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The quality of public finances and economic growth

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Author Info

  • Salvador Barrios
  • Andrea Schaechter

Abstract

Improving the quality of public finances (QPF) has become a new focus for European policy makers. This focus is largely a response to preparing the European economies for the dual challenge of ageing populations and increased exposure to global competition. At the EU level, the Stability and Growth Pact and the Lisbon Strategy for Growth and Jobs provide, in principle, the appropriate tools for fostering a greater role of QPF in fiscal surveillance but this has not yet fully materialised in practice. This is partly because a broad-based conceptual framework on what makes up QPF has been missing. This paper attempts to close this gap by developing a multi-dimensional approach on QPF. Moreover, it reviews how EU Member States fare in each dimension and summarises empirical findings on the links between QPF and growth, including through a growth-accounting approach using discriminant analysis.

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Bibliographic Info

Paper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 337.

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Length: 50 pages
Date of creation: Sep 2008
Date of revision:
Handle: RePEc:euf:ecopap:0337

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Related research

Keywords: Public finances; fiscal policy; public spending; fiscal governance; expenditure efficiency; revenue systems; growth accounting; Barrios; Schaechter;

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Cited by:
  1. Viegas, Miguel & Ribeiro, Ana Paula, 2013. "Welfare-improving government behavior and inequality in a heterogeneous agents model," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 146-160.
  2. Amanda Carmignani & Francesco Bripi & Raffaela Giordano, 2011. "The quality of public services in Italy," Questioni di Economia e Finanza (Occasional Papers) 84, Bank of Italy, Economic Research and International Relations Area.
  3. Salines, Marion & Glöckler, Gabriel & Truchlewski, Zbigniew & del Favero, Paola, 2011. "Beyond the economics of the euro - analysing the institutional evolution of EMU 1999-2010, September 2011," Occasional Paper Series 127, European Central Bank.
  4. Hans Pitlik & Margit Schratzenstaller, 2011. "Growth Implications of Structure and Size of Public Sectors," WIFO Working Papers 404, WIFO.
  5. Coutinho, Leonor, 2012. "Determinants of Growth and Inflation in Southern Mediterranean Countries," CEPS Papers 6736, Centre for European Policy Studies.
  6. Miguel Viegas & Ana Paula Ribeiro, 2011. "Welfare-improving Government Behaviour and Inequality - Inspection Using a Heterogeneous-agent Model," CEF.UP Working Papers 1103, Universidade do Porto, Faculdade de Economia do Porto.
  7. Leonor Coutinho, 2012. "Determinants of Growth and Inflation in Southern Mediterranean Countries," CASE Network Studies and Analyses 436, CASE-Center for Social and Economic Research.

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