Fiscal Spillovers in the Euro Area : Letting the Data Speak /

We estimate a panel VAR model that captures cross-country, dynamic interlinkages for 10 euro area countries using quarterly data for the period 1999-2016. Our analysis suggests that fiscal spillovers are significant and tend to be larger for countries with close trade and financial links as well, as...

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Библиографические подробности
Главный автор: Dabla-Norris, Era
Другие авторы: Dallari, Pietro, Poghosyan, Tigran
Формат: Журнал
Язык:English
Опубликовано: Washington, D.C. : International Monetary Fund, 2017.
Серии:IMF Working Papers; Working Paper ; No. 2017/241
Online-ссылка:Full text available on IMF
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520 3 |a We estimate a panel VAR model that captures cross-country, dynamic interlinkages for 10 euro area countries using quarterly data for the period 1999-2016. Our analysis suggests that fiscal spillovers are significant and tend to be larger for countries with close trade and financial links as well, as for fiscal shocks originating from larger countries. The current account appears to be the main channel of transmission, although strong trade integration among countries in the euro area and spillback effects tend to zero-out the net trade impact in some cases. A subsample analysis shows that the effects of fiscal policy have changed over time, with larger estimated domestic multipliers and spillovers between 2011 and 2014. 
538 |a Mode of access: Internet 
700 1 |a Dallari, Pietro. 
700 1 |a Poghosyan, Tigran. 
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