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Building a financial conditions index for the euro area and selected euro area countries: what does it tell us about the crisis?
Angelopoulou, Eleni; Balfoussia, Hiona; Gibson, Heather D. - Bank of Greece - 2012
core and periphery countries. There is evidence of significant divergence both before and during the crisis, which becomes …
Persistent link: https://www.econbiz.de/10010855048
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The effects of financial crisis on fiscal positions
Tagkalakis, Athanasios - 2022
The recent financial crisis was characterized by the sizeable fiscal cost of banking sector bail out operations and the … finances in many industrialized countries. This paper tries to evaluate the impact of financial crisis episodes on debt … developments. The findings indicate that severe financial crisis episodes increase the stock of debt by 2.7%-4.0% of GDP, on …
Persistent link: https://www.econbiz.de/10014079800
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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 macroeconomic effects of fiscal consolidation in dynamic general equilibrium
Schwarzmüller, Tim; Wolters, Maik H. - 2014
of credit-constrained households who cannot smooth consumption has a large impact on the overall output and welfare …
Persistent link: https://www.econbiz.de/10010416675
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Fiscal Adjustments and Asset Price Movements
Tagkalakis, Athanasios - 2022
This paper examines the links between asset price movements and fiscal adjustments. Our findings suggest that a pick up in asset prices increases the probability of initiating a fiscal adjustment, but it does not necessarily lead to a sustainable correction of fiscal imbalances. However, higher...
Persistent link: https://www.econbiz.de/10013404355
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Fiscal Policy and Financial Market Movements
Tagkalakis, Athanasios - 2022
This paper estimates a fiscal policy reaction function in order to investigate the links between financial and real estate market movements and fiscal policy outcomes. An increase in asset prices affects in a positive and significant manner primary balances, with the response reflecting both an...
Persistent link: https://www.econbiz.de/10013404351
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Debt Control : An Alternative Route to a Balanced Budget
Larson, Sven R. - 2014
This paper discusses an alternative route to a balanced budget, namely through debt control. Two models are compared: the debt brake which has been used in Switzerland since 2003 and the debt limitation model proposed by Compact for America. The paper concludes that the former, while apparently...
Persistent link: https://www.econbiz.de/10013039778
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Fiscal Policy and Budget Balancing : The European Experience
Larson, Sven R. - 2015
The European Union's constitutional balanced-budget amendment, the Stability and Growth Pact (SGP), dictates that EU member states keep their budget deficits within three percent of GDP and that government debt be kept at or below 60 percent of GDP. After 20 years, unintended consequences of the...
Persistent link: https://www.econbiz.de/10013030527
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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
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The effect of asset price volatility on fiscal policy outcomes
Tagkalakis, Athanasios - Bank of Greece - 2009
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/10008547916