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The design of national fiscal frameworks and their budgetary impact
Nerlich, Carolin; Reuter, Wolf Heinrich - 2013
This study analyses the link between fiscal frameworks and their budgetary impact. We look at different features of national numerical fiscal rules in combination with fiscal councils and medium-term budgeting frameworks. We construct our own time-varying dataset for national fiscal frameworks...
Persistent link: https://www.econbiz.de/10011605633
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Fiscal rules, fiscal space and procyclical fiscal policy
Nerlich, Carolin; Reuter, Wolf Heinrich - 2015
In this paper we analyse the interaction of fiscal rules and fiscal space. We find strong evidence for fiscal rules being associated with higher fiscal space. Furthermore, the analysis shows that countries with more fiscal space tend to have higher discretionary expenditures, but that this...
Persistent link: https://www.econbiz.de/10011605917
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The Design of National Fiscal Frameworks and Their Budgetary Impact
Nerlich, Carolin - 2013
This study analyses the link between fiscal frameworks and their budgetary impact. We look at di fferent features of national numerical fiscal rules in combination with fiscal councils and medium-term budgeting frameworks. We construct our own time-varying dataset for national fiscal frameworks...
Persistent link: https://www.econbiz.de/10013076444
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Level, slope, curvature of the sovereign yield curve, and fiscal behaviour
Afonso, António; Martins, Manuel M.F. - 2010
We study fiscal behaviour and the sovereign yield curve in the U.S. and Germany in the period 1981:I-2009:IV. The latent factors, level, slope and curvature, obtained with the Kalman filter, are used in a VAR with macro and fiscal variables, controlling for financial stress conditions. In the...
Persistent link: https://www.econbiz.de/10011605322
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Fiscal developments and financial stress: a threshold VAR analysis
Afonso, António; Baxa, Jaromír; Slavík, Michal - 2011
economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … effect on output growth and worsens the fiscal position; (iv) the nonlinearity in the response of output growth to a fiscal …
Persistent link: https://www.econbiz.de/10011605365
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Fiscal Developments and Financial Stress : A Threshold VAR Analysis
Afonso, António - 2011
economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … effect on output growth and worsens the fiscal position; (iv) the nonlinearity in the response of output growth to a fiscal …
Persistent link: https://www.econbiz.de/10013128285
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Level, Slope, Curvature of the Sovereign Yield Curve, and Fiscal Behaviour
Afonso, António - 2010
We study fiscal behaviour and the sovereign yield curve in the U.S. and Germany in the period 1981:I-2009:IV. The latent factors, level, slope and curvature, obtained with the Kalman filter, are used in a VAR with macro and fiscal variables, controlling for financial stress conditions. In the...
Persistent link: https://www.econbiz.de/10013135491
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Quality of public finances and growth
Afonso, António; Ebert, Werner; Schuknecht, Ludger; … - 2005
public expenditure and its financing via revenue and deficits, and economic growth. We review the various channels through … which public finances affect growth and its underlying determinants (institutional framework, employment, savings and … surveys the empirical findings on the impact of fiscal variables on sustained economic growth. …
Persistent link: https://www.econbiz.de/10011604484
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Fiscal policy and growth: do financial crises make a difference?
Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010
In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...
Persistent link: https://www.econbiz.de/10011605263
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Economic performance and government size
Afonso, António; Jalles, João Tovar - 2011
We construct a growth model with an explicit government role, where more government resources reduce the optimal level …-2008, we use different proxies for government size and institutional quality. Our results, consistent with the presented growth … model, show a negative effect of the size of government on growth. Similarly, institutional quality has a positive impact on …
Persistent link: https://www.econbiz.de/10011605444