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From Volatility to Stability in Expenditure : Stabilization Funds in Resource-Rich Countries
Sugawara, Naotaka - 2014
This paper examines the effect of stabilization funds on the volatility of government expenditure in resource … stabilization funds contributes to smoothing government expenditure. The spending volatility in countries that have established such … analysis also shows that political institutions and fiscal rules are significant factors in reducing the expenditure volatility …
Persistent link: https://www.econbiz.de/10013055676
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Do Sovereign Wealth Funds Reduce Fiscal Policy Pro-Cyclicality? New Evidence Using a Non-Parametric Approach
Alsadiq, Ali; Gutiérrez, Diego Alejandro - 2023
The heightened volatility of commodity prices in recent years, reflecting the effects of the pandemic and the war in … indeed help smooth government consumption by reducing fiscal policy volatility associated with commodity price fluctuations …
Persistent link: https://www.econbiz.de/10014353685
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Optimal Fiscal Spending and Reserve Accumulation Policies Under Volatile Aid
Moldovan, Ioana - 2019
This paper assesses the optimal setting of fiscal spending and foreign exchange rate intervention policies in response to volatile foreign aid, in a small open economy model that incorporates typical features of low-income countries. Within a class of policy rules, it jointly considers the...
Persistent link: https://www.econbiz.de/10012866907
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Reducing Risk While Sharing it : A Fiscal Recipe for the EU at the Time of COVID-19
Batini, Nicoletta; Lamperti, Francesco; Roventini, Andrea - 2021
The COVID-19 lockdowns have brought about the need of large fiscal responses in all European countries. However, countries across Europe are differently equipped to respond to the shock due to differences in economic conditions and fiscal space. We build on the model by Berger et al. (2019) to...
Persistent link: https://www.econbiz.de/10013315110
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Fiscal Rules and Fiscal Councils : Recent Trends and Performance During the COVID-19 Pandemic
Davoodi, Hamid R.; Elger, Paul; Fotiou, Alexandra; … - 2022
Adoption of fiscal rules and fiscal councils continued to increase globally over the last decades based on two new global datasets. During the pandemic, fiscal frameworks were put to test. The widespread use of escape clauses was one of the novelties in this crisis, which helped provide policy...
Persistent link: https://www.econbiz.de/10013295144
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Fiscal Councils : Rationale and Effectiveness
Beetsma, Roel M. W. J. - 2016
The paper discusses the effectiveness of independent fiscal institutions -- or fiscal councils -- in taming the deficit bias that emerged in the 1970s. After a review of the main theoretical arguments and recent trends about fiscal councils, we develop a stylized model showing how a fiscal...
Persistent link: https://www.econbiz.de/10012977753
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What Determines Government Spending Multipliers?
Corsetti, Giancarlo - 2012
This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...
Persistent link: https://www.econbiz.de/10013102258
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Fiscal Multipliers and the State of the Economy
Baum, Anja - 2013
Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (excluding Italy). Our results show that fiscal multipliers differ across...
Persistent link: https://www.econbiz.de/10013088409
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Fiscal Consolidations and Growth : Does Speed Matter?
Pennings, Steven - 2013
Should fiscal consolidations be front-loaded or proceed at a more steady pace, and how does this affect growth? We make an attempt to address this question using a three-step methodology. First, we modify a standard regression of growth on consolidation size to allow speed to affect the...
Persistent link: https://www.econbiz.de/10013071926
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How Big are Fiscal Multipliers in Latin America?
Restrepo, Jorge - 2020
This paper uses the strategy and data of Blanchard and Perotti (BP) to identify fiscal shocks and estimate fiscal multipliers for the United States. With these results, it computes the cumulative multiplier of Ramey and Zubairy (2018), now common in the literature. It finds that, contrary to the...
Persistent link: https://www.econbiz.de/10012840611