistent link: https://www.econbiz.de/10003433598
The study looks at primary expenditure developments in the euro area, its three largest members and four "macro-imbalances" countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...
Persistent link: https://www.econbiz.de/10008728760
Persistent link: https://www.econbiz.de/10009356898
This paper focuses on risk premiums paid by central governments in Europe and sub-national governments in Germany, Spain, and Canada. With regard to the European governments, we are interested in how these premiums were affected by the introduction of the euro. Using data for bond yield spreads...
Persistent link: https://www.econbiz.de/10003749936
Persistent link: https://www.econbiz.de/10002555540
Persistent link: https://www.econbiz.de/10001670908