Fiscal consolidation: What factors determine the success of consolidation efforts?
The global economic and financial crisis exacerbated the need for fiscal consolidation in many OECD countries. Drawing lessons from past episodes of fiscal consolidation, this study investigates the economic environments, political settings and policy measures conducive to fiscal consolidation and d...
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| Format: | Elektronisch Artikel |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2012
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The global economic and financial crisis exacerbated the need for fiscal consolidation in many OECD countries. Drawing lessons from past episodes of fiscal consolidation, this study investigates the economic environments, political settings and policy measures conducive to fiscal consolidation and debt stabilisation using probit, duration, truncated regression and bivariate Heckman selection methods. The empirical analysis builds on the earlier literature and extends it to include new aspects that may be of importance for consolidating governments. The empirical analysis confirms previous findings that the presence of fiscal rules - expenditure or budget balance rules - is associated with a greater probability of stabilising debt. Crucial in determining the causal link behind the association, the results also reveal an independent role for such rules over and above the impact of preferences for fiscal prudence. Also, while the analysis confirms that spending-driven adjustments visà- vis revenue-driven ones are more likely to stabilise debt, it also reveals that large consolidations need multiple instruments for consolidation to succeed. Sub-national governments, in particular state-level governments can contribute to the success of central government consolidation, if they co-operate. To ensure that state-level governments do co-operate, having the right regulatory framework with the extension of fiscal rules to sub-central government levels is important. |
| Beschreibung: | 1 Online-Ressource (27 p.) 21 x 28cm. |
| DOI: | 10.1787/eco_studies-2012-5k8zs3twgmjc |
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| spelling | Molnár, Margit VerfasserIn aut Fiscal consolidation What factors determine the success of consolidation efforts? Margit, Molnár Paris OECD Publishing 2012 1 Online-Ressource (27 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The global economic and financial crisis exacerbated the need for fiscal consolidation in many OECD countries. Drawing lessons from past episodes of fiscal consolidation, this study investigates the economic environments, political settings and policy measures conducive to fiscal consolidation and debt stabilisation using probit, duration, truncated regression and bivariate Heckman selection methods. The empirical analysis builds on the earlier literature and extends it to include new aspects that may be of importance for consolidating governments. The empirical analysis confirms previous findings that the presence of fiscal rules - expenditure or budget balance rules - is associated with a greater probability of stabilising debt. Crucial in determining the causal link behind the association, the results also reveal an independent role for such rules over and above the impact of preferences for fiscal prudence. Also, while the analysis confirms that spending-driven adjustments visà- vis revenue-driven ones are more likely to stabilise debt, it also reveals that large consolidations need multiple instruments for consolidation to succeed. Sub-national governments, in particular state-level governments can contribute to the success of central government consolidation, if they co-operate. To ensure that state-level governments do co-operate, having the right regulatory framework with the extension of fiscal rules to sub-central government levels is important. Economics Enthalten in OECD Journal: Economic Studies Vol. 2012, no. 1, p. 123-149 volume:2012 year:2012 number:1 pages:123-149 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/eco_studies-2012-5k8zs3twgmjc Volltext |
| spellingShingle | Molnár, Margit Fiscal consolidation What factors determine the success of consolidation efforts? Economics |
| title | Fiscal consolidation What factors determine the success of consolidation efforts? |
| title_auth | Fiscal consolidation What factors determine the success of consolidation efforts? |
| title_exact_search | Fiscal consolidation What factors determine the success of consolidation efforts? |
| title_full | Fiscal consolidation What factors determine the success of consolidation efforts? Margit, Molnár |
| title_fullStr | Fiscal consolidation What factors determine the success of consolidation efforts? Margit, Molnár |
| title_full_unstemmed | Fiscal consolidation What factors determine the success of consolidation efforts? Margit, Molnár |
| title_short | Fiscal consolidation |
| title_sort | fiscal consolidation what factors determine the success of consolidation efforts |
| title_sub | What factors determine the success of consolidation efforts? |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/eco_studies-2012-5k8zs3twgmjc |
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