The relevance of fiscal rules for fiscal and sovereign yield developments

被引：7

作者：

Afonso, Antonio ^{[1
,2
]}

Guimaraes, Ana Sofia ^{[2
]}

机构：

[1] UECE Res Unit Complex & Econ, P-1249078 Lisbon, Portugal

[2] Univ Lisbon, Dept Econ, ISEG ULisbon, P-1249078 Lisbon, Portugal

来源：

APPLIED ECONOMICS LETTERS | 2015年 / 22卷 / 11期

关键词：

fiscal rules; yields; budget balance; C33; G15; E62; H62;

D O I：

10.1080/13504851.2014.987912

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We assess whether numerical fiscal rules impact budget balances and sovereign yields. For a panel of 27 EU countries between 1990 and 2011, we find that fiscal rules reduce budget deficits, specifically expenditure rules, while countries with better fiscal rules experienced lower sovereign bond yields.

引用

页码：920 / 924

页数：5