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Fiscal Spillovers in the Euro Area: Letting the Data Speak

2017-11-15 Business & Economics
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Release : 2017-11-15
Genre : Business & Economics
Kind : eBook
Book Rating : 264/5 ( reviews)

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Book Synopsis Fiscal Spillovers in the Euro Area: Letting the Data Speak by : Ms.Era Dabla-Norris

Download or read book Fiscal Spillovers in the Euro Area: Letting the Data Speak written by Ms.Era Dabla-Norris. This book was released on 2017-11-15. Available in PDF, EPUB and Kindle. Book excerpt: We estimate a panel VAR model that captures cross-country, dynamic interlinkages for 10 euro area countries using quarterly data for the period 1999-2016. Our analysis suggests that fiscal spillovers are significant and tend to be larger for countries with close trade and financial links as well, as for fiscal shocks originating from larger countries. The current account appears to be the main channel of transmission, although strong trade integration among countries in the euro area and spillback effects tend to zero-out the net trade impact in some cases. A subsample analysis shows that the effects of fiscal policy have changed over time, with larger estimated domestic multipliers and spillovers between 2011 and 2014.

Fiscal Expenditure Spillovers in the Euro Area

2020
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Release : 2020
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Kind : eBook
Book Rating : 461/5 ( reviews)

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Book Synopsis Fiscal Expenditure Spillovers in the Euro Area by : Mario Alloza

Download or read book Fiscal Expenditure Spillovers in the Euro Area written by Mario Alloza. This book was released on 2020. Available in PDF, EPUB and Kindle. Book excerpt: The paper describes the main transmission channels of the spillovers of national fiscal policies to other countries within the euro area and investigates their magnitude using different models. In the context of Economic and Monetary Union (EMU), fiscal spillovers are relevant for the accurate assessment of the cyclical outlook in euro area countries, as well as in the debates on a coordinated change in the euro area fiscal stance and on a euro area fiscal capacity. The paper focuses on spillovers from expenditure-based expansions by presenting two complementary exercises. The first is an empirical investigation of spillovers based on a new, long quarterly dataset for the largest euro area countries and on new estimates based on annual data for a panel of 11 euro area countries. The second uses a multi-country general equilibrium model with a rich fiscal specification and the capacity to analyse trade spillovers. Fiscal spillovers are found to be heterogeneous but generally positive among euro area countries. The reaction of interest rates to fiscal expansions is an important determinant of the magnitude of spillovers.

Cross-Country Spillovers of Fiscal Consolidations in the Euro Area

2017-06-30 Business & Economics
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Release : 2017-06-30
Genre : Business & Economics
Kind : eBook
Book Rating : 236/5 ( reviews)

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Book Synopsis Cross-Country Spillovers of Fiscal Consolidations in the Euro Area by : Mr.Tigran Poghosyan

Download or read book Cross-Country Spillovers of Fiscal Consolidations in the Euro Area written by Mr.Tigran Poghosyan. This book was released on 2017-06-30. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits the issue of cross-country spillovers from fiscal consolidations using an innovative empirical methodology. We find evidence in support of fiscal spillovers in 10 euro area countries. Fiscal consolidation in one country not only reduces domestic output (direct effect), but also the output of other member countries (indirect/spillover effect). Fiscal spillovers are larger for: (i) more closely located and economically integrated countries, and (ii) fiscal shocks originating from relatively larger countries. On average, 1 percent of GDP fiscal consolidation in 10 euro area countries reduces the combined output by 0.6 percent on impact, out of which half is driven by indirect effects from fiscal spillovers. The impact peters out and becomes insignificant over the medium-term. It is largely driven by tax measures, which have a relatively stronger effect on output compared to expenditure measures. The results are robust to alternative measures of bilateral links across countries.

Fiscal Spillovers

2017-10-18 Business & Economics
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Release : 2017-10-18
Genre : Business & Economics
Kind : eBook
Book Rating : 416/5 ( reviews)

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Book Synopsis Fiscal Spillovers by : Patrick Blagrave

Download or read book Fiscal Spillovers written by Patrick Blagrave. This book was released on 2017-10-18. Available in PDF, EPUB and Kindle. Book excerpt: Are fiscal spillovers today as large as they were during the global financial crisis? How do they depend on economic and policy conditions? This note informs the debate on the cross-border impact of fiscal policy on economic activity, shedding light on the magnitude and the factors affecting transmission, such as the fiscal instruments used, cyclical positions, monetary policy conditions, and exchange rate regimes. The note assesses spillovers from five major advanced economies (France, Germany, Japan, United Kingdom, United States) on 55 advanced and emerging market economies that represent 85 percent of global output, looking at government-spending and tax revenue shocks during expansion and consolidation episodes. It finds that fiscal spillovers are economically significant in the presence of slack and/or accommodative monetary policy—and considerably smaller otherwise, which suggests that spillovers are large when domestic multipliers are also large. It also finds that spillovers from government-spending shocks are larger and more persistent than those from tax shocks and that transmission may be stronger among countries with fixed exchange rates. The evidence suggests that although spillovers from fiscal policies in the current environment may not be as large as they were during the crisis, they may still be important under certain economic circumstances.

Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area

2007-10-31 Business & Economics
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Release : 2007-10-31
Genre : Business & Economics
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Book Rating : 700/5 ( reviews)

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Book Synopsis Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area by : Bas van Aarle

Download or read book Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area written by Bas van Aarle. This book was released on 2007-10-31. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes economic interdependence in the Euro Area. It offers expert estimates of the sign and size of economic spillovers. Moreover, the authors explore the impact of economic policy coordination on economic performance in the Euro Area. Among the many topics explored are the link between fiscal and monetary policies in the Euro Area and the coordination of fiscal policies and of structural reforms.

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