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EnglishIn this paper, we assess the impact of fiscal policy discretion on economic activity in the short and medium-term. Using a panel of 132 countries from 1960 to 2008, we find that fiscal policy discretion provides a net stimulus to the economy in the short-run and crowding-in effects are amplified once crisis episodes are controlled for– in particular, banking crises - giving a great scope for fiscal policy stimulus packages. However, crowding-out effects take over in the long-run – especially, in the case of debt crises -, in line with the concerns about long-term debt sustainability.
Agnello, L., Furceri, D., & Sousa, R. (2011). Fiscal policy discretion, private spending and crises episodes.
| Data di pubblicazione: | 2011 |
| Titolo: | Fiscal policy discretion, private spending and crises episodes |
| Autori: | |
| Citazione: | Agnello, L., Furceri, D., & Sousa, R. (2011). Fiscal policy discretion, private spending and crises episodes. |
| Abstract: | In this paper, we assess the impact of fiscal policy discretion on economic activity in the short and medium-term. Using a panel of 132 countries from 1960 to 2008, we find that fiscal policy discretion provides a net stimulus to the economy in the short-run and crowding-in effects are amplified once crisis episodes are controlled for– in particular, banking crises - giving a great scope for fiscal policy stimulus packages. However, crowding-out effects take over in the long-run – especially, in the case of debt crises -, in line with the concerns about long-term debt sustainability. |
| URL: | http://www.banque-france.fr/uploads/tx_bdfdocumentstravail/DT354.pdf |
| Settore Scientifico Disciplinare: | Settore SECS-P/02 Politica Economica |
| Appare nelle tipologie: | 3.1 Monografia |
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