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Fiscal Rules Versus Fiscal Discretions

Author

Listed:
  • Nikolay Velichkov

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

This paper studies the fiscal rules and fiscal discretions in the context of fiscal stabilization policy. The study supports the need for complementarity of discretionary fiscal measures and the operation of automatic budget stabilizers. The last global economic crisis provides the necessary conditions for the empirical verification of this complementarity in EU member states. Analysis suggests that old EU member states employ stronger countercyclical discretionary fiscal measures at lower levels of automatic budget stabilizers. New EU member states, on the other hand, witness weaker countercyclical and even procyclical fiscal measures when automatic budget stabilizers are weak

Suggested Citation

  • Nikolay Velichkov, 2015. "Fiscal Rules Versus Fiscal Discretions," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 39-45, October.
    • Handle: RePEc:nwe:eajour:y:2015:i:3:p:39-45
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    Citations

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    Cited by:

    1. Lilia Yotova & Kristina Stefanova, 2017. "Efficiency of Tertiary Education Expenditure in CEE Countries: Data Envelopment Analysis," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 352-364, September.
    2. Nikolay Velichkov & Kristina Stefanova, 2017. "Tax Models in the EU: a Cluster Analysis," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 573-583, December.
    3. Nikolay Velichkov, 2016. "Effects of Government Debt on Macroeconomic Activity (The Case of Bulgaria)," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 24-32, March.

    More about this item

    Keywords

    fiscal rules; fiscal discretions; automatic budget stabilizers;
    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
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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