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Journal articles on the topic 'Procyclicality of fiscal policy'

Author: Grafiati

Published: 4 June 2021

Last updated: 6 February 2022

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1

Nerlich, Carolin, and Wolf Heinrich Reuter. "Fiscal Rules, Fiscal Space, and the Procyclicality of Fiscal Policy." FinanzArchiv 72, no. 4 (2016): 421. http://dx.doi.org/10.1628/001522116x14785541072981.

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2

Huang, Chiung-Ju, and Yuan-Hong Ho. "The impact of national fiscal rules and government effectiveness on the procyclicality of fiscal policy in the Asia-Pacific countries." Journal of Governance and Regulation 9, no. 1 (2020): 35–43. http://dx.doi.org/10.22495/jgrv9i1art3.

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Fiscal rules are institutional approaches aimed at maintaining fiscal credibility and fiscal discipline and usually set a numerical indicator. Currently, there are two sources of fiscal rules. One is the International Monetary Fund (IMF) dataset that provides country-specific details on various characteristics of rules for 96 countries and the other is European Commission – numerical fiscal rules index that provides the fiscal rule index for 28 member countries. Because of the lack of fiscal rule index for the Asia-Pacific countries, the purpose of this study is to construct the fiscal rule index for 8 Asia-Pacific countries from 1996 to 2015 by using the IMF dataset. Then, this study utilizes the Panel Generalized Method of Moments and the constructed fiscal rule index to investigate the impact of fiscal rules and government effectiveness on the procyclicality of fiscal policy in 8 Asia-Pacific countries, classified as “advanced economies” and “emerging economies”. The empirical results show that fiscal rules and government effectiveness are effective in reducing the procyclicality of government expenditure only in advanced economies. Additionally, the interaction of fiscal rules and government effectiveness has a negative impact on the procyclicality of government expenditure for both advanced economies and emerging economies but the effect is not significant in emerging economies.

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3

Bova, Elva, Nathalie Carcenac, and Martine Guerguil. "Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World." IMF Working Papers 14, no. 122 (2014): 1. http://dx.doi.org/10.5089/9781498305525.001.

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4

Khalid, Mahmood. "Guillermo E. Perry, Luis Servén, and Rodrigo Suescún (eds.). Fiscal Policy, Stabilisation, and Growth: Prudence or Abstinence? Washington, D.C: The World Bank. 2008. Paperback. 329 Pages. Price not Given." Pakistan Development Review 49, no. 1 (2010): 78–80. http://dx.doi.org/10.30541/v49i1pp.78-80.

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‘Fiscal Policy, Stablisation, and Growth’ edited by Guillermo Perry, is an excellent volume covering the typical but current debate on “Does Fiscal Policy Matters”. The book highlights the procyclical and anti-investment biases embedded in fiscal policies, explores their causes and macroeconomic consequences. The text provides empirical substance to the theoretical models and offers policy and recommendations, to help overcome the procyclicality and anti-investment biases of fiscal policies adopted thereof. With wide range of technical and empirical discussions, political economy aspects of the budgets have also been examined. Though the focus of the book is Latin American and the Caribbean countries, the debate is so holistic that it can be used for policy recommendations else where as well. The book is organised in two parts; the first part, spread over four chapters, covers the procyclicality of Fiscal policy while the Part II, comprised of five chapters, elucidates the impact of fiscal policy on economic growth. The discourse takes into account the fiscal policy solvency condition and its imbedded biases towards certain policy options. Chapter 1 provides an excellent overview of what is discussed in the volume. The book argues that excessive focus of fiscal agents on short term indicators of fiscal health, namely the government debt or cash flows, may detract attention from tracking the intertemporal solvency. Such detraction will affect the macroeconomic stability and long-term growth, argues the book. Perverse incentives, that have political economy context, are at the root of flawed policies such as procyclical policies, contends the book.

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5

Gorčák, Martin, and Stanislav Šaroch. "Impact of fiscal institutions on public finances in the European Union: Review of evidence in the empirical literature." Review of Economic Perspectives 21, no. 2 (2021): 215–32. http://dx.doi.org/10.2478/revecp-2021-0010.

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Abstract This paper examines the impact of budgetary institutions on public finances in the European Union on the basis of a critical survey of the relevant theoretical and empirical literature. In general, the authors find that fiscal institutions (namely fiscal rules) have successfully contributed to greater fiscal sustainability, reduced procyclicality of fiscal policies within the EU, and increased national ownership of fiscal rules by strengthening national fiscal frameworks. A fiscal reaction function was one of the widely used methods to determine the principal variables affecting fiscal outcomes. Some authors used cyclically-adjusted fiscal outcomes as the dependent variable representing the discretionary fiscal policy-making whereas others put emphasis on other fiscal outcomes. The samples of countries covered mostly the EU Member States, representing rather homogenous samples in the context of common EU fiscal framework. Institutional aspects used as independent variables differed significantly among authors and some could be added for future research. Based on the literature survey, several recommendations were made for fiscal policy-making.

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6

Ana, Lozano-Vivas, and Braendle Udo. "Editorial: Challenges and opportunities in corporate governance and regulation for a new decade." Journal of Governance and Regulation 9, no. 1 (2020): 4–6. http://dx.doi.org/10.22495/jgrv9i1_editorial.

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The first issue of 2020 is composed by five papers addressing interesting topics attempting to highlight the corporate governance ability needed to face the rapid increase of using artificial intelligence (AI) in some business; the influence of corporate governance on Asian firm performance; the joint effect of fiscal rule and corporate governance on explaining the procyclicality of fiscal policy on Asia-Pacific development and emerging countries; and whether the increase in institutional investors has encouraged investee companies to establish better corporate governance structure.

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7

Sheremeta, Sergei V. "Russian regional finances analysis and regional debt sustainability." Voprosy Ekonomiki, no. 2 (February 7, 2020): 30–58. http://dx.doi.org/10.32609/0042-8736-2020-2-30-58.

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Russian regions recovered financial stability in 2017—2019 due to high ruble commodities prices, improving tax collection and conservative expenditures and borrowings policy. Panel data analysis shows that social-demographic structure of population is one of the key factors of regional budgets balance. Government measures will contribute to sustainability of regional finances and reducing interregional differences in debt sustainability, but provide negative impact of regional fiscal policy on output dynamics in the coming years. Strengthening of fiscal burden via federal taxes will diminish procyclicality of regional budgets revenues, but require a return of full profit tax rate on regional level for compensating lost incomes. For improving borrowing conditions Bank of Russia and regional governments must develop placement of bonds with floating rates, indexed and amortized nominal.

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8

Costa António, Alexandre Ernesto, and Antonio Rodriguez‐Gil. "Oil shocks and fiscal policy procyclicality in Angola: Assessing the role of asymmetries and institutions." Review of Development Economics 24, no. 1 (2020): 209–37. http://dx.doi.org/10.1111/rode.12633.

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9

El-Khishin, Sarah, and Mohamed Zaky. "The impact of budgetary and political institutions on fiscal cyclicality: Evidence from Egypt." Journal of Governance and Regulation 10, no. 3 (2021): 72–84. http://dx.doi.org/10.22495/jgrv10i3art6.

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We investigate the cyclicality of fiscal policy in Egypt during the period of 1976–2019 with a focus on how budgetary and political institutions affect fiscal performance during economic cycles. We define new variables for budgetary and political institutions and incorporate them in a vector error correction model (VECM) and impulse response functions (IRFs) analysis. While current and capital spending are proven to behave procyclically, revenues respond countercyclically during business cycles. Poor political and budgetary institutions have a negative impact on the primary deficit in a way that led to procyclical behaviour in fiscal policy in the long run. We recommend reinforcing the Golden Rule and changing the nature of the electoral system to a party-based to strengthen the role of parliament in keeping the government accountable

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10

Frankel, Jeffrey A., Carlos A. Vegh, and Guillermo Vuletin. "On graduation from fiscal procyclicality." Journal of Development Economics 100, no. 1 (2013): 32–47. http://dx.doi.org/10.1016/j.jdeveco.2012.07.001.

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11

Avellan, Leopoldo, and Guillermo Vuletin. "Fiscal procyclicality and output forecast errors." Journal of International Money and Finance 55 (July 2015): 193–204. http://dx.doi.org/10.1016/j.jimonfin.2015.02.008.

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12

Lim, Jamus Jerome. "The political economy of fiscal procyclicality." European Journal of Political Economy 65 (December 2020): 101930. http://dx.doi.org/10.1016/j.ejpoleco.2020.101930.

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13

Ilzetzki, Ethan. "Rent-seeking distortions and fiscal procyclicality." Journal of Development Economics 96, no. 1 (2011): 30–46. http://dx.doi.org/10.1016/j.jdeveco.2010.07.006.

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14

Misra, Sangita, and Rajiv Ranjan. "Fiscal rules and procyclicality: an empirical analysis." Indian Economic Review 53, no. 1-2 (2018): 207–28. http://dx.doi.org/10.1007/s41775-018-0033-z.

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15

Pigoń, Adam, and Michał Ramsza. "Impact of a modified HP filter on countercyclical behavior of the Swiss fiscal rule." Equilibrium 11, no. 4 (2016): 661. http://dx.doi.org/10.12775/equil.2016.029.

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Fiscal rules are an idea that has been getting more attention lately due to the recent economic crisis. Fiscal rules has been tested for many properties, including countercyclical behavior. The present paper focuses on the Swiss fiscal rule and investigates the impact of a modified HP filter, used in the rule, on countercyclical behavior of the rule. The paper uses real GDP time series for over a hundred countries and applies the rule to each time series in two variants, with a standard HP filter and a modified HP filter. For each result procyclicality indices are calculated. It is found that the modification of HP filter, used in the Swiss fiscal rule, increases countercyclical behavior of the rule.

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16

Jalali-Naini, Ahmad Reza, and Mohammad Amin Naderian. "Financial vulnerability, fiscal procyclicality and inflation targeting in developing commodity exporting economies." Quarterly Review of Economics and Finance 77 (August 2020): 84–97. http://dx.doi.org/10.1016/j.qref.2020.01.001.

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17

Bergman, U. Michael, and Michael Hutchison. "Fiscal procyclicality in emerging markets: The role of institutions and economic conditions." International Finance 23, no. 2 (2020): 196–214. http://dx.doi.org/10.1111/infi.12375.

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18

Ihori, Toshihiro, Takero Doi, and Hiroki Kondo. "Japanese fiscal reform: fiscal reconstruction and fiscal policy." Japan and the World Economy 13, no. 4 (2001): 351–70. http://dx.doi.org/10.1016/s0922-1425(00)00052-9.

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19

Sow, Moussé, and Ivohasina Razafimahefa. "Fiscal Decentralization and Fiscal Policy Performance." IMF Working Papers 17, no. 64 (2017): 1. http://dx.doi.org/10.5089/9781475588606.001.

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20

Leith, C. "Fiscal Stabilization Policy and Fiscal Institutions." Oxford Review of Economic Policy 21, no. 4 (2005): 584–97. http://dx.doi.org/10.1093/oxrep/gri033.

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21

Działo, Joanna. "Fiscal Rules and Effective Fiscal Policy." Comparative Economic Research. Central and Eastern Europe 15, no. 2 (2012): 65–78. http://dx.doi.org/10.2478/v10103-012-0010-1.

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This article examines and assesses the influence of political factors on the effectiveness of pursuing fiscal policy. These factors usually cause and maintain a high budget deficit and public debt. Moreover, the problems of influence of fiscal rules on increased effectiveness of the pursued fiscal policy have been discussed. The fiscal rules are to assure macroeconomic stability in economy and improve credibility of the pursued fiscal policy by reducing the deficit, government spending, and public debt. Examples of applicable fiscal rules in the EU and Poland are presented and an attempt is made to evaluate the effectiveness of these rules in the process of consolidation of public finances.

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22

Buiter, Willem H., and Kenneth M. Kletzer. "Fiscal policy coordination as fiscal federalism." European Economic Review 36, no. 2-3 (1992): 647–53. http://dx.doi.org/10.1016/0014-2921(92)90123-e.

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23

Ihori, Toshihiro, and Atsushi Nakamoto. "Japan's fiscal policy and fiscal reconstruction." International Economics and Economic Policy 2, no. 2-3 (2005): 153–72. http://dx.doi.org/10.1007/s10368-005-0031-3.

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24

Walker, Ian, Alan J. Auerbach, and Laurence J. Kotlikoff. "Dynamic Fiscal Policy." Economic Journal 98, no. 392 (1988): 873. http://dx.doi.org/10.2307/2233935.

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25

Keen, Michael, A. J. Auerbach, and L. J. Kotlikoff. "Dynamic Fiscal Policy." Economica 56, no. 221 (1989): 128. http://dx.doi.org/10.2307/2554504.

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26

Michl, Thomas. "Rethinking Fiscal Policy." Challenge 51, no. 6 (2008): 91–104. http://dx.doi.org/10.2753/0577-5132510606.

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27

Perotti, Roberto, and Yianos Kontopoulos. "Fragmented fiscal policy." Journal of Public Economics 86, no. 2 (2002): 191–222. http://dx.doi.org/10.1016/s0047-2727(01)00146-3.

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28

Auerbach, Alan J., William G. Gale, and Benjamin H. Harris. "Activist Fiscal Policy." Journal of Economic Perspectives 24, no. 4 (2010): 141–64. http://dx.doi.org/10.1257/jep.24.4.141.

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During and after the “Great Recession” that began in December 2007 the U.S. federal government enacted several rounds of activist fiscal policy. In this paper, we review the recent evolution of thinking and evidence regarding the effectiveness of activist fiscal policy. Although fiscal interventions aimed at stimulating and stabilizing the economy have returned to common use, their efficacy remains controversial. We review the debate about the traditional types of fiscal policy interventions, such as broad-based tax cuts and spending increases, as well as more targeted policies. While there have been improvements in estimates of the effects of broad-based policies, much of what has been learned recently concerns how such multipliers might vary with respect to economic conditions, such as the credit market disruptions and very low interest rates that were central features of the Great Recession. The eclectic and innovative interventions by the Federal Reserve and other central banks during this period highlight the imprecise divisions between monetary and fiscal policy and the many channels through which fiscal policies can be implemented.

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29

Solow, R. M. "Rethinking Fiscal Policy." Oxford Review of Economic Policy 21, no. 4 (2005): 509–14. http://dx.doi.org/10.1093/oxrep/gri028.

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30

Stokey, Nancy L. "Aggregative Fiscal Policy." Journal of Political Economy 125, no. 6 (2017): 1756–61. http://dx.doi.org/10.1086/694639.

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31

D’Acunto, Francesco, Daniel Hoang, and Michael Weber. "Unconventional Fiscal Policy." AEA Papers and Proceedings 108 (May 1, 2018): 519–23. http://dx.doi.org/10.1257/pandp.20181061.

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Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We provide preliminary evidence for the effectiveness of such policies using changes in value-added tax (VAT) and household survey data for Poland. We find households increased their inflation expectations and willingness to purchase durables before the increase in VAT. Future research has to ensure income, wealth effects, or intratemporal substitution channels cannot explain these results and ideally exploit exogenous variation in VAT in a fixed nominal interest rate environment.

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32

Fève, Patrick, and Mario Pietrunti. "Noisy fiscal policy." European Economic Review 85 (June 2016): 144–64. http://dx.doi.org/10.1016/j.euroecorev.2016.02.013.

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33

Arestis, Philip, and Giuseppe Fontana. "Special symposium of discretionary fiscal policy: fiscal policy is back!" Journal of Post Keynesian Economics 31, no. 4 (2009): 547–48. http://dx.doi.org/10.2753/pke0160-3477310401.

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34

Andersen, Torben M. "The Swedish fiscal policy framework and intermediate fiscal policy targets." Swiss Journal of Economics and Statistics 149, no. 2 (2013): 231–48. http://dx.doi.org/10.1007/bf03399391.

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35

Lucas, Deborah. "Credit Policy as Fiscal Policy." Brookings Papers on Economic Activity 2016, no. 1 (2016): 1–57. http://dx.doi.org/10.1353/eca.2016.0012.

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36

Blumenthal, Michael, Harold Brown, Melvin Laird, et al. "Fiscal Policy and Foreign Policy." SAIS Review 9, no. 1 (1989): 3–11. http://dx.doi.org/10.1353/sais.1989.0063.

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37

Guerguil, Martine, Pierre Mandon, and Rene Tapsoba. "Flexible Fiscal Rules and Countercyclical Fiscal Policy." IMF Working Papers 16, no. 08 (2016): 1. http://dx.doi.org/10.5089/9781513581460.001.

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38

Larch *, Martin, and Matteo Salto. "Fiscal rules, inertia and discretionary fiscal policy." Applied Economics 37, no. 10 (2005): 1135–46. http://dx.doi.org/10.1080/00036840500109589.

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39

Weale, Martin. "COMMENTARY: FISCAL POLICY AND THE FISCAL POSITION." National Institute Economic Review 208, no. 1 (2009): 4–8. http://dx.doi.org/10.1177/0027950109338641.

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40

Ihori, Toshihiro. "Fiscal policy and fiscal reconstruction in Japan." International Tax and Public Finance 13, no. 4 (2006): 489–508. http://dx.doi.org/10.1007/s10797-006-9204-4.

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41

Davig, Troy, and Eric M. Leeper. "Monetary–fiscal policy interactions and fiscal stimulus." European Economic Review 55, no. 2 (2011): 211–27. http://dx.doi.org/10.1016/j.euroecorev.2010.04.004.

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42

Guerguil, Martine, Pierre Mandon, and René Tapsoba. "Flexible fiscal rules and countercyclical fiscal policy." Journal of Macroeconomics 52 (June 2017): 189–220. http://dx.doi.org/10.1016/j.jmacro.2017.04.007.

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43

Andryushin, S., and V. Kuznetsova. "Macroprudential Policy Instruments of Central Banks." Voprosy Ekonomiki, no. 8 (August 20, 2012): 32–47. http://dx.doi.org/10.32609/0042-8736-2012-8-32-47.

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The paper analyzes central banks macroprudencial policy and its instruments. The issues of their classification, option, design and adjustment are connected with financial stability of overall financial system and its specific institutions. The macroprudencial instruments effectiveness is evaluated from the two points: how they mitigate temporal and intersectoral systemic risk development (market, credit, and operational). The future macroprudentional policy studies directions are noted to identify the instruments, which can be used to limit the financial systemdevelopment procyclicality, mitigate the credit and financial cycles volatility.

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44

Vdovychenko, Artem. "Fiscal Policy Reaction Function and Sustainability of Fiscal Policy in Ukraine." Visnyk of the National Bank of Ukraine, no. 240 (June 25, 2017): 22–35. http://dx.doi.org/10.26531/vnbu2017.240.022.

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This study analyzes the fiscal policy reaction function with switching regimes. We use Logistic Smooth Transition Regressions (LSTR) to show that fiscal policy in Ukraine during the study period remained largely in passive mode, switching to active mode during periods of a high output gap and elevated debt-to-GDP ratio. An important finding is that the fiscal policy reaction function is nonlinear. Specifically, the response of fiscal policy to the output gap is asymmetric: fiscal policy is pro-cyclical during periods of economic growth but neutral in recession.

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45

Caraballo, Maria A., and Carlos Usabiaga. "Microfoundations of fiscal policy effectiveness: monopolistic competition and fiscal policy multipliers." International Journal of Public Policy 1, no. 3 (2006): 266. http://dx.doi.org/10.1504/ijpp.2006.009803.

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46

Mendoza, Enrique G., and Jonathan David Ostry. "International Evidenceon Fiscal Solvency: Is Fiscal Policy "Responsible"?" IMF Working Papers 07, no. 56 (2007): 1. http://dx.doi.org/10.5089/9781451866209.001.

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47

Gaspar, Vitor, David Amaglobeli, Mercedes Garcia-Escribano, Delphine Prady, and Mauricio Soto. "Fiscal Policy and Development." Staff Discussion Notes 19, no. 03 (2019): 1. http://dx.doi.org/10.5089/9781484388914.006.

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48

Hubbard, Jonathan Wheeler. "Fixing US Fiscal Policy." CFA Digest 37, no. 3 (2007): 28–29. http://dx.doi.org/10.2469/dig.v37.n3.4782.

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49

McMillin, W. Douglas, and Douglas Fisher. "Monetary and Fiscal Policy." Southern Economic Journal 55, no. 4 (1989): 1071. http://dx.doi.org/10.2307/1059500.

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50

Piasecki, Ryszard, and Erico Wulf Betancourt. "Chile Fiscal Policy Management." Comparative Economic Research. Central and Eastern Europe 16, no. 2 (2013): 45–62. http://dx.doi.org/10.2478/cer-2013-0011.

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A budget surplus arises in a country when the total revenue earnings surpass expenditures in a particular financial year. Having a budget surplus is very important in the sense that it brings about a decrease in the net public debt, while the public debt is increased in the event of a budget deficit. Both budget deficits and budget surpluses also exert indirect influences on taxpayers. Normally, it is not essential on the part of the government to maintain a budget surplus, though it needs to be very careful when running a budget deficit to have the proper buffer.

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