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Die vorliegende Arbeit gibt Auskunft über wesentliche Aspekte der Fiskalregel auf Bundesebene in der Schweiz, der … regelgebundenen Finanzpolitik vorgestellt. Dabei wird argumentiert, dass eine Fiskalregel länderspezifisch ausgestaltet sein muss, je … korrekten strukturellen Einnahmen in Bezug auf die Finanzpolitik auszuleuchten. Es wird argumentiert, dass eine zyklische …
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We investigate the political determinants of risk premiums which sub-national governments in Switzerland have to pay for their sovereign bond emissions. For this purpose we make use of financial market data from 288 tradable cantonal bonds in the period from 1981 to 2007. Our main focus is on...
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The paper investigates the fiscal effects of Swiss cantonal debt brakes by taking explicitly into account the rules' coverage. An in-depth analysis provides unique evidence that suggests the following: First, fiscal rules at the cantonal level have a negative effect on public deficits, which is...
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The Swiss debt brake is widely appreciated as one of the most rationally designed fiscal rules in the world and was thus also discussed as blueprint in the debates about fiscal rules in Germany, the European Union member states and Israel. However, evidence that this rule really contributes to...
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