Fiscal rules and fiscal counter-cyclicality

被引：18
|
作者：
Jalles, Joao Tovar [1 ,2 ]
机构：
[1] Nova Sch Business & Econ, Ctr Globalizat & Governance, Campus Campolide, P-1099032 Lisbon, Portugal
[2] UECE Res Unit Complex & Econ, Lisbon, Portugal
来源：
ECONOMICS LETTERS | 2018年 / 170卷
关键词：
Fiscal rules; Weighted least squares; Time-varying coefficients; Fiscal stabilization; Government size; Filtering; BUSINESS-CYCLE; POLICY; LINK;
D O I：
10.1016/j.econlet.2018.06.020
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We assess the effect of fiscal rules on a new time-varying measure of fiscal counter-cyclicality computed for 60 countries over the period 1980-2014. First, we find that fiscal counter-cyclicality is positive and has been increasing over time, being larger in advanced economies. Second, we find that fiscal rules reduce the degree of fiscal counter-cyclicality. The result is especially strong for debt-based rules in advanced economies. Some design features hinder the degree of fiscal counter-cyclicality (such as escape clauses or enforcement procedures), while others (such as transparency) foster it. (C) 2018 Elsevier B.V. All rights reserved.
引用
收藏
页码：159 / 162
页数：4
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