Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152992
Authors: 
Afonso, António
Year of Publication: 
2005
Series/Report no.: 
ECB Working Paper 558
Abstract: 
The prevalence of either Ricardian or non-Ricardian fiscal regimes is important both for practical policy reasons and to assess fiscal sustainability, and this is of particular relevance for European Union countries. The purpose of this paper is to assess, with a panel data set, the empirical evidence concerning the existence of Ricardian fiscal regimes in EU-15 countries. The results give support to the Ricardian fiscal regime hypothesis throughout the sample period, and for sub-samples accounting for the dates of the Maastricht Treaty and for the setting-up of the Stability and Growth Pact. Additionally, electoral budget cycles also seem to play a role in fiscal behaviour.
Subjects: 
European Union
fiscal regimes
panel data models
JEL: 
C23
E62
H62
Document Type: 
Working Paper

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