| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11580 |
| 来源ID | Working Paper 11580 |
| Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic | |
| Zsolt Darvas; Andrew K. Rose; György Szapáry | |
| 发表日期 | 2005-08-22 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Using a panel of 21 OECD countries and 40 years of annual data, we find that countries with similar government budget positions tend to have business cycles that fluctuate more closely. That is, fiscal convergence (in the form of persistently similar ratios of government surplus/deficit to GDP) is systematically associated with more synchronized business cycles. We also find evidence that reduced fiscal deficits increase business cycle synchronization. The Maastricht %u201Cconvergence criteria,%u201D used to determine eligibility for EMU, encouraged fiscal convergence and deficit reduction. They may thus have indirectly moved Europe closer to an optimum currency area, by reducing countries%u2019 abilities to create idiosyncratic fiscal shocks. Our empirical results are economically and statistically significant, and robust. |
| 主题 | International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w11580 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569224 |
| 推荐引用方式 GB/T 7714 | Zsolt Darvas,Andrew K. Rose,György Szapáry. Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11580.pdf（560KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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