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The Confidence Effects of Fiscal Consolidations

Beetsma, Roel; Cimadomo, Jacopo; Furtuna, Oana; … - C.E.P.R. Discussion Papers - 2014

We explore how fiscal consolidations affect private sector confidence, a possible channel for the fiscal transmission …) show that consolidations, and in particular their unanticipated components affect confidence negatively. The effects are … accurate picture of how consolidations affect confidence, we construct a monthly dataset of consolidation announcements based …

Persistent link: https://www.econbiz.de/10011083434

Electoral Institutions, Cabinet Negotiations, and Budget Deficits within the European Union

Hallerberg, Mark; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997

Two literatures in political economy argue that differences in political institutions help explain variation in the fiscal performance of countries. They indentify electoral systems and institutions that structure the formation of the budget as important determinants of the budget deficit. In...

Persistent link: https://www.econbiz.de/10005791607

Sustainability of Public Finances

Perotti, Roberto; Strauch, Rolf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997

A central tenet of the Maastricht Treaty is that a successful European Monetary Union requires sustainable public finances of its member states. Yet there is no clear definition of sustainability. The economist’s common use of the term builds on the concept of an intertemporal budget...

Persistent link: https://www.econbiz.de/10005667090

Spread the News: How the Crisis Affected the Impact of News on the European Sovereign Bond Markets

Beetsma, Roel; de Jong, Frank; Giuliodori, Massimo; … - C.E.P.R. Discussion Papers - 2012

We investigate how "news" affected domestic interest spreads vis-à-vis Germany and how it propagated to other countries during the recent crisis period, thereby distinguishing between the so-called GIIPS countries and other European countries. We make original use of the Eurointelligence...

Persistent link: https://www.econbiz.de/10011083333

Fiscal Rules and the Budget Process

Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 1997

This paper examines the rationale for the imposition of fiscal rules as a way to reduce budgetary imbalances. It presents theoretical arguments for the existence of a ‘fiscal deficit bias’ and the empirical evidence on the economic, political and institutional factors leading to this bias....

Persistent link: https://www.econbiz.de/10005791693

Good, Bad or Ugly? On the Effects of Fiscal Rules with Creative Accounting

Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2001

Do fiscal rules likely lead to fiscal adjustment, or do they encourage the use of ‘creative accounting’? This question is studied with a model in which fiscal rules are imposed on ‘measured’ fiscal variables, which can differ from ‘true’ variables because there is a margin for...

Persistent link: https://www.econbiz.de/10005791761

Sequencing and the Size of the Budget: A Reconsideration

Hallerberg, Mark; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997

Conventional wisdom argues that spending levels and, by extension, budget deficits will be higher for governments using bottom-up instead of top-down methods of budgeting. Ferejohn and Krehbiel (1987) appear to debunk this argument. They indicate that the superiority of one method over the other...

Persistent link: https://www.econbiz.de/10005123816

Fiscal Rules and Fiscal Performance in the EU and Japan

von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2005

Fiscal rules specify quantitative targets for key budgetary aggregates. In this paper, we review the experience with such rules in Japan and in the EU. Comparing the performance of fiscal policy in the 1980s and 1990s until 2003, we find that the fiscal rule of the 1980s exerted some but not...

Persistent link: https://www.econbiz.de/10005124378

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

Fiscal rules, such as the excessive deficit procedure and the stability and growth pact (SGP), aim at constraining government behaviour. Milesi-Ferretti (2003) develops a model in which governments circumvent such rules by reverting to creative accounting. The amount of this creative accounting...

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

National Insolvency: A Test of the US Intertemporal Budget Constraint

Uctum, Merih; Wickens, Michael R. - C.E.P.R. Discussion Papers - 1990

If a nation fails to satisfy its intertemporal budget constraint (IBC) then, like a government or a household, either …

Persistent link: https://www.econbiz.de/10005666888

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