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

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dc.contributor.authorMoral Arce, Ignacio
dc.contributor.authorHerrero Alcalde, Ana
dc.contributor.authorMartín Román, Javier
dc.date.accessioned2024-06-11T15:15:09Z
dc.date.available2024-06-11T15:15:09Z
dc.date.issued2024
dc.description.abstractDespite 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.en
dc.description.versionversión final
dc.identifier.doihttps://doi.org/10.1016/j.ejpoleco.2024.102501
dc.identifier.issn0176-2680
dc.identifier.urihttps://hdl.handle.net/20.500.14468/22330
dc.journal.titleEuropean Journal of Political Economy
dc.language.isoen
dc.publisherElsevier
dc.relation.centerFacultad de Derecho
dc.relation.departmentEconomía Aplicada y Gestión Pública
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc/4.0/deed.es
dc.subject.keywordsFiscal rules
dc.subject.keywordsGovernment expenditure
dc.subject.keywordsPublic debt
dc.subject.keywordsImpact evaluation
dc.subject.keywordsSynthetic control methods
dc.titleFiscal rules to the test: The impact of the Spanish expenditure rulees
dc.typejournal articleen
dc.typeartículoes
dspace.entity.typePublication
relation.isAuthorOfPublication6bcbefc4-e649-4eea-9c5c-c6497320f6ea
relation.isAuthorOfPublicationb69e0e83-df13-4ce5-93d2-629d0abeafaf
relation.isAuthorOfPublication.latestForDiscovery6bcbefc4-e649-4eea-9c5c-c6497320f6ea
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