IDEAS home Printed from https://ideas.repec.org/a/cai/reofsp/reof_099_0273.html
   My bibliography  Save this article

L'évaluation des politiques budgétaires en Europe. Règles budgétaires et marges de manœuvre

Author

Listed:
  • Francesco Farina
  • Roberto Ricciuti
  • Paul Hubert

Abstract

The paper investigates how European fiscal authorities behaved in the last decades. We argue that the cyclically-adjusted public budget (CAPB) is a too rough indicator of the fiscal stance as a function of the two objectives of output stabilization and debt decumulation. We construct two measures of the fiscal rule (Tax Smoothing and Expenditure Smoothing) and use them as dependent variables in our econometric estimates. Under quite plausible conditions, the compliance with the 3% SGP limit could imply the renounce during a downswing not only to pursue discretionary fiscal policy but also to output stabilization by automatic stabilizers. We conclude that the objective of debt decumulation created a trade-off with the objective of output stabilization, especially for high-debt countries. JEL codes: E61,62,63.

Suggested Citation

  • Francesco Farina & Roberto Ricciuti & Paul Hubert, 2006. "L'évaluation des politiques budgétaires en Europe. Règles budgétaires et marges de manœuvre," Revue de l'OFCE, Presses de Sciences-Po, vol. 99(4), pages 273-301.
  • Handle: RePEc:cai:reofsp:reof_099_0273
    as

    Download full text from publisher

    File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=REOF_099_0273
    Download Restriction: free

    File URL: http://www.cairn.info/revue-de-l-ofce-2006-4-page-273.htm
    Download Restriction: free
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jérôme Creel & Francesco Saraceno, 2008. "Automatic Stabilisation, Discretionary Policy and the Stability Pact," SciencePo Working papers Main hal-00973049, HAL.

    More about this item

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:reofsp:reof_099_0273. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jean-Baptiste de Vathaire (email available below). General contact details of provider: https://www.cairn.info/revue-de-l-ofce.htm .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.