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Did Fiscal Rules Contribute To Improve Provinces’ Fiscal Situation In Argentina?

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Listed:
  • Rezk Ernesto
  • Martos Vocos María del Rosario
  • Abdelmasih Basel
  • Cabido Pilar
  • Moreno Tomás
  • Otegui Malena

Abstract

The recourse to Fiscal Rules, both in developed and emerging economies, may be traced back to the nineties following national governments’ concern with the level of public spending and the excessive indebtedness which, in turn, put at stake macroeconomic stability. In this field. a worth mentioning development is the extension of fiscal rules to also countries’ subnational governments as the extensive literature shows for instance for the United States, Canada, Argentina and many others. In our country, fiscal rules aimed at restoring subnational public finances badly hurt since 2001 due to a long lasting economic recession, the excessive burden of debt stock and services and the nil possibility of acceding to national and international financial and capital markets. In this connection, this paper aims at ascertaining the performance of the Law 25917 and its modifications which set clear and compulsory quantitative targets concerning ceilings to public spending, fiscal equilibrium and limits to national and subnational debt, for what and analysis of stylized facts is carried out. Also, a Logit Model is estimated with the purpose of assessing provinces’ fiscal compliance of the mentioned Law during the period 2006-2017and for what diverse independent variables were resorted to.

Suggested Citation

  • Rezk Ernesto & Martos Vocos María del Rosario & Abdelmasih Basel & Cabido Pilar & Moreno Tomás & Otegui Malena, 2024. "Did Fiscal Rules Contribute To Improve Provinces’ Fiscal Situation In Argentina?," Asociación Argentina de Economía Política: Working Papers 4756, Asociación Argentina de Economía Política.
    • Handle: RePEc:aep:anales:4756
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    References listed on IDEAS

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    1. Larch, Martin & Orseau, Eloïse & van der Wielen, Wouter, 2021. "Do EU fiscal rules support or hinder counter-cyclical fiscal policy?," Journal of International Money and Finance, Elsevier, vol. 112(C).
    2. Melamud, Ariel D., 2010. "Reglas fiscales en Argentina: el caso de la ley de responsabilidad fiscal y los programas de asistencia financiera," Gestión Pública 7327, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. Niklas Potrafke, 2023. "The Economic Consequences of Fiscal Rules," CESifo Working Paper Series 10765, CESifo.
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    More about this item

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing

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