Fiscal policy discretion, private spending and crises episodes

AGNELLO, L; FURCERI, D; Sousa, R

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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.

Data di pubblicazione:	2011
Titolo:	Fiscal policy discretion, private spending and crises episodes
Autori:	AGNELLO, Luca FURCERI, Davide Sousa, R. mostra contributor esterni nascondi contributor esterni
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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