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Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy
Caselli, Francesca - 2019
This paper estimates the causal effect of fiscal rules on fiscal balances in a panel of 142 countries over the period 1985-2015. Our instrumental variable strategy exploits the geographical diffusion of fiscal rules across countries. The intuition is that reforms in neighboring countries may...
Persistent link: https://www.econbiz.de/10012889142
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The analysis of budget rules and macroeconomic implications in several developed economies
Florin, Popescu Răzvan; Sergiu, Prodan - In: Budgetary research review : BRR 2 (2010) 1, pp. 60-91
The purpose of budget rules can be explored from the perspective of the expected results, obtained by their enforcement. On one hand, they are meant to improve or at least maintain certain levels of the budgetary deficit and public debt. On the other hand, they can help or limit the economic...
Persistent link: https://www.econbiz.de/10009611986
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Who's coming to the rescue? : revenue-sharing slumps and implicit bailouts during the Great Recession
Foremny, Dirk; Solé-Ollé, Albert - 2016
effects using an exogenous variation in formula transfers, as the losses during the crisis of municipalities above the 5 …,000 population threshold were greater than the losses of those below this threshold. We find that, on average, municipalities above … that for themost indebted municipalities, a substantial share of the shock was absorbed by discretionary grants provided by …
Persistent link: https://www.econbiz.de/10011499738
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Fiscal Sustainability Across Government Tiers
Claeys, Peter - 2011
This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both the federal and regional government. Results for the German Länder show that lower tier...
Persistent link: https://www.econbiz.de/10013124925
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State Fiscal Adjustment During Times of Stress : Possible Causes of the Severity and Composition of Budget Cuts
Clemens, Jeffrey P. - 2012
Efforts to maintain balanced budgets, driven in part by formal requirements, lead to substantial pro-cyclicality in states' capital investments, transfers to local governments, and spending in areas like education and transportation. Extensive reliance on relatively volatile revenue sources...
Persistent link: https://www.econbiz.de/10013098483
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Fiscal Decentralization, Fiscal Rules and Fiscal Discipline
Neyapti, Bilin - 2013
Fiscal decentralization (FD) and fiscal rules (FR) are institutional mechanisms that have been implemented in increasing number of countries by varying measures. This paper investigates empirically the effect of FR on the effectiveness of FD in achieving fiscal discipline. Panel evidence...
Persistent link: https://www.econbiz.de/10013082914
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Fiscal Sustainability across Government Tiers
Claeys, Peter - 2009
This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both federal and regional government. Results for the German Länder show that lower tier governments...
Persistent link: https://www.econbiz.de/10013160521
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Using a 'Debt Brake' to Solve Colorado's Debt Crisis
Merrifield, John D. - 2019
In recent years debt in Colorado has increased at an unsustainable rate. A debt brake is simulated for the Colorado economy. When the debt brake is triggered the spending cap imposed by the Tabor Amendment is reduced, with surplus revenue earmarked for debt reduction. The simulation analysis...
Persistent link: https://www.econbiz.de/10012858154
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Which Expenditure Saving to Sustain Medium-Term Fiscal Consolidation?
Hallaert, Jean-Jacques - 2013
France's fiscal deficit widened markedly during the crisis (from 2.7 percent of GDP in 2007 to 7.5 percent of GDP in 2009). The fiscal consolidation undertaken since 2010 has heavily relied on tax increases and needs to switch to expenditure containment. The purpose of this paper is to identify...
Persistent link: https://www.econbiz.de/10013078032
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Tax cuts starve the beast! : evidence from Germany
Fuest, Clemens; Neumeier, Florian; Stöhlker, Daniel - 2019
The 'starving the beast' hypothesis claims that tax cuts lead to lower public spending, rather than higher debt levels and higher taxes in the future. This paper uses the institutional setting of German fiscal federalism to its advantage in order to explore how fiscal policy reacts to exogenous...
Persistent link: https://www.econbiz.de/10012157329