Évaluation empirique du frein à l’endettement neuchâtelois

Florian Chatagny
Additional contact information
Florian Chatagny: KOF Swiss Economic Institute, ETH Zurich, Switzerland, http://www.kof.ethz.ch

KOF Analysen, 2018, vol. 12, issue 4, 37-46

Abstract: This contribution empirically analyses the debt brake regulation in the Swiss canton of Neuchâtel. The assessment of the debt brake shows that it induced a reduction in the cantonal public debt. The analysis also establishes a pro-cyclical behavior of public investment but this behavior cannot be imputed to the introduction of the debt brake. On the contrary, our analysis suggests that the debt brake contributed to reduce the pro-cyclical movements of public investment. Furthermore, we do not find any evidence that the operating fiscal balance has acted as a transmission channel of business cycles to investment expenditure over the examined period. Nevertheless, a risk exists to observe such a mechanism transmitting business cycles fluctuations to public investment in the future since a link between the net debt ratio and the minimal degree of self-financed investments exists.

Keywords: debt brake; public debt and investment; business cycle Choices (search for similar items in EconPapers)
JEL-codes: E32 E62 H72 H74 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.3929/ethz-b-000310676 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kof:anskof:v:12:y:2018:i:4:p:37-46

Access Statistics for this article

More articles in KOF Analysen from KOF Swiss Economic Institute, ETH Zurich Contact information at EDIRC.
Bibliographic data for series maintained by ().