The design of national fiscal frameworks and their budgetary impact
This study analyses the link between fiscal frameworks and their budgetary impact. We look at different features of national numerical fiscal rules in combination with fiscal councils and medium-term budgeting frameworks. We construct our own time-varying dataset for national fiscal frameworks for the period 1990-2012 covering all 27 EU Member States and estimate a dynamic panel on aggregate and disaggregated fiscal policy variables. We find strong support that numerical fiscal rules help to improve the primary balance, and that the budgetary impact can be further strengthened when supported by independent fiscal councils and an effective medium-term budgeting framework. JEL Classification: E61, E62, H60
|Date of creation:||Sep 2013|
|Contact details of provider:|| Postal: 60640 Frankfurt am Main, Germany|
Phone: +49 69 1344 0
Fax: +49 69 1344 6000
Web page: http://www.ecb.europa.eu/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lars Calmfors & Simon Wren-Lewis, 2011.
"What Should Fiscal Councils Do?,"
CESifo Working Paper Series
3382, CESifo Group Munich.
- Calmfors, Lars & Wren-Lewis, Simon, 2010. "What Should Fiscal Councils Do?," Seminar Papers 768, Stockholm University, Institute for International Economic Studies.
- Simon Wren-Lewis & Lars Calmfors, 2011. "What should fiscal councils do?," Economics Series Working Papers 537, University of Oxford, Department of Economics.
- George Kopits & Steven A. Symansky, 1998. "Fiscal Policy Rules," IMF Occasional Papers 162, International Monetary Fund.
- Bruno, Giovanni S.F., 2005.
"Approximating the bias of the LSDV estimator for dynamic unbalanced panel data models,"
Elsevier, vol. 87(3), pages 361-366, June.
- Giovanni S.F. Bruno, 2004. "Approximating the Bias of the LSDV Estimator for Dynamic Unbalanced Panel Data Models," KITeS Working Papers 159, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Jul 2004.
- Timothy Besley & Anne Case, 2003.
"Political Institutions and Policy Choices: Evidence from the United States,"
Journal of Economic Literature,
American Economic Association, vol. 41(1), pages 7-73, March.
- Tim Besley, 2002. "Political institutions and policy choices: evidence from the United States," IFS Working Papers W02/13, Institute for Fiscal Studies.
- Besley, Timothy J. & Case, Anne, 2002. "Political Institutions and Policy Choices: Evidence from the United States," CEPR Discussion Papers 3498, C.E.P.R. Discussion Papers.
- Galí, Jordi & Perotti, Roberto, 2003.
"Fiscal Policy and Monetary Integration in Europe,"
CEPR Discussion Papers
3933, C.E.P.R. Discussion Papers.
- Jakob Haan & Richard Jong-A-Pin & Jochen Mierau, 2013.
"Do budgetary institutions mitigate the common pool problem? New empirical evidence for the EU,"
Springer, vol. 156(3), pages 423-441, September.
- Jakob de Haan & Richard Jong-A-Pin & Jochen O. Mierau, 2012. "Do Budgetary Institutions Mitigate the Common Pool Problem? New Empirical Evidence for the EU," KOF Working papers 12-303, KOF Swiss Economic Institute, ETH Zurich.
- Xavier Debrun & David Hauner & Manmohan S. Kumar, 2009. "Independent Fiscal Agencies," Journal of Economic Surveys, Wiley Blackwell, vol. 23(1), pages 44-81, 02.
- Signe Krogstrup & Sébastien Wälti, 2007.
"Do fiscal rules cause budgetary outcomes?,"
IHEID Working Papers
15-2007, Economics Section, The Graduate Institute of International Studies, revised May 2007.
- Fédéric Holm-Hadulla & Sebastian Hauptmeier & Philipp Rother, 2011.
"The impact of expenditure rules on budgetary discipline over the cycle,"
- F. Holm-Hadulla & S. Hauptmeier & P. Rother, 2012. "The impact of expenditure rules on budgetary discipline over the cycle," Applied Economics, Taylor & Francis Journals, vol. 44(25), pages 3287-3296, September.
- Jordi Galí & Roberto Perotti, 2003. "Fiscal policy and monetary integration in Europe," Economic Policy, CEPR;CES;MSH, vol. 18(37), pages 533-572, October.
- Peter Wierts, 2008. "How do Expenditure Rules affect Fiscal Behaviour?," DNB Working Papers 166, Netherlands Central Bank, Research Department.
- Afonso, António & Hauptmeier, Sebastian, 2009.
"Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness,"
Working Paper Series
1054, European Central Bank.
- Cândida Ferreira, 2009. "Fiscal Behaviour in the European Union: Rules, Fiscal Decentralization and Government Indebtedness," Working Papers Department of Economics 2009/23, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
- Nina T Budina & Andrea Schaechter & Anke Weber & Tidiane Kinda, 2012. "Fiscal Rules in Response to the Crisis; Toward the "Next-Generation" Rules: A New Dataset," IMF Working Papers 12/187, International Monetary Fund.
- repec:fth:geneec:99.05 is not listed on IDEAS
When requesting a correction, please mention this item's handle: RePEc:ecb:ecbwps:20131588. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Official Publications)
If references are entirely missing, you can add them using this form.