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Fool the Markets? Creative Accounting, Fiscal Transparency and Sovereign Risk Premia

Bernoth, Kerstin - 2013

We investigate the effects of official fiscal data and creative accounting signals on interest rate spreads between bond yields in the European Union. Our model predicts that risk premia contained in government bond spreads should increase in both the official fiscal position and the expected...

Persistent link: https://www.econbiz.de/10012754255

Economic, Political and Institutional Determinants of Budget Deficits in the European Union

Bayar, Ali H. - 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/10012763989

Economic and Political Determinants of Budget Deficits in the European Union : A Dynamic Random Coefficient Approach

Bayar, Ali H. - 2009

. Although the extent of government deficits and debt has been one of the most debated macroeconomic issues in recent times, the …

Persistent link: https://www.econbiz.de/10012764965

What are Their Words Worth? Political Plans and Economic Pains of Fiscal Consolidations in New EU Member States

Zapal, Jan; Schneider, Ondrej - 2021

In this paper, we track fiscal authority behaviour in the ten new EU member states (NMS) 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/10013317655

Corruption, Seigniorage and Growth : Theory and Evidence

Blackburn, Keith; Neanidis, Kyriakos C.; Haque, M. Emranul - 2021

This paper presents an analysis of the effect of bureaucratic corruption on economic growth through a public finance transmission channel. At the theoretical level, we develop a simple dynamic general equilibrium model in which financial intermediaries make portfolio decisions on behalf of...

Persistent link: https://www.econbiz.de/10013316495

Sustainability of Austrian Public Debt : A Political Economy Perspective

Haber, Gottfried; Neck, Reinhard - 2021

Sustainablity of Austrian public debt is investigated in the context of political objectives such as stabilizing the … indicate that Austrian fiscal policies were sustainable in the period 1960-1974, while from 1975 on, public debt grew much more … rapidly. The development of public debt in Austria seems to be driven not primarily by ideology, but by structural causes and …

Persistent link: https://www.econbiz.de/10013317381

The Role of Independent Fiscal Policy Institutions

Calmfors, Lars - CESifo - 2011

The paper analyses how independent fiscal watchdogs (fiscal policy councils) can strengthen the incentives for fiscal discipline. By increasing fiscal transparency they can raise the awareness of the long-run costs of current deficits and increase the reputational costs for governments of...

Persistent link: https://www.econbiz.de/10008853855

Are Fiscal Adjustments less Successful in Decentralized Governments?

Schaltegger, Christoph A.; Feld, Lars P. - CESifo - 2007

A common political claim is that decentralized governments undermine policy makers’ ability to fight fiscal imbalance. This paper examines how different fiscal institutions influence the likelihood of a successful fiscal adjustment. Using a panel of the Swiss cantons from 1981 to 2001, we...

Persistent link: https://www.econbiz.de/10005406319

Reforming Pensions in Europe: Economic Fundamentals and Political Factors

Schneider, Ondrej - CESifo - 2009

, we analyze factors that may facilitate or hamper pension reform – quality of fiscal institutions, public debt, trade … pension reforms. Other factors, such as quality of fiscal institutions, size of the existing funded pillar, public debt or …

Persistent link: https://www.econbiz.de/10005051528

Long-Term Interest Rates and Public Debt Maturity

Sakalauskaite, Ieva; Beetsma, Roel; Giuliodori, Massimo - CESifo - 2013

For a sample of sixteen OECD countries over the period 1980-2007 we show that, for given debt-GDP ratio, an increase in … the maturity of the public debt by one year lowers its long-term interest rate by around 20-30 basis points. This effect … is stronger for countries with higher average inflation or debt. …

Persistent link: https://www.econbiz.de/10010697222