Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154021
Authors: 
Nerlich, Carolin
Reuter, Wolf Heinrich
Year of Publication: 
2013
Series/Report no.: 
ECB Working Paper 1588
Abstract: 
This study analyses the link between fiscal frameworks and their budgetary impact. We look at different features of national numerical fiscal rules in combination with fiscal councils and medium-term budgeting frameworks. We construct our own time-varying dataset for national fiscal frameworks for the period 1990-2012 covering all 27 EU Member States and estimate a dynamic panel on aggregate and disaggregated fiscal policy variables. We find strong support that numerical fiscal rules help to improve the primary balance, and that the budgetary impact can be further strengthened when supported by independent fiscal councils and an effective medium-term budgeting framework.
Subjects: 
fiscal council
fiscal framework
Fiscal Policy
fiscal rules
medium term budgeting framework
JEL: 
E61
E62
H60
Document Type: 
Working Paper

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