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fiscal rules

Fiscal rules, fiscal institutions, and fiscal performance

Fiscal rules, fiscal institutions, and fiscal performance

... of fiscal rules is limited at best, because politicians are likely to find ways to circumvent ...the fiscal framework of EMU relies heavily on the fiscal rules imposed on the member ...

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Rules based economic governance in the European Union: A reappraisal of national fiscal rules

Rules based economic governance in the European Union: A reappraisal of national fiscal rules

... debt rules of the Maastricht Treaty and the Stability and Growth Pact have proved to be controversial cornerstones in the fiscal governance framework of the European Economic and Monetary Union ...national ...

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Own or inherited? The effect of national fiscal rules after changes of government

Own or inherited? The effect of national fiscal rules after changes of government

... national fiscal rules work, in our study 3 we tried to differentiate the signaling function from the limiting one in regard to the operation of the ...introduces fiscal rules to show its ...

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Debt cycles, instability and fiscal rules: A Godley Minsky model

Debt cycles, instability and fiscal rules: A Godley Minsky model

... for fiscal policy. The (de)stabilising effects of two different fiscal rules were ...Maastricht-type fiscal rule according to which the government expenditures-to- output ratio decreases ...

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Fiscal rules in a highly distorted economy

Fiscal rules in a highly distorted economy

... EMU fiscal rules from a welfare ...and fiscal rules in a NK-DSGE with a high number of nominal and real distortions, calibrated on the Euro-area ...income. Fiscal policy responds, ...

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Oil rents and fiscal balance in oil dependent economies: do fiscal rules matter?

Oil rents and fiscal balance in oil dependent economies: do fiscal rules matter?

... and fiscal balance, while controlling for other ...of fiscal rules by using an instrumental variable approach based on Dynamic Panel estimators [the General Method of Moment ...with fiscal ...

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Bolivia’s fiscal rules: dynamic stochastic general equilibrium model approach

Bolivia’s fiscal rules: dynamic stochastic general equilibrium model approach

... Bolivia’s fiscal rules: dynamic stochastic general equilibrium model approach Daney, Valdivia and Marcelo, Montenegro.[r] ...

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Government debt, fiscal rules and singular growth dynamics

Government debt, fiscal rules and singular growth dynamics

... (symmetric) fiscal rule according to which the primary surplus is a linear function of the deviation of the debt to GDP ratio relative to a target level (as in Bohn (1998) and Greiner and Fincke (2015) ...

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Fiscal rules and discretion under persistent shocks

Fiscal rules and discretion under persistent shocks

... The paper is related to several literatures. First, as mentioned, the paper fits into the mechanism design literature on the tradeoff between commitment and flexibility. 8 In contrast to this literature, we study the ...

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The impact of the European Union fiscal rules on economic growth

The impact of the European Union fiscal rules on economic growth

... EU fiscal rules may not have affected growth in Europe in the post-Maastricht period, evidence from the annual analysis also indicates that an increase in government investment has a positive and ...

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The impact of national fiscal rules on the stabilisation function of fiscal policy

The impact of national fiscal rules on the stabilisation function of fiscal policy

... generation fiscal rules mostly expresses a positive ...that rules targeting expenditure are associated with larger and longer fiscal ...that rules limit the pro-cylclicality of ...

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Fiscal Rules and Pro cyclicality of the Fiscal Policy in CEMAC countries

Fiscal Rules and Pro cyclicality of the Fiscal Policy in CEMAC countries

... between fiscal policy and economic activity (measured by the output gap), the estimation of equation (3) which allows we to analyze the cyclicality of fiscal policy can’t be done by ordinary least ...

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Fiscal rules: timing is everything. Bruegel Policy Brief 2012/02, September 2012

Fiscal rules: timing is everything. Bruegel Policy Brief 2012/02, September 2012

... structural balances or debts. How- ever, the timing of the new rules is unhelpful. First, sanctions do not apply for structural balances until excessive deficits are corrected. Second, the new rules enter ...

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Monetary and fiscal rules for public debt sustainability. Economic Papers No. 84, September 1990

Monetary and fiscal rules for public debt sustainability. Economic Papers No. 84, September 1990

... 0,7 96,1 Total public sector debt b + m Interest rate-growth rate differential 1 11,5 8,4 Public sector borrowing requirement Interest burden -3,1 1988 % Targets of the medium-term publi[r] ...

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How to calibrate fiscal rules : a primer

How to calibrate fiscal rules : a primer

... Several methods exist to compute the level of net financial wealth that countries should maintain as a precautionary buffer—a buffer that can be tapped in bad times to support spending when resource revenues fall short. ...

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Boosting cycles and Stabilization effects of Fiscal Rules

Boosting cycles and Stabilization effects of Fiscal Rules

... European Union: The Stability and Growth Pact requires EU members to aim for a debt-to-GDP ratio of 60 per cent and keep annual deficits below 3 per cent of GDP, or face an ‘excessive deficit procedure’ with the ...

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Promoting sustainable and inclusive growth and convergence in the European Union  Bruegel Policy Contribution Issue n˚7 | April 2019

Promoting sustainable and inclusive growth and convergence in the European Union Bruegel Policy Contribution Issue n˚7 | April 2019

... EU fiscal rules need to be reformed to improve the macroeconomic management of the euro ...national fiscal policies are impor- tant tools to better respond to cyclical ...

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The fiscal and monetary institutions of CESEE countries  Bruegel Working Paper 2011/02, February 2011

The fiscal and monetary institutions of CESEE countries. Bruegel Working Paper 2011/02, February 2011

... of fiscal and monetary institutions in macroeconomic stability and budgetary control in CESEE (central, eastern and south eastern European) countries in comparison to other OECD ...better fiscal and ...

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Constitutional Economics, Fiscal Policy Rules, and The Case of Turkey

Constitutional Economics, Fiscal Policy Rules, and The Case of Turkey

... Discretionary fiscal policies have arisen because of dominant Keynesian economic policies from 1930’s to ...policy rules including fiscal rules as well as monetary ...

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Debt Sustainability and Fiscal Policy Rules in the European Union

Debt Sustainability and Fiscal Policy Rules in the European Union

... strict fiscal rules concerning the level of debt and deficits, which were first stipulated in the Maastricht Treaty regarding the excessive deficit ...restrictive rules imposing to member states to ...

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