Arbeitspapier
De facto fiscal space and fiscal stimulus: Definition and assessment
We define the notion of 'de facto fiscal space' of a country as the inverse of the outstanding public debt relative to the de facto tax base, where the latter measures the realized tax collection, averaged across several years to smooth for business cycle fluctuations. We apply this concept to account for the cross-country variation in the fiscal stimulus associated with the global crisis of 2009-2010. We find that greater de facto fiscal space prior to the global crisis, higher GDP/capita, and higher financial exposure to the US, were associated with a higher fiscal stimulus/GDP during 2009-2010. Intriguingly, higher trade openness has been associated with lower fiscal stimulus.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 674
- Classification
-
Wirtschaft
Fiscal Policy
International Policy Coordination and Transmission
Fiscal and Monetary Policy in Development
- Subject
-
fiscal space
fiscal stimulus
trade openness
Öffentliche Schulden
Steueraufkommen
Konjunkturpolitik
Finanzpolitik
Konjunktur
Multiplikator
Finanzmarktkrise
Welt
- Event
-
Geistige Schöpfung
- (who)
-
Aizenman, Joshua
Jinjarak, Yothin
- Event
-
Veröffentlichung
- (who)
-
University of California, Economics Department
- (where)
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Santa Cruz, CA
- (when)
-
2010
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Aizenman, Joshua
- Jinjarak, Yothin
- University of California, Economics Department
Time of origin
- 2010
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