|Author||Marneffe, Wim ♦ van Aarle, Bas ♦ van der Wielen, Wouter ♦ Vereeck, Lode|
|Publisher||Center for Economic Studies and Ifo Institute (CESifo)|
|Subject Domain (in DDC)||Social sciences ♦ Economics|
|Subject Keyword||euro area ♦ fiscal policy ♦ policy rules ♦ fiscal sustainability ♦ Finanzpolitik ♦ Regelgebundene Politik ♦ EU-Stabilitätspakt ♦ Wirkungsanalyse ♦ Öffentlicher Haushalt ♦ Nachhaltigkeit ♦ Eurozone ♦ Foreign Exchange ♦ Open Economy Macroeconomics ♦ International Financial Markets|
|Abstract||This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the necessary guidance in limiting governmental borrowing by member states. In addition to the SGP, European countries are implementing various other fiscal rules that bind central, regional and local governments. We provide empirical estimates of the effect of fiscal rules on fiscal balance, government spending and government revenues, using a Fiscal Rule Index. We find that fiscal rules have some effect on fiscal balances.|
|Part of series||CESifo Working Paper x3303|
|Learning Resource Type||Article|
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