Showing 1 - 10 of 15
-capita output convergence across a large sample of European regions during the period 1995-2005. We find that net fiscal transfers …, while achieving regional redistribution, seem to impede output growth and promote an “immiserising convergence”: output …
Persistent link: https://www.econbiz.de/10011605075
-capita output convergence across a large sample of European regions during the period 1995-2005. We find that net fiscal transfers …
Persistent link: https://www.econbiz.de/10012764767
Among the harmful effects of inflation, the negative consequences of inflation volatility are of particular concern. These include higher risk premia, hedging costs and unforeseen redistribution of wealth. This paper presents panel estimations for a sample of OECD countries which suggest that...
Persistent link: https://www.econbiz.de/10011604363
We study fiscal consolidations in the Central and Eastern European countries and what determines the probability of their success. We define consolidation events as substantive improvements in fiscal balances adjusting for the impact of cyclical effects. We use Logit models for the period...
Persistent link: https://www.econbiz.de/10011604519
We investigate the impact of fiscal variables on bond yield spreads relative to US Treasury bonds in the Czech Republic, Hungary, Poland, Russia and Turkey from May 1998 to December 2007. To account for the importance of market expectations we use projected values for fiscal and macroeconomic...
Persistent link: https://www.econbiz.de/10011605147
We study the impact of numerical expenditure rules on the propensity of governments to deviate from expenditure targets in response to surprises in cyclical conditions. Theoretical considerations suggest that due to political fragmentation in the budgetary process expenditure policy might be...
Persistent link: https://www.econbiz.de/10011605215
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/10011605283
The financial crisis of 2008/2009 has left European economies with a sizeable public debt stock bringing back the question what factors help to reduce these fiscal imbalances. Using data for the period 1985-2009 this paper identifies factors determining major public debt reductions. On average,...
Persistent link: https://www.econbiz.de/10011605287
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/10011605495
This paper investigates the impact of fiscal consolidation on economic growth in European Union countries, between 2004 and 2013. We construct a new dataset of exogenous fiscal adjustments, relying on legally binding recommendations issued to countries under Excessive Deficit Procedure, and we...
Persistent link: https://www.econbiz.de/10011605908