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Golden Rule (fiscal policy)

About: Golden Rule (fiscal policy) is a research topic. Over the lifetime, 661 publications have been published within this topic receiving 9789 citations.


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05 Jun 2003

1 citations

Journal ArticleDOI

1 citations

Posted Content
Abstract: This paper uses the SVAR methodology to investigate the effects of public investment on growth, and more specifically, the effects of the introduction of a golden rule of public finance. We extend the existing literature by estimating a model of the British economy that takes into account long run factors such as public debt accumulation. We find that in such a long run framework, public investment has a significant and permanently positive effect on GDP growth; this result runs counter to the most recent literature on the topic that was limited to a short run specification. We further find, by comparing different subsamples, that the introduction of the golden rule in 1997 strengthened the positive effect of public investment.

1 citations

01 Jun 2011
TL;DR: In this paper, the authors provide a cost-benefit analysis of both the previous and the new fiscal rule, as well as a discussion of the benefits of these two rules in the context of the recent economic and financial crisis.
Abstract: Az Europai Unio megujulo gazdasagi kormanyzasi rendszerenek egyik meghatarozo pillere a diszkrecionalis gazdasagpolitikaval szemben megfogalmazott szabalyalapusag lesz. A minden korabbinal erősebb es velhetően hatekonyabb szabalyok bevezetesenek legelkotelezettebb hive Nemetorszag. Az elmult evtizedekben a folyo koltsegvetesi kiadasok hianybol tortenő finanszirozasanak tilalmat előiro aranyszabalyt inkabb kevesebb, mint tobb sikerrel alkalmazo Nemetorszag most arra vallalkozott, hogy nem csak sajat hataskorben vezeti be az un. adossagfeket, hanem kovetendő peldakent allitja azt a tobbi tagorszag ele is. Irasunkban az aranyszabaly, illetve az adossagfek előnyeit es hatranyait vesszuk szamba a nemet tapasztalatok felhasznalasaval. / === / The need to strengthen rules-based fiscal policy has emerged as a widely shared consensus amongst policy-makers in the recent economic and financial crisis. Germany has become the most devoted advocator of the new regime, where more innovative and effective fiscal rules are supposed to play an even bigger role than before. Germany supports such a move however not only in rhetoric but also in practice. It decided to abandon its several decade old golden rule and to adopt a more sophisticated one, the so-called debt-brake. This article provides a cost-benefit analysis of both the previous and the new fiscal rule.

1 citations


Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20218
202024
201922
201821
201733
201626