Fiscal divergence and business cycle synchronization: irresponsibility is idiosyncratic
"Using a panel of 21 OECD countries and 40 years of annual data, we find that countries with similar government budget positions tend to have business cycles that fluctuate more closely. That is, fiscal convergence (in the form of persistently similar ratios of government surplus/deficit to GDP...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11580 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "Using a panel of 21 OECD countries and 40 years of annual data, we find that countries with similar government budget positions tend to have business cycles that fluctuate more closely. That is, fiscal convergence (in the form of persistently similar ratios of government surplus/deficit to GDP) is systematically associated with more synchronized business cycles. We also find evidence that reduced fiscal deficits increase business cycle synchronization. The Maastricht 'convergence criteria,' used to determine eligibility for EMU, encouraged fiscal convergence and deficit reduction. They may thus have indirectly moved Europe closer to an optimum currency area, by reducing countries' abilities to create idiosyncratic fiscal shocks. Our empirical results are economically and statistically significant, and robust"--National Bureau of Economic Research web site. |
| Beschreibung: | 35 S. graph. Darst. |
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| index_date | 2024-07-02T14:03:37Z |
| indexdate | 2024-07-09T20:36:02Z |
| institution | BVB |
| language | English |
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| physical | 35 S. graph. Darst. |
| publishDate | 2005 |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Darvas, Zsolt M. Verfasser (DE-588)123863856 aut Fiscal divergence and business cycle synchronization irresponsibility is idiosyncratic Zsolt Darvas ; Andrew K. Rose ; György Szapáry Cambridge, Mass. National Bureau of Economic Research 2005 35 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11580 "Using a panel of 21 OECD countries and 40 years of annual data, we find that countries with similar government budget positions tend to have business cycles that fluctuate more closely. That is, fiscal convergence (in the form of persistently similar ratios of government surplus/deficit to GDP) is systematically associated with more synchronized business cycles. We also find evidence that reduced fiscal deficits increase business cycle synchronization. The Maastricht 'convergence criteria,' used to determine eligibility for EMU, encouraged fiscal convergence and deficit reduction. They may thus have indirectly moved Europe closer to an optimum currency area, by reducing countries' abilities to create idiosyncratic fiscal shocks. Our empirical results are economically and statistically significant, and robust"--National Bureau of Economic Research web site. Fiscal policy OECD countries Rose, Andrew 1959- Verfasser (DE-588)124547559 aut Szapáry, György 1938- Verfasser (DE-588)129386162 aut Erscheint auch als Internetausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11580 (DE-604)BV002801238 11580 http://papers.nber.org/papers/w11580.pdf kostenfrei Volltext |
| spellingShingle | Darvas, Zsolt M. Rose, Andrew 1959- Szapáry, György 1938- Fiscal divergence and business cycle synchronization irresponsibility is idiosyncratic National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Fiscal policy OECD countries |
| title | Fiscal divergence and business cycle synchronization irresponsibility is idiosyncratic |
| title_auth | Fiscal divergence and business cycle synchronization irresponsibility is idiosyncratic |
| title_exact_search | Fiscal divergence and business cycle synchronization irresponsibility is idiosyncratic |
| title_exact_search_txtP | Fiscal divergence and business cycle synchronization irresponsibility is idiosyncratic |
| title_full | Fiscal divergence and business cycle synchronization irresponsibility is idiosyncratic Zsolt Darvas ; Andrew K. Rose ; György Szapáry |
| title_fullStr | Fiscal divergence and business cycle synchronization irresponsibility is idiosyncratic Zsolt Darvas ; Andrew K. Rose ; György Szapáry |
| title_full_unstemmed | Fiscal divergence and business cycle synchronization irresponsibility is idiosyncratic Zsolt Darvas ; Andrew K. Rose ; György Szapáry |
| title_short | Fiscal divergence and business cycle synchronization |
| title_sort | fiscal divergence and business cycle synchronization irresponsibility is idiosyncratic |
| title_sub | irresponsibility is idiosyncratic |
| topic | Fiscal policy OECD countries |
| topic_facet | Fiscal policy OECD countries |
| url | http://papers.nber.org/papers/w11580.pdf |
| volume_link | (DE-604)BV002801238 |
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