Fiscal Rules Inertia And Discretionary Fiscal Policy
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Deep Roots of Fiscal Behavior by Mr.Serhan Cevik,Ms.Katerina Teksoz Pdf
This paper investigates the determinants of fiscal policy behavior and its time-varying volatility, using panel data for a broad set of advanced and emerging market economies during the period 1990–2012. The empirical results show that discretionary fiscal policy is influenced by policy inertia, the level of public debt, and the output gap in both advanced and emerging market economies. In addition, the paper finds that macro-financial factors—such as real exchange rate, financial development, interest rates, asset prices, and natural resource rents—and demographic and institutional factors—such as the old-age dependency ratio, the quality of institutions, and policy anchors such as fiscal rules and IMF-supported stabilization programs—tend to have a significant effect on fiscal policy behavior. The results also indicate that higher government debt leads to more volatile fiscal behavior, while fiscal rules and higher institutional quality reduce the volatility of fiscal policy over time.
This paper investigates the determinants of fiscal policy behavior and its time-varying volatility, using panel data for a broad set of advanced and emerging market economies during the period 1990-2012. The empirical results show that discretionary fiscal policy is influenced by policy inertia, the level of public debt, and the output gap in both advanced and emerging-market economies. In addition, the paper finds that macro-financial factors (such as real exchange rate, financial development, interest rates, asset prices, and natural resource rents) and demographic and institutional factors (such as the old-age dependency ratio, the quality of institutions, and policy anchors such as fiscal rules and IMF-supported stabilization programs) tend to have a significant effect on fiscal policy behavior. The results also indicate that higher government debt leads to more volatile fiscal behavior, while fiscal rules and higher institutional quality reduce the volatility of fiscal policy over time.
Fiscal Rules—Anchoring Expectations for Sustainable Public Finances by International Monetary Fund. Fiscal Affairs Dept. Pdf
The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.
Fiscal Policy in Economic and Monetary Union by Marco Buti,Daniele Franco Pdf
The book has many merits, and represents an important contribution to the controversial topic of European fiscal policy. I appreciated in particular the high quality and rigor of the analysis and the fact that the pros and cons of the contending opinions are presented in a fair way. It is a rewarding reading. EAEPE Newsletter Buti and Franco present a series of interesting analytical information which should be read by as broad an audience as possible. . . the book is a good buy. László Csaba, Acta Oeconomica This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU s budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational nature. The authors, who have been at the forefront of the academic and policy debate on economic policy in Europe, argue that fiscal policy has always been at the core of the EMU debate. The Maastricht criteria and the Stability and Growth Pact are the most contentious building blocks of EMU s institutional architecture: they have aroused heated controversies between academics and policymakers ever since their adoption. As EMU s budgetary rules undergo their first severe shock, Europe is still searching for its fiscal soul. The book s basic premise is that one cannot fully understand EMU s fiscal framework and the recent debate on its reform without placing them in a historical and institutional perspective and abstracting from the uniqueness of EMU, where sovereign countries retain a large degree of fiscal independence, and monetary policy is entrusted to an independent central bank with the overriding mission of maintaining price stability. Analysing all aspects of EMU s fiscal rules and institutions, this book will strongly appeal to students, academics and researchers of macroeconomic policy and European integration. Policymakers and fiscal policy experts at both national and international levels will also find the book to be of great interest.
EU Fiscal Policy Coordination in Hard Times by Charlotte Rommerskirchen Pdf
What happens to European Union (EU) fiscal policy coordination in hard times? Recent accounts of the EU have portrayed the union as plagued by an austerity regime and rampant moral hazard. Charlotte Rommerskirchen provides an alternative account of economic cooperation in Europe during the Great Recession and the European Debt Crisis. Drawing on Mancur Olson's theory of collective action, this volume combines evidence from statistical analysis and extensive interviews with key players. This book reaches an unexpected conclusion regarding the state of collective action in times of crises: Free riding was not rife. Despite heated accusations, member states crisis policies matched their fiscal room for manoeuvre. The real collective action failure is instead diagnosed in the inability to sanction free riders at the EU level and empowering erratic bond markets to discipline governments.
Policy Instruments for Sound Fiscal Policies by J. Ayuso-i-Casals,S. Deroose,E. Flores,Laurent Moulin Pdf
This volume contributes to empirical research on the role of national fiscal rules and institutions in shaping fiscal policies. It provides original, policy-oriented analysis on a number of questions and gives illuminating conclusions about the devices which promote sound and sustainable policy. Contributors are leading experts.
Europe after Enlargement by Anders Aslund,Marek Dabrowski Pdf
Where is Europe going? In this 2007 collection, several prominent European economists offer essays on the five big challenges to the development of the European Union (EU). Namely, the new European Constitution, European finances and the euro, the need to boost economic growth, competition in both new member states and countries further to the East, and the goal of forming a cooperative and productive relationship with countries on the European periphery. The book includes essays by Charles Wyplosz, who argues that enlargement and deepening are not substitutes but complements; Vito Tanzi who questions the Keynesian foundation of the Growth and Stability Pact; Daniel Gros, who criticises the achievements within the Lisbon Agenda, as well as essays by Anders Aslund, who claims that Russian and Ukrainian oligarchs differ little from US 'robber barons'. The final two chapters discuss the EU's European Neighbourhood Policy and long-term economic integration in Eurasia. Listed in the Economist Top 100 Books of 2007.
Fiscal Policy Making in the European Union by Martin Larch Pdf
This book examines key aspects of the measurement of fiscal policy making in the EU fiscal surveillance framework, highlighting strengths and weaknesses of current assessment practice. Based on the proceedings of a workshop organized by the European Commission’s Directorate-General Economic and Financial Affairs, the book’s contributions from leading experts will be of particular value to individuals and institutions involved in the fields of national and international economics and finance. Key Features: chapters are arranged within three main sections: Long-term sustainability; Measurement of the underlying budgetary position and discretionary fiscal policy; Reliability of fiscal indicators edited by Martin Larch and João Nogueira Martins expert contributors include António Afonso, Fabrizio Balassone, Fernando Ballabriga, Roy Barrell, Peter Brandner, Peter Claeys, Leopold Diebalek, Per Eckefeldt, Jonas Fischer, Daniele Franco, Jagadeesh Gokhale, Ian Hurst, Walpurga Köhler-Töglhofer, György Kopits, Martin Larch, Carlos Martinez-Mongay, James Mitchell, João Nogueira Martins, Jan in ’t Veld, Stefania Zotteri text amply supported by charts and tables. bibliography and Index
Regional Comparisons in Comparative Policy Analysis Studies by Iris Geva-May,B. Guy Peters,Joselyn Muhleisen Pdf
Volume Three of the Classics of Comparative Policy Analysis, contains chapters concerned with "Regional Comparisons and Policy Analysis" – one of the most prevailing approaches in comparative public policy. Through the prism of inter-jurisdiction comparisons of similarities and variations, they address comparisons in specific policy sectors, governance or institutional constructs, and political regimes. The foci are, nevertheless, on those comparisons between countries or regions, which help to lesson-draw by identifying and understanding the variation in policy analysis and policy making that exists within or across regions. One benefit of regional comparisons is that it often allows studies to hold constant many variables, ranging from colonial legacy to federal systems, or from language to specific traditions, and more effectively isolate dependent variables. Regional organizations like the Organization for Economic Co-operation and Development (OECD) or European Union are also considered as catalysts for regional policy approaches and harmonization, and occupy a major role in this volume. The chapters address a broad and diverse number of countries and geographical areas: Latin America, North America, East Asia, Southeast Asia, Southern Africa, the Baltic states, the Nordic states, Western Europe, Central Europe, Eastern Europe, and Europe as a whole. "Regional Comparisons and Policy Analysis" will be of great interest to scholars and learners of public policy and social sciences, as well as to practitioners considering what can be learned or facilitated through methodologically and theoretically sound approaches. The chapters were originally published as articles in the Journal of Comparative Policy Analysis which in the last two decades has pioneered the development of comparative public policy. The volume is part of a four-volume series, the Classics of Comparative Policy Analysis including Theories and Methods, Institutions and Governance, Regional Comparisons, and Policy Sectors. Each volume showcases a different new chapter comparing domains of study interrelated with comparative public policy: political science, public administration, governance and policy design, authored by the JCPA co-editors Giliberto Capano, Iris Geva-May, Michael Howlett, Leslie A. Pal and B. Guy Peters.
This 2005 edition of OECD's periodic review of the Euro Area economy systematically reviews economic developments and makes policy recommendations. This issue concentrates on growth performance and resilience. The first chapter presents an overview ...
Deep Roots of Fiscal Behavior by Mr.Serhan Cevik,Ms.Katerina Teksoz Pdf
This paper investigates the determinants of fiscal policy behavior and its time-varying volatility, using panel data for a broad set of advanced and emerging market economies during the period 1990–2012. The empirical results show that discretionary fiscal policy is influenced by policy inertia, the level of public debt, and the output gap in both advanced and emerging market economies. In addition, the paper finds that macro-financial factors—such as real exchange rate, financial development, interest rates, asset prices, and natural resource rents—and demographic and institutional factors—such as the old-age dependency ratio, the quality of institutions, and policy anchors such as fiscal rules and IMF-supported stabilization programs—tend to have a significant effect on fiscal policy behavior. The results also indicate that higher government debt leads to more volatile fiscal behavior, while fiscal rules and higher institutional quality reduce the volatility of fiscal policy over time.
Fiscal Consolidation in Southeastern European Countries by Mr.Brian Olden,Mr.Duncan Last,Mr.Sami Yläoutinen,Ms.Carla Sateriale Pdf
This paper assesses the relative strengths and weaknesses of fiscal institutions in ten Southeastern European countries, using recent benchmarking methodologies developed by FAD. The assessment evaluates each country’s understanding of the scale of the fiscal adjustment challenge, its ability to develop a credible consolidation strategy, and its capacity to implement the strategy. Key institutional arrangements, are generally in place, including top-down budgeting and medium-term budget frameworks. Other institutional arrangements require further attention, including macro-fiscal forecasting, fiscal risk analysis, setting fiscal objectives, presence and role of independent fiscal agencies, and top-down parliamentary approval.
