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Indicators of Fiscal Policy: A Re-Examination

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  • Jean-Claude Chouraqui
  • Robert P. Hagemann
  • Nicola Sartor

Abstract

During the past decade, the formulation of fiscal policy has been increasingly founded on medium-term considerations associated with public debt and economic efficiency. In this regard, this paper, and the ones by Olivier Blanchard and Edward Gramlich in the same Working Paper Series, considers the implications of this development for the overall appraisal of fiscal policy in OECD countries. The paper begins with a review of the existing measure of discretionary change in budget positions and proposes refinements to it. The paper then introduces and illustrates several new indicators designed to help assess the sustainability of policies in the short- and medium-run and their first-round impacts on aggregate demand ... Au cours de la dernière décennie, la formulation des politiques budgétaires a reposé de façon croissante sur des considérations à moyen terme prenant en compte l'endettement du secteur public et le souci d'efficacité économique. A cet égard, cette étude, ainsi que celles d'Olivier Blanchard et d'Edward Gramlich qui paraissent dans cette même série des Documents de Travail de l'OCDE, examine les conséquences qu'une telle évolution implique pour l'appréciation globale des politiques budgétaires menées dans les pays Membres de l'OCDE. L'étude commence par un rappel des méthodes visant à mesurer la part attribuable à l'action des pouvoirs publics dans les variations de soldes budgétaires, et suggère d'y apporter certaines améliorations. Elle présente ensuite un certain nombre d'indicateurs nouveaux permettant d'évaluer, d'une part, le caractère soutenable ou non dans le court et moyen terme des politiques suivies et, d'autre part, les effets immédiats de ces politiques sur la demande ...

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File URL: http://dx.doi.org/10.1787/021121358375
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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 78.

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Date of creation: Apr 1990
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Handle: RePEc:oec:ecoaaa:78-en

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Cited by:
  1. Philippine Cour & Eric Dubois & Selma Mahfouz & Jean Pisani-Ferry, 1996. "The Cost of Fiscal Retrenchment Revisited: how Strong is the Evidence?," Working Papers 1996-16, CEPII research center.
  2. Matteo Formenti, 2008. "Indicators and Tests of Sustainability: The Italian Case," Rivista di Politica Economica, SIPI Spa, SIPI Spa, vol. 98(6), pages 123-160, November-.
  3. Schclarek, Alfredo, 2007. "Fiscal policy and private consumption in industrial and developing countries," Journal of Macroeconomics, Elsevier, Elsevier, vol. 29(4), pages 912-939, December.
  4. Bec, Frédérique, 1994. "Impulsions dominantes et analyse des fluctuations de l’économie française," L'Actualité Economique, Société Canadienne de Science Economique, Société Canadienne de Science Economique, vol. 70(1), pages 5-26, mars.
  5. Braconier, Henrik & Holden, Steinar, 1999. "The Public Budget Balance - Fiscal Indicators and Cyclical Sensitivity in the Nordic Countries," Working Paper, National Institute of Economic Research 67, National Institute of Economic Research.
  6. Sergio Ginebri & Bernardo Maggi & Manuel Turco, 2005. "The automatic reaction of the Italian government budget to fundamentals: an econometric analysis," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 37(1), pages 67-81.
  7. Forni, Lorenzo & Momigliano, Sandro, 2004. "Cyclical sensitivity of fiscal policies based on real-time data," MPRA Paper 4315, University Library of Munich, Germany.
  8. Ionut Dumitru & Razvan Stanca, 2011. "Fiscal discipline and economic growth – the case of Romania," Advances in Economic and Financial Research - DOFIN Working Paper Series, Bucharest University of Economics, Center for Advanced Research in Finance and Banking - CARFIB 50, Bucharest University of Economics, Center for Advanced Research in Finance and Banking - CARFIB.
  9. Moog, Stefan & Raffelhüschen, Bernd, 2011. "Ehrbare Staaten? Tatsächliche Staatsverschuldung in Europa im Vergleich," Argumente zur Marktwirtschaft und Politik 115, Stiftung Marktwirtschaft / The Market Economy Foundation, Berlin.
  10. Giancarlo Marini & Alessandro Piergallini, 2008. "Indicators and Tests of Fiscal Sustainability: An Integrated Approach," CEIS Research Paper, Tor Vergata University, CEIS 111, Tor Vergata University, CEIS, revised 11 Jul 2008.
  11. Martin Larch & Matteo Salto, 2003. "Fiscal rules, inertia and discretionary fiscal policy," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 194, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  12. Heikki Oksanen, 2003. "Population ageing and public finance targets," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 196, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  13. António Afonso & Peter Claeys, 2006. "The dynamic behaviour of budget components and output – the cases of France, Germany, Portugal, and Spain," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2006/26, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  14. Julie Tam & Heather Kirkham, 2000. "Automatic Fiscal Stabilisers: Implications for New Zealand," Treasury Working Paper Series 01/10, New Zealand Treasury, revised 2001.
  15. van der Eng, Pierre, 1992. "Measuring fiscal stance for the United Kingdom, 1920-1990," MPRA Paper 38284, University Library of Munich, Germany, revised 15 Jul 2012.
  16. M S Mohanty & Michela Scatigna, 2003. "Countercyclical fiscal policy and central banks," BIS Papers chapters, in: Bank for International Settlements (ed.), Fiscal issues and central banking in emerging economies, volume 20, pages 38-70 Bank for International Settlements.
  17. Martin Larch & Jo�o Nogueira Martins, 2007. "Fiscal indicators - Proceedings of the the Directorate-General for Economic and Financial Affairs Workshop held on 22 September 2006 in Brussels," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 297, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  18. Jansen, K., 2002. "The scope for fiscal policy : with examples from Thailand," ISS Working Papers - General Series, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague 19127, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
  19. Alberto Alesina & Roberto Perotti, 1996. "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects," NBER Working Papers 5730, National Bureau of Economic Research, Inc.

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