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Consequences of Fiscal Adjustment and Public Finance Management. The Costs of Limiting the Fiscal Imbalance in Eurozone Countries

REFERENCES Greene, W. H., Econometric Analysis (seventh ed.). Upper Saddle River, NJ: Prentice Hall, New York University 2012. Alesina A., Perotti R., Tavares J., The Political Economy of Fiscal Adjustments, Brookings Papers on Economic Activity, 1:1998. Cangiano M., Lazare M.; Curristine T., Public Financial Management and Its Emerging Architecture, IMF, Washington 2013. Dell’Erba, Mattina, Roitman., Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment, IMF Working Paper WP/13/170, Washington 2013. Eisenkopf G

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Fiscal management on revenue-based or expenditure-based adjustments: an empirical evidence from EU-Countries

: . Alesina, A. and Ardagna, S. (2009), “Large Changes in Fiscal Policy: Taxes versus Spending”, NBER Working Paper No. 15438, National Bureau of Economic Research, Inc. Alesina, A. and Perotti, R. (1995), “Fiscal expansions and adjustments in OECD countries”, Economic Policy, Vol. 10, Issue 21, pp. 205–248, available at: . Alesina, A. and Ardagna, S. (1998), “Tales of fiscal adjustment”, Economic Policy, Vol. 13, Issue 27, pp. 488–545, available at:

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On the Choice of Fiscal Adjustment to Financial Crises: Expansionary vs. Contractionary Policies

REFERENCES Alesina, A. F., Ardagna, S. (2009). Large Changes in Fiscal Policy: Taxes Versus Spending. Cambridge: National Bureau of Economic Research Working Paper No. 15438, October 2009. Alesina, A. F., Ardagna, S. (2012). The Design of Fiscal Adjustments. Cambridge: National Bureau of Economic Research Working Paper No.18423, September 2012. Alesina, A., Barbiero, O., Favero, C., Giavazzi, F., Paradisi, M. (2015). Austerity in 2009–13. Economic Policy , Vol. 30, No. 83, p.383–437. Alesina, A., Favero, C., Giavazzi, F. (2015). The

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The Credibility of Fiscal Rules Policy and Business Cycle Volatility


The aim of this paper is two-fold; first, it studies the impact of the credibility of fiscal rule policy on the stability of output growth; second, it compares the effectiveness of fiscal rule policy to discretionary and automatic stabilizer fiscal policies to address the fluctuation of output growth. Employing quarterly data over the period 2001-2013 in the case of Indonesia, we obtain that the credible debt rule leads to a decrease in the volatility of output growth while the non-credible deficit rule does not have any effect. Both unsystematic and systematic components of discretionary fiscal policy have a stabilizing function. Interestingly, the automatic stabilization tends to induce the volatility of output growth. Given those results, we infer that government spending is not a good automatic stabilizer. It seems that the lower ratio of government expenditure to GDP along with improving credibility of deficit rule policy has a smoother effect on the economy. Therefore, they implicitly support expenditure cuts when implementing fiscal adjustment with the purpose of reaching fiscal sustainability in the short-run and a stable economic growth in the long-run.

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Determinants of Non-Linear Effects of Fiscal Policy on Output: The Case of Bulgaria

References Afonso, A., C. Nickel, P. Rotner. 2005. Fiscal Consolidations in the Central and Eastern European Countries. European Central Bank WP 473. Alesina, A., R. Perotti. 1996. Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects. NBER WP 5730. Alesina, A., S. Ardagna. 1998. Tales of Fiscal Adjustment. Economic Policy 13:489-517. Alesina, A., S. Ardagna, R. Perotti, F. Schiantarelli. 2002. Fiscal Policy, Profits and Investments

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The Myth of Austerity. Empirical Evidence from the Eurozone Countries

-421. Ahn, S., Schmidt, P. (1995). Efficient Estimation of Models for Dynamic Panel Data. Journal of Econometrics, 68(1), 5-27. Alesina, A., Ardagna, S. (1998). Tales of fiscal adjustment. Economic Policy, 27, 489–545. Alesina, A., Ardagna, S. (2010). Large Changes in Fiscal Policy: Tax versus Spending. National Bureau of Economic Research, 24, 35-68. Alesina, A., Ardagna, S. (2012). The Design of Fiscal Adjustments. NBER Working Paper, 18423. Alesina, A., Ardagna, S., Perotti, R. (2002). Fiscal Policy, Profits, and Investment. American Economic

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Stock-Flow Adjustment – Only a Residual Value? Evidence from European Union Countries

Perspectives, 26(3), 49-68. Maltritz, D., Wüste, S. (2015). Determinants of Budget Deficits in Europe: The Role and Relations of Fiscal Rules, Fiscal Councils, Creative Accounting and the Euro. Economic Modelling, 48, 222-236. Milesi-Ferretti, G.M., Moriyama, K. (2006). Fiscal Adjustment in EU Countries: a Balance Sheet Approach. Journal of Banking & Finance, 30(12), 3281-3298. Reischmann, M. (2016). Creative Accounting and Electoral Motives: Evidence from OECD Countries. Journal of Comparative Economics, 44(2), 243-257. Seiferling, M.M. (2013). Stock

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Economic Growth and Public Indebtedness in the Last Four Decades: Is Portugal different from the other PIIGS’ economies?

Commission. (2013). Financial assistance in EU member states . Retrieved from 8. GRETL. (2014). Gnu regression, econometrics and time-series library . Retrieved from 9. IMF. (2013a). Fiscal monitor April 2013 – Fiscal adjustment in an uncertain world, world economic and financial surveys . Washington: Author. 10. IMF. (2013b). Dealing with high debt in an era of low growth . IMF staff discussion note . Retrieved from https

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Side Effects of Fiscal Rules: A Case of Polish Local Self‑Government

Bank (2016 July). Retrieved from Easterly, W. (1999). When is fiscal adjustment an illussion?. Economic Policy, 28, 55-86. Eyraud, L., & Gomez Sirera, R. (2015). Constraints on subnational fiscal policy. In C. Cottarelli, M. Guerguil (Eds.), Designing a European fiscal union. Lessons from the experience of fiscal federations (pp. 90-132), New York: IMF & Routledge. Filipiak, B., & Dylewski, M. (2013). Indywidualny wskaźnik zadłużenia jednostek samorządu terytorialnego - problemy

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Fiscal Stress Analysis in the Republic of Serbia

.Public Management Review.Volume 14.Issue 3.p.299-309. Kumhof M. (2004).Fiscal Crisis Resolution: Taxation versus Inflation.Stanford University. Lavigne R. (2011). The political and institutional determinants of fiscal adjustment: Entering and exiting fiscal distress. European Journal of Political Economy 27, p.17-35. Mody A. (2013).Sovereign Debt and its Restructuring Framework in the Euro Area.Bruegel Working Paper 2013/05, Onaran O. (2010

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