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Fiscal behaviour in the European Union - rules, fiscal decentralization and government indebtedness

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Abstract

We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The results show that the existence of effective fiscal rules, the degree of public spending decentralization, and the electoral cycle can impinge on the country’s fiscal position. Furthermore, the results also support the responsiveness of primary balances to government indebtedness. JEL Classification: C23, E62, H62.

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Bibliographic Info

Paper provided by European Central Bank in its series Working Paper Series with number 1054.

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Length: 47 pages
Date of creation: May 2009
Date of revision:
Handle: RePEc:ecb:ecbwps:20091054

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Keywords: fiscal regimes; fiscal rules; fiscal decentralization; European Union; panel Data.;

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  1. Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, vol. 42(2), pages 169-90, April.
  2. António Afonso, 2005. "Ricardian Fiscal Regimes in the European Union," Working Papers 2005/18, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon..
  3. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
  4. Wallace E. Oates, 1999. "An Essay on Fiscal Federalism," Journal of Economic Literature, American Economic Association, vol. 37(3), pages 1120-1149, September.
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Cited by:
  1. Athanasios Tagkalakis, 2012. "The effects of financial crisis on fiscal positions," Working Papers 145, Bank of Greece.
  2. Cerón, Juan A., 2011. "¿Qué preocupa a los gobiernos, la brecha de producción o el PIB?," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/15813, Universidad Carlos III de Madrid.
  3. Demosthenes Ioannou & Livio Stracca, 2011. "Have euro area and EU economic governance worked? Just the facts," Working Paper Series 1344, European Central Bank.
  4. Fédéric Holm-Hadulla & Sebastian Hauptmeier & Philipp Rother, 2010. "The impact of numerical expenditure rules on budgetary discipline over the cycle," Working Paper Series 1169, European Central Bank.
  5. Cerón, Juan A., 2012. "La respuesta de la política fiscal a la actividad económica en los países desarrollados/Fiscal policy reaction to economic activity in developed countries," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 30, pages 369 (32 pag, Abril.
  6. Tagkalakis, Athanasios, 2013. "The effects of financial crisis on fiscal positions," European Journal of Political Economy, Elsevier, vol. 29(C), pages 197-213.

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