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Effects of Fiscal Rules on Budgetary Outcomes: The Case of the European Union Member States

Author

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  • Agata Szymańska

    (Institute of Economics, University of Lodz, Poland)

Abstract

The aim of this paper is to investigate the influence of fiscal rules on the budgetary outcomes in 27 European Union countries. In particular, the paper focuses on assessing whether the impact of fiscal rules is statistically significant and numerically meaningful. In order to assess the influence, we use a dynamic panel data model. In our baseline model, we introduce the fiscal rule index as an explanatory variable. Our estimation rests on the fiscal reaction function. The analysis shows that the fiscal rule index positively affects the cyclically-adjusted primary balance and the cyclically-adjusted balance.

Suggested Citation

  • Agata Szymańska, 2016. "Effects of Fiscal Rules on Budgetary Outcomes: The Case of the European Union Member States," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 66(4), pages 597-616, December.
    • Handle: RePEc:aka:aoecon:v:66:y:2016:i:4:p:597-616
    Note: The author would like to thank Paweł Baranowski from the University of Lodz and the two unknown reviewers for their helpful comments and support during the preparation of this version of the article. Of course, any errors and all opinions expressed are those of the author.
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    File URL: http://www.akademiai.com/doi/pdf/10.1556/032.2016.66.4.2
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    Citations

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    Cited by:

    1. R. Golinelli & I. Mammi & A. Musolesi, 2018. "Parameter heterogeneity, persistence and cross-sectional dependence: new insights on fiscal policy reaction functions for the Euro area," Working Papers wp1120, Dipartimento Scienze Economiche, Universita' di Bologna.

    More about this item

    Keywords

    dynamic panel; fiscal rule index; European Union;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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