This paper examines how fiscal shocks in a given country affect foreign regions through regional trade linkages. Applying the local projection method to a panel of 222 NUTS-2 regions in 20 European countries during the period 1993–2020, we find that countries-to-regions fiscal spillovers are positive, statistically significant, persistent, and non-negligible in size. In addition, fiscal spillovers tend to be larger when the recipient region experiences a recession, when monetary policy of the recipient country is at the zero-lower-bound, and when the recipient region and the source country are both part of the European Monetary Union.

中文翻译：

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区域财政溢出效应：贸易联系的作用

本文研究了特定国家的财政冲击如何通过区域贸易联系影响外国地区。将局部预测方法应用于 1993 年至 2020 年期间 20 个欧洲国家的 222 个 NUTS-2 地区，我们发现国家间的财政溢出效应是正的、具有统计显着性、持续性且规模不可忽视。此外，当受援地区经历衰退、受援国货币政策处于零下限、以及受援地区和来源国都是欧洲货币联盟成员时，财政溢出效应往往更大。。