2021 - Franco Angeli
Artículo
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Budget rules with a public debt reduction target
7-24 p.
- After the Stability and Growth Pact suspension to face the Covid19 emergency and subsequent financial crisis, a novel fiscal discipline must be designed for the Euro Area. In this short paper, we formally analyze and compare three budget rules and their efficacy in pursuing a reasonable public debt reduction target, explicitly envisaged by them. The rules we refer to are: (a) the structural adjustment toward a budget medium term objective, required by Fiscal Compact discipline; (b) the expenditure rule proposed by European Fiscal Board and (c) the Musgrave Golden rule. By a simple simulation exercise we argue that the rule proposed by EFB seems to be, for a country with a low rate of growth and a high level of public debt, preferable to the other two. [Publisher's text].
Forma parte de
Economia pubblica : XLVIII, 1, 2021-
Información
Código DOI: 10.3280/EP2021-001001
ISSN: 1972-5566
KEYWORDS
- Budget rule, public debt target, fiscal stance
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