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Estimating Prudent Budgetary Margins

In: The Stability and Growth Pact

Author

Listed:
  • Thomas Dalsgaard
  • Alain Serres

Abstract

The Maastricht Treaty imposes a debt limit of 60 per cent of GDP and a deficit ceiling of 3 per cent of GDP for countries participating in Stage 3 of European Monetary Union (EMU). The Stability and Growth Pact goes further and specifies the circumstances under which a deficit can be regarded as excessive, speeds up the procedure and defines the sanctions in the event of excessive deficits.

Suggested Citation

  • Thomas Dalsgaard & Alain Serres, 2001. "Estimating Prudent Budgetary Margins," Palgrave Macmillan Books, in: Anne Brunila & Marco Buti & Daniele Franco (ed.), The Stability and Growth Pact, chapter 9, pages 204-234, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62926-4_9
    DOI: 10.1057/9780230629264_9
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    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Teresa Leal & Javier J. Pérez & Mika Tujula & Jean-Pierre Vidal, 2008. "Fiscal Forecasting: Lessons from the Literature and Challenges," Fiscal Studies, Institute for Fiscal Studies, vol. 29(3), pages 347-386, September.
    2. Anne Brunila & Marco Buti & Jan In 'T Veld, 2003. "Fiscal Policy in Europe: How Effective Are Automatic Stabilisers?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 30(1), pages 1-24, March.
    3. repec:spo:wpecon:info:hdl:2441/963 is not listed on IDEAS
    4. Lars Jonung, 2002. "EMU and the Euro - The First Ten Years. Challenges to the sustainability and price stability of the euro area - what does history tell us?," EUI-RSCAS Working Papers 46, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    5. Jerome Creel, 2003. "Ranking Fiscal Policy Rules: the Golden Rule of Public Finance vs. the Stability and Growth Pact," Documents de Travail de l'OFCE 2003-04, Observatoire Francais des Conjonctures Economiques (OFCE).
    6. repec:spo:wpecon:info:hdl:2441/2975 is not listed on IDEAS
    7. repec:hal:wpspec:info:hdl:2441/963 is not listed on IDEAS
    8. Marco Buti & Sylvester Eijffinger & Daniele Franco, 2003. "Revisiting the Stability and Growth Pact: grand design or internal adjustment?," European Economy - Economic Papers 2008 - 2015 180, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    9. Michal Mackiewicz, 2007. "Making the Stability Pact More Flexible: Does It Lead to Pro-Cyclical Fiscal Policies?," Fiscal Studies, Institute for Fiscal Studies, vol. 28(2), pages 251-268, June.
    10. repec:hal:spmain:info:hdl:2441/963 is not listed on IDEAS
    11. Jerome Creel & Gwenaelle Poilon, 2008. "Is public capital productive in Europe?," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(6), pages 673-691.
    12. Martin Larch & João 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 2008 - 2015 297, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    13. Afonso, Antonio & Claeys, Peter, 2008. "The dynamic behaviour of budget components and output," Economic Modelling, Elsevier, vol. 25(1), pages 93-117, January.
    14. Lars Jonung, 2002. "EMU and the euro - the first 10 years. Challenges to the sustainability and price stability of the euro area - what does history tell us?," European Economy - Economic Papers 2008 - 2015 165, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    15. repec:spo:wpmain:info:hdl:2441/2975 is not listed on IDEAS
    16. Sell, Friedrich L., 2003. "Die Stabilitätsprogramme der EU: Anspruch und Wirklichkeit in den ersten vier Jahren der Europäischen Währungsunion," Working Papers in Economics 2003,2, Bundeswehr University Munich, Economic Research Group.
    17. 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 2006/26, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    18. repec:hal:wpspec:info:hdl:2441/2975 is not listed on IDEAS
    19. repec:spo:wpmain:info:hdl:2441/963 is not listed on IDEAS
    20. Mackiewicz, Michał, 2005. "Making The Stability Pact More Flexible: Can It Lead to Procyclical Fiscal Policies?," MPRA Paper 16033, University Library of Munich, Germany.
    21. repec:hal:spmain:info:hdl:2441/2975 is not listed on IDEAS

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