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Impact of Fiscal Policy on the Cumulative Production in the Bulgarian Economy

  • Maria Neycheva

In the contemporary researches on fiscal policy the idea about Nonkeynesian effect is broadly debated. Contrary to the orthodox Keynesian paradigm this theory suggests a stimulating impact of budget consolidations on cumulative activity. The trends towards fiscal restrictions and balanced budget in the Eurozone stimulate the research on Nonkeynesian effects in the European countries. In connection with this the theoretical fundament and the results of the relevant empirical research are presented. A confirmation of the hypothesis for Nonkeynesian impact of the budget policy on the growth of GDP in the Bulgarian economy is sought.

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Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

Volume (Year): (2007)
Issue (Month): 3 ()
Pages: 82-101

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Handle: RePEc:bas:econth:y:2007:i:3:p:82-101
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  1. Alberto Alesina & Silvia Ardagna & Roberto Perotti & Fabio Schiantarelli, 2002. "Fiscal Policy, Profits, and Investment," American Economic Review, American Economic Association, vol. 92(3), pages 571-589, June.
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  8. Lane, Philip R. & Perotti, Roberto, 2003. "The importance of composition of fiscal policy: evidence from different exchange rate regimes," Journal of Public Economics, Elsevier, vol. 87(9-10), pages 2253-2279, September.
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  11. Roberto Perotti, 1999. "Fiscal Policy in Good Times and Bad," The Quarterly Journal of Economics, Oxford University Press, vol. 114(4), pages 1399-1436.
  12. Alan Sutherland, . "Fiscal Crises and Aggregate Demand: Can High Public Debt Reverse the Effects of Fiscal Policy?," Discussion Papers 95/17, Department of Economics, University of York.
  13. K. Hristov & M. Mihaylov & Nikolay Nenovsky, 2002. "Comparing institutional and organizational design of Currency Boards in transition countries," Post-Print halshs-00259880, HAL.
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  15. Olivier Jean Blanchard & Stanley Fischer, 1990. "NBER Macroeconomics Annual 1990, Volume 5," NBER Books, National Bureau of Economic Research, Inc, number blan90-1, September.
  16. Selma Mahfouz & Richard Hemming & Michael Kell, 2002. "The Effectiveness of Fiscal Policy in Stimulating Economic Activity; A Review of the Literature," IMF Working Papers 02/208, International Monetary Fund.
  17. Maria Neicheva, 2006. "Non-Keynesian Effects of Government Expenditure on Output in Bulgaria: An HP Filter Approach," Post-Communist Economies, Taylor & Francis Journals, vol. 18(1), pages 1-12.
  18. Alberto Alesina & Roberto Perotti, 1995. "Fiscal Expansions and Fiscal Adjustments in OECD Countries," NBER Working Papers 5214, National Bureau of Economic Research, Inc.
  19. Doris Prammer, 2004. "Expansionary Fiscal Consolidations? An Appraisal of the Literature on Non-Keynesian Effects of Fiscal Policy and a Case Study for Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 34–52.
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