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The structural balance: origins, developments and applications in the European Union

Author

Listed:
  • Giovanni Carnazza

    (Università degli Studi Roma Tre, Dipartimento di Economia)

Abstract

Under the Fiscal Compact, a key obligation is the balanced budget rule. This obligation contains in itself elements of flexibility expressing the latter in structural terms. Actually, the hypothetical fiscal room is limited by the particular methodology adopted by the European Commission. A modification of this methodology should be accompanied by a more general rethinking of the reasonableness of using the structural balance as a benchmark through which to assess fiscal sustainability. Starting with Browns 1956 contribution, the present work reconstructs the origins and developments of this indicator, highlighting the critical points within the current framework of European rules.

Suggested Citation

  • Giovanni Carnazza, 2018. "The structural balance: origins, developments and applications in the European Union," Argomenti, University of Urbino Carlo Bo, Department of Economics, Society & Politics, vol. 11(11), pages 1-25, September.
    • Handle: RePEc:urb:journl:v:11:y:2018:p:1-25
    DOI: 10.14276/1971-8357.1802
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    More about this item

    Keywords

    budget balance; structural balance; business cycle.;
    All these keywords.

    JEL classification:

    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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