The impact of the European Union fiscal rules on economic growth

Journal of Macroeconomics

Volumn 33, Issue 2, 2011, Pages 313-326

  Castro, Vitor ^a,b,c  

^a UNIVERSITY OF COIMBRA   (Portugal)

^b UNIVERSITY OF WARWICK   (United Kingdom)

^c UNIVERSITY OF MINHO   (Portugal)

Author keywords

Economic growth; European union; Fiscal rules; Pooled mean group estimator

Indexed keywords

EID: 79953057037     PISSN: 01640704     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmacro.2010.09.003     Document Type: Article

References (35)

1. Arellano M., Bond S. Some specification tests for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 1991, 58:277-298.
2. Arestis P., McCauley K., Sawyer M. An alternative stability pact for the European Union. Cambridge Journal of Economics 2001, 25:113-130.
3. Artis, M., Onorante, L., 2006. The economic importance of fiscal rules. CEPR Discussion Paper 5684.
4. Barro R. Economic growth in a cross-section of countries. Quarterly Journal of Economics 1991, 106:407-443.
5. Barro R., Sala-i-Martin X. Convergence. Journal of Political Economy 1992, 100:223-251.
6. Balassone F., Franco D. Public investment, the Stability and Growth Pact and the Golden Rule. Fiscal Studies 2000, 21:207-299.
7. Bassanini, A., Scarpetta, S., 2001. The driving forces of economic growth: panel data evidence for the OECD countries. OECD Economic Studies 33 (II), 9-56.
8. Blanchard, O., Giavazzi, F., 2004. Improving the SGP through a proper accounting of public investment. CEPR Discussion Paper No. 4220.
9. Bond, S., Hoeffler, A., Temple, J., 2001. GMM Estimation of Empirical Growth Models. Mimeo. http://staff.feweb.vu.nl/celbers/GMMgrowthreg.pdf.
10. Caselli F., Esquivel G., Lefort F. Reopening the convergence debate: a new look at cross-country growth empirics. Journal of Economic Growth 1996, 1:363-389.
11. Castro, V., 2007. The impact of the European Union fiscal rules on economic growth. The Warwick Economics Research Paper Series (TWERPS), Working Paper No. 794. http://www2.warwick.ac.uk/fac/soc/economics/research/papers/.
12. Cellini R. Growth empirics: evidence from a panel of annual data. Applied Economic Letters 1997, 4:347-351.
13. De la Fuente, A., Doménech, R., 2000. Human Capital in Growth Regressions: How Much Difference does Data Quality Make? Universidad Autónoma de Barcelona, Mimeo. http://ideas.repec.org/aub/autbar/446.00.html.
14. Ederveen S., Groot H., Nahuis R. Fertile soil for structural funds? A panel data analysis of the conditional effectiveness of European cohesion policy. Kyklos 2006, 59:17-42.
15. Fatás, A., von Hagen, J., Hughes-Hallett, A. Strauch, R., Sibert, A., 2003. Stability and Growth in Europe: Towards a Better Pact. CEPR, Monitoring European Integration, p. 13.
16. Gali, J., Perotti, R., 2003. Fiscal policy and monetary integration in Europe. NBER Working Paper No. 9773.
17. Hein, E., Truger, A., 2005. European Monetary Union: nominal convergence, real divergence and slow growth? Structural Change and Economic Dynamics 16, 7-33.
18. Im K., Pesaran M.H., Shin Y. Testing for unit roots in heterogeneous panels. Journal of Econometrics 2003, 115:53-74.
19. Islam N. Growth empirics: a panel data approach. Quarterly Journal of Economics 1995, 110:1127-1170.
20. Mankiw G., Romer D., Weil D. A contribution to the empirics of economic growth. Quarterly Journal of Economics 1992, 107:407-437.
21. Marinheiro, C., 2004. Has the Stability and Growth Pact Stabilized? Mimeo. http://www4.fe.uc.pt/carlosm/research/pdf/sgpdec04_cmarinheiro.pdf.
22. OECD, 1998-2006. Education at a Glance, Various Issues.
23. OECD, 2006. Statistical Compendium, April 2006.
24. Pedroni P. Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics 1999, 61:653-670.
25. Perée, E., Välilä, T., 2005. Fiscal rules and public investment. European Investment Bank Economic and Financial Report 2005/02.
26. Pesaran M., Shin Y., Smith R. Pooled mean estimation of dynamic heterogeneous panels. Journal of American Statistical Association 1999, 94:621-634.
27. Savona, P., Viviani, C., 2003. The impact of the stability and growth pact on real economic growth: automatic mechanism or policy discretion? Review of Economic Conditions in Italy 2, 263-279.
28. Soukiazis, E., Castro, V., 2003. The impact of the Maastricht criteria and the Stability and Growth Pact on growth and unemployment in Europe. CEUNEUROP, Discussion Paper No. 15. http://www4.fe.uc.pt/ceue.
29. Soukiazis E., Castro V. How the Maastricht criteria and the Stability and Growth Pact affected real convergence in the European Union: a panel data analysis. Journal of Policy Modeling 2005, 27:385-399.
30. Thirlwall, A., 2000. The Euro and Regional Divergence in Europe. Mimeo. http://www.kent.ac.uk/economics/staff/at4/curres.html.
31. Välilä, T., Mehrotra, A., 2005. Evolution and determinants of public investment in Europe. European Investment Bank Economic and Financial Report 2005/01.
32. Verde A. The Stability and Growth Pact in rainy days: an alternative view. Bank of Valletta Review 2004, 30:14-31.
33. Von Hagen, J., 2003. Fiscal discipline and growth in Euroland: experiences with the Stability and Growth Pact. Centre for European Integration Studies (ZEI) Working Paper B-06-2003. University of Bonn.
34. Warin T. The hidden structural features of the fiscal rule: a European saga. International Advances in Economic Research 2005, 11:29-38.
35. Wyplosz C. European Monetary Union: the dark sides of a major success. Economic Policy 2006, 21:207-261.