| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8748 |
| DP8748 Multilateral economic cooperation and the international transmission of fiscal policy | |
| Giancarlo Corsetti; Gernot Müller | |
| 发表日期 | 2012 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | During the global financial crisis 2007--2009 fiscal policy was widely used as a stabilization tool. Policymakers allowed a large build-up of public debt resulting from both automatic and discretionary expansionary measures. At the same time, calls for policy coordination stressed that international spillovers of fiscal policy might be sizeable. We reconsider the case for fiscal coordination by providing new evidence on the cross-border effects of discretionary fiscal measures. We rely on a vector autoregression model as well as on a quantitative business cycle model. We find that i) large spillover effects cannot be ruled out and, in contrast to conventional wisdom, ii) financial factors rather than trade flows lie at the heart of the international transmission mechanism. We discuss the implications of these results for policy coordination when markets price sovereign default risk, and put pressure on governments for implementing budget consolidation measures. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal policy coordination Government spending Spillover effects Financial crisis |
| URL | https://cepr.org/publications/dp8748 |
| 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/537584 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Gernot Müller. DP8748 Multilateral economic cooperation and the international transmission of fiscal policy. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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