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Profligacy, Prudence, and the Stability and Growth Pact

Dermot Hodson

in Governing the Euro Area in Good Times and Bad

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199572502
eISBN:
9780191728860
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199572502.003.0004
Subject:
Political Science, Political Economy, European Union

Limited attention has been paid in the literature to the question of why some member states found it easier than others to comply with the euro area’s fiscal rules. Political institutionalism offers ... More


Institutional Reforms and Fiscal Adjustment

Xavier Debrun and Andrea Schaechter

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0019
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines recent institutional reforms specifically aimed at fostering fiscal discipline and counter-cyclicality in the aftermath of the 2007 financial crisis. It begins with an overview ... More


Fiscal Rules: Theoretical Issues and Historical Experiences

Charles Wyplosz

in Fiscal Policy after the Financial Crisis

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226018447
eISBN:
9780226018584
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226018584.003.0013
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines fiscal numerical rules and fiscal institutions, and is organized as follows. Section 12.2 explains the theoretical foundations for fiscal rules and their empirical relevance, ... More


Discretion Rather Than Rules

Charlotte Rommerskirchen

in EU Fiscal Policy Coordination in Hard Times: Free Riders on the Storm

Published in print:
2019
Published Online:
March 2019
ISBN:
9780198829010
eISBN:
9780191867446
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198829010.003.0006
Subject:
Political Science, Political Economy

Solutions to free riding, whether stability or growth free riding, are thought to be found in the provision of incentives. Yet the empirical findings of this chapter suggest that domestic fiscal ... More


Hungary: A Short-Lived Fiscal Watchdog

George Kopits and Balazs Romhanyi

in Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199644476
eISBN:
9780191749100
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199644476.003.0011
Subject:
Economics and Finance, Financial Economics

Under pressure from the global financial crisis, Parliament enacted a rules-based fiscal policy framework that included creation of the Fiscal Council. The principal goals of the Council consisted of ... More


Federal Budget Reform: Lessons from State and Local Governments

Shanna Rose and Daniel L. Smith

in Pathways to Fiscal Reform in the United States

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262028301
eISBN:
9780262321914
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028301.003.0004
Subject:
Economics and Finance, Financial Economics

In this chapter, Shanna Rose and Daniel Smith investigate the extent to which various state budgetary rules have been successful in imposing fiscal discipline on U.S. state governments, and whether ... More


Exit Stimulus

Charlotte Rommerskirchen

in EU Fiscal Policy Coordination in Hard Times: Free Riders on the Storm

Published in print:
2019
Published Online:
March 2019
ISBN:
9780198829010
eISBN:
9780191867446
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198829010.003.0008
Subject:
Political Science, Political Economy

This chapter considers the determinants of fiscal policy outcomes during the Consolidation Years 2011–14. It disagrees with the claim that Europe is under the spell of an austerity illusion. Echoing ... More


Italy: What Role for an Independent Fiscal Institution?

Fabrizio Balassone, Daniele Franco, and Chiara Goretti

in Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199644476
eISBN:
9780191749100
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199644476.003.0013
Subject:
Economics and Finance, Financial Economics

Italy has long refrained from strengthening its fiscal framework by entrusting an independent body with a mandate to monitor policy design and implementation. As observed by the authors, neither ... More


What Future for Rules-Based Fiscal Policy?

Marco Buti

in Progress and Confusion: The State of Macroeconomic Policy

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034623
eISBN:
9780262333450
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034623.003.0019
Subject:
Economics and Finance, Public and Welfare

The chapter discusses the future of rules-based fiscal policy, with a focus on fiscal rules in the European Union (EU). It argues that the European fiscal stance was at times too restrictive during ... More


Theorizing Fiscal Policy Coordination

Charlotte Rommerskirchen

in EU Fiscal Policy Coordination in Hard Times: Free Riders on the Storm

Published in print:
2019
Published Online:
March 2019
ISBN:
9780198829010
eISBN:
9780191867446
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198829010.003.0003
Subject:
Political Science, Political Economy

Fiscal policy coordination is marred by a classic collective action problem; it pays to be egoistical. Member states have an incentive to under- or over-stimulate their economies (what this chapter ... More


Introduction and Overview

George Kopits

in Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199644476
eISBN:
9780191749100
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199644476.003.0001
Subject:
Economics and Finance, Financial Economics

The author traces the common roots of fiscal watchdogs, namely, insufficient transparency in public finances. Traditionally, this problem has been dealt with by public audit institutions around the ... More


On the Comparative Foundations of Principles in International Law: The Move towards Rules and Transparency in Fiscal Policy as Examples

Matthias Goldmann

in Sovereign Financing and International Law: The UNCTAD Principles on Responsible Sovereign Lending and Borrowing

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199674374
eISBN:
9780191752315
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199674374.003.0006
Subject:
Law, Company and Commercial Law, Public International Law

This chapter argues that principles in international law have their basis in comparative and analogical reasoning. It provides a taxonomy of principles ranging from general principles of law to soft ... More


Public Debt Dynamics: Political Will and State Capacity

Kenneth Dyson

in States, Debt, and Power: 'Saints' and 'Sinners' in European History and Integration

Published in print:
2014
Published Online:
August 2014
ISBN:
9780198714071
eISBN:
9780191782558
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198714071.003.0016
Subject:
Political Science, European Union

This chapter provides a critique of formal debt sustainability analysis, including the Maastricht Treaty fiscal rules, stressing the problems of one-size-fits-all approaches. It examines patterns in ... More


Shaping the Fiscal Policy Framework: Lessons from Fiscal Consolidations in Denmark and Sweden

U. Michael Bergman, Michael M. Hutchison, and Svend E. Hougaard Jensen

in Reform Capacity and Macroeconomic Performance in the Nordic Countries

Published in print:
2015
Published Online:
March 2015
ISBN:
9780198717102
eISBN:
9780191785740
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198717102.003.0016
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter provides an overview of experiences with fiscal and structural reforms in Denmark and Sweden. The focus is on the experiences with large-scale fiscal consolidations in Denmark, the ... More


Macroeconomics of Indian Public Finance: Deficits and Debt

M. Govinda Rao

in Studies in Indian Public Finance

Published in print:
2022
Published Online:
May 2022
ISBN:
9780192849601
eISBN:
9780191944710
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780192849601.003.0006
Subject:
Economics and Finance, Financial Economics

Elevated levels of deficits and debt in India raise serious questions of stability and sustainability from to time. The resulting interest payments crowd out allocations for the much needed social ... More


Looming Fiscal Challenges: Stabilization, Allocation, Distribution, and Debt

Jaejoon Woo

in Confronting South Korea's Next Crisis: Rigidities, Polarization, and Fear of Japanification

Published in print:
2022
Published Online:
June 2022
ISBN:
9780198864424
eISBN:
9780191896576
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198864424.003.0010
Subject:
Economics and Finance, South and East Asia

For decades, a strong government balance sheet has been a cornerstone of macroeconomic stability in Korea, while offering ample room for countercyclical fiscal policy response. However, the political ... More


The Implications of the Revised EU Economic Governance Framework for National Economic Policy

Menelaos Markakis

in Accountability in the Economic and Monetary Union: Foundations, Policy, and Governance

Published in print:
2020
Published Online:
May 2020
ISBN:
9780198845263
eISBN:
9780191880544
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198845263.003.0003
Subject:
Law, EU Law

This chapter looks at the effects of the crisis-induced legal and economic developments on the Member States, most notably in relation to their fiscal, economic, and social policy. It consists of ... More


The Mechanics of EMU Integration: Instruments and Competence

Alicia Hinarejos

in The Euro Area Crisis in Constitutional Perspective

Published in print:
2015
Published Online:
August 2015
ISBN:
9780198714958
eISBN:
9780191783128
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198714958.003.0006
Subject:
Law, EU Law

The euro area crisis has affected the way in which fiscal and economic integration is pursued within EMU. The previous chapter showed that, in general, the crisis has changed the way in which EMU ... More


The Crisis-Induced Developments in the Economic and Monetary Union

Menelaos Markakis

in Accountability in the Economic and Monetary Union: Foundations, Policy, and Governance

Published in print:
2020
Published Online:
May 2020
ISBN:
9780198845263
eISBN:
9780191880544
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198845263.003.0002
Subject:
Law, EU Law

This chapter looks at the crisis-induced legal, institutional, and economic developments within the Economic and Monetary Union. It consists of two parts. First, there will be a brief sketch of the ... More


The Theory versus the Reality of Fiscal Policy

Vito Tanzi

in The Economics of Government: Complexity and the Practice of Public Finance

Published in print:
2020
Published Online:
November 2020
ISBN:
9780198866428
eISBN:
9780191898563
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198866428.003.0007
Subject:
Economics and Finance, Financial Economics, Public and Welfare

This chapter describes the theory of fiscal policy when fiscal policy was assumed to promote the allocation of resources, stabilization of the economy, and the redistribution of income. The theory ... More


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