Fiscal rules to the test: The impact of the Spanish expenditure rule

Herrero Alcalde, Ana, Martín-Román, Javier y Moral-Arce, Ignacio . (2024) Fiscal rules to the test: The impact of the Spanish expenditure rule. European Journal of Political Economy

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Título Fiscal rules to the test: The impact of the Spanish expenditure rule
Autor(es) Herrero Alcalde, Ana
Martín-Román, Javier
Moral-Arce, Ignacio
Materia(s) Economía
Abstract Despite the large spread of fiscal rules around the world, there is still not enough evidence of their effectiveness in ensuring fiscal sustainability. Furthermore, there is little evidence of the impact of expenditure rules in countries’ fiscal performance. This paper evaluates the effectiveness of the Spanish expenditure rule that has been in force since 2012 in controlling the growth of public expenditure. We use a synthetic control methodology to analyze the impact of the rule on the evolution of current and primary expenditure within Spanish public administrations (2001–2018), avoiding the potential endogeneity problems of traditional econometric approaches. Overall, we find that the expenditure rule has largely improved budget sustainability by limiting both current and primary expenditure. These results are robust to different levels of government.
Palabras clave Fiscal rules
Government expenditure
Public debt
Impact evaluation
Synthetic control methods
Editor(es) Elsevier
Fecha 2024
Formato application/pdf
Identificador bibliuned:DptoEAyGP-FDER-Articulos-Aherrero-0002
http://e-spacio.uned.es/fez/view/bibliuned:DptoEAyGP-FDER-Articulos-Aherrero-0002
DOI - identifier https://doi.org/10.1016/j.ejpoleco.2024.102501
ISSN - identifier 0176-2680
Nombre de la revista European Journal of Political Economy
Publicado en la Revista European Journal of Political Economy
Idioma eng
Versión de la publicación acceptedVersion
Tipo de recurso Article
Derechos de acceso y licencia http://creativecommons.org/licenses/by-nc/4.0
Tipo de acceso Acceso abierto
Notas adicionales La versión registrada de este artículo, publicado por primera vez en European Journal of Political Economy, está disponible en línea en el sitio web del editor: Elsevier, https://doi.org/10.1016/j.ejpoleco.2024.102501
Notas adicionales The registered version of this article, first published in European Journal of Political Economy, is available online at the publisher's website: Elsevier, https://doi.org/10.1016/j.ejpoleco.2024.102501

 
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Creado: Mon, 08 Apr 2024, 20:51:59 CET