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Fiscal rules and fiscal performance in the EU and Japan

Hagen, Jürgen von - 2006

Fiscal rules specify quantitative targets for key budgetary aggregates. In this paper, we review the experience with such rules in Japan and in the EU. Comparing the performance of fiscal policy in the 1980s and 1990s until 2003, we find that the fiscal rule of the 1980s exerted some but not...

Persistent link: https://www.econbiz.de/10010374865

Political economy of fiscal institutions

Hagen, Jürgen von - 2005

We discuss two essential problems of the political economy of public finances: The principal agent problem between voters and elected politicians and the common pool problem arising from the fact that money drawn from a general tax fund is used to pay for policies targeting more or less narrow...

Persistent link: https://www.econbiz.de/10010374869

Do budget balance rules anchor budget balance expectations? : some international evidence ; conference paper

Frenkel, Michael; Lis, Eliza M.; Ruelke, Jan-Christoph - 2013

This is the first study that analyzes whether budget balance expectations are anchored and whether budget balance rules effectively anchor expectations. To this end, we use a unique data set which covers budget balance expectations in 17 countries that implemented a budget balance rules. While...

Persistent link: https://www.econbiz.de/10010336795

The design of fiscal rules and forms of governance in European Union countries

Hallerberg, Mark; Strauch, Rolf; Hagen, Jürgen von - 2006

This paper uses a new data set on budgetary institutions in Europe to examine the impact of fiscal rules and budget procedures in EU countries on public finances. It briefly describes the main pattern of budgetary institutions and their determinants across the EU 15 member states. Empirical...

Persistent link: https://www.econbiz.de/10010343939

Costa Rica : restoring fiscal sustainability and setting the basis for a more growthfriendly and inclusive fiscal policy

Araújo, Sónia; Guichard, Stéphanie - 2018

Consecutive years of primary deficits have led to mounting public debt of almost 50% of GDP, one of the fastest increases in Latin America over the last decade. Government attempts to restore fiscal health have been undermined by a gridlocked Congress. While only minor reforms have been enacted...

Persistent link: https://www.econbiz.de/10011914250

Towards expenditure rules and fiscal sanity in the euro area

Hauptmeier, Sebastian; Fuentes, Jesus Sanchez; … - 2010

The study looks at primary expenditure developments in the euro area, its three largest members and four "macro-imbalances" countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...

Persistent link: https://www.econbiz.de/10008728760

Current account targeting hypothesis versus twin deficit hypothesis : the EMU experience of Portugal

Afonso, António; Coelho, José Carlos - 2021

We study the relationship between the government budget balance and the current account balance for Portugal, using …

Persistent link: https://www.econbiz.de/10012595472

Fiscal and current account imbalances : the cases of Germany and Portugal

Afonso, António; Coelho, José Carlos - 2021

We investigate the bilateral relationship between government budget balances and current account balances for Portugal … and Germany. We find that the response of the current account balance to the budget balance is greater in Portugal than in … Germany. On the other hand, the response of the budget balance to the current balance is higher in Germany than in Portugal …

Persistent link: https://www.econbiz.de/10014293956

Fiscal policy rules in practice

Thams, Andreas (contributor) - 2007

This paper analyzes German and Spanish fiscal policy using simple policy rules. We choose Germany and Spain, as both are Member States in the European Monetary Union (EMU) and underwent considerable increases in public debt in the early 1990s.We focus on the question, how fiscal policy behaves...

Persistent link: https://www.econbiz.de/10003633561

Fiscal policy and macroeconomic performance in the Euro area : lessons for the future

Hein, Eckhard; Truger, Achim - 2006

Seit dem Begin der Europäischen Währungsunion (EWU) steht die Finanzpolitik in den Staaten des Euroraums ganz im … der Finanzpolitik für den Zeitraum von 2001 bis 2005 im Euroraum und seinen einzelnen Mitgliedsstaaten und vergleicht sie … mit denen der Finanzpolitik in den USA. Während die US-Finanzpolitik aktiv anti-zyklisch dem Abschwung entgegengewirkt hat …

Persistent link: https://www.econbiz.de/10003744534