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Title: | Fiscal Regime Shifts in Portugal |
Author: | Claeys, Peter Sousa, Ricardo M. Afonso, António |
Keywords: | Política fiscal Inversions Crisis econòmiques Portugal Fiscal policy Investments Depressions Portugal |
Issue Date: | 2009 |
Publisher: | Universitat de Barcelona. Institut de Recerca en Economia Aplicada Regional i Pública |
Series/Report no: | [WP E-IR09/21] |
Abstract: | We estimate changes in fiscal policy regimes in Portugal with a Markov Switching regression of fiscal policy rules for the period 1978-2007, using a new dataset of fiscal quarterly series. We find evidence of a deficit bias, while repeated reversals of taxes making the budget procyclical. Economic booms have typically been used to relax tax pressure, especially during elections. One-off measures have been preferred over structural ones to contain the deficit during economic crises. The EU fiscal rules prompted temporary consolidation, but did not permanently change the budgeting process. |
Note: | Reproducció del document publicat a: http://www.ub.edu/irea/working_papers/2009/200921.pdf |
It is part of: | IREA – Working Papers, 2009, IR09/21 |
URI: | http://hdl.handle.net/2445/61503 |
ISSN: | 2014-1254 |
Appears in Collections: | Documents de treball (Institut de Recerca en Economia Aplicada Regional i Pública (IREA)) |
Files in This Item:
File | Description | Size | Format | |
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IR09-021_Claeys.pdf | 170.58 kB | Adobe PDF | View/Open |
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