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The Effect of Asset Price Volatility on Fiscal Policy Outcomes

Tagkalakis, Athanasios - 2022

This paper examines the effect of asset price volatility on fiscal policy stance. We find that asset price volatility affects the volatility of discretionary fiscal policy in a positive and significant manner, which according to Fatas and Mihov (2003) has negative repercussions on output...

Persistent link: https://www.econbiz.de/10013404354

The threat of financial contagion to emerging Asia's local bond markets : spillovers from global crises

Azis, Iwan J.; Mitra, Sabyasachi; Baluga, Anthony; … - 2013

This paper employs multivariate GARCH models with a BEKK specification to show significant shock and volatility spillovers from mature bond markets into select emerging Asian local currency bond markets. Results reveal that while the growth of individual bond markets in recent years has been...

Persistent link: https://www.econbiz.de/10009696941

Fiscal Activism and Price Volatility : Evidence from Advanced and Emerging Economies

Afonso, António - 2017

Using a panel of 54 countries between 1980 and 2013, we find empirical support for the view that changes in the fiscal policy stance (year-on-year change in the cyclically adjusted primary balance) have a significant positive correlation with inflation volatility. An increase in the volatility...

Persistent link: https://www.econbiz.de/10012968323

Economic Volatility and Sovereign Yields' Determinants : A Time-Varying Approach

Afonso, António - 2016

Using quarterly data for 10 Euro Area countries we assess the determinants of government bond yield spreads; compute bivariate time-varying coefficient models of each determinant; and use these estimates to explain economic volatility. We find that better fiscal positions or higher than expected...

Persistent link: https://www.econbiz.de/10013001988

Asset price volatility and government revenue

Tagkalakis, Athanasios - 2022

This paper investigates the effect of commercial, residential property and equity price volatility on the variability of cyclically adjusted government revenue. We find significant evidence that asset price volatility increases the variability of government revenue. A 1 percent increase in...

Persistent link: https://www.econbiz.de/10013403897

Asset price volatility and government revenue

Tagkalakis, Athanasios - In: Economic Modelling 28 (2011) 6, pp. 2532-2543

Persistent link: https://www.econbiz.de/10010577066

Cyclical Stabilisation Under the Stability and Growth Pact : How Effective are Automatic Stabilisers?

Brunila, Anne - 2009

It is widely recognised that fiscal policy will have greater responsibilities for cyclical stabilisation in the EMU …, given the loss of the monetary instrument at national level. At the same time, the EMU's budgetary framework emphasises the … stabilisation. Looking ahead, one of the challenges facing policy-makers will be how to design tax and welfare reforms which, while …

Persistent link: https://www.econbiz.de/10012721132

Economic policy in India : for economic stimulus, or for austerity and volatility?

Sen, Sunanda; DasGupta, Zico - 2014

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

Persistent link: https://www.econbiz.de/10010385761

The signaling effects of fiscal announcements

Melosi, Leonardo; Morita, Hiroshi; Rogantini Picco, Anna; … - 2024

Announcing a large fiscal stimulus may signal the government’s pessimism about the severity of a recession to the private sector, impairing the stabilizing effects of the policy. Using a theoretical model, we show that these signaling effects occur when the stimulus exceeds expectations and...

Persistent link: https://www.econbiz.de/10015052575

Fiscal policy and inflation volatility

Rother, Philipp C. - 2004

Among the harmful effects of inflation, the negative consequences of inflation volatility are of particular concern. These include higher risk premia, hedging costs and unforeseen redistribution of wealth. This paper presents panel estimations for a sample of OECD countries which suggest that...

Persistent link: https://www.econbiz.de/10009636540

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