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Expenditure reform in industrialised countries: a case study approach

Hauptmeier, Sebastian; Heipertz, Martin; Schuknecht, Ludger - 2006

This study examines reforms of public expenditure in industrialised countries over the past two decades. We distinguish ambitious and timid reformers and analyse in detail reform experiences in eight case studies of ambitious reform episodes. We find that ambitious reform countries reduce...

Persistent link: https://www.econbiz.de/10011604680

Asset prices and fiscal balances

Eschenbach, Felix; Schuknecht, Ludger - 2002

The paper argues that there are important links between asset prices and public finances which can strongly affect the variability of fiscal balances. Asset prices affect fiscal balances via capital gains and turnover related taxes, and via wealth effects on consumption and indirect taxes. The...

Persistent link: https://www.econbiz.de/10011604187

Public debt asymmetries: the effect on taxes and spending in the European Union

Krogstrup, Signe - 2002

countries, the paper investigates the effect of asymmetric debt service obligations on taxes, primary spending and the tax mix … in EU countries. Second, it investigates how increased tax competition may change these effects. The impact of debt … lead to asymmetries in taxes and primary expenditures across EU countries, with high debt countries having lower …

Persistent link: https://www.econbiz.de/10011604208

The fiscal costs of financial instability revisited

Eschenbach, Felix; Schuknecht, Ludger - 2002

sheets of companies/banks, and 3) second-round effects from asset prices changes via the real economy and via debt service … balances. Moreover, fiscal costs are often very large and much larger than assumed in the literature so far with public debt … for the deficit and debt targets in the EU's Maastricht Treaty and Stability and Growth Pact. …

Persistent link: https://www.econbiz.de/10011604237

EU fiscal rules: issues and lessons from political economy

Schuknecht, Ludger - 2004

The paper analyses the EU fiscal rules from a political economy perspective and derives some policy lessons. Following a literature survey, the paper stresses the importance of appropriate incentives for rule compliance in an environment where national fiscal sovereignty precludes the option of...

Persistent link: https://www.econbiz.de/10011604467

Implementing the stability and growth pact: enforcement and procedural flexibility

Beetsma, Roel; Debrun, Xavier - 2005

The paper proposes a theoretical analysis illustrating some key policy trade-offs involved in the implementation of a rules-based fiscal framework reminiscent of the Stability and Growth Pact (SGP). The analysis offers some insights on the current debate about the SGP. Specifically, greater...

Persistent link: https://www.econbiz.de/10011604479

Reforming public expenditure in industrialised countries: are there trade-offs?

Schuknecht, Ludger; Tanzi, Vito - 2005

In this paper, we show that, contrary to common beliefs, over the past two decades several countries were able to reduce public spending by remarkable amounts. These countries did not seem to have suffered from these large reductions either in a macroeconomic sense, or in terms of lower values...

Persistent link: https://www.econbiz.de/10011604481

Socio-economic development and fiscal policy: lessons from the cohesion countries for the new member states

Mehrotra, Aaron N.; Peltonen, Tuomas A. - 2005

, as well as a fall in the level of public debt, would be beneficial for socio-economic development in the medium term …

Persistent link: https://www.econbiz.de/10011604513

Early-warning tools to forecast general government deficit in the euro area: the role of intra-annual fiscal indicators

Pérez, Javier J. - 2005

In this paper I evaluate the usefulness of a set of fiscal indicators as early-warning-signal tools for annual General Government Net Lending developments for some EMU countries (Belgium, Germany, Spain, France, Italy, The Netherlands, Ireland, Austria, Finland) and an EMU aggregate. The...

Persistent link: https://www.econbiz.de/10011604543

Structural balances and revenue windfalls: the role of asset prices revisited

Morris, Richard; Schuknecht, Ludger - 2007

In this paper we revisit one of the “missing links” between budget balances and the economic cycle, namely the impact of asset prices on fiscal revenues. We estimate revenue elasticities with respect to equity and real estate price indices for 16 OECD countries, as well as for a synthetic...

Persistent link: https://www.econbiz.de/10011604783