Impact of fiscal institutions on public finances in the European Union: Review of evidence in the empirical literature

IF 0.4 Q4 ECONOMICS Review of Economic Perspectives Pub Date : 2021-06-01 DOI:10.2478/revecp-2021-0010
Martin Gorčák, Stanislav Šaroch
{"title":"Impact of fiscal institutions on public finances in the European Union: Review of evidence in the empirical literature","authors":"Martin Gorčák, Stanislav Šaroch","doi":"10.2478/revecp-2021-0010","DOIUrl":null,"url":null,"abstract":"Abstract This paper examines the impact of budgetary institutions on public finances in the European Union on the basis of a critical survey of the relevant theoretical and empirical literature. In general, the authors find that fiscal institutions (namely fiscal rules) have successfully contributed to greater fiscal sustainability, reduced procyclicality of fiscal policies within the EU, and increased national ownership of fiscal rules by strengthening national fiscal frameworks. A fiscal reaction function was one of the widely used methods to determine the principal variables affecting fiscal outcomes. Some authors used cyclically-adjusted fiscal outcomes as the dependent variable representing the discretionary fiscal policy-making whereas others put emphasis on other fiscal outcomes. The samples of countries covered mostly the EU Member States, representing rather homogenous samples in the context of common EU fiscal framework. Institutional aspects used as independent variables differed significantly among authors and some could be added for future research. Based on the literature survey, several recommendations were made for fiscal policy-making.","PeriodicalId":43002,"journal":{"name":"Review of Economic Perspectives","volume":null,"pages":null},"PeriodicalIF":0.4000,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Economic Perspectives","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2478/revecp-2021-0010","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 1

Abstract

Abstract This paper examines the impact of budgetary institutions on public finances in the European Union on the basis of a critical survey of the relevant theoretical and empirical literature. In general, the authors find that fiscal institutions (namely fiscal rules) have successfully contributed to greater fiscal sustainability, reduced procyclicality of fiscal policies within the EU, and increased national ownership of fiscal rules by strengthening national fiscal frameworks. A fiscal reaction function was one of the widely used methods to determine the principal variables affecting fiscal outcomes. Some authors used cyclically-adjusted fiscal outcomes as the dependent variable representing the discretionary fiscal policy-making whereas others put emphasis on other fiscal outcomes. The samples of countries covered mostly the EU Member States, representing rather homogenous samples in the context of common EU fiscal framework. Institutional aspects used as independent variables differed significantly among authors and some could be added for future research. Based on the literature survey, several recommendations were made for fiscal policy-making.
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
欧盟财政制度对公共财政的影响:实证文献中的证据回顾
本文在对相关理论和实证文献进行批判性调查的基础上,研究了预算制度对欧盟公共财政的影响。总的来说,作者发现财政制度(即财政规则)成功地提高了财政可持续性,减少了欧盟内部财政政策的顺周期性,并通过加强国家财政框架提高了国家对财政规则的所有权。财政反应函数是确定影响财政结果的主要变量的广泛使用的方法之一。一些作者使用周期调整财政结果作为代表自由裁量财政决策的因变量,而另一些作者则强调其他财政结果。国家样本主要覆盖欧盟成员国,在欧盟共同财政框架下代表了相当同质的样本。作为自变量的制度方面在作者之间存在显著差异,其中一些可以添加到未来的研究中。在文献调查的基础上,对财政政策的制定提出了几点建议。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
CiteScore
1.40
自引率
0.00%
发文量
10
审稿时长
38 weeks
期刊最新文献
Efficiency Analysis of Elementary Schools in Bratislava – A Two Step DEA Approach Comparison of Housing Affordability in Czech and Polish Regions The contribution of renewable energy sector value added to the national economic development in Denmark: an empirical analysis The Impact of Project Management Tools on Project Results: Evaluation of a Survey Among Managers Leading International Development Projects for four selected Central and Eastern European Donors Tony Lawson on money
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1