EU fiscal stance vulnerability: Are the old members the gold members?

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F14%3A86086790" target="_blank" >RIV/61989100:27510/14:86086790 - isvavai.cz</a>

Výsledek na webu

<a href="http://dx.doi.org/10.1016/j.econmod.2013.12.016" target="_blank" >http://dx.doi.org/10.1016/j.econmod.2013.12.016</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.econmod.2011.07.011" target="_blank" >10.1016/j.econmod.2011.07.011</a>

Jazyk výsledku

angličtina

Název v původním jazyce

EU fiscal stance vulnerability: Are the old members the gold members?

Popis výsledku v původním jazyce

This paper investigates the effect of aggregate shocks on the fiscal stance of the EU, and of its old (OMS) and new (NMS) member states over a business cycle. The fiscal stance is measured by the government deficit. To study the impact of aggregate shocks, we use impulse responses derived from a pooled structural vector autoregression model estimated on annual panel data. We find that the fiscal deficits of OMS could be vulnerable to discretionary changes in government expenditures and revenues. In contrast, the fiscal stance of NMS shows vulnerability to GDP shocks, because the increase in revenues after a positive GDP shock is often outpaced by greater expenditure increases in NMS. The estimated fiscal vulnerabilities stem from disproportionate policy responses concerning government expenditures and a lacking discipline to control pro-cyclical fiscal spending. Our findings for the EU thus support application of fiscal rules focused on government expenditure rather than other fiscal v

Název v anglickém jazyce

EU fiscal stance vulnerability: Are the old members the gold members?

Popis výsledku anglicky

This paper investigates the effect of aggregate shocks on the fiscal stance of the EU, and of its old (OMS) and new (NMS) member states over a business cycle. The fiscal stance is measured by the government deficit. To study the impact of aggregate shocks, we use impulse responses derived from a pooled structural vector autoregression model estimated on annual panel data. We find that the fiscal deficits of OMS could be vulnerable to discretionary changes in government expenditures and revenues. In contrast, the fiscal stance of NMS shows vulnerability to GDP shocks, because the increase in revenues after a positive GDP shock is often outpaced by greater expenditure increases in NMS. The estimated fiscal vulnerabilities stem from disproportionate policy responses concerning government expenditures and a lacking discipline to control pro-cyclical fiscal spending. Our findings for the EU thus support application of fiscal rules focused on government expenditure rather than other fiscal v

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2014

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Economic Modelling

ISSN

0264-9993

e-ISSN

—

Svazek periodika

38

Číslo periodika v rámci svazku

C

Stát vydavatele periodika

NL - Nizozemsko

Počet stran výsledku

15

Strana od-do

87-101

Kód UT WoS článku

000334137900012

EID výsledku v databázi Scopus

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