IMF-欧盟国家自动稳定的范围和构成（英）-2023.5-31页.pdf

The Extent and Composition of Automatic Stabilization in EU Countries David Coady, Silvia De Poli, Adrián Hernández, Andrea Papini, and Alberto Tumino WP/23/ 103 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2023 MAY © 2023 International Monetary Fund WP/23/103 IMF Working Paper Fiscal Affairs Department The Extent and Composition of Automatic Stabilization in EU Countries Prepared by David Coady, Silvia De Poli, Adrián Hernández, Andrea Papini, and Alberto Tumino* Authorized for distribution by Rodrigo Cerda May 2023 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT: This paper analyses the magnitude of automatic income and demand stabilization in EU Member States between 2011 to 2019. Our analysis finds that automatic income stabilization in 2019 averaged 41.3 percent at the EU level, with considerable variation among Member States. While the extent of stabilization is similar across income groups within countries, the source of stabilization differs, with income taxation (transfers) being more important for high-income (low-income) households. Income stabilization proved stable over time, with a few exceptions driven by major reforms. EU-level demand stabilization averag