全球智库信息集成服务系统(G2TT): DP4746 International Risk Sharing and the Transmission of Productivity Shocks

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP4746
	DP4746 International Risk Sharing and the Transmission of Productivity Shocks
	Giancarlo Corsetti; Luca Dedola; Sylvain Leduc
发表日期	2004-11-23
出版年	2004
语种	英语
摘要	Fiscal rules, such as the excessive deficit procedure and the stability and growth pact (SGP), aim at constraining government behaviour. Milesi-Ferretti (2003) develops a model in which governments circumvent such rules by reverting to creative accounting. The amount of this creative accounting depends on the reputation cost for the government and the economic cost of sticking to the rule. In this Paper, we provide empirical evidence of creative accounting in the European Union. We find that the SGP rules have induced governments to use stock-flow adjustments, a form of creative accounting, to hide deficits. This tendency to substitute stock-flow adjustments for budget deficits is especially strong for the cyclical component of the deficit, as in times of recession the cost of reducing the deficit is particularly large.
主题	Public Economics
关键词	Fiscal rules Stock-flow adjustments Debt-deficit adjustments Stability and growth pact Excessive deficit procedures Esa 95
URL	https://cepr.org/publications/dp4746
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/533663
推荐引用方式 GB/T 7714	Giancarlo Corsetti,Luca Dedola,Sylvain Leduc. DP4746 International Risk Sharing and the Transmission of Productivity Shocks. 2004.