全球智库信息集成服务系统(G2TT): DP6249 Why Do Emerging Economies Borrow Short Term?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP6249
	DP6249 Why Do Emerging Economies Borrow Short Term?
	Sergio Schmukler; Fernando Broner; Guido Lorenzoni
发表日期	2007-04-16
出版年	2007
语种	英语
摘要	While according to the so-called ?Brussels-Frankfurt consensus? sound fiscal policies and structural reforms support each other, it is often claimed that the EU fiscal framework, by reducing the budgetary room of manoeuvre and the political capital of governments, may deter reforms. The aim of this paper is to explore which factors determine the relation between fiscal discipline and reforms. By means of a simple model we show that, depending on the time horizon of the government, structural reforms may either be complement or substitute with fiscal discipline. If governments are forward-looking, substitution is more likely; if governments are short-sighted, reforms and fiscal discipline may become complement. We provide empirical evidence supporting this argument. In a sample of EU-15 countries over the past three decades, the introduction of the Maastricht constraints at the beginning of the 1990s does not seem to have affected the probability of labour market reforms on average, but had a positive and significant impact on countries with governments facing elections in the current or forthcoming year (which are hence assumed to behave myopically). Our results suggest that if governments are short-sighted, then the expectation that relaxing fiscal constraints may help to boost structural reforms may be ill-founded.
主题	International Macroeconomics
关键词	Economic effects of deficits Stability and growth pact Structural reforms
URL	https://cepr.org/publications/dp6249
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/535068
推荐引用方式 GB/T 7714	Sergio Schmukler,Fernando Broner,Guido Lorenzoni. DP6249 Why Do Emerging Economies Borrow Short Term?. 2007.