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Conditions for a Sustainable Counter-Cyclical Fiscal Policy: The Case of Spain

Author

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  • Jesús Ferreiro
  • Carmen Gómez
  • Felipe Serrano

Abstract

Opposite to mainstream economics, (post-) Keynesian economics has defended the need of a discretionary fiscal policy that helps to maintain economic activity at a full employment level, offsetting the cyclical deviations from that level of output. In this sense, it is implicitly assumed that any discretionary management of public finance is, by definition, efficient. The Spanish case shows that public authorities can make an inefficient use of the discretionary room of fiscal policy, thus exacerbating the existing macroeconomic and fiscal imbalances. Consequently, there is a need for rules that constrain the discretionary management of public finance.

Suggested Citation

  • Jesús Ferreiro & Carmen Gómez & Felipe Serrano, 2014. "Conditions for a Sustainable Counter-Cyclical Fiscal Policy: The Case of Spain," Journal of Economic Issues, Taylor & Francis Journals, vol. 48(2), pages 341-348.
    • Handle: RePEc:mes:jeciss:v:48:y:2014:i:2:p:341-348
    DOI: 10.2753/JEI0021-3624480207
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    Cited by:

    1. Jesús Ferreiro & Catalina Gálvez & Carmen Gómez Author-Email: carmen.gomez@ehu.eus & Ana González, 2016. "Bank Rescues and Fiscal Policy in the European Union during the Great Recession," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(2), pages 211-230, April.
    2. Jesús Ferreiro & Catalina Gálvez & Ana González, 2015. "Fiscal Policies in the European Union during the Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 62(2), pages 131-155, June.
    3. Jesus Ferreiro, 2016. "Macroeconomic and financial sector policies to better serve the economy and society," Working papers wpaper165, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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