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Rotten Parents and Disciplined Children: A Politico-Economic Theory of Public Expenditure and Debt

Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2012

This paper proposes a dynamic politico-economic theory of fiscal policy in a world comprising a set of small open economies, whose driving force is the intergenerational conflict over debt, taxes, and public goods. Subsequent generations of voters choose fiscal policy through repeated elections....

Persistent link: https://www.econbiz.de/10011083405

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

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 that has received particular attention recently as a result of governments embarking on austerity trajectories in the aftermath of the crisis. Panel regressions based on the...

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

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

bottom-up instead of top-down methods of budgeting. Ferejohn and Krehbiel (1987) appear to debunk this argument. They … the spending preferences of the policy-makers. These authors do not consider two problems that top-down budgeting is … the full tax implications of their spending decisions. Supporters of top-down budgeting may therefore confuse added …

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

such rules in Japan and in the EU. Comparing the performance of fiscal policy in the 1980s and 1990s until 2003, we find … with some suggestions for the design of a strong fiscal rule in Japan. …

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 it will become insolvent or it can consume more of its income. The main purpose of this paper is to establish necessary and sufficient conditions for a nation to satisfy its IBC,...

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

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