Budget balances in OECD countries: What makes them change?

Empirica

Volumn 34, Issue 1, 2007, Pages 1-14

  Tujula, Mika ^a   Wolswijk, Guido ^a  

^a EUROPEAN CENTRAL BANK   (Germany)

Author keywords

Asset prices; Budget balance; Economic growth; Election cycle; Fiscal policy

Indexed keywords

BUDGET DEFICIT; DEBT; ECONOMIC DEVELOPMENT; ECONOMIC GROWTH; EMPIRICAL ANALYSIS; FISCAL POLICY; MACROECONOMICS; OECD;

EURASIA; EUROPE;

EID: 33947610530     PISSN: 03408744     EISSN: None     Source Type: Journal    
DOI: 10.1007/s10663-006-9015-y     Document Type: Article

References (29)

1. Alesina A, Perotti R (1995) Fiscal expansions and fiscal adjustments in OECD countries. Econ Policy 21:204-248
2. Alesina A, Roubini N, Cohen G (1997) Political cycles and the macroeconomy. MIT Press, Cambridge
3. Beetsma R, Bovenberg L (1999) Does monetary union lead to excessive debt accumulation? J Public Econ 74:299-325
4. Busemeyer MR (2004) Chasing Maastricht: The impact of the EMU on the fiscal performance of member states. Paper for the ECPR Joint sessions of Workshops, April 13-18, Uppsala
5. Buti M, van den Noord P (2003) Discretionary fiscal policy and elections: The experience of the early years of EMU. OECD Economics Department Working Paper, No 351
6. Carlsen F (1997) Counterfiscal policies and partisan politics: Evidence from industrialised countries. Appl Econ 29:145-151
7. Clark W, Hallerberg M (2001) Will the stability pact deter the electoral use of fiscal policy? Paper presented at the NYU Conference Building EU Economic Government: Revising the Rules? 25/26 April 2003, London
8. de Haan J, Sturm J-E (1997) Political and economic determinants of OECD budget deficits and government expenditures: A reinvestigation. Eur J Polit Econ 13:739-750
9. European Commission (2000) Public finances in EMU - 2000. European Economy, Reports and Studies
10. European Commission (2001) Fiscal policy and cyclical stabilization in EMU. Eur Econ 3:57-80
11. Eschenbach F, Schuknecht L (2004) Budgetary risks from real estate and stock markets. Econ Policy 19:313-346
12. Gali J, Perotti R (2003) Fiscal policy and monetary integration in Europe. Econ Policy 18:533-572
13. Gleich H (2003) Budget institutions and fiscal performance in central and eastern European countries. ECB Working Paper Series, No. 215
14. Hallerberg M, von Hagen J (1999) Electoral institutions, cabinet negotiations and budget deficits in the European Union. In: Poterba J, von Hagen J (eds) Fiscal institutions and fiscal performance. University of Chicago Press, pp 209-232
15. Hallerberg M, Strauch R (2002) On the cyclicality of fiscal policy in Europe. Empirica 29:183-207
16. Hallerberg M (2004) Domestic budgets in a united Europe: Fiscal governance from the end of Bretton Woods to EMU, Cornell University Press
17. Henisz WJ (2002) The institutional environment for economic growth. Econ Polit 12:1-31
18. Koen V, van den Noord P (2005) Fiscal gimmickry in Europe: One-off measures and creative accounting. OECD Economics Department Working Papers, No. 417
19. Kontopoulos Y, Perotti R (1999) Government fragmentation and fiscal policy outcomes: Evidence from OECD countries. In: Poterba J, von Hagen J (eds) Fiscal institutions and fiscal performance. University of Chicago Press, pp 81-102
20. Mayes D, Virén M (2000) Pressures on the stability and growth pact from asymmetry in policy. Bank of Finland Discussion Paper, No. 11
21. Mélitz J (2000) Some cross-country evidence about fiscal policy behaviour and consequences for EMU. Eur Econ 2:3-21
22. Perotti R, Kontopoulos Y (2002) Fragmented fiscal policy. J Public Econ 86:191-222
23. Roubini N, Sachs JD (1989a) Political and economic determinants of budget deficits in the industrial democracies. Eur Econ Rev 33:903-938
24. Roubini N, Sachs JD (1989b) Government spending and budget deficits in the industrial countries. Econ Policy 8:99-132
25. van den Noord P (2000) The size and role of automatic fiscal stabilisers in the 1990s and beyond. OECD Economics Department Working Papers, No. 230
26. Virén M (1998) Do the OECD countries follow the same fiscal policy rule? Government Institute for Economic Research Discussion Paper, No. 186
27. Virén M (2000) How sensitive is the public budget balance to cyclical fluctuations in the EU. Government Institute for Economic Research Discussion Paper, No. 230
28. Volkerink B, de Haan J (2001) Fragmented government effects on fiscal policy: New evidence. Public Choice 109:221-242
29. Woo J (2003) Economic, political and institutional determinants of public deficits. J Public Econ 87:387-426