Spending dynamics in euro area countries: Composition and determinants

This study analyses the composition and main determinants of spending dynamics in selected euro area countries between 1999 and 2013. To assess the stance of public spending policies we use the indicators developed in Hauptmeier et al. (2011). Our results indicate that the overall expansionary expen...

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Detalhes bibliográficos
Autores: Hauptmeier, Sebastian, Sánchez Fuentes, Antonio Jesús, Schuknecht, Ludger
Formato: artículo
Fecha de publicación:2015
País:España
Recursos:Universidad Complutense de Madrid (UCM)
Repositorio:Docta Complutense
Idioma:inglés
OAI Identifier:oai:docta.ucm.es:20.500.14352/34201
Acesso em linha:https://hdl.handle.net/20.500.14352/34201
Access Level:acceso abierto
Palavra-chave:E17
E61
E65
H50
H60
Expenditure policies
Public debt
Expenditure rules
Sustainability
Fiscal stance
Gasto público
Deuda pública
Reglas de gasto
Sostenibilidad
Política fiscal
Política fiscal europea
Econometría (Economía)
Hacienda Pública
5301.01 Política Fiscal y deuda Publica
5302 Econometría
5301 Política Fiscal y Hacienda Publica Nacionales
id ES_4f5a98d8e2c85df6aea3125afa694a7e
oai_identifier_str oai:docta.ucm.es:20.500.14352/34201
network_acronym_str ES
network_name_str España
repository_id_str
spelling Spending dynamics in euro area countries: Composition and determinantsHauptmeier, SebastianSánchez Fuentes, Antonio JesúsSchuknecht, LudgerE17E61E65H50H60Expenditure policiesPublic debtExpenditure rulesSustainabilityFiscal stanceGasto públicoDeuda públicaReglas de gastoSostenibilidadPolítica fiscalPolítica fiscal europeaEconometría (Economía)Hacienda Pública5301.01 Política Fiscal y deuda Publica5302 Econometría5301 Política Fiscal y Hacienda Publica NacionalesThis study analyses the composition and main determinants of spending dynamics in selected euro area countries between 1999 and 2013. To assess the stance of public spending policies we use the indicators developed in Hauptmeier et al. (2011). Our results indicate that the overall expansionary expenditure stance in 1999-2009 was mainly driven by public consumption. Transfers and subsidies on the other hand were mostly expansionary after 2008 while public investment had boomed just before the crisis and turned restrictive during the crisis. The overall policy stance turned restrictive in 2010 and strongly so in Greece, Ireland, Portugal and Spain. Most consolidation efforts focussed on public investment and on public consumption and while transfers and subsidies were largely spared. Our econometric analysis, which covers the 2000-2013 period, shows a significantly pro-cyclical stance of public consumption which was driving overall spending dynamics. The degree of spending expansion tends to be negatively affected by the size of government debt and the presence of effective fiscal rules. On the other hand, EMU-related interest savings coincided with an expansionary expenditure stance. Revenue windfalls and shortfalls exerted a significant effect on government investment spending.Instituto de Estudios FiscalesUniversidad Complutense de Madrid20152015-01-0120152015-01-01journal articlehttp://purl.org/coar/resource_type/c_6501info:eu-repo/semantics/articleapplication/pdfhttps://hdl.handle.net/20.500.14352/34201reponame:Docta Complutenseinstname:Universidad Complutense de Madrid (UCM)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2info:eu-repo/semantics/openAccessoai:docta.ucm.es:20.500.14352/342012026-06-02T12:44:21Z
dc.title.none.fl_str_mv Spending dynamics in euro area countries: Composition and determinants
title Spending dynamics in euro area countries: Composition and determinants
spellingShingle Spending dynamics in euro area countries: Composition and determinants
Hauptmeier, Sebastian
E17
E61
E65
H50
H60
Expenditure policies
Public debt
Expenditure rules
Sustainability
Fiscal stance
Gasto público
Deuda pública
Reglas de gasto
Sostenibilidad
Política fiscal
Política fiscal europea
Econometría (Economía)
Hacienda Pública
5301.01 Política Fiscal y deuda Publica
5302 Econometría
5301 Política Fiscal y Hacienda Publica Nacionales
title_short Spending dynamics in euro area countries: Composition and determinants
title_full Spending dynamics in euro area countries: Composition and determinants
title_fullStr Spending dynamics in euro area countries: Composition and determinants
title_full_unstemmed Spending dynamics in euro area countries: Composition and determinants
title_sort Spending dynamics in euro area countries: Composition and determinants
dc.creator.none.fl_str_mv Hauptmeier, Sebastian
Sánchez Fuentes, Antonio Jesús
Schuknecht, Ludger
author Hauptmeier, Sebastian
author_facet Hauptmeier, Sebastian
Sánchez Fuentes, Antonio Jesús
Schuknecht, Ludger
author_role author
author2 Sánchez Fuentes, Antonio Jesús
Schuknecht, Ludger
author2_role author
author
dc.contributor.none.fl_str_mv Universidad Complutense de Madrid
dc.subject.none.fl_str_mv E17
E61
E65
H50
H60
Expenditure policies
Public debt
Expenditure rules
Sustainability
Fiscal stance
Gasto público
Deuda pública
Reglas de gasto
Sostenibilidad
Política fiscal
Política fiscal europea
Econometría (Economía)
Hacienda Pública
5301.01 Política Fiscal y deuda Publica
5302 Econometría
5301 Política Fiscal y Hacienda Publica Nacionales
topic E17
E61
E65
H50
H60
Expenditure policies
Public debt
Expenditure rules
Sustainability
Fiscal stance
Gasto público
Deuda pública
Reglas de gasto
Sostenibilidad
Política fiscal
Política fiscal europea
Econometría (Economía)
Hacienda Pública
5301.01 Política Fiscal y deuda Publica
5302 Econometría
5301 Política Fiscal y Hacienda Publica Nacionales
description This study analyses the composition and main determinants of spending dynamics in selected euro area countries between 1999 and 2013. To assess the stance of public spending policies we use the indicators developed in Hauptmeier et al. (2011). Our results indicate that the overall expansionary expenditure stance in 1999-2009 was mainly driven by public consumption. Transfers and subsidies on the other hand were mostly expansionary after 2008 while public investment had boomed just before the crisis and turned restrictive during the crisis. The overall policy stance turned restrictive in 2010 and strongly so in Greece, Ireland, Portugal and Spain. Most consolidation efforts focussed on public investment and on public consumption and while transfers and subsidies were largely spared. Our econometric analysis, which covers the 2000-2013 period, shows a significantly pro-cyclical stance of public consumption which was driving overall spending dynamics. The degree of spending expansion tends to be negatively affected by the size of government debt and the presence of effective fiscal rules. On the other hand, EMU-related interest savings coincided with an expansionary expenditure stance. Revenue windfalls and shortfalls exerted a significant effect on government investment spending.
publishDate 2015
dc.date.none.fl_str_mv 2015
2015-01-01
2015
2015-01-01
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://hdl.handle.net/20.500.14352/34201
url https://hdl.handle.net/20.500.14352/34201
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto de Estudios Fiscales
publisher.none.fl_str_mv Instituto de Estudios Fiscales
dc.source.none.fl_str_mv reponame:Docta Complutense
instname:Universidad Complutense de Madrid (UCM)
instname_str Universidad Complutense de Madrid (UCM)
reponame_str Docta Complutense
collection Docta Complutense
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1869407814462472192
score 15.198674

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