Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/242330 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2021: Climate Economics
Verlag: 
ZBW - Leibniz Information Centre for Economics, Kiel, Hamburg
Zusammenfassung: 
We study the impact of fiscal rules on macroeconomic performance following natural disaster shocks, using dynamic panel models and quarterly data for 89 countries. We find that countries with fiscal rules perform significantly better in the aftermath of such shocks than countries without rules. GDP, private consumption and investment are persistently higher. The superior performance is associated with more expansionary fiscal policy, which hinges critically on larger fiscal space and escape clauses. We rationalize the findings in a quantitative model of sovereign default. The model replicates the empirical dynamics and shows that tight fiscal rules create fiscal space in good times that can be used in bad times for deficit-spending.
Schlagwörter: 
Fiscal policy
fiscal regimes
natural disasters
JEL: 
E62
C32
E32
H50
Dokumentart: 
Conference Paper

Datei(en):
Datei
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