Fiscal gimmickry in europe

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• Publié par: angueran
• Nombre de lectures: 241
• Langue: Français

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Please cite this paper as:

Koen, V. and P. van den Noord (2005), "Fiscal Gimmickry in Europe: One-Off Measures and Creative Accounting", OECD Economics Department Working Papers, No. 417, OECD Publishing. doi:10.1787/237714513517

OECD Economics Department Working Papers No. 417

Fiscal Gimmickry in Europe

ONE-OFF MEASURES AND CREATIVE ACCOUNTING

Vincent Koen, Paul van den Noord

JEL Classification: D78, E61, H27, H6, H74, H81, H82, H87

                                                                                                                               

  Unclassified ECO/WKP(2005)4      Organisation de Coopération et de Développement Economiques    Organisation for Economic Co-operation and Development  10-Feb-2005 ___________________________________________________________________________________________   ng ish - Or. English   E l   ECONOMICS DEPARTMENT    

 

        

 

FISCAL GIMMICKRY IN EUROPE: ONE-OFF MEASURES AND CREATIVE ACCOUNTING   ECONOMICS DEPARTMENT WORKING PAPERS, No. 417   By Vincent Koen and Paul van den Noord            

  All Economics Department Working Papers are now available through OECD's Internet Web site at http://www.oecd.org/eco/      JT00178311     Document complet disponible sur OLIS dans son format d'origine Complete document available on OLIS in its original format  

 

ECO/WKP(2005)4 

 

TABLE OF CONTENTS I. INTRODUCTION......................................................................................................................... 4 II. DEFINITIONS: ONE-OFF MEASURES AND CREATIVE ACCOUNTING ........................... 6 III. AN INCOMPLETE INVENTORY OF FISCAL GIMMICKS .................................................... 7  Exclusions ..................................................................................................................................... 7  Three generations of deficit gimmicks .......................................................................................... 8  Deficit gimmicks elsewhere ........................................................................................................ 11  Debt gimmicks............................................................................................................................12  IV. WHEN ARE GIMMICKS MOST LIKELY USED? .................................................................. 13 V. POLICY IMPLICATIONS ......................................................................................................... 25 REFERENCES ................................................................................................................................... 33 Boxes 1. Securitisations ............................................................................................................................. 11 2. Do fiscal rules encourage recourse to gimmicks? Findings in the literature ............................... 13 3. Deficit bias and the degree of centralisation of the budget process ............................................ 19 Tables 1. Eurostat decisions on possible accounting distortions affecting the fiscal balance....................... 9 2. Fiscal balance: first notification .................................................................................................. 10 3. Measures which may affect gross public debt but not, or much less, government net worth ..... 12 4. Revisions to fiscal balance following the first notification ......................................................... 15 5. One-offs, “creative accounting” operations and reclassifications affecting the fiscal balance ... 15 6. Bare deficits and gimmicks, 1993-2000 ...................................................................................... 16 7. Bare deficits and gimmicks: estimation results ........................................................................... 17 8. Bare deficits and gimmicks, breakdown by period ..................................................................... 18 9. Budget centralisation and gimmickry.......................................................................................... 20 10. Budget centralisation and gimmickry: estimation results............................................................ 21 11. Budget centralisation and gimmickry, breakdown by bare deficit level ..................................... 22 12. Budget centralisation and gimmickry, breakdown by debt ratio................................................. 24 Figures 1. Eliminating deficits: a moving target ............................................................................................ 5 2. The odds of gimmickry as a function of the bare deficit............................................................. 17 3. The odds of gimmickry as a function of centralisation ............................................................... 21 Annex tables Table A1. One-offs “creative accounting”operations and classification errors. ................................ 28 Table A2. UMTS licences receipts ..................................................................................................... 32

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