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The Sustainability of Fiscal Policy in Italy: A Long-Term Perspective
Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta - CESifo - 2012
The recent fears of a sovereign debt crisis have spurred interest in the sustainability of public debt. There are two … the time series approach (Trehan and Walsh, 1988). In this paper we analyze the sustainability of public debt in Italy … containing several statistical novelties: new time series estimates of public debt and GDP (respectively Banca d’Italia, 2008 and …
Persistent link: https://www.econbiz.de/10010548150
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Debt, Inflation and Growth - Robust Estimation of Long-Run Effects in Dynamic Panel Data Models
Chudik, Alexander; Mohaddes, Kamiar; Pesaran, M. Hashem; … - CESifo - 2013
This paper investigates the long-run effects of public debt and inflation on economic growth. Our contribution is both … over the 1965-2010 period, we find significant negative long-run effects of public debt and inflation on growth. Our … results indicate that, if the debt to GDP ratio is raised and this increase turns out to be permanent, then it will have …
Persistent link: https://www.econbiz.de/10010721613
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Vertical Effects of Fiscal Rules - The Swiss Experience
Burret, Heiko T.; Feld, Lars P. - CESifo - 2014
. The paper investigates the influence of Swiss cantonal debt brakes on municipal finances during the years 1980]2011 by …
Persistent link: https://www.econbiz.de/10010948867
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Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-Cyclical?
Egert, Balazs - CESifo - 2012
-linear fashion: fiscal policy in countries with high public debt and high government deficits tends to be pro-cyclical, while … countries that have low public debt and that have surpluses are more likely to conduct a counter-cyclical fiscal policy. The …
Persistent link: https://www.econbiz.de/10010540250
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Is the Italian Public Debt Really Unsustainable? An Historical Comparison (1861-2010)
Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta - CESifo - 2013
The aim of this paper is to analyze the sustainability of public debt in Italy during the last 150 years (1861-2010) by … employing a database containing several statistical novelties: new time series estimates of public debt and GDP (respectively … analyzed include public debt, primary and total deficits, nominal and real GDP rates of growth. Long-term analysis of new …
Persistent link: https://www.econbiz.de/10010636598
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What are their Words Worth? Political Plans and Economic Pains of Fiscal Consolidations in New EU Member States
Zápal, Jan; Schneider, Ondrej - CESifo - 2006
In this paper, we track fiscal authority behaviour in the ten new EU member states (NSM) in the period which immediately preceded their EU accession. We first present basic stylized facts about public budgets of those countries. The paper then analyses reasons which led to periods of fiscal...
Persistent link: https://www.econbiz.de/10005766186
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The 2008 Financial Crisis and Taxation Policy
Hemmelgarn, Thomas; Nicodème, Gaëtan J.A. - CESifo - 2010
The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....
Persistent link: https://www.econbiz.de/10008534034
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Economic, Political and Institutional Determinants of Budget Deficits in the European Union
Bayar, Ali; Smeets, Bram - CESifo - 2009
Using an extended data set of EU countries ranging from 1971-2006 and relevant econometric methods, we investigate the economic, political, and institutional determinants of government deficits in the EU. The results show a strong opportunistic behaviour of policymakers which leads to political...
Persistent link: https://www.econbiz.de/10005000369
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Fiscal Policy in New EU Member States – Go East, Prudent Man!
Schneider, Ondrej; Zápal, Jan - CESifo - 2005
The European Union (EU) accepted ten new member states (NMS) in 2004. These countries, mostly former socialist countries, have had to adjust their economic policies to the EU’s standards. Perhaps most difficult has proven to be fiscal policy whereby NMS must comply with the Stability and...
Persistent link: https://www.econbiz.de/10005094350
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Searching for Keynes: An Essay on the Political Economy of Fiscal Policy, with Application to Canada, 1870-2000 - revised version
Winer, Stanley L.; Ferris, J Stephen - CESifo - 2003
Keynes' General Theory (1936) is arguably one of the most important books of the twentieth century. His ideas for stabilizing the aggregate economy have profoundly influenced economic theory as well as popular opinion about what governments can and should do with respect to the business cycle....
Persistent link: https://www.econbiz.de/10005094361