Part of the series :
Fiscal Rules and Public Investment
This paper examines the link between fiscal rules and public investment both normatively and empirically. We first review the arguments for and against including public investment spending in a fiscal deficit rule. We then seek to assess the determinants of public investment, with a special focus on the role of the fiscal rules embodied in EMU. We conclude that there are practical difficulties precluding the introduction of a “golden rule” and that there is virtually no evidence that EMU would have affected public investment. Therefore, the focus on safeguarding the level of public investment is somewhat misplaced; instead, one should focus on safeguarding its productivity.
Publications
- Economic and Financial Reports Volume 01/1999
- Economic and Financial Reports Volume 02/1999
- Economic and Financial Reports Volume 01/2000
- Economic and Financial Reports Volume 02/2000
- Economic and Financial Reports Volume 01/2001
- Economic and Financial Reports Volume 02/2001
- Economic and Financial Reports Volume 03/2001
- Economic and Financial Reports Volume 01/2002
- Economic and Financial Reports Volume 02/2002
- Economic and Financial Reports Volume 01/2003
- Economic and Financial Reports Volume 02/2003
- Economic and Financial Reports Volume 01/2004
- Economic and Financial Reports Volume 02/2004
- Economic and Financial Reports Volume 01/2005
All Series
- Economic and Financial Reports Volume 01/1999
- Economic and Financial Reports Volume 02/1999
- Economic and Financial Reports Volume 01/2000
- Economic and Financial Reports Volume 02/2000
- Economic and Financial Reports Volume 01/2001
- Economic and Financial Reports Volume 02/2001
- Economic and Financial Reports Volume 03/2001
- Economic and Financial Reports Volume 01/2002
- Economic and Financial Reports Volume 02/2002
- Economic and Financial Reports Volume 01/2003
- Economic and Financial Reports Volume 02/2003
- Economic and Financial Reports Volume 01/2004
- Economic and Financial Reports Volume 02/2004
- Economic and Financial Reports Volume 01/2005
- Economic and Financial Reports Volume 03/2005
- Economic and Financial Reports Volume 01/2006
- Economic and Financial Reports Volume 02/2006
- Economic and Financial Reports Volume 03/2006
- Economic and Financial Reports Volume 01/2007
- Economic and Financial Reports Volume 02/2007
- Economic and Financial Reports Volume 03/2007
- Economic and Financial Reports Volume 01/2008
- Economic and Financial Reports Volume 01/2009
- Economic and Financial Reports Volume 02/2010
- Economic and Financial Reports Volume 03/2010
- Innovation and productivity growth in the EU services sector
- Economic and Financial Reports Volume 04/2010
- Economic and Financial Reports Volume 05/2010
- Economic and Financial Reports Volume 01/2010
- ECON Note n°01-2012 - EIB Priorities Studies
- ECON Note n°02-2012 - EIB Priorities Studies
- ECON Note - PPPs and their financing in Europe
- ECON Note - The impact of the recession in 2008-2009 on EU regional convergence
- Unlocking lending in Europe
- Restoring EU competitiveness
- Migration and the EU: Challenges, opportunities, the role of EIB
- Inequality in Europe
- Investing in Europe’s future: the role of education and skills
- Smart Cities, Smart Investment in Central, Eastern and South-Eastern Europe
- Feeding future generations: How finance can boost innovation in agri-food - Executive summary
- Feeding future generations: How finance can boost innovation in agri-food
- Three foundations: A competitive, sustainable, inclusive Europe
- From starting to scaling
- The EIB COVID-19 Economic Vulnerability Index - An analysis of countries outside the European Union