کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5053081 1476504 2017 9 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Is fiscal policy always counter- (pro-) cyclical? The role of public debt and fiscal rules
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Is fiscal policy always counter- (pro-) cyclical? The role of public debt and fiscal rules
چکیده انگلیسی
We investigate the reaction of fiscal policy to the business cycle in a panel of 56 developed, emerging and developing economies over 1990-2011. While we strengthen the established finding that fiscal policy is counter-cyclical, additional outcomes emerge from this study. We reveal a non-linear response of fiscal policy to the business cycle, conditional upon the outstanding debt stock. Interestingly, when the public debt-to-GDP ratio goes beyond our endogenously estimated threshold of 87%, fiscal policy turns pro-cyclical. To tackle this effect, we explore the role of fiscal rules (FR). We unveil heterogeneous impacts among FR, as only some of them may mitigate fiscal policy procyclicality in high-debt contexts.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 65, September 2017, Pages 138-146
نویسندگان
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