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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 ambitious and timid reformers and analyse in detail reform experiences in eight case studies of ambitious reform episodes. We find that ambitious reform countries reduce...

Persistent link: https://www.econbiz.de/10005816203

Reforming public expenditure in industrialised countries: are there trade-offs?

Schuknecht, Ludger; Tanzi, Vito - European Central Bank - 2005

In this paper, we show that, contrary to common beliefs, over the past two decades several countries were able to reduce public spending by remarkable amounts. These countries did not seem to have suffered from these large reductions either in a macroeconomic sense, or in terms of lower values...

Persistent link: https://www.econbiz.de/10005530747

What determines fiscal balances? An empirical investigation in determinants of changes in OECD budget balances

Tujula, Mika; Wolswijk, Guido - European Central Bank - 2004

Fiscal balances have deteriorated quickly in recent years, bringing back to the foreground the question what factors help explain such sharp changes. This paper takes a broad perspective at the issue regarding countries included, the range of explanatory variables tried, and the time-span. The...

Persistent link: https://www.econbiz.de/10005162932

Economic growth and budgetary components: a panel assessment for the EU

Afonso, António; González Alegre, Juan - European Central Bank - 2008

In this paper we test whether a reallocation of government budget items can enhance long-term GDP growth in a set of European countries. We apply modern panel data techniques to the period 1970-2006, and we use three alternative dependent variables in a growth regression: economic growth, total...

Persistent link: https://www.econbiz.de/10005033425

Government size, composition, volatility and economic growth

Afonso, António; Furceri, Davide - European Central Bank - 2008

This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government...

Persistent link: https://www.econbiz.de/10005530997

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

The impact of high and growing government debt on economic growth: an empirical investigation for the euro area

Checherita-Westphal, Cristina; Rother, Philipp - European Central Bank - 2010

This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point—beyond which the government debt-to-GDP ratio has a...

Persistent link: https://www.econbiz.de/10008484246

Granger-causal-priority and choice of variables in vector autoregressions

Jarociński, Marek; Maćkowiak, Bartosz - European Central Bank - 2013

A researcher is interested in a set of variables that he wants to model with a vector auto-regression and he has a dataset with more variables. Which variables from the dataset to include in the VAR, in addition to the variables of interest? This question arises in many applications of VARs, in...

Persistent link: https://www.econbiz.de/10010709529

The rise of China and India: blessing or curse for the advanced countries?

Stracca, Livio - European Central Bank - 2013

This paper evaluates the impact of the rise of large emerging manufacturing exporters such as China and India on … based on 3-year average data augmented with country-specific measures of import and export competition from China and India … using instrumental variables. Stronger import competition from China and India leads to stronger income growth in advanced …

Persistent link: https://www.econbiz.de/10010753735

China's economic growth and rebalancing

Dorrucci, Ettore; Pula, Gabor; Santabárbara, Daniel - European Central Bank - 2013

In this paper we provide an overview of the growth model in China and its prospects, taking a medium-run to long …-run perspective. Our main conclusions are as follows. First, the still prevailing producer-biased model of managed capitalism in China …-)escalate once global and domestic economic conditions normalise. Third, the fundamental factors underpinning growth in China are …

Persistent link: https://www.econbiz.de/10010693514

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