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http://hdl.handle.net/10419/45268
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| Title: | | Fiscal rules and public investment  |
| Authors: | | Perée, Eric Välilä, Timo |
| Issue Date: | | 2005 |
| Series/Report no.: | | Economic and financial reports / European Investment Bank 2005/02 |
| Abstract: | | This paper examines the link between fiscal rules and public investment both normatively and empirically. We first review the arguments for and against including public investment spending in a fiscal deficit rule. We then seek to assess the determinants of public investment, with a special focus on the role of the fiscal rules embodied in EMU. We conclude that there are practical difficulties precluding the introduction of a 'golden rule' and that there is virtually no evidence that EMU would have affected public investment. Therefore, the focus on safeguarding the level of public investment is somewhat misplaced; instead, one should focus on safeguarding its productivity. |
| JEL: | | E62 E65 H54 C23 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Economic and Financial Reports, European Investment Bank
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