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Do fiscal communication and clarity of fiscal announcements affect public debt uncertainty? Evidence from Brazil

Gabriel Caldas Montes, Rodolfo Nicolay () and Tatiana Acar

Journal of Economics and Business, 2019, vol. 103, issue C, 38-60

Abstract: This paper analyzes the effects of fiscal communication and clarity of announcements about fiscal policy on public debt uncertainty. Using different econometric techniques (OLS, GMM and Quantile Regressions), the results indicate that the provision of more information through communication must be accompanied by improvements in the clarity of the announcements released. Thus, our findings reveal that as clarity of fiscal announcements increases, the stronger is the effect of improvements in communication from fiscal authority in reducing public debt uncertainty; and this effect is even stronger when public debt uncertainty is higher.

Keywords: Fiscal communication; Clarity; Disagreement; Expectations; Public debt; Uncertainty (search for similar items in EconPapers)
JEL-codes: E62 H30 H63 D84 (search for similar items in EconPapers)
Date: 2019
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