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The Impact of Extreme Weather Events on Budget Balances and Implications for Fiscal Policy
Lis, Eliza M. - 2009
This paper explores implications of climate change for fiscal policy by assessing the impact of large scale extreme weather events on changes in public budgets. We apply alternative measures for large scale extreme weather events and conclude that the budgetary impact of such events ranges...
Persistent link: https://www.econbiz.de/10013159926
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Fiscal Sustainability and Policy Implications for the Euro Area
Balassone, Fabrizio - 2009
In this paper we examine the sustainability of euro area public finances against the backdrop of population ageing. We … critically assess the widely used projections of the Working Group on Ageing Populations (AWG) of the EU's Economic Policy … alternative indicators to quantify sustainability gaps for euro area countries. With respect to the policy implications, we assess …
Persistent link: https://www.econbiz.de/10012765709
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3-Step Analysis of Public Finances Sustainability : The Case of the European Union
Afonso, António; Rault, Christophe - 2021
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF … and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal … sustainability is an issue in most countries, with a below unit estimated coefficient of expenditure in the cointegration relation …
Persistent link: https://www.econbiz.de/10013316526
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Fiscal Sustainability using Growth-Maximising Debt Targets
Checherita-Westphal, Cristina D. - 2012
targets that governments should try to maintain if they wish to maximize growth for panels of OECD, EU and euro area countries …
Persistent link: https://www.econbiz.de/10013100835
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Towards Expenditure Rules and Fiscal Sanity in the Euro Area
Hauptmeier, Sebastian - 2010
-based spending policies could have led to much safer fiscal positions much more in line with the EU's Stability and Growth Pact rules …
Persistent link: https://www.econbiz.de/10013136395
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Fiscal Policy Responsiveness, Persistence and Discretion
Afonso, António; Agnello, Luca; Furceri, Davide - 2021
We decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample of 132 countries, our results point out that fiscal policy tends to be more persistent than to respond to output conditions. We also found that while the effect of cross-country...
Persistent link: https://www.econbiz.de/10013316466
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Banking Sector Output Measurement in the Euro Area - A Modified Approach
Colangelo, Antonio - 2010
Banks do not charge explicit fees for many of the services they provide but the service payment is bundled with the offered interest rates. This output therefore has to be imputed using estimates of the opportunity cost of funds. We argue that rather than using the single short-term, low-risk...
Persistent link: https://www.econbiz.de/10013143332
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The Public Sector Pay Gap in a Selection of Euro Area Countries
Giordano, Raffaela - 2011
two sectors, we focus on micro data taken from EU-SILC. The results point to a conditional pay differential in favor of …
Persistent link: https://www.econbiz.de/10013118028
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Governments' Payment Discipline : The Macroeconomic Impact of Public Payment Delays and Arrears
Checherita-Westphal, Cristina D. - 2015
This paper considers the impact of changes in governments' payment discipline on the private sector. We argue that increased delays in public payments can affect private sector liquidity and profits and hence ultimately economic growth. We test this prediction empirically for European Union...
Persistent link: https://www.econbiz.de/10013025488
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Public and Private Sector Wages : Co-Movement and Causality
Lamo, Ana; Pérez, Javier J.; Schuknecht, Ludger - 2021
This paper looks at public and private sector wages interactions since the 1960s in the euro area, euro area countries and a number of other OECD countries. The paper reports, first, a strong positive annual contemporaneous correlation of public and private sector wages over the business cycle;...
Persistent link: https://www.econbiz.de/10013316456