Expansionary Fiscal Austerity: New International Evidence
The expansionary fiscal contraction (EFC) hypothesis states that fiscal austerity can increase output or consumption when a country is under heavy debt burdens because it sends positive signal about the country's solvency situation and long-term economic wellbeing. Empirical tests of this hypot...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2020
|
| Schriftenreihe: | World Bank E-Library Archive
|
| Online-Zugang: | Volltext |
| Zusammenfassung: | The expansionary fiscal contraction (EFC) hypothesis states that fiscal austerity can increase output or consumption when a country is under heavy debt burdens because it sends positive signal about the country's solvency situation and long-term economic wellbeing. Empirical tests of this hypothesis have suffered from identification concerns due to data sources and empirical methodology. Using a sample of OECD countries between 1978 and 2014, this paper combines new IMF narrative data and the proxy structural Vector Auto-regression (SVAR) method to examine whether fiscal austerities can be expansionary when debt levels are high. Fiscal austerities are measured as 1) narrative fiscal shocks and 2) structural shocks from a proxy SVAR. Additionally, this paper uses a model-based approach to determine the cutoff debt level beyond which EFC is expected to be observed. This paper finds empirical evidence in support of the EFC hypothesis for OECD countries: results for output are driven by changes in tax rates and are robust to how one defines a high-debt regime and how one measures austerity |
| Beschreibung: | 1 Online-Ressource (35 Seiten) |
| DOI: | 10.1596/1813-9450-9344 |
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| spellingShingle | Nie, Ou Expansionary Fiscal Austerity New International Evidence |
| title | Expansionary Fiscal Austerity New International Evidence |
| title_auth | Expansionary Fiscal Austerity New International Evidence |
| title_exact_search | Expansionary Fiscal Austerity New International Evidence |
| title_exact_search_txtP | Expansionary Fiscal Austerity New International Evidence |
| title_full | Expansionary Fiscal Austerity New International Evidence Ou Nie |
| title_fullStr | Expansionary Fiscal Austerity New International Evidence Ou Nie |
| title_full_unstemmed | Expansionary Fiscal Austerity New International Evidence Ou Nie |
| title_short | Expansionary Fiscal Austerity |
| title_sort | expansionary fiscal austerity new international evidence |
| title_sub | New International Evidence |
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