To what extent do fiscal spending rules affect budget composition?
https://doi.org/10.3326/pse.42.3.5 | Published online: September 3, 2018 Figure 1
Italian municipalities’ consumption, investment and total spending as a percentage of GDP Table 1
Fiscal rules imposed by the Domestic Stability Pact on Italian municipalities
Figure 2
Level of Consumption over Investment for municipalities under 5,000 inhabitants (Group A) and above (Group B) Table 2
Descriptive statistics. Budget items used in the analysis by group, average of the period 2004-2006 (euro per capita)
Notes: In Group A, there are municipalities with a number of inhabitants in the range 3,000-4,999, while in Group B the range is 5,000-7,000. Table 3
Effects of the Domestic Stability Pact on budget items
Notes: Case A considers t1 and t2 while Case B analyses t2 and t3. The estimations are performed implementing a local linear regression method. Values are in euro per capita. Robust standard errors are reported in parenthesis, clustered at the provincial level. *** (**, *) indicates statistical significance at the 1 (5, 10) percent level. Figure 3
Difference-in-discontinuities on consumption and investment spending, Case A (t1 and t2) and Case B (t2 and t3) Figure 4
Difference-in-discontinuities on wages, services, infrastructure and new debt, Case B (t2 and t3) Table 4
Effects of the Domestic Stability Pact on budget items, robustness analysis in Case B
Notes: Case B refers to municipalities between 3,000 and 7,000 inhabitants in the period t2 and t3. The estimations are performed implementing a local linear regression (LLR) method with a bandwidth (b) equal to 1,500. SPA is the spline polynomial approximation method of order 2 and the analysis is performed considering municipalities between 3,000 and 7,000 inhabitants. Values are in euro per capita. Robust standard errors are reported in parentheses, clustered at the Provincial level. *** (**, *) indicates statistical significance at the 1 (5, 10) percent level. Figure 5
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September, 2018 III/2018 |
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