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Contenido de la información y efecto de consenso de los planes fiscales
[Information content and consensus effect of fiscal plans]

Author

Listed:
  • Claudio Columbano
  • Andrea Bafundi

Abstract

Este estudio investiga hasta qué punto los planes fiscales proporcionan información novedosa a los inversores e inducen consenso sobre las previsiones fiscales de los gobiernos. Aprovechamos los requisitos de divulgación obligatoria del Pacto de Estabilidad y Crecimiento y documentamos que, en general, los planes fiscales son informativos, pero los inversores interpretan su contenido de manera diferente. Demostramos además que, aunque los planes fiscales que prevén recortes del gasto durante las recesiones tienen un contenido informativo sustancial, provocan divergencias de opinión. Aunque estos resultados son coherentes con la evidencia reciente sobre los efectos contractivos e inciertos de la política fiscal procíclica durante las recesiones, arrojan dudas sobre la capacidad de los gobiernos para anclar las expectativas fiscales durante las recesiones

Suggested Citation

  • Claudio Columbano & Andrea Bafundi, 2024. "Contenido de la información y efecto de consenso de los planes fiscales [Information content and consensus effect of fiscal plans]," Estudios Economicos, Universidad Nacional del Sur, Departamento de Economia, vol. 41(83), pages 93-122, july-dece.
    • Handle: RePEc:uns:esteco:v:41:y:2024:i:83:p:93-122
    DOI: https://doi.org/10.52292/j.estudecon.2025.4154
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    More about this item

    Keywords

    política fiscal; modelo de efecto de tratamiento; estudios de eventos; rendimientos de acciones; volumen de operaciones;
    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
    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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