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Macro-fiscal volatility and the composition of public spending
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SYSNO ASEP 0370925 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Článek ve WOS Title Macro-fiscal volatility and the composition of public spending Author(s) Riscado, S. M. (IT)
Stančík, Juraj (NHU-N)
Välilä, T. (DE)Source Title Fiscal Studies - ISSN 0143-5671
Roč. 32, č. 4 (2011), s. 511-538Number of pages 28 s. Language eng - English Country US - United States Keywords tax volatility ; public investment ; public consumption Subject RIV AH - Economics R&D Projects LC542 GA MŠMT - Ministry of Education, Youth and Sports (MEYS) CEZ AV0Z70850503 - NHU-N (2005-2011) UT WOS 000297736500003 DOI 10.1111/j.1475-5890.2011.00149.x Annotation Earlier empirical literature has examined some long- and medium-term aspects of macro-fiscal volatility while leaving its short-term fiscal impact unexplored. To help fill that gap, we examine the impact of macro-fiscal volatility on the composition of public spending. To that end, we analyse a panel of 10 EU countries during 1991–2007. Our results suggest that increases in the volatility of regularly-collected and cyclical revenues such as the VAT and income taxes tend to tilt the expenditure composition in favour of public investment. In contrast, increases in the volatility of ad hoc taxes such as capital taxes tend to favour public consumption spending, albeit only a little. Workplace Economics Institute Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2012
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