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National Fiscal Rules and Fiscal Discipline in the European Union

Amelie Barbier-Gauchard, Kea Baret () and Alexandru Minea ()
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Amelie Barbier-Gauchard: BETA - Bureau d'Économie Théorique et Appliquée - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - CNRS - Centre National de la Recherche Scientifique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine
Kea Baret: BETA - Bureau d'Économie Théorique et Appliquée - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - CNRS - Centre National de la Recherche Scientifique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine

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Abstract: Motivated by the fiscal imbalances in the EU countries in the recent period, this paper analyzes the effect of national fiscal rules on fiscal discipline. Using a careful definition of national fiscal rules combined with a novel measure of fiscal discipline (the Global Financial Performance Index-GFPI), propensity score matching estimations that account for potential endogeneity reveal that fiscal rules significantly improve the GFPI. However, this favorable effect dramatically depends upon the type of fiscal rule and different structural factors. These two features, together with alternative measures of fiscal discipline, are found to be key ingredients that should be taken into account when assessing the effects of fiscal rules on fiscal discipline.

Keywords: Fiscal Discipline; National Fiscal Rules; Propensity Score Matching (search for similar items in EconPapers)
Date: 2020-11-06
New Economics Papers: this item is included in nep-eec and nep-mac
Note: View the original document on HAL open archive server: https://hal.uca.fr/hal-02992219
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