Revenue windfalls and expenditure slippages: Disappointing implementation of the reformed stability and growth pact

Autor:	Dan Stegarescu, Astrid Lemmer
Rok vydání:	2009
Předmět:	Stability and Growth Pact Economic policy Debt media_common.quotation_subject Economics Econometrics and Finance (miscellaneous) European integration ddc:330 Economics Business Management and Accounting (miscellaneous) Revenue Social policy media_common
Zdroj:	Intereconomics. 44:159-165
ISSN:	1613-964X 0020-5346
DOI:	10.1007/s10272-009-0291-1
Popis:	With the 2005 reform of the Stability and Growth Pact, a commitment was made to actively consolidate public finances in good times and to use unexpected extra revenues for deficit and debt reduction and not for additional expenditure. Against this background this study provides evidence of a lax implementation of expenditure plans in recent years when revenues were buoyant. Moreover, the infl uence of revenue windfalls on expenditure overruns is found to be more pronounced in countries that also have not met their medium-term objectives. Thus, first experiences in implementing the provisions of the preventive arm of the Stability and Growth Pact after its reform are not encouraging.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::066a000f425ade4e4a8b78319ae867bc https://doi.org/10.1007/s10272-009-0291-1 Zobrazit plný text záznamu Full text from SpringerLink