Fiscal Policy and Regional Output Volatility: Evidence from Russia

被引：7

作者：

Eller, Markus ^{[1
]}

Fidrmuc, Jarko ^{[2
,3
,4
]}

Fungacovas, Zuzana ^{[3
,5
]}

机构：

[1] Oesterreich Natl Bank, Foreign Res Div, Otto Wagner Pl 3, A-1090 Vienna, Austria

[2] Zeppelin Univ Friedrichshafen, Dept Econ, Seemoser Horn 20, D-88045 Friedrichshafen, Germany

[3] Charles Univ Prague, Inst Econ Studies, Prague, Czech Republic

[4] Henan Univ, Sch Econ, Kaifeng, Henan, Peoples R China

[5] Bank Finland, Inst Econ Transit BOFIT, Snellmaninaukio, POB 160, FI-00101 Helsinki, Finland

来源：

REGIONAL STUDIES | 2016年 / 50卷 / 11期

关键词：

Output volatility; Automatic stabilizers; Discretionary fiscal policy; System-generalized method of moments (GMM); Russia; CROSS-COUNTRY EVIDENCE; GOVERNMENT SIZE; BUSINESS CYCLES; PANEL-DATA; GROWTH; MODELS; INTEGRATION;

D O I：

10.1080/00343404.2015.1064884

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the relationship between fiscal policy and output volatility in Russian regions between 2000 and 2009. Accounting for endogeneity between output volatility and fiscal developments by using system-generalized method of moments (GMM) estimation techniques, the results indicate that discretionary fiscal policy contributes to output volatility and induces macroeconomic instability at the regional level in Russia. This corroborates previous studies using cross-country data. To reduce business cycle fluctuations, it would be necessary to curtail procyclical fiscal activism at the regional level, e.g. via fiscal rules and sound institutions of fiscal federalism.

引用

页码：1849 / 1862

页数：14

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