Artikel
Reviving fiscal policy in Europe: towards an implementation of the golden rule of public investment
The implementation of a golden rule of public investment as a necessary institutional reform and an important step aimed at overcoming the constraints imposed by the new European Economic Governance are proposed. The rule is widely accepted in traditional public finance and can deliver both intergenerational fairness as well as more growth and employment. The golden rule would exempt public (net) investment suitably defined from the relevant deficit targets of both the preventative and the corrective arms of the Stability and Growth Pact as well as the Fiscal Compact. That way, fiscal policy would be upgraded and would receive more room for manoeuvre and public investment as a particularly growth-enhancing public expenditure category would be strengthened. Different definitions are discussed and a pragmatic definition based on the national accounts with some modifications will be proposed. The standard reservations against a golden rule are critically assessed and mostly discarded. Although a proper implementation would need some time, this should not be an excuse for not using pragmatic short-term solutions that are readily available at the European level.
- Sprache
-
Englisch
- Erschienen in
-
Journal: European Journal of Economics and Economic Policies: Intervention (EJEEP) ; ISSN: 2052-7772 ; Volume: 13 ; Year: 2016 ; Issue: 1 ; Pages: 57-71
- Klassifikation
-
Wirtschaft
Investment; Capital; Intangible Capital; Capacity
Policy Objectives; Policy Designs and Consistency; Policy Coordination
Fiscal Policy
Studies of Particular Policy Episodes
National Government Expenditures and Related Policies: Infrastructures; Other Public Investment and Capital Stock
National Deficit; Surplus
- Thema
-
golden rule
public investment
fiscal policy
austerity
euro area
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Truger, Achim
- Ereignis
-
Veröffentlichung
- (wer)
-
Edward Elgar Publishing
- (wo)
-
Cheltenham
- (wann)
-
2016
- DOI
-
doi:10.4337/ejeep.2016.01.06
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Truger, Achim
- Edward Elgar Publishing
Entstanden
- 2016
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