Journal article | Zeitschriftenartikel

Estimation of a fiscal policy rule for EMU countries (1984-2005)

The primary objective of this paper is to estimate a fiscal policy rule for each of the EMU member States from 1984 to 2005 in order to know if there has been a systematic response of the cyclically adjusted primary balance to output gap and debt level variations. Also, we aim to discover whether the change in the fiscal framework which took place after 1992 has had a substantial impact on the fiscal policy applied. The principal novelty is that the estimation is performed simultaneously by means of a SURE (Seemingly Unrelated Regression Estimator) model. We are thus able to obtain different coefficients for each country, while developing possible correlations between national fiscal policies which would reveal the existence of common factors. The results provide clear evidence of a structural break in the rule after the introduction of the new fiscal regulations and, as the hypothesis of equality in the national coefficients of the rule is clearly rejected, reveal a need to consider specific national factors.

Estimation of a fiscal policy rule for EMU countries (1984-2005)

Urheber*in: García, Agustin; Arroyo, Maria J.; Minguez, Roman; Uxó González, Jorge

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Umfang
Seite(n): 869-884
Sprache
Englisch
Anmerkungen
Status: Postprint; begutachtet (peer reviewed)

Erschienen in
Applied Economics, 41(7)

Thema
Wirtschaft
Politikwissenschaft
Öffentliche Finanzen und Finanzwissenschaft
Europapolitik
Wirtschaftspolitik

Ereignis
Geistige Schöpfung
(wer)
García, Agustin
Arroyo, Maria J.
Minguez, Roman
Uxó González, Jorge
Ereignis
Veröffentlichung
(wo)
Vereinigte Staaten von Amerika
(wann)
2009

DOI
URN
urn:nbn:de:0168-ssoar-239876
Rechteinformation
GESIS - Leibniz-Institut für Sozialwissenschaften. Bibliothek Köln
Letzte Aktualisierung
21.06.2024, 16:26 MESZ

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Objekttyp

  • Zeitschriftenartikel

Beteiligte

  • García, Agustin
  • Arroyo, Maria J.
  • Minguez, Roman
  • Uxó González, Jorge

Entstanden

  • 2009

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