Castro, Vítor Manuel Alves (2011) The impact of the European Union fiscal rules on economic growth. Journal of Macroeconomics, Volume 33 (Number 2). pp. 313-326. doi:10.1016/j.jmacro.2010.09.003 ISSN 0164-0704.

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Abstract

This paper analyses whether Maastricht and Stability and Growth Pact fiscal rules have affected growth in the European Union negatively. A growth equation is specified for a group of 15 European Union countries (and 8 OECD countries) over the period 1970-2005 to analyse this issue. Panel estimations using fixed-effects, pooled mean group and system-GMM estimators show that the institutional changes that occurred in the European Union after 1992 were not harmful to growth. Moreover, results show that growth is slightly higher in the period in which the fulfilment of the 3% criteria for the deficit started to be officially assessed, i.e. after 1997. (C) 2010 Elsevier Inc. All rights reserved.

Item Type:	Journal Article
Subjects:	H Social Sciences > HG Finance
Divisions:	Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH):	Economic development -- European Union countries, Fiscal policy -- European Union countries, Economic and Monetary Union
Journal or Publication Title:	Journal of Macroeconomics
Publisher:	Elsevier BV * North-Holland
ISSN:	0164-0704
Official Date:	2011
Dates:	Date Event 2011 Published
Volume:	Volume 33
Number:	Number 2
Page Range:	pp. 313-326
DOI:	10.1016/j.jmacro.2010.09.003
Status:	Peer Reviewed
Publication Status:	Published
Funder:	Fundação para a Ciência e a Tecnologia (FCT)
Grant number:	SFRH/BD/21500/2005 (FCT)

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