Effect of credibility and reputation on discretionary fiscal policy: empirical evidence from Colombia

被引：9

作者：

Galvis Ciro, Juan Camilo ^{[1
]}

de Mendonca, Helder Ferreira ^{[2
,3
]}

机构：

[1] Univ Pontif Bolivariana, Dept Econ, Circular 1 70-01, Medellin, Colombia

[2] Fluminense Fed Univ, Dept Econ, Rua Dr Sodre 59, BR-26900000 Rio De Janeiro, Brazil

[3] Natl Council Sci & Technol Dev CNPq, Rua Dr Sodre 59, BR-26900000 Rio De Janeiro, Brazil

来源：

EMPIRICAL ECONOMICS | 2017年 / 53卷 / 04期

关键词：

Discretionary fiscal policy; Fiscal impulse; Inflation targeting; Credibility; Reputation; IMPULSE-RESPONSE ANALYSIS; MONETARY-POLICY; INFLATION; TRANSPARENCY; ECONOMIES;

D O I：

10.1007/s00181-016-1177-2

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper relates to the literature on the possible effect of inflation targeting on fiscal discipline in developing countries. In particular, we present empirical evidence to address this issue based on the Colombian experience. This study relies on two main issues. The first is to verify whether the adoption of inflation targeting in Colombia affected the discretionary fiscal component in the period 2004-2014. The second issue is to analyze whether the monetary credibility amplified the effect of the monetary policy on changes in the discretionary fiscal component. The results denote that inflation targeting causes an impact on fiscal policy in Colombia. In particular, the greater monetary credibility the less change in discretionary fiscal component is observed.

引用

页码：1529 / 1552

页数：24

共 50 条

[1] Effect of credibility and reputation on discretionary fiscal policy: empirical evidence from Colombia
Juan Camilo Galvis Ciro
Helder Ferreira de Mendonça
[J]. Empirical Economics, 2017, 53 : 1529 - 1552
[2] Effects of discretionary fiscal policy and fiscal communication on fiscal credibility: Empirical evidence from Brazil
Montes, Gabriel Caldas
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[J]. ECONOMICS BULLETIN, 2021, 41 (03):
[3] The Effect of Communication and Credibility on Fiscal Disagreement: Empirical Evidence from Colombia
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[9] Fiscal rules, discretionary fiscal policy and macroeconomic stability: an empirical assessment for OECD countries
Badinger, H.
[J]. APPLIED ECONOMICS, 2009, 41 (07) : 829 - 847
[10] The Discretionary Fiscal Effort: An Assessment of Fiscal Policy and its Output Effect
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