Skip to Main content Skip to Navigation
Preprints, Working Papers, ...

Ranking Fiscal Policy Rules: the Golden Rule of Public Finance vs. the Stability and Growth Pact

Abstract : The purpose of this note is to compare the characteristics of the actual Stability and Growth Pact with that of a European "modified golden rule". The latter would consist in achieving in each EU country a cyclically-adjusted net-of-public-investment balance. The benchmark for comparison is the classification adopted by Kopits and Symansky (1998) on "ideal fiscal rules". This classification has been used by Buti et al. (2003) in order to demonstrate the "ideal character" of the actual Stability and Growth Pact and thus legitimate only slight modifications to the Pact. I intend to show rather, that the "modified golden rule" is a better fiscal rule than the actual Pact.
Document type :
Preprints, Working Papers, ...
Complete list of metadata

Cited literature [16 references]  Display  Hide  Download

https://hal-sciencespo.archives-ouvertes.fr/hal-00972778
Contributor : Spire Sciences Po Institutional Repository Connect in order to contact the contributor
Submitted on : Thursday, May 22, 2014 - 2:49:03 PM
Last modification on : Monday, March 21, 2022 - 2:47:55 PM
Long-term archiving on: : Friday, August 22, 2014 - 10:58:00 AM

File

wp2003-04.pdf
Files produced by the author(s)

Identifiers

  • HAL Id : hal-00972778, version 1
  • SCIENCESPO : 2441/2975

Collections

Citation

Jérôme Creel. Ranking Fiscal Policy Rules: the Golden Rule of Public Finance vs. the Stability and Growth Pact. 2003. ⟨hal-00972778⟩

Share

Metrics

Record views

145

Files downloads

851