Search results for "Spending"

Assessing long-term fiscal developments : a new approach

2011

We use a new approach to assess long-term fiscal developments. By analyzing the time-varying behaviour of the two components of government spending and revenue – responsiveness and persistence–, a feature not captured by automatic stabilisers, we are able to infer about the sources of fiscal deterioration (improvement). Drawing on quarterly data, we estimate recursively these components within a system of government revenue and spending equations using a Three-Stage Least Square method for eight European Union countries plus the US. The results suggest that significant changes in the fiscal stance (including those related to the current crisis) are reflected in the estimates of persistence …

Automatic stabilizers, fiscal rules and macroeconomic stability

2006

This paper analyzes the effect of the fiscal structure upon the trade-off between inflation and output stabilization in the presence of technological shocks in a DGE model with nominal and real rigidities. The model reproduces the main features of European economies and it integrates a rich menu of fiscal variables as well as a target on the debt to output ratio. The main result of this paper is that distortionary taxes tend to increase output volatility relative to lump-sum taxes unless substantial rigidities are present. We explore in detail the mechanisms that generate such a result, and the conditions under which the supply-side effects of distortionary taxes and the procyclical behavio…

Nonlinear effects of asset prices on fiscal policy: Evidence from the UK, Italy and Spain

2015

"Available online 1 August 2014"

The effects of budget deficit on national saving in the OECD

2000

Abstract In this paper, we estimate a structural VAR using a panel of OECD countries, which includes national saving and budget deficit, both as the ratio to GDP, to test the Ricardian Equivalence hypothesis. In this framework, we separate saving and deficit movements into two types of shocks, associated with structural parameters of these economies. Our results suggest that Ricardian Equivalence did not work in our sample of OECD countries, since private saving compensated only a small fraction budget deficit. This supports the interpretation that the large budget deficits have been a very important factor behind the significant increase in real interest rates in the eighties and early nin…

Can fiscal decentralization alleviate government consumption volatility?

2016

We analyse how fiscal decentralization affects the volatility of government consumption extending the existing literature that mainly deals with the effects of the former on government size. Using data for 97 developed and developing countries from 1971 to 2010, we find that a higher degree of fiscal decentralization leads to lower government consumption volatility. This result holds for the sub-sample of advanced economies, while it is not confirmed for those less-developed. This mechanism seems to work mainly through a lower volatility of the non-discretionary spending, which typically belongs to the central government’s policy. We also confirm existing findings according to which country…

What determines the duration of a fiscal consolidation program?

2013

This paper assesses the determinants of the length of fiscal consolidation using annual data for 17 industrial countries over the period 1978-2009. Relying on a narrative approach to identify fiscal consolidation episodes, we show that fiscal variables (such as the budget deficit and the level of public debt) and economic factors (such as the degree of openness, the inflation rate, the interest rate and per capita GDP) are crucial for the fiscal consolidation process. Additionally, we employ duration analysis over a set of consolidation spells and find that, as time goes by, the likelihood of a fiscal consolidation ending is higher. However, the hazard function is not monotonic: indeed, it …

SPENDING REVIEW E RAZIONALIZZAZIONE DELLE SCELTE DI BILANCIO

2013

ITALIANO

2017

This article is about the issues of self-assessment of inequalities in standards of living in rural areas in Poland. The goal of the research is to identify the differentiation of subjective assessments of the standard of living made by rural households. Subjective feelings of the surveyed households were compared with selected objective characteristics of their material situation. The most representative indicator of the households’ financial situation there was an assumed level of consumer spending. A comparative analysis of the self assessment was conducted, the consumer spending and the selected characteristics of households belonging to various socio-economic groups. The econometric an…

LA MOBILITÀ NEL LAVORO ALLE DIPENDENZE DELLA P.A. DALLA “RIFORMA BRUNETTA” ALLA “SPENDING REVIEW”

2012

Can Nationality Explain Economic Tourist Behaviour? A Thematic Review

2022

Numerous studies focus on the determinants of choices regarding tourism consumption utilizing several methods, different data sources, with diverse results. And the notion of considering nationality as an influential factor in tourism expenditure has been considered very often in the literature. This work examines this relationship between nationality and tourism expenditure by means of a thematic review approach. The results suggest the critical role played by nationality in understanding the determinants of tourism expenditure.