FIGURES & DATA
Measuring fiscal guidance transparency
https://doi.org/10.3326/pse.46.2.4 | Published online: June 1, 2022
Stability/Convergence Programmes (SCPs) by country
Note: This table reports the number of Stability/Convergence Programmes (SCP) published by the EU member states between 2001 and 2018. Columns 3 and 4 report the number of original and occasional SCPs, respectively. Column 5 lists the date of accession into the EU.
Description of ad hoc Stability/Convergence Programmes
Note: This table reports the rationale for the publication of the occasional SCPs that contain forecasts. In column 2 the year of publication of ad hoc SCPs is provided. Column 3 describes the nature of the occasional SCPs. Column 4 provides a brief indication of the rationale for the publication of the occasional SCP. EERP stands for European Economic Recovery Plan.
Differences in event dates
Note: This table reports the results of an intercept-only OLS regression that tests whether there are significant differences in the dates at which governments approve, submit, and publish their Stability/Convergence Programmes (SCP). Column 1 reports the difference between the publication date reported by the government and that reported by the press. Column 2 reports the difference between the date at which the government approves the SCP and the publication date. Column 3 reports the difference between the date at which the government submits the SCP to the European Commission and the publication date. Standard errors in brackets are clustered at the dimension indicated at the bottom of the table. + p < 0.10, * p < 0.05, ** p < 0.01, *** p < 0.001.
Distribution of fiscal plans by publication year, quarter, month, and day
Note: This table shows the distribution of all Stability/Convergence Programmes (SCP) in the sample by year, quarter, month, and day of publication.
Summary statistics of items included in the dataset
Note: This table reports descriptive statistics of each item included in the dataset. The first column reports the category to which items are assigned. Column 2 includes the item number. Column 3 provides a short description of the item. Each item is coded as either present (1) or absent (0).
Features of the fiscal guidance transparency index (FGT index)
Note: This figure shows the average value of the FGT index for each country in the sample (panel A) and for each year in the sample (panel B). FGT is defined in equation (1).
Summary statistics of the fiscal guidance transparency index
Note: This table provides summary statistics of the FGT index and of the sub-indices of FGT that measure transparency in the release of forecast of coherent items. FGT is defined in equation (1). Minimum and maximum values are 0 and 100, respectively, for all variables. N=1674.
Transparency declines as the forecast horizon lengthens
Note: This table reports descriptive statistics of FGT by forecast horizon (Panel A) and the results of an OLS regression of FGT on country, year, and forecast horizon fixed effects (Panel B). Only the forecast horizon fixed effects are reported. The base level of the forecast horizon is the forecast for the current year t=0. Standard errors in brackets are clustered at the dimension indicated at the bottom of the table. FGT is defined in equation (1). + p < 0.10, * p < 0.05, ** p < 0.01, *** p < 0.001.
Panel A: Descriptive statistics
Panel B: OLS results
Description and source of variables
Note: This table presents the definition and source of variables used in the analysis.