Ricardian Fiscal Regimes in the European Union

Antonio Afonso

No 2005/18, Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa

Abstract: The prevalence of either Ricardian or non-Ricardian fiscal regimes is important both for practical policy reasons and to assess fiscal sustainability, and this is of particular relevance for European Union countries. The purpose of this paper is to assess, with a panel data set, the empirical evidence concerning the existence of Ricardian fiscal regimes in EU-15 countries. The results give support to the Ricardian fiscal regime hypothesis throughout the sample period, and for sub-samples accounting for the dates of the Maastricht Treaty and for the setting-up of the Stability and Growth Pact. Additionally, electoral budget cycles also seem to play a role in fiscal behaviour.

Keywords: fiscal regimes; European Union; panel data models. (search for similar items in EconPapers)
JEL-codes: C23 E62 H62 (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-mac and nep-pbe
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Citations: View citations in EconPapers (34)

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Related works:
Journal Article: Ricardian fiscal regimes in the European Union (2008)
Working Paper: Ricardian fiscal regimes in the European Union (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:ise:isegwp:wp182005

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More papers in Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa Department of Economics, ISEG - Lisbon School of Economics and Management, Universidade de Lisboa, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL.
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