| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5285 |
| DP5285 Labour Pooling in R&D Intensive Industries | |
| Konrad O Stahl; Heiko A. Gerlach; Thomas Rønde | |
| 发表日期 | 2005-11-03 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Fiscal rules specify quantitative targets for key budgetary aggregates. In this paper, we review the experience with such rules in Japan and in the EU. Comparing the performance of fiscal policy in the 1980s and 1990s until 2003, we find that the fiscal rule of the 1980s exerted some but not much disciplinary influence on Japanese fiscal policy. The fiscal rule of the Maastricht Treaty had a significant impact on political budget cycles in the EU, but did little to constrain fiscal policy in the large member states. Since the start of the European Monetary Union, the disciplinary effect of the fiscal rule in the EU has vanished. Next, we discuss the importance of budgetary institutions for the effectiveness of fiscal rules. In Europe, a number of countries adopted strong fiscal rules, i.e., a fiscal rule combined with a design of the budget process enabling governments to commit to the rule. We find that strong fiscal rules have been effective. We conclude with some suggestions for the design of a strong fiscal rule in Japan. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal policy Government budgeting Political budget cycles |
| URL | https://cepr.org/publications/dp5285 |
| 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/534195 |
| 推荐引用方式 GB/T 7714 | Konrad O Stahl,Heiko A. Gerlach,Thomas Rønde. DP5285 Labour Pooling in R&D Intensive Industries. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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