La Stabilisation Budgetaire Automatique Paperback

Giodano Bizzozero

This contribution develops three financial rules compatible with automatic fiscal stabilization. The first two rules take into account the estimated sensitivity of the operating account balance to economic conditions. In the first rule, the economic situation is represented by the output gap. The unemployment gap represents the situation in the second rule. The third rule adapts for the first time the debt brake of the Confederation on cantonal finances. The application to Ticinian public finances of any of the three proposed rules would have led to a significant improvement in the average value of the main financial indicators: the operating account balance, the coverage of expenses and the degree of self-financing. Furthermore, fluctuations in these indicators would be significantly reduced. This indicates that the introduction of any rule presented leads to fiscal policy with greater intertemporal stability. Among these three fiscal rules, the rule inspired by the debt brake of the Confederation presents the best financial indicators.

9783841732361

French

Omniscriptum

160