Fiscal Governance in Europe PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Fiscal Governance in Europe PDF full book. Access full book title Fiscal Governance in Europe by Mark Hallerberg. Download full books in PDF and EPUB format.
Author: Mark Hallerberg
Publisher: Cambridge University Press
ISBN: 0521857465
Category : Business & Economics
Languages : en
Pages : 247
Get Book Here
Book Description
Based on data from European Union countries, this book presents a theoretical framework to discuss how governments coordinate budgeting decisions.
Author: Mark Hallerberg
Publisher: Cambridge University Press
ISBN: 0521857465
Category : Business & Economics
Languages : en
Pages : 247
Get Book Here
Book Description
Based on data from European Union countries, this book presents a theoretical framework to discuss how governments coordinate budgeting decisions.
Author: Michal Andrle
Publisher: International Monetary Fund
ISBN: 1513510029
Category : Business & Economics
Languages : en
Pages : 28
Get Book Here
Book Description
Successive reforms have brought many positive elements to the European Union’s fiscal framework. But they have also increased its complexity. The current system involves an intricate set of fiscal constraints, which hampers effective monitoring and public communication. Compliance has also been weak. This note discusses medium-term reform options to simplify the framework and improve compliance. Based on model simulations and practical considerations, it argues for moving to a two-pillar approach, with a single fiscal anchor (public debt-to-GDP) and a single operational target (an expenditure growth rule, possibly with an explicit debt correction mechanism) linked to the anchor.
Author: Luc Eyraud
Publisher: International Monetary Fund
ISBN: 1484350685
Category : Business & Economics
Languages : en
Pages : 132
Get Book Here
Book Description
Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Author: Mr.Roel M. W. J. Beetsma
Publisher: International Monetary Fund
ISBN: 1484348281
Category : Business & Economics
Languages : en
Pages : 28
Get Book Here
Book Description
Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts, as well as greater compliance with fiscal rules.
Author: Vitor Gaspar
Publisher: International Monetary Fund
ISBN: 1475547900
Category : Business & Economics
Languages : en
Pages : 548
Get Book Here
Book Description
Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.
Author: J. Ayuso-i-Casals
Publisher: Springer
ISBN: 0230271790
Category : Business & Economics
Languages : en
Pages : 367
Get Book Here
Book Description
This volume contributes to empirical research on the role of national fiscal rules and institutions in shaping fiscal policies. It provides original, policy-oriented analysis on a number of questions and gives illuminating conclusions about the devices which promote sound and sustainable policy. Contributors are leading experts.
Author: Lorenzo Bini Smaghi
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 86
Get Book Here
Book Description
Author: Luc Eyraud
Publisher: International Monetary Fund
ISBN: 1475572913
Category : Business & Economics
Languages : en
Pages : 44
Get Book Here
Book Description
This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-time data for 19 countries participating in the euro area over 1999–2015. We look for, but do not find, conclusive evidence of bias in procedures in relation to country size. The paper also briefly reviews the literature on political economy factors and policy biases, and offers some reflections on the euro area architecture.
Author: S. Ali Abbas
Publisher:
ISBN: 0198850824
Category : Business & Economics
Languages : en
Pages : 455
Get Book Here
Book Description
This book is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners, and policymakers through this complicated, but not intractable, subject.
Author: Francesca G Caselli
Publisher: International Monetary Fund
ISBN: 1498300863
Category : Business & Economics
Languages : en
Pages : 27
Get Book Here
Book Description
This paper estimates the causal effect of fiscal rules on fiscal balances in a panel of 142 countries over the period 1985-2015. Our instrumental variable strategy exploits the geographical diffusion of fiscal rules across countries. The intuition is that reforms in neighboring countries may affect the adoption of domestic reforms through peer pressure and imitational effects. We find that fiscal rules correlate with lower deficits, but the positive link disappears when endogeneity is correctly addressed. However, when considering an index of fiscal rules’ design, we show that well-designed rules have a statistically significant impact on fiscal balances. We conduct several robustness tests and show that our results are not affected by weak instrument problems.
