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Expenditure Rules
This paper provides new evidence on the effectiveness of expenditure rules. The analysis is based on a unique dataset covering all countries with national and supranational fiscal rules, including 33 expenditure rules, between 1985 and 2013. It contributes to the existing literature on fiscal rules in two main ways. First, it is the most comprehensive assessment of compliance with rules and of the potential role of expenditure rules, in particular regarding long-term sustainability. Second, it analyzes whether expenditure rules are associated with changes in public investment and its efficiency.
Expenditure Rules
This paper provides new evidence on the effectiveness of expenditure rules. The analysis isbased on a unique dataset covering all countries with national and supranational fiscal rules,including 33 expenditure rules, between 1985 and 2013. It contributes to the existingliterature on fiscal rules in two main ways. First, it is the most comprehensive assessment ofcompliance with rules and of the potential role of expenditure rules, in particular regardinglong-term sustainability. Second, it analyzes whether expenditure rules are associated withchanges in public investment and its efficiency
Fiscal Politics
Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.
Walking the Highwire
Walking the Highwire tells the story of the Eurozone Crisis from the perspective of the former Vice-President of the European Commission who was responsible for Economic and Monetary Affairs in 2010-2014. It is a comprehensive European account that covers both events and decisions in Brussels and Frankfurt and in the member states, both in distressed countries and creditor states. It also provides an economic-political analysis of the crisis and its management, recognising that the Euro was created politically, and saved politically. Thoroughly researched and based on economic analysis of the time, reports on various meetings and the author's own speaking notes and diary, this book begins with a narrative of crisis management 2009-2012, before moving on to address the beginning of the recovery from 2013-2014. It concludes with the lessons learnt from the crisis and a programme for reform of the Eurozone in the 2020s, with contemporary policy relevance. This is an entertaining and engaging account which will be of interest to a wide audience: scholars and students, practitioners and commentators of the Eurozone.
A Chronological History of the Discoveries in the South Sea or Pacific Ocean
Captain James Burney (1750–1821), the son of the musicologist Dr Charles Burney and brother of the novelist Fanny Burney, was a well-travelled sailor, best known for this monumental compilation of voyages of discovery in the Pacific Ocean. After joining the navy in 1764, he sailed on Cook's second voyage between 1772 and 1774, and was also present on the ill-fated third voyage. He retired from the navy in 1784 and turned to writing works on exploration. These volumes, published between 1803 and 1817, and regarded as the standard work on the subject for much of the nineteenth century, contain collected accounts of European voyages of discovery in the Pacific Ocean between 1492 and 1764. Bur...
Fiscal Monitor, April 2013
Continued progress in reducing advanced economy deficits and a gradually improving external environment have lowered short-term fiscal risks, according to this issue, but global prospects nevertheless remain subdued, and many advanced economies face a lengthy, difficult, and uncertain path to fiscal sustainability. Though many advanced economies are now close to achieving primary surpluses that will allow them to stabilize their debt ratios, this is only a first step, as merely stabilizing advanced economy debt at current levels would be detrimental to medium- and longer-term economic prospects. The key elements of the required policy package are well known: foremost among them is setting ou...
Designing a European Fiscal Union
Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements...
Excerpt: Fiscal Politics
This paper discusses how politics affects policies on the fiscal front. The literature on the political economy of fiscal policy dates back to the nineteenth century when the Italian and Swedish schools of public finance began to analyze how governments choose policies. During the twentieth century, the Public Choice school continued this work and focused on the political incentives and constraints in policy formulation. Elections mainly affect the stabilization and redistribution functions of the government. Proximity of elections can influence the government’s budget decisions in various ways. Ideology heavily influences fiscal policies that pertain to redistribution. Leftwing parties dr...
