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A multi-speed fiscal Europe? Fiscal rules and fiscal performance in the EU former communist countries

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  • Cezara Vinturis

Abstract

This paper shows that, contrary to their favourable effect in the EU non-FCC (Former Communist Countries), fiscal rules do not significantly affect fiscal performance in the group of EU FCC. This finding, which may echo differences between FCC and other EU inherited from the Cold War period, is robust when considering various estimation methods, dividing fiscal rules along various dimensions, and using several observed and computed measures of fiscal performance. However, when going beyond the simple presence of fiscal rules, we find that an improvement of the strength of fiscal rules significantly affects fiscal performance in EU FCC, with a magnitude higher than that in EU non-FCC. Our findings are particularly important from the perspective of the future Eurozone and EU enlargements, which involve former communist countries, and go along with the adoption of various types of fiscal rules.

Suggested Citation

  • Cezara Vinturis, 2022. "A multi-speed fiscal Europe? Fiscal rules and fiscal performance in the EU former communist countries," Post-Communist Economies, Taylor & Francis Journals, vol. 34(2), pages 149-172, February.
    • Handle: RePEc:taf:pocoec:v:34:y:2022:i:2:p:149-172
    DOI: 10.1080/14631377.2020.1867432
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    Cited by:

    1. Julia del Amo Valor & Marcos Martín Mateos & Diego Martínez López & Javier J. Pérez, 2023. "Is the European economic governance framework too “complex”? A critical discussion," Working Papers 2023-06, FEDEA.
    2. Apeti, Ablam Estel & Combes, Jean-Louis & Minea, Alexandru, 2024. "Inflation targeting and fiscal policy volatility: Evidence from developing countries," Journal of International Money and Finance, Elsevier, vol. 141(C).
    3. Robert Kraemer & Jonne Lehtimäki, 2024. "Government debt, European Institutions and fiscal rules: a synthetic control approach," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 31(4), pages 1112-1157, August.
    4. Capraru, Bogdan & Georgescu, George & Sprincean, Nicu, 2023. "Fiscal Rules, Independent Fiscal Institutions, and Sovereign Risk," Working Papers of Romania Fiscal Council 230201, Romania Fiscal Council.
    5. Robert Kraemer & Jonne Lehtimäki, 2023. "Government debt: the impact of fiscal rules at the European and national level," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 50(3), pages 783-805, August.
    6. López-Herrera, Carmen & Cordero, José M. & Pedraja-Chaparro, Francisco & Polo, Cristina, 2023. "Fiscal rules and their influence on public sector efficiency," MPRA Paper 119018, University Library of Munich, Germany.

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