The Reaction of Fiscal Policy to the Crisis in Italy and Germany: Are they really polar Cases in the European Context?

Mostrar todas las versiones(2)

The deep recession which hit the world economy towards the end of 2008 inducedmassive, internationally-coordinated policy responses, both monetaryand fi scal. In this paper we examine public fi nance developments in Germanyand Italy in 2009. We fi nd that the larger stimulus measures adopted inGerma...

Descripción completa

Guardado en:
Detalles Bibliográficos
Autores principales: Hamburg, Britta, Momigliano, Sandro, Manzke, Bernhard, Siviero, Stefano
Formato: Artículo revista
Lenguaje:Inglés
Publicado: Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba. 2010
Materias:
discretionary fiscal policy
automatic stabilizers
Germany
Italy
E62
H30
política fiscal discrecional
estabilizadores automáticos
Alemania
Italia
Acceso en línea:https://revistas.unc.edu.ar/index.php/REyE/article/view/4108
Aporte de:
Revistas de la UNC de Universidad Nacional de Córdoba
id I10-R10-article-4108
record_format ojs
spelling I10-R10-article-41082022-05-17T17:47:57Z The Reaction of Fiscal Policy to the Crisis in Italy and Germany: Are they really polar Cases in the European Context? La reacción de la política fiscal a la crisis en Italia y Alemania: ¿Son realmente casos polares en el contexto europeo? Hamburg, Britta Momigliano, Sandro Manzke, Bernhard Siviero, Stefano discretionary fiscal policy automatic stabilizers Germany Italy E62 H30 política fiscal discrecional estabilizadores automáticos Alemania Italia E62 H30 The deep recession which hit the world economy towards the end of 2008 inducedmassive, internationally-coordinated policy responses, both monetaryand fi scal. In this paper we examine public fi nance developments in Germanyand Italy in 2009. We fi nd that the larger stimulus measures adopted inGermany mostly compensated a more favourable underlying trend; overall,the cyclically-adjusted primary balances worsened by a similar extent in thetwo countries. We further estimate the automatic stabilisers to have had animpact on the defi cit of similar magnitude in Germany and Italy. We thenassess, on the basis of counterfactual simulations, to which extent discretionarymeasures and automatic stabilizers were able to mitigate the downturnin the two countries. Our results show that the public sector contrastedthe fall in real GDP in 2009 by more than 2 percentage points in Germany andby 1 per cent in Italy. The difference in the stabilizing effect of the two public sectors refl ects not only the different size of the stimulus measures, but also thehigher fi scal multipliers associated with Germany. La profunda depresión que golpeó a la economía mundial hacia finales del2008 indujo numerosas respuestas de política coordinadas a nivel global, tanto monetarias como fiscales. En este trabajo examinamos las políticas relativas a las finanzas públicas por parte de Alemania e Italia durante el año 2009. Encontramos que las medidas de estímulo más importantes adoptadas en Alemania compensaron, en mayor parte, una tendencia subyacente más favorable; en general, los saldos ajustados en función del ciclo primario se agravaron en similar magnitud en los dos países. Estimamos además que los estabilizadores automáticos han tenido un impacto sobre el déficit de magnitud similar tanto en Alemania como en Italia. A continuación, en base a simulaciones contra-fácticas, analizamos en qué grado las medidas discrecionales y los estabilizadores automáticos fueron capaces de mitigar la crisis en los dos países. Los resultados muestran que el sector público contrarrestó la caída delPIB real en 2009 en más de 2 puntos porcentuales en Alemania y en un 1 porciento en Italia. La diferencia en el efecto estabilizador de los dos sectores públicos refleja no sólo la diferente magnitud de las medidas de estímulo, sino también la presencia de un multiplicador fiscal más elevado en Alemania. Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba. 2010-12-01 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://revistas.unc.edu.ar/index.php/REyE/article/view/4108 Revista de Economía y Estadística; Vol. 48 No. 2 (2010); 103-133 Revista de Economía y Estadística; Vol. 48 Núm. 2 (2010); 103-133 2451-7321 0034-8066 10.55444/2451.7321.2010.v48.n2 eng https://revistas.unc.edu.ar/index.php/REyE/article/view/4108/5100 Derechos de autor 2010 Britta Hamburg, Sandro Momigliano, Bernhard Manzke, Stefano Siviero http://creativecommons.org/licenses/by-nc-nd/4.0
institution Universidad Nacional de Córdoba
institution_str I-10
repository_str R-10
container_title_str Revistas de la UNC
language Inglés
format Artículo revista
topic discretionary fiscal policy
automatic stabilizers
Germany
Italy
E62
H30
política fiscal discrecional
estabilizadores automáticos
Alemania
Italia
E62
H30
spellingShingle discretionary fiscal policy
automatic stabilizers
Germany
Italy
E62
H30
política fiscal discrecional
estabilizadores automáticos
Alemania
Italia
E62
H30
Hamburg, Britta
Momigliano, Sandro
Manzke, Bernhard
Siviero, Stefano
The Reaction of Fiscal Policy to the Crisis in Italy and Germany: Are they really polar Cases in the European Context?
topic_facet discretionary fiscal policy
automatic stabilizers
Germany
Italy
E62
H30
política fiscal discrecional
estabilizadores automáticos
Alemania
Italia
E62
H30
author Hamburg, Britta
Momigliano, Sandro
Manzke, Bernhard
Siviero, Stefano
author_facet Hamburg, Britta
Momigliano, Sandro
Manzke, Bernhard
Siviero, Stefano
author_sort Hamburg, Britta
title The Reaction of Fiscal Policy to the Crisis in Italy and Germany: Are they really polar Cases in the European Context?
title_short The Reaction of Fiscal Policy to the Crisis in Italy and Germany: Are they really polar Cases in the European Context?
title_full The Reaction of Fiscal Policy to the Crisis in Italy and Germany: Are they really polar Cases in the European Context?
title_fullStr The Reaction of Fiscal Policy to the Crisis in Italy and Germany: Are they really polar Cases in the European Context?
title_full_unstemmed The Reaction of Fiscal Policy to the Crisis in Italy and Germany: Are they really polar Cases in the European Context?
title_sort reaction of fiscal policy to the crisis in italy and germany: are they really polar cases in the european context?
description The deep recession which hit the world economy towards the end of 2008 inducedmassive, internationally-coordinated policy responses, both monetaryand fi scal. In this paper we examine public fi nance developments in Germanyand Italy in 2009. We fi nd that the larger stimulus measures adopted inGermany mostly compensated a more favourable underlying trend; overall,the cyclically-adjusted primary balances worsened by a similar extent in thetwo countries. We further estimate the automatic stabilisers to have had animpact on the defi cit of similar magnitude in Germany and Italy. We thenassess, on the basis of counterfactual simulations, to which extent discretionarymeasures and automatic stabilizers were able to mitigate the downturnin the two countries. Our results show that the public sector contrastedthe fall in real GDP in 2009 by more than 2 percentage points in Germany andby 1 per cent in Italy. The difference in the stabilizing effect of the two public sectors refl ects not only the different size of the stimulus measures, but also thehigher fi scal multipliers associated with Germany.
publisher Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba.
publishDate 2010
url https://revistas.unc.edu.ar/index.php/REyE/article/view/4108
work_keys_str_mv AT hamburgbritta thereactionoffiscalpolicytothecrisisinitalyandgermanyaretheyreallypolarcasesintheeuropeancontext
AT momiglianosandro thereactionoffiscalpolicytothecrisisinitalyandgermanyaretheyreallypolarcasesintheeuropeancontext
AT manzkebernhard thereactionoffiscalpolicytothecrisisinitalyandgermanyaretheyreallypolarcasesintheeuropeancontext
AT sivierostefano thereactionoffiscalpolicytothecrisisinitalyandgermanyaretheyreallypolarcasesintheeuropeancontext
AT hamburgbritta lareacciondelapoliticafiscalalacrisisenitaliayalemaniasonrealmentecasospolaresenelcontextoeuropeo
AT momiglianosandro lareacciondelapoliticafiscalalacrisisenitaliayalemaniasonrealmentecasospolaresenelcontextoeuropeo
AT manzkebernhard lareacciondelapoliticafiscalalacrisisenitaliayalemaniasonrealmentecasospolaresenelcontextoeuropeo
AT sivierostefano lareacciondelapoliticafiscalalacrisisenitaliayalemaniasonrealmentecasospolaresenelcontextoeuropeo
AT hamburgbritta reactionoffiscalpolicytothecrisisinitalyandgermanyaretheyreallypolarcasesintheeuropeancontext
AT momiglianosandro reactionoffiscalpolicytothecrisisinitalyandgermanyaretheyreallypolarcasesintheeuropeancontext
AT manzkebernhard reactionoffiscalpolicytothecrisisinitalyandgermanyaretheyreallypolarcasesintheeuropeancontext
AT sivierostefano reactionoffiscalpolicytothecrisisinitalyandgermanyaretheyreallypolarcasesintheeuropeancontext
first_indexed 2022-08-20T00:57:18Z
last_indexed 2022-08-20T00:57:18Z
_version_ 1770716719385411584

Ejemplares similares