Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/6521
Título: The relevance of fiscal rules for fiscal and yield developments
Autor: Afonso, António
Guimarães, Ana Sofia
Palavras-chave: Numerical fiscal rules
Expenditure rules
Budget balance
Sovereign yields
Data: Fev-2014
Editora: ISEG. Departamento de Economia
Citação: Afonso, António, Ana Sofia Guimarães. 2014. "The relevance of fiscal rules for fiscal and yield developments". Instituto Superior de Economia e Gestão. ISEG/DE working papers. Nº 5/2014/DE/UECE
Relatório da Série N.º: ISEG/DE working papers;nº 5/2014/DE/UECE
Resumo: Numerical fiscal rules mitigate the bias of pro-cyclicality, as an alternative to discretionary measures conducted by policy makers. We assess whether fiscal rules impact budget balances and sovereign yields, and we perform a simulation exercise to compute debt developments of EU countries, assuming that they had implemented a numerical expenditure rule in 1990. Our panel analysis covers 27 EU countries between 1990 and 2011. We find that fiscal rules contribute to the reduction of budget deficits, specifically expenditure rules, which significantly impact primary expenditure and conclude that countries with rules experienced lower sovereign bond yields. The simulations show that when the same rule is applied to different countries, it produces very different results, particularly on account of the initial level of primary expenditure.
URI: http://hdl.handle.net/10400.5/6521
ISSN: 2183-1815
Versão do Editor: https://aquila5.iseg.ulisboa.pt/aquila/getFile.do?method=getFile&fileId=442166&_request_checksum_=6f3c828937961b6800e141c65d1d45abc76ee9e4
Aparece nas colecções:DE - Documentos de trabalho / Working Papers
UECE - Documentos de Trabalho / UECE - Working Papers

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