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The impact of fiscal rules on public finances: theory and empirical evidence for the euro area

"This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the n...

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Bibliographic Details
Main Authors: Marneffe, Wim, Van Aarle, Bas, Van Der Wielen, Wouter, Vereeck, Lode
Institution:ETUI-European Trade Union Institute
Format: TEXT
Language:English
Published: Munich 2010
CESifo
Subjects:
EMU
fiscal policy
public finance
statistics
Online Access:https://www.labourline.org/KENTIKA-19183900124919011829-The-impact-of-fiscal-rules-on-.htm
Description
Summary:"This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the necessary guidance in limiting governmental borrowing by member states. In addition to the SGP, European countries are implementing various other fiscal rules that bind central, regional and local governments. We provide empirical estimates of the effect of fiscal rules on fiscal balance, government spending and government revenues, using a Fiscal Rule Index. We find that fiscal rules have some effect on fiscal balances. "
Physical Description:25 p.
Digital

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