About: EU fiscal stance vulnerability: Are the old members the gold members?

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An Entity of Type : http://linked.opendata.cz/ontology/domain/vavai/Vysledek, within Data Space : linked.opendata.cz associated with source document(s)

Attributes	Values
rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
rdfs:seeAlso	http://dx.doi.org/10.1016/j.econmod.2013.12.016
Description	This paper investigates the effect of aggregate shocks on the fiscal stance of the EU, and of its old (OMS) and new (NMS) member states over a business cycle. The fiscal stance is measured by the government deficit. To study the impact of aggregate shocks, we use impulse responses derived from a pooled structural vector autoregression model estimated on annual panel data. We find that the fiscal deficits of OMS could be vulnerable to discretionary changes in government expenditures and revenues. In contrast, the fiscal stance of NMS shows vulnerability to GDP shocks, because the increase in revenues after a positive GDP shock is often outpaced by greater expenditure increases in NMS. The estimated fiscal vulnerabilities stem from disproportionate policy responses concerning government expenditures and a lacking discipline to control pro-cyclical fiscal spending. Our findings for the EU thus support application of fiscal rules focused on government expenditure rather than other fiscal variables. This paper investigates the effect of aggregate shocks on the fiscal stance of the EU, and of its old (OMS) and new (NMS) member states over a business cycle. The fiscal stance is measured by the government deficit. To study the impact of aggregate shocks, we use impulse responses derived from a pooled structural vector autoregression model estimated on annual panel data. We find that the fiscal deficits of OMS could be vulnerable to discretionary changes in government expenditures and revenues. In contrast, the fiscal stance of NMS shows vulnerability to GDP shocks, because the increase in revenues after a positive GDP shock is often outpaced by greater expenditure increases in NMS. The estimated fiscal vulnerabilities stem from disproportionate policy responses concerning government expenditures and a lacking discipline to control pro-cyclical fiscal spending. Our findings for the EU thus support application of fiscal rules focused on government expenditure rather than other fiscal variables. (en)
Title	EU fiscal stance vulnerability: Are the old members the gold members? EU fiscal stance vulnerability: Are the old members the gold members? (en)
skos:prefLabel	EU fiscal stance vulnerability: Are the old members the gold members? EU fiscal stance vulnerability: Are the old members the gold members? (en)
skos:notation	RIV/61989100:27510/14:86086790!RIV15-MSM-27510___
http://linked.open...avai/riv/aktivita	S
http://linked.open...avai/riv/aktivity	S
http://linked.open...iv/cisloPeriodika	C
http://linked.open...vai/riv/dodaniDat	2015
http://linked.open...aciTvurceVysledku	Melecký, Martin
http://linked.open.../riv/druhVysledku	J - Článek v odborném periodiku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Vysoká škola báňská - Technická univerzita Ostrava / Ekonomická fakulta
http://linked.open...dnocenehoVysledku	15179
http://linked.open...ai/riv/idVysledku	RIV/61989100:27510/14:86086790
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	Macroeconomic Shocks, Fiscal Stance, European Union, Panel Data Analysis, Pooled Structural Vector Autoregression Model. (en)
http://linked.open.../riv/klicoveSlovo	Pooled Structural Vector Autoregression Model. European Union Macroeconomic Shocks Fiscal Stance Panel Data Analysis
http://linked.open...odStatuVydavatele	NL - Nizozemsko
http://linked.open...ontrolniKodProRIV	[B2C48A93B199]
http://linked.open...i/riv/nazevZdroje	Economic Modelling
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	2 (xsd:int)
http://linked.open...UplatneniVysledku	2014
http://linked.open...v/svazekPeriodika	38
http://linked.open...iv/tvurceVysledku	Melecký, Martin Dybczak, Kamil
http://linked.open...ain/vavai/riv/wos	000334137900012
issn	0264-9993
number of pages	15 (xsd:int)
http://bibframe.org/vocab/doi	10.1016/j.econmod.2011.07.011
http://localhost/t...ganizacniJednotka	27510

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