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- W47269557 abstract "espanolSe ha propuesto en los ultimos anos nuevas reglas fiscales que persiguen alcanzar el equilibrio presupuestario a lo largo del ciclo y minimizar las variaciones del output gap; lo que permite el desarrollo de una politica fiscal activa. Hemos estudiado el caso espanol y hemos visto: (1) que los gobiernos espanoles no han seguido este tipo de reglas durante el ultimo ciclo economico (1980-2008); (2) desde 1999, Espana ha guiado su politica fiscal de acuerdo con criterios de sostenibilidad financiera y no de estabilizacion ciclica, favorecido por un entorno de fuerte reduccion del tipo de interes; y (3) si se hubiera aplicado una funcion de reaccion fiscal estabilizadora del output gap, Espana no habria realizado el profunde ajuste de las cuentas publicas iniciado a mediados de los 90. Asimismo, de acuerdo con las estimaciones de deficit para los anos 2009 y 2010, la politica fiscal responderia a las prescripciones de una version de la regla de Taylor fiscal guiada fundamentalmente por la estabilizacion ciclica; lo que, de confirmarse, daria un papel mas activo a la politica fiscal e implicaria un cambio de regla fiscal respecto a la aplicada en los ultimos anos. EnglishThere has been an attempt to define new fiscal rules to try to achieve a balanced budget along the cycle and minimising the output gap both in booms and recessions; thus allowing an active fiscal policy along the cycle. We have analysed the case of Spain and see: (1) that Spanish Governments have not followed an active fiscal rule during the last business cycle (1980-2008); (2) since 1999, fiscal policy has followed financial sustainability criteria, and not output gap stabilisation, in a scenario of significant and continuous cuts in interest rates; and (3) had been conducted according to an output gap stabilisation fiscal reaction function, Spain would not have cut its deficit to the extent it has actually done since the middle of the 90s. According to the deficit projections for 2009 and 2010, fiscal policy in Spain would followed a fiscal Taylor type rule, focused primary on output stabilisation; if finally confirmed, it would assign a more active role to fiscal policy, and thus would result in a true change in the fiscal rule developed in the last years." @default.
- W47269557 created "2016-06-24" @default.
- W47269557 creator A5028061376 @default.
- W47269557 date "2009-01-01" @default.
- W47269557 modified "2023-09-23" @default.
- W47269557 title "Ha seguido España una regla de Taylor fiscal en el último ciclo económico" @default.
- W47269557 hasPublicationYear "2009" @default.
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