Towards Expenditure Rules and Fiscal Sanity in the Euro Area
| Autor: | Ludger Schuknecht, A. Jesús Sánchez-Fuentes, Sebastian Hauptmeier |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2011 |
| Předmět: |
Counterfactual thinking
Economics and Econometrics media_common.quotation_subject Frankreich Italien Sample (statistics) Finanzpolitik jel:B22 Monetary economics A10 Debt Europäischer Stabilitätsmechanismus Economics ddc:330 public debt Expenditure policies expenditure rules fiscal stance public debt sustainability Deutschland A11 fiscal stance H50 media_common Irland Spanien Fiscal imbalance Nachhaltigkeit Portugal jel:A10 Öffentliche Schulden jel:A11 E17 Expenditure policies sustainability Fiscal union Griechenland Aggregate expenditure Stability and Growth Pact E61 Sustainability Expenditure policies public debt expenditure rules sustainability fiscal stance Eurozone H60 B22 Öffentliche Ausgaben expenditure rules E65 |
| ISSN: | 1999-2009 |
| Popis: | 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 expenditure rules since the start of EMU. It also calculates the implications for debt trends. It finds that, all sample countries except Germany applied expansionary expenditure policies. This resulted in much higher expenditure and debt paths compared to a counterfactual neutral expenditure stance. Simple and prudent rules-based spending policies could have led to much safer fiscal positions much more in line with the EU’s Stability and Growth Pact rules. JEL Classification: E17, E61, E65, H50, H60 |
| Databáze: | OpenAIRE |
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