The Effect of Fiscal Policy Asymmetries on Business Cycle Correlation in the EU

IF 0.9 Q3 ECONOMICS

Scientific Annals of Economics and Business Pub Date : 2022-09-12 DOI:10.47743/saeb-2022-0022

Ladislava Issever Grochová, Petr Rozmahel, Marek Litzman

引用次数: 0

Abstract

This paper reviews the role of bilateral fiscal differences, fiscal indiscipline and their joint effects in particular in determining business cycle synchronicity in the European Union (EU). Panel data comprising 28 EU members from 1999–2019 are used in the analysis. The two-step Instrumental Variable–Generalized Method of Moments (IV–GMM) is employed to estimate the effects of examined fiscal measures on business cycle correlations. The study finds that fiscal indiscipline doubles the negative effect of increasing fiscal differences on business cycle correlation compared to fiscally disciplined country-pairs. The findings suggest reopening the debate on fiscal policy coordination across Europe.

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欧盟财政政策不对称对经济周期相关性的影响

本文回顾了双边财政差异、财政纪律及其联合效应，特别是在决定欧盟商业周期同步性方面的作用。分析中使用了包括1999-2009年28个欧盟成员国的小组数据。采用两步工具变量-广义矩量法（IV–GMM）来估计所检查的财政措施对商业周期相关性的影响。研究发现，与财政有纪律的国家对相比，财政无纪律使财政差异增加对商业周期相关性的负面影响加倍。调查结果表明，重新开启了整个欧洲关于财政政策协调的辩论。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Scientific Annals of Economics and Business ECONOMICS-

CiteScore

1.40

自引率

0.00%

发文量

审稿时长

10 weeks

期刊介绍： The Journal called Scientific Annals of Economics and Business (formerly Analele ştiinţifice ale Universităţii "Al.I. Cuza" din Iaşi. Ştiinţe economice / Scientific Annals of the Alexandru Ioan Cuza University of Iasi. Economic Sciences), was first published in 1954. It is published under the care of the Alexandru Ioan Cuza University, the oldest higher education institution in Romania, a place of excellence and innovation in education and research since 1860. Throughout its editorial life, the journal has been continuously improving. Renowned professors, well-known in the country and abroad, have published in this journal. The quality of the published materials is ensured both through their review by external reviewers of the institution and by the editorial staff that includes professors for each area of interest. The journal published papers in the following main sections: Accounting; Finance, Money and Banking; Management, Marketing and Communication; Microeconomics and Macroeconomics; Statistics and Econometrics; The Society of Knowledge and Business Information Systems.