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Impact of fiscal institutions on public finances in the European Union : review of evidence in the empirical literature
Gorčák, Martin; Šaroch, Stanislav - In: Národohospodářský obzor : časopis věnovaný … 21 (2021) 2, pp. 215-232
This paper examines the impact of budgetary institutions on public finances in the European Union on the basis of a critical survey of the relevant theoretical and empirical literature. In general, the authors find that fiscal institutions (namely fiscal rules) have successfully contributed to...
Persistent link: https://www.econbiz.de/10012598898
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The golden rule of public investment : a necessary and sufficient reform of the EU fiscal framework?
Truger, Achim - 2016
proposes the introduction of the traditional public finance golden rule into the EU/Eurozone fiscal framework (Stability and … (SWP) und Fiskalpakt(FP) der EU/Eurozone. Eine solche Regel würde die öffentlichen (Netto-)Investitionen in geeigneter … Finanzpolitik insgesamt größere Spielräume einräumen und die öffentlichen Investitionen als besonders wachstumsrelevante öffentliche …
Persistent link: https://www.econbiz.de/10011477456
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Fiscal rules in economic crisis : the trade-off between consolidation and recovery, from a European perspective
Díaz Roldán, Carmen; Ferrari Filho, Fernando; Da … - In: Economics : the open-access, open-assessment journal 15 (2021) 1, pp. 199-216
In this study, we will perform a simulation exercise to investigate whether the use of explicit fiscal rules improves the macroeconomic performance in the economic framework of the European Union (EU), where the fall in income levels occurred very asymmetrically, and this has accentuated the...
Persistent link: https://www.econbiz.de/10013252537
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Reducing sovereign debt levels in the post-Covid Eurozone with a simple deficit rule
Jost, Thomas; Tödter, Karl-Heinz - 2021
Debt levels in the eurozone have reached new record highs. The member countries have tried to cushion the economic … as well as with the hypothetical application of the new fiscal rule to eurozone economies from 2022 to 2026. Finally, we … take up the recent proposal by ESM economists to increase the permissible debt ratio from 60 to 100% of GDP in the eurozone. …
Persistent link: https://www.econbiz.de/10012798538
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Fiscal policy and rebalancing in the Euro area : a critique of the German debt brake from a Post-Keynesian perspective
Hein, Eckhard; Truger, Achim - 2013
The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain...
Persistent link: https://www.econbiz.de/10010187671
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Estimating simple fiscal policy reaction functions for the euro area countries
Plödt, Martin; Boeing-Reicher, Claire - 2014
We formulate and estimate a simple fiscal policy reaction function for the euro area and individual euro area countries. Our reaction function allows for primary surpluses to feature three components: an anti-cyclical response of primary surpluses to the output gap, a response to the debt-GDP...
Persistent link: https://www.econbiz.de/10010235448
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Implementing the golden rule for public investment in Europe : safeguarding public investment and supporting the recovery
Truger, Achim - 2015
Most parts of the Euro area have seen seven years of deep economic crisis. The strategy of tightening the fiscal constraints of the SGP has driven many member states into austerity. In contrast, the golden rule of public investment proposed in this study would be one important element of the...
Persistent link: https://www.econbiz.de/10011336549
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The Stability and Growth Pact, Fiscal Policy Institutions, and Stabilization in Europe
Marinheiro, Carlos Fonseca - 2008
Ever since its inception EMU has been subject to controversy. The fiscal policy rules embedded in the Treaty on European Union, and clarified in the Stability and Growth Pact (SGP), are probably the most contentious. The SGP as always being accused of being too rigid and of forcing...
Persistent link: https://www.econbiz.de/10012726220
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The myth of austerity. empirical evidence from the eurozone countries
Wildowicz-Giegiel, Anna - In: E-Finanse : finansowy kwartalnik internetowy 15 (2019) 2, pp. 8-19
The paper discusses the impact of austerity policy on economic performance in the eurozone countries after the global … macroeconomic conditions which accompanied it and the impact of such policy on economic growth in the eurozone countries. The … Method of Moments was used. Data from 2010-17 for the eurozone countries served to prove the existence of a key negative …
Persistent link: https://www.econbiz.de/10012104382
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Fiscal rule infringement risks : a stochastic characterization of EMU budgets and their discipline
Van Der Wielen, Wouter - 2015
Persistent link: https://www.econbiz.de/10011291422