Asset Price Cycles, "One-Off" Factors and Structural Budget Balances:
This paper analyses two factors which may cause cyclically-adjusted budget balances to give a misleading picture of underlying fiscal trends. It first explores the implications of recent large asset-market related fluctuations in government revenues for the measurement of structural budget balances....
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2004
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | This paper analyses two factors which may cause cyclically-adjusted budget balances to give a misleading picture of underlying fiscal trends. It first explores the implications of recent large asset-market related fluctuations in government revenues for the measurement of structural budget balances. And second, it reviews the impact of the increased recourse to stopgap "one-off" measures to control deficits. The results confirm that since the late 1990s revenues have been more buoyant than would have been warranted by the registered rate of nominal output growth and the impact of tax measures. The study suggests that from 1995 to 2000 the average contribution of "unwarranted" revenues to year-to-year changes in cyclically-adjusted budget positions ranged from negligible to around ½ per cent of GDP, the main countries affected being the United States, the United Kingdom, France and some Nordic countries. Conversely, the subsequent decline in tax receipts has been sharper than could ... |
| Beschreibung: | 1 Online-Ressource (30 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/305051767827 |
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| spelling | Girouard, Nathalie Verfasser aut Asset Price Cycles, "One-Off" Factors and Structural Budget Balances Nathalie Girouard and Robert Price Paris OECD Publishing 2004 1 Online-Ressource (30 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper analyses two factors which may cause cyclically-adjusted budget balances to give a misleading picture of underlying fiscal trends. It first explores the implications of recent large asset-market related fluctuations in government revenues for the measurement of structural budget balances. And second, it reviews the impact of the increased recourse to stopgap "one-off" measures to control deficits. The results confirm that since the late 1990s revenues have been more buoyant than would have been warranted by the registered rate of nominal output growth and the impact of tax measures. The study suggests that from 1995 to 2000 the average contribution of "unwarranted" revenues to year-to-year changes in cyclically-adjusted budget positions ranged from negligible to around ½ per cent of GDP, the main countries affected being the United States, the United Kingdom, France and some Nordic countries. Conversely, the subsequent decline in tax receipts has been sharper than could ... Economics Price, Robert ctb https://doi.org/10.1787/305051767827 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Girouard, Nathalie Asset Price Cycles, "One-Off" Factors and Structural Budget Balances Economics |
| title | Asset Price Cycles, "One-Off" Factors and Structural Budget Balances |
| title_auth | Asset Price Cycles, "One-Off" Factors and Structural Budget Balances |
| title_exact_search | Asset Price Cycles, "One-Off" Factors and Structural Budget Balances |
| title_exact_search_txtP | Asset Price Cycles, "One-Off" Factors and Structural Budget Balances |
| title_full | Asset Price Cycles, "One-Off" Factors and Structural Budget Balances Nathalie Girouard and Robert Price |
| title_fullStr | Asset Price Cycles, "One-Off" Factors and Structural Budget Balances Nathalie Girouard and Robert Price |
| title_full_unstemmed | Asset Price Cycles, "One-Off" Factors and Structural Budget Balances Nathalie Girouard and Robert Price |
| title_short | Asset Price Cycles, "One-Off" Factors and Structural Budget Balances |
| title_sort | asset price cycles one off factors and structural budget balances |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/305051767827 |
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