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Towards expenditure rules and fiscal sanity in the euro area
Hauptmeier, Sebastian; Sanchez Fuentes, Jesus; … - European Central Bank - 2010
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 expenditure rules since the start of EMU. It also calculates the implications for debt …
Persistent link: https://www.econbiz.de/10008727402
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The Stability and Growth Pact - crisis and reform
Schuknecht, Ludger; Moutot, Philippe; Rother, Philipp; … - European Central Bank - 2011
The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances, while the Stability and Growth Pact was watered...
Persistent link: https://www.econbiz.de/10009323378
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The Stability and Growth Pact - crisis and reform
Schuknecht, Ludger; Moutot, Philippe; Rother, Philipp; … - European Central Bank - 2011
The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances, while the Stability and Growth Pact was watered...
Persistent link: https://www.econbiz.de/10010688346
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Financial markets' behavior around episodes of large changes in the fiscal stance
Ardagna, Silvia - European Central Bank - 2004
Using a panel of OECD countries from 1960 to 2002, this paper shows that financial markets value fiscal discipline. Interest rates, particularly those of long-term government bonds, decrease when countries' fiscal position improves and increase around periods of budget deteriorations. Stock...
Persistent link: https://www.econbiz.de/10005816222
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Expenditure reform in industrialised countries: a case study approach
Hauptmeier, Sebastian; Heipertz, Martin; Schuknecht, Ludger - European Central Bank - 2006
This study examines reforms of public expenditure in industrialised countries over the past two decades. We distinguish … education spending. Such expenditure retrenchment is also typically part of a comprehensive reform package that includes … expenditure retrenchment and reform coincides with large improvements in fiscal and economic growth indicators. JEL Classification …
Persistent link: https://www.econbiz.de/10005816203
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On prosperity and posterity: the need for fiscal discipline in a monetary union
Detken, Carsten; Gaspar, Vítor; Winkler, Bernhard - European Central Bank - 2004
We show how in a Blanchard-Yaari, overlapping generations framework, perfect substitutability of government bonds in Monetary Union tempts governments to exploit the enlarged common pool of savings. In Nash equilibrium all governments increase their bond financed transfers to current generations...
Persistent link: https://www.econbiz.de/10005162931
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Structural balances and revenue windfalls: the role of asset prices revisited
Morris, Richard; Schuknecht, Ludger - European Central Bank - 2007
In this paper we revisit one of the “missing links” 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...
Persistent link: https://www.econbiz.de/10005222369
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Euro area fiscal policies and the crisis
van Riet, Ad - European Central Bank - 2010
In mid-September 2008, a global financial crisis erupted which was followed by the most serious worldwide economic recession for decades. As in many other regions of the world, governments in the euro area stepped in with a wide range of emergency measures to stabilise the financial sector and...
Persistent link: https://www.econbiz.de/10008506054
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Euro area fiscal policies and the crisis
van Riet, Ad - European Central Bank - 2010
In mid-September 2008, a global financial crisis erupted which was followed by the most serious worldwide economic recession for decades. As in many other regions of the world, governments in the euro area stepped in with a wide range of emergency measures to stabilise the financial sector and...
Persistent link: https://www.econbiz.de/10010688352
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Debt and growth: new evidence for the euro area
Baum, Anja; Checherita-Westphal, Cristina; Rother, Philipp - European Central Bank - 2012
Against the background of the euro area sovereign debt crisis, our paper investigates the relationship between public debt and economic growth and adds to the existing literature in the following ways. First, we extend the threshold panel methodology by Hansen (1999) to a dynamic setting in...
Persistent link: https://www.econbiz.de/10010686872