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Cyclical asymmetry in fiscal variables in the EU

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  • Fabrizio Balassone
  • Maura Francese
  • Stefania Zotteri

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  • Fabrizio Balassone & Maura Francese & Stefania Zotteri, 2010. "Cyclical asymmetry in fiscal variables in the EU," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 37(4), pages 381-402, November.
    • Handle: RePEc:kap:empiri:v:37:y:2010:i:4:p:381-402
    DOI: 10.1007/s10663-009-9114-7
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    1. Zvi Hercowitz & Michel Strawczynski, 2004. "Cyclical Ratcheting in Government Spending: Evidence from the OECD," The Review of Economics and Statistics, MIT Press, vol. 86(1), pages 353-361, February.
    2. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Végh, 2005. "When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Chapters, in: NBER Macroeconomics Annual 2004, Volume 19, pages 11-82, National Bureau of Economic Research, Inc.
    3. Jacopo Cimadomo, 2012. "Fiscal Policy in Real Time," Scandinavian Journal of Economics, Wiley Blackwell, vol. 114(2), pages 440-465, June.
    4. Michael Gavin & Roberto Perotti, 1997. "Fiscal Policy in Latin America," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 11-72, National Bureau of Economic Research, Inc.
    5. Mr. Stephan Danninger & Ms. Annette J Kyobe & Mr. M. Cangiano, 2005. "The Political Economy of Revenue-Forecasting Experience From Low-Income Countries," IMF Working Papers 2005/002, International Monetary Fund.
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    8. Michael Artis & Massimiliano Marcellino, "undated". "Fiscal Solvency and Fiscal Forecasting in Europe," Working Papers 142, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    9. Mr. George Kopits & Mr. Steven A. Symansky, 1998. "Fiscal Policy Rules," IMF Occasional Papers 1998/011, International Monetary Fund.
    10. Lorenzo Forni & Sandro Momigliano, 2004. "Cyclical sensitivity of fiscal policies based on real-time data," Temi di discussione (Economic working papers) 540, Bank of Italy, Economic Research and International Relations Area.
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    12. Lars P. Feld & Gebhard Kirchgassner, 2006. "On the Effectiveness of Debt Brakes: The Swiss Experience," CREMA Working Paper Series 2006-21, Center for Research in Economics, Management and the Arts (CREMA).
    13. Golinelli, Roberto & Momigliano, Sandro, 2006. "Real-time determinants of fiscal policies in the euro area," Journal of Policy Modeling, Elsevier, vol. 28(9), pages 943-964, December.
    14. Fabrizio Balassone & Maura Francese, 2004. "Cyclical asymmetry in fiscal policy, debt accumulation and the Treaty of Maastricht," Temi di discussione (Economic working papers) 531, Bank of Italy, Economic Research and International Relations Area.
    15. William D. Nordhaus, 1975. "The Political Business Cycle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 42(2), pages 169-190.
    16. Athanasios Orphanides, 2001. "Monetary Policy Rules Based on Real-Time Data," American Economic Review, American Economic Association, vol. 91(4), pages 964-985, September.
    17. Fabrizio Balassone & Daniele Franco & Stefania Zotteri, 2007. "Rainy day funds: can they make a difference in Europe," Questioni di Economia e Finanza (Occasional Papers) 11, Bank of Italy, Economic Research and International Relations Area.
    18. Buti, Marco & Franco, Daniele & Ongena, Hedwig, 1998. "Fiscal Discipline and Flexibility in EMU: The Implementation of the Stability and Growth Pact," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 14(3), pages 81-97, Autumn.
    19. Bouthevillain, C. & Van Den Dool, G. & Langenus, G. & Mohr, M. & Momigliano, S. & Tujula, M. & De Cos, P.H. & Cour-Thimann, Philippine, 2001. "Cyclically Adjusted Budget Balances: an Alternative Approach," Papers 77, Quebec a Montreal - Recherche en gestion.
    20. Jordi Galí & Roberto Perotti, 2003. "Fiscal policy and monetary integration in Europe [‘Consumption smoothing through fiscal policy in OECD and EU countries’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 18(37), pages 533-572.
    21. Martin Larch & Matteo Salto, 2005. "Fiscal rules, inertia and discretionary fiscal policy," Applied Economics, Taylor & Francis Journals, vol. 37(10), pages 1135-1146.
    22. Jordi Gali & Roberto Perotti, 2003. "Fiscal Policy and Monetary Integration in Europe," NBER Working Papers 9773, National Bureau of Economic Research, Inc.
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    Citations

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    Cited by:

    1. Vladimir Arcabic, 2018. "Fiscal convergence and sustainability in the European Union," Public Sector Economics, Institute of Public Finance, vol. 42(4), pages 353-380.
    2. Taner Turan & Pelin Varol Iyidogan, 2022. "Estimating Fiscal Reaction Functions for Developing and Developed Countries: A Dynamic Panel Threshold Analysis," Journal of Economics / Ekonomicky casopis, Institute of Economic Research, Slovak Academy of Sciences, vol. 70(5), pages 393-410, May.
    3. Vladimir Arcabic & Frane Banic, 2021. "Characteristics of fiscal policy in Croatia: does it depend on the phase of the business cycle?," Public Sector Economics, Institute of Public Finance, vol. 45(4), pages 433-457.
    4. David Cronin & Kieran McQuinn, 2021. "The (pro-) cyclicality of government consumption in the EU and official expectations of future output growth: new evidence," International Economics and Economic Policy, Springer, vol. 18(2), pages 331-345, May.
    5. Kambale Kavese & Andrew Phiri, 2019. "Fiscal cyclicality in South African public expenditures: Do asymmetries explain inconsistencies?," Working Papers 1909, Department of Economics, Nelson Mandela University, revised Sep 2019.
    6. Arze del Granado, Javier & Gupta, Sanjeev & Hajdenberg, Alejandro, 2013. "Is Social Spending Procyclical? Evidence for Developing Countries," World Development, Elsevier, vol. 42(C), pages 16-27.
    7. Michel Strawczynski, 2022. "Cyclicality of Tax Expenditures: The Case of Israel," Bank of Israel Working Papers 2022.04, Bank of Israel.
    8. Everaert, Gerdie & Jansen, Stijn, 2018. "On the estimation of panel fiscal reaction functions: Heterogeneity or fiscal fatigue?," Economic Modelling, Elsevier, vol. 70(C), pages 87-96.
    9. Steven P. Cassou & Hedieh Shadmani & Jesús Vázquez, 2017. "Fiscal policy asymmetries and the sustainability of US government debt revisited," Empirical Economics, Springer, vol. 53(3), pages 1193-1215, November.
    10. Ibrar Hussain & Muhammad Rafiq & Zahoor Khan, 2020. "An analysis of the asymmetric effect of fiscal policy on economic growth in Pakistan: Insights from Non-Linear ARDL," Business Review, School of Economics and Social Sciences, IBA Karachi, vol. 15(1), pages 19-49, January-J.
    11. Coimbra, Nuno, 2020. "Sovereigns at risk: A dynamic model of sovereign debt and banking leverage," Journal of International Economics, Elsevier, vol. 124(C).
    12. Cronin, David & McQuinn, Kieran, 2020. "The (Pro-) Cyclicality of Fiscal Policy in the EU and Governments’ Expectations of Future Output Growth: New Evidence," Papers WP683, Economic and Social Research Institute (ESRI).
    13. Christoph Peatz, 2020. "Fiscal Rules in Good Times and Bad," IMK Working Paper 206-2020, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    14. Koester, Gerrit B. & Priesmeier, Christoph, 2015. "The Timing and Responsiveness of Fiscal Policy over the Business Cycle in Germany," MPRA Paper 68412, University Library of Munich, Germany.
    15. U. Michael Bergman & Michael Hutchison, 2020. "Fiscal procyclicality in emerging markets: The role of institutions and economic conditions," International Finance, Wiley Blackwell, vol. 23(2), pages 196-214, August.
    16. Golpe, Antonio A. & Sánchez-Fuentes, A. Jesus & Vides, José Carlos, 2023. "Fiscal sustainability, monetary policy and economic growth in the Euro Area: In search of the ultimate causal path," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1026-1045.

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    More about this item

    Keywords

    Fiscal stabilisation; Government expenditure; Government debt; Fiscal rules; E62; H6;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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