Author:
Agata Szymańska University of Lodz, Poland

Search for other papers by Agata Szymańska in
Current site
Google Scholar
PubMed
Close
Restricted access

The aim of this paper is to investigate the influence of fiscal rules on the budgetary outcomes in 27 European Union countries. In particular, the paper focuses on assessing whether the impact of fiscal rules is statistically significant and numerically meaningful. In order to assess the influence, we use a dynamic panel data model. In our baseline model, we introduce the fiscal rule index as an explanatory variable. Our estimation rests on the fiscal reaction function. The analysis shows that the fiscal rule index positively affects the cyclically-adjusted primary balance and the cyclicallyadjusted balance.

  • Afonso, A.Hauptmeier, S. (2009): Fiscal Behaviour in the European Union: Rules, Fiscal Decentralization and Government Indebtedness. European Central Bank Working Paper Series, No. 1054.

    • Search Google Scholar
    • Export Citation
  • Afonso, A.Guimarães, A. S. (2014): The Relevance of Fiscal Rules and Yield Developments. Lisboa School of Economics and Management Working Paper, No. WP05/2014/DE/UECE.

    • Search Google Scholar
    • Export Citation
  • Alesina, A.Bayoumi, T. (1996): The Costs and Benefits of Fiscal Rules: Evidence from U.S. States. NBER Working Paper, No. 5614.

  • Alesina, A. F.Perotti, R. (1999): Budget Deficits and Budget Institutions. In: Poterba, J. M. (ed.): Fiscal Institutions and Fiscal Performance. University of Chicago Press, pp. 1336.

    • Search Google Scholar
    • Export Citation
  • Arellano, M.Bond, S. (1991): Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies, 58(2): 277297.

    • Search Google Scholar
    • Export Citation
  • Arellano, M.Bover, O. (1995): Another Look at the Instrumental Variable Estimation of Error- Components Models. Journal of Econometrics, 68(1): 2951.

    • Search Google Scholar
    • Export Citation
  • Ayuso-i-Casals, J. (2012): National Expenditure Rules: Why, How and When. European Economy – Economic Papers, No. 473.

  • Ayuso-i-Casals, J.Debrun, X.Kumar, M. S.Moulin, L.Turrini, A. (2007): Beyond the SGP. Features and Effects of EU National-level Fiscal Rules. In: Deroose, S.Flores, E.Turrini, A. (eds): The Role of Fiscal Rules and Institutions in Shaping Budgetary Outcomes. Proceedings from the ECFIN Workshop, Brussels, 24 November 2006, pp. 191242.

    • Search Google Scholar
    • Export Citation
  • Balassone, F.Franco, D. (2001): EMU Fiscal Rules: A New Answer to an Old Question? In: Fiscal Rules. Banca d’Italia, Research Department Public Finance Workshop. Papers presented at the Bank of Italy Workshop, Perugia, 1–3 February 2001, pp. 3358.

    • Search Google Scholar
    • Export Citation
  • Balatoni, A. (2015): A Simple Fiscal Rule for Hungary. Acta Oeconomica, 65(Special Issue 1): 151161.

  • Bayoumi, T. A.Eichengreen, B. J. (1995): Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization. Staff Papers, International Monetary Fund, 42(1): 3248.

    • Search Google Scholar
    • Export Citation
  • Birashi, P. (2008): Searching for the Optimal EMU Fiscal Rule: An Ex-Post Analysis of the SGP Reform Proposals. Italian Ministry of Economy and Finance Working Paper, No. 7.

    • Search Google Scholar
    • Export Citation
  • Blundell, R.Bond, S. (1998): Initial Conditions and Moment Restrictions in Dynamic Panel Data Models. Journal of Econometrics, 87(1): 115143.

    • Search Google Scholar
    • Export Citation
  • Blundell, R.Bond, S.Windmeijer, F. (2000): Estimation in Dynamic Panel Data Models: Improving on the Performance of the Standard GMM Estimator. Institute for Fiscal Studies Working Papers, W00/12.

    • Search Google Scholar
    • Export Citation
  • Bohn, H. (1998): The Behavior of U.S. Public Debt and Deficits. The Quarterly Journal of Economics, 113(3): 949963.

  • Bohn, H.Inman, R. P. (1996): Balanced Budget Rules and Public Deficits: Evidence from the U.S. States. NBER Working Paper, No. 5533.

    • Search Google Scholar
    • Export Citation
  • Buiter, W. H. (2003): Ten Commandments for a Fiscal Rule in the E(M)U. Oxford Review of Economic Policy, 19(1): 8499.

  • Buiter, W. H.Grafe, C. (2004): Patching up the Pact. Economics of Transition, 12(1): 67102.

  • Buti, M.Eijffinger, S.Franco, D. (2003): Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment? European Commission Economic Papers, No. 180, January.

    • Search Google Scholar
    • Export Citation
  • Buti, M.Franco, D. (2005): Fiscal Policy in Economic and Monetary Union: Theory, Evidence and Institutions. Edward Elgar.

  • Buti, M.van den Noord, P. (2004): Fiscal Policy in EMU: Rules, Discretion and Political Incentives. European Economy – Economic Papers, No. 206.

    • Search Google Scholar
    • Export Citation
  • Combes, J. L.Debrun, X.Minea, A.Tapsoba, R. (2014): Inflation Targeting and Fiscal Rules: Do Interactions and Sequencing Matter? IMF Working Paper, No. 14/89.

    • Search Google Scholar
    • Export Citation
  • De Grauwe, P. (2000): Economics of Monetary Union. Oxford University Press.

  • Debrun, X.Epstein, N. P.Symansky, S. A. (2008): A New Fiscal Rule: Should Israel Go Swiss? IMF Working Papers, No. 08/87.

  • Debrun, X.Kumar, M. S. (2007): The Discipline-Enhancing Role of Fiscal Institutions: Theory and Empirical Evidence. IMF Working Paper, No. WP/07/171.

    • Search Google Scholar
    • Export Citation
  • Debrun, X.Moulin, L.Turrini, A.Ayuso-i-Casals, J.Kumar, M. S. (2008): Tied to the Mast? National Fiscal Rules in the European Union. Economic Policy, 23(54): 297362.

    • Search Google Scholar
    • Export Citation
  • Deroose, S.Moulin, L.Wierts, P. (2006): National Expenditure Rules and Expenditure Outcomes: Evidence for EU Member States. Wirtschaftspolitische Blätter, 53(1): 2741.

    • Search Google Scholar
    • Export Citation
  • Eichengreen, B. J.Bayoumi, T. A. (1994): The Political Economy of Fiscal Restrictions: Implications for Europe from the United States. European Economic Review, 38(3–4): 783791.

    • Search Google Scholar
    • Export Citation
  • Emmerson, C.Frayne, Ch.Love, S. (2004): Updating the UK’s Code for Fiscal Stability. The Institute for Fiscal Studies Working Paper, No. WP04/29.

    • Search Google Scholar
    • Export Citation
  • European Commission (2006): Public Finances in EMU 2006. European Economy, No. 3/2006.

  • European Commission (2009): Public Finances in EMU 2009. European Economy, No. 5/2009.

  • Fatas, A.Mihov, I. (2006): The Macroeconomic Effects of Fiscal Rules in the US States. Journal of Public Economics, 90(1–2): 101117.

    • Search Google Scholar
    • Export Citation
  • Favero, C.Monacelli, T. (2005): Fiscal Policy Rules and Regime (In)Stability: Evidence from the U.S. IGIER (Innocenzo Gasparini Institute for Economic Research) Working Paper, No. 282.

    • Search Google Scholar
    • Export Citation
  • Gali, J.Perotti, R. (2003): Fiscal Policy and Monetary Integration in Europe. Economic Policy, 18(37): 533572.

  • Golinelli, R.Momigliano, S. (2008): The Cyclical Response of Fiscal Policies in the Euro Area. Why do Results of Empirical Research Differ so Strongly? Economic Working Papers, No. 654, Bank of Italy, Economic Research and International Relations Area.

    • Search Google Scholar
    • Export Citation
  • Hallerberg, M.Wolff, G. (2008): Fiscal Institutions, Fiscal Policy and Sovereign Risk Premia in EMU. Public Choice, 136 (3–4): 379396.

    • Search Google Scholar
    • Export Citation
  • Holm-Hadulla, F.Hauptmeier, S.Rother, P. (2010): The Impact of Numerical Expenditure Rules on Budgetary Discipline over the Cycle. ECB Working Paper, No. 1169.

    • Search Google Scholar
    • Export Citation
  • IMF (2009): Fiscal Rules-Anchoring Expectations for Sustainable Public Finances. Fiscal Affairs Department. Washington, D.C.

  • IMF (2013): The Functions and Impact of Fiscal Councils. Washington, D.C.

  • Inman, R. P. (1996): Do Balanced Budget Rules Work? U.S. Experience and Possible Lessons for the EMU. NBER Working Paper, No. 5838.

  • Judson, R. A.Owen, A. L. (1999): Estimating Dynamic Panel Data Models: A Guide for Macroeconomists. Economic Letters, 65: 915.

  • Kaplanoglou, G.Rapanos, V. T. (2011): The Greek Fiscal Crisis and the Role of Fiscal Governance. Greece – Hellenic Observatory Papers on Greece and Southeast Europe, No. 48, Hellenic Observatory European Institute – LSE.

    • Search Google Scholar
    • Export Citation
  • Kell, M. (2001): An Assessment of Fiscal Rules in the United Kingdom. IMF Working Papers, No. 01/91.

  • Kennedy, S.Robbins, J.Delorme, F. (2001): The Role of Fiscal Rules in Determining Fiscal Performance. In: Fiscal Rules. Papers presented at the Bank of Italy Workshop, Perugia, 1–3 February 2001, pp. 237266.

    • Search Google Scholar
    • Export Citation
  • Kirsanova, T.Satchi, M.Vines, D.Wren-Lewis, S. (2007): Optimal Fiscal Policy Rules in a Monetary Union. Journal of Money, Credit and Banking (Blackwell Publishing), 39(7): 17591784.

    • Search Google Scholar
    • Export Citation
  • Kopits, G. (2001): Fiscal Rules: Useful Policy Framework or Unnecessary Ornament? IMF Working Paper, No. 01/145.

  • Kopits, G.Symansky, S. (1998): Fiscal Policy Rules. IMF Occasional Paper, No. 162.

  • Mihályi, P. (2011): The 2011 Governance Reform of the Eurozone: Two Well-Known Problems of the Centrally Planned Economies (An Essay). Acta Oeconomica, 61(3): 281291.

    • Search Google Scholar
    • Export Citation
  • Nickell, S. (1981): Biases in Dynamic Models with Fixed Effects. Econometrica, 49: 14171426.

  • OECD (2013): Fiscal Federalism 2014 Making Decentralisation Work. OECD Publishing.

  • Poterba, J. M. (1994): State Responses to Fiscal Crises: The Effects of Budgetary Institutions and Politics. Journal of Political Economy, 102(4): 799821.

    • Search Google Scholar
    • Export Citation
  • Schmitt-Grohe, S.Uribe, M. (2007): Optimal Simple and Implementable Monetary and Fiscal Rules. Journal of Monetary Economics, 54(6): 17021725.

    • Search Google Scholar
    • Export Citation
  • Schuknecht, L. (2004): EU Fiscal Rules. Issues and Lessons from Political Economy. ECB Working Paper, No. 421.

  • Turrini, A. (2008): Fiscal Policy and the Cycle in the Euro Area: The Role of Government Revenue and Expenditure. European Economy – Economic Papers, No. 323.

    • Search Google Scholar
    • Export Citation
  • Wierts, P. (2008a): How do Expenditure Rules Affect Fiscal Behaviour? De Nederlandsche Bank (DNB) Working Paper, No. 166.

  • Wierts, P. (2008b): Fiscal Rules and Fiscal Outcomes in EMU. Theory and Evidence. Ph.D. Thesis, The Centre for Euro-Asian Studies, Department of Economics.

    • Search Google Scholar
    • Export Citation
  • Windmeijer, F. (2005): A Finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators. Journal of Econometrics, 126(1): 2551.

    • Search Google Scholar
    • Export Citation
  • Wyplosz, Ch. (2002): Fiscal Policy: Institutions versus Rules. CEPR Discussion Papers, No. 3238.

  • Wyplosz, Ch. (2012): Fiscal Rules: Theoretical Issues and Historical Experiences. NBER Working Papers, No. 17884.

  • Collapse
  • Expand

Senior editors

Editors-in-Chief: István P. Székely, Dóra Győrffy

Editor(s): Judit Kálmán

Associate Editors

  • Péter Benczúr, Joint Joint Research Center, European Commission
  • Dóra Benedek, International Monetary Fund
  • Balázs Égert, OECD
  • Dániel Prinz, World Bank
  • Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

Editorial Board

  • Anders Åslund, Georgetown University and Advisory Council of CASE, USA
  • István Benczes, Corvinus University of Budapest, Hungary 
  • Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
  • Fabrizio Coricelli, University of Siena, Italy
  • László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
  • Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
  • Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
  • Martin Kahanec, Central European University, Austria
  • Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
  • Péter Mihályi, Corvinus University of Budapest, Hungary
  • Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu

Indexing and Abstracting Services:

  • CABELLS Journalytics
  • EconLit
  • Elsevier GEO Abstracts
  • GEOBASE
  • Index Copernicus
  • International Bibliographies IBZ and IBR
  • JEL
  • Referativnyi Zhurnal
  • RePEc
  • SCOPUS
  • Social Science Citation Index

 

2023  
Web of Science  
Journal Impact Factor 0.7
Rank by Impact Factor Q3 (Economics)
Journal Citation Indicator 0.23
Scopus  
CiteScore 1.4
CiteScore rank Q3 (Economics and Econometrics)
SNIP 0.385
Scimago  
SJR index 0.218
SJR Q rank Q4

Acta Oeconomica
Publication Model Hybrid
Submission Fee none
Article Processing Charge 900 EUR/article
Printed Color Illustrations 40 EUR (or 10 000 HUF) + VAT / piece
Regional discounts on country of the funding agency World Bank Lower-middle-income economies: 50%
World Bank Low-income economies: 100%
Further Discounts Editorial Board / Advisory Board members: 50%
Corresponding authors, affiliated to an EISZ member institution subscribing to the journal package of Akadémiai Kiadó: 100%
Subscription fee 2025 Online subsscription: 700 EUR / 768 USD
Print + online subscription: 820 EUR / 900 USD
Subscription Information Online subscribers are entitled access to all back issues published by Akadémiai Kiadó for each title for the duration of the subscription, as well as Online First content for the subscribed content.
Purchase per Title Individual articles are sold on the displayed price.

Acta Oeconomica
Language English
Size B5
Year of
Foundation
1966
Volumes
per Year
1
Issues
per Year
4
Founder Magyar Tudományos Akadémia
Founder's
Address
H-1051 Budapest, Hungary, Széchenyi István tér 9.
Publisher Akadémiai Kiadó
Publisher's
Address
H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher
Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)

Monthly Content Usage

Abstract Views Full Text Views PDF Downloads
Aug 2024 15 0 0
Sep 2024 32 0 0
Oct 2024 74 0 1
Nov 2024 31 0 0
Dec 2024 18 0 0
Jan 2025 40 0 0
Feb 2025 10 0 0