scholarly journals Does the Quality of Fiscal Institutions Matter for Fiscal Performance? A Panel Data Analysis of European Countries

2020 ◽  
Vol 13 (1) ◽  
pp. 33
Author(s):  
Mitsi Dimitra
Keyword(s):  
Panel Data ◽  
Political Stability ◽  
Sustainable Growth ◽  
European Countries ◽  
Fiscal Rules ◽  
Fiscal Institutions ◽  
Panel Data Estimation ◽  
Fiscal Performance ◽  
Data Estimation ◽  
Fiscal Frameworks

The last decade, the number of fiscal frameworks such as national fiscal rules and independent fiscal councils have increased, significantly as a consequence of fiscal indiscipline in many European Countries. In the wake of economic crisis in 2007, fiscal laxity and unsustainable public finances made the European Union to strengthen its fiscal policy in many ways in order to create an economic environment of macroeconomic stability and sustainable growth. This paper investigates the role of fiscal frameworks (fiscal rules and fiscal councils) on fiscal performance as well as the impact of other types of institutions, namely Worldwide Governance Indicators on primary balance. The empirical analysis builds on a reaction function proposed by Bohn (1998) while the estimation method builds on a fixed effect panel data estimation and a dynamic panel data estimation of Arellano-Bover and Blundell-Bond. Our main results provide that political stability, government effectiveness, fiscal rules and fiscal councils play an important role for improving fiscal performance. However, the effect of fiscal institutions on primary balance changes among different types of fiscal rules (debt rules, expenditure rules and budget balanced rules) and independent fiscal councils or fiscal councils that have access to information, respectively.

scholarly journals The Role of Institutional Quality on Participation in Global Value Chains

2020 ◽  
Author(s):  
Javier Barbero ◽  
Ernesto Rodríguez-Crespo
Keyword(s):  
Panel Data ◽  
Rule Of Law ◽  
Institutional Quality ◽  
Positive Association ◽  
Political Stability ◽  
Global Value Chains ◽  
Value Chains ◽  
Panel Data Estimation ◽  
Data Estimation

We explore the effect of institutional quality on participation in global value chains (GVCs) by distinguishing between backward and forward participation. Using a sample of 63 OECD and non-OECD countries during the period 2005–2015, the results obtained from a panel data estimation are twofold. First, we obtain a positive association between institutional quality and participation in GVCs, with slightly greater effects for backward than for forward participation. Second, we find that results are sensitive to the dimension of the institutions considered, with Voice and Accountability being associated with more backward participation, and Rule of Law and Political Stability with more forward participation

scholarly journals Exchange Rate Volatility and Domestic Consumption: A Comparative Study of Developed, Developing and Emerging Economies

2019 ◽  
Vol 9 (3) ◽  
pp. 164
Author(s):  
Muhammad Zubair Chishti ◽  
Hafiz Syed Muhammad Azeem ◽  
Farrukh Mahmood ◽  
Adeel Ahmed Sheikh
Keyword(s):  
Exchange Rate ◽  
Panel Data ◽  
Developing Economies ◽  
Exchange Rate Volatility ◽  
Domestic Consumption ◽  
Aggregate Consumption ◽  
Developed Economies ◽  
Panel Data Estimation ◽  
The Exchange Rate ◽  
Data Estimation

The current study endeavors to explore the effects of oscillations in the exchange rate on the household aggregate consumption of developed, emerging, and developing economies, employing the panel data from 1995 to 2017. To select an appropriate panel data estimation technique, we apply Brush-Pagan & Hausman Tests for each set of chosen economies. Further, our study deduces that, in the case of developed economies, the oscillations in the exchange rate, significantly, affect the domestic consumption, supporting Alexander’s (1952) conjecture. However, in the case of emerging and developing economies, aggregate consumption does not respond to the exchange rate volatility.

Fiscal Institutions and Macroeconomic Management in the United Arab Emirates

2019 ◽  
pp. 356-426
Author(s):  
Raimundo Soto
Keyword(s):  
United Arab Emirates ◽  
Resource Curse ◽  
Political Stability ◽  
Institutional Development ◽  
Business Environment ◽  
Fiscal Rules ◽  
Fiscal Institutions ◽  
Long Run ◽  
Oil Wealth ◽  
Macroeconomic Management

The UAE has seemingly escaped “the natural resource curse”: it is one of the richest countries in the world and ranks comparatively highly on business environment, infrastructure, and institutional development. Symptoms of the curse can nevertheless be found in the very low growth in labor productivity, massive public sector overemployment, and the inability to counteract instability induced by oil price cycles. This chapter shows that fiscal policy is highly ineffective as a countercyclical tool due to the absence of income and ad-valorem taxes. Stabilizing instruments—such as open-budgeting procedures or fiscal rules—are notoriously absent. Why would a country design its fiscal, monetary, and exchange rate policies so that they allow for high levels of pro-cyclicality, thereby hampering efficiency and long-run growth? A political economy explanation is developed whereby weak fiscal institutions are an agreed-upon mechanism to secure political stability and transfer oil wealth among emiratis and to future generations.

Forced Displacement in Colombia: What Determines Expulsion and Reception in Municipalities?

2014 ◽  
Vol 20 (4) ◽  
pp. 585-597 ◽  
Author(s):  
Ximena Dueñas ◽  
Paola Palacios ◽  
Blanca Zuluaga
Keyword(s):  
Panel Data ◽  
Fixed Effects ◽  
Independent Variables ◽  
Panel Data Estimation ◽  
Vector Decomposition ◽  
Displaced People ◽  
Time Invariant ◽  
Data Estimation ◽  
Conflict Intensity ◽  
Municipal Level

AbstractThis document explores the expulsion and reception determinants of displaced people among Colombian municipalities. For this purpose, we use fixed effects panel data estimations for the period 2004–2009, with municipality year as the unit of analysis. To the best of our knowledge, this is the first paper in Colombia that focuses on reception and the first one using panel data at municipal level to explain expulsion and reception. We find that, contrary to what one may expect, some independent variables affect both expulsion and reception of displaced people in the same direction; for instance, municipalities where homicide rates and conflict intensity are high, are associated with both higher reception and expulsion rates. In addition to the conventional panel data estimation, we also run a fixed effect vector decomposition to identify the explicit effects of certain time-invariant variables.

scholarly journals Nonlinear panel data estimation via quantile regressions

2016 ◽  
Vol 19 (3) ◽  
pp. C61-C94 ◽  
Author(s):  
Manuel Arellano ◽  
Stéphane Bonhomme
Keyword(s):  
Panel Data ◽  
Quantile Regressions ◽  
Panel Data Estimation ◽  
Data Estimation

scholarly journals Pseudo-Panel Data Estimation of Japanese Tobacco Consumption

2010 ◽  
Vol 46 (1) ◽  
pp. 126-130 ◽  
Author(s):  
Phocenah Nyatanga ◽  
Toshinobu Matsuda
Keyword(s):  
Panel Data ◽  
Tobacco Consumption ◽  
Panel Data Estimation ◽  
Pseudo Panel ◽  
Data Estimation
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