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Fiscal and economic effects of local austerity

Fremerey, Melinda; Lichter, Andreas; Löffler, Max - 2022

We study the consequences of a large-scale austerity program targeting financially-constrained municipalities in Germany. For identification, we exploit the quasi-random assignment of treatment among equally-distressed municipalities using a difference-in-differences design. The policy helped...

Persistent link: https://www.econbiz.de/10013255970

Understanding the emergence of public debt

Fochmann, Martin; Sadrieh, Abdolkarim; Weimann, Joachim - 2014

debt. Public debt is chosen by popular vote, pays for public goods, and is repaid with general taxes. With a single … generation, public debt is accumulated prudently, never leading to over-indebtedness. With multiple generations, public debt is … accumulated rapidly as soon as the burden of debt and the risk of over-indebtedness can be shifted to future generations. Debt …

Persistent link: https://www.econbiz.de/10010358972

Effects of fiscal rules : 85 years' experience in Switzerland

Burret, Heiko T.; Feld, Lars P. - 2016

The paper investigates the fiscal effects of Swiss cantonal debt brakes by taking explicitly into account the rules' coverage. An in-depth analysis provides unique evidence that suggests the following: First, fiscal rules at the cantonal level have a negative effect on public deficits, which is...

Persistent link: https://www.econbiz.de/10011523766

Does the Swiss debt brake induce sound federal finances? : a synthetic control analysis

Pfeil, Christian F.; Feld, Lars P. - 2016

The Swiss debt brake is widely appreciated as one of the most rationally designed fiscal rules in the world and was thus also discussed as blueprint in the debates about fiscal rules in Germany, the European Union member states and Israel. However, evidence that this rule really contributes to...

Persistent link: https://www.econbiz.de/10011521945

Balanced budget rules and fiscal outcomes : evidence from historical constitutions

Asatryan, Zareh; Castellón, César; Stratmann, Thomas - 2016

This paper studies the long-run fiscal consequences of balanced budget rules (BBR) that are enshrined in a country's constitution. Using historical data dating back to the 19th century and applying a difference-in-difference approach we find that the introduction of a constitutional-BBR reduces...

Persistent link: https://www.econbiz.de/10011474674

The effects of fiscal institutions on public finance : a survey of the empirical evidence

Kirchgässner, Gebhard - 2001

This paper surveys the empirical research on fiscal institutions of the last three decades. The main results are: (i) Constitutional or statutory fiscal limitations have in most cases proved to be effective in cutting down public expenditure, revenue, and debt. (ii) Budgetary proce-dures matter...

Persistent link: https://www.econbiz.de/10011408436

Fiscal sustainability, fiscal reactions, pitfalls and determinants

Afonso, António; Coelho, José Carlos - 2022

We examine the sustainability of public finances and its determinants for 19 Eurozone countries from 1995 to 2020. We conclude for the existence of panel cointegration between government revenues and expenditures; primary government balance and one-period lagged public debt-to-GDP ratio; and...

Persistent link: https://www.econbiz.de/10013162289

Survey-based structural budget balances

Göttert, Marcell; Wollmershäuser, Timo - 2021

The budget dispute between Italy and the European Commission in 2018 gave new impetus for the debate about the reliability of output gap estimation methods and their use for calculating structural budget balances. In this paper we review the main properties of the mainstream approaches and...

Persistent link: https://www.econbiz.de/10012438332

Fiscal sustainability and low interest rates : a note

Werding, Martin - 2021

In this paper, I demonstrate that an indicator which is commonly used to assess the long-term fiscal sustainability of public finances in EU member states (“S2”) is also defined if government borrowing rates are assumed to be permanently lower than the growth rate of GDP. I illustrate this...

Persistent link: https://www.econbiz.de/10012421177

Budgetary constrained governments : drivers of time varying fiscal sustainability in OECD countries

Afonso, António; Coelho, José Carlos - 2024

We assess the drivers of fiscal sustainability in 20 OECD economies between 1950 and 2019. We find stable long-term relationships between government revenues and expenditures as well as between the primary budget balance and past public debt ratio for the full panel. Performing an expanding...

Persistent link: https://www.econbiz.de/10014543858

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