The design of fiscal rules and forms of governance in European Union countries

Mark Hallerberg (), Rolf Strauch () and Juergen von Hagen ()
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Rolf Strauch: Corresponding author: European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany, http://www.ecb.europa.eu/home/html/index.en.html

No 419, Working Paper Series from European Central Bank

Abstract: This paper examines the development of fiscal rules and budget procedures in EU countries, and their impact of public finances since the mid-1980s. It presents a new data set on institutional reforms and their impact in Europe. Empirical pattern confirm our prediction that more stringent fiscal rules exist under large coalition governments, while the centralisation of budgetary procedures is the main form of fiscal governance elsewhere. In addition, the centralisation of procedures does not restrain public debt in countries more prone to a rules-based approach, whereas more stringent fiscal rules seem to support fiscal discipline in almost all EU countries.

Keywords: Public indebtedness; budgetary procedures; fiscal rules; European public finances. (search for similar items in EconPapers)
JEL-codes: H11 H61 H62 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec and nep-pbe
Date: 2004-12
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Related works:
Working Paper: The design of fiscal rules and forms of governance in European Union countries (2006)
Journal Article: The design of fiscal rules and forms of governance in European Union countries (2007)
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Persistent link: http://EconPapers.repec.org/RePEc:ecb:ecbwps:20040419

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