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What do we really know about fiscal sustainability in the EU? A panel data diagnostic


Afonso, António; Rault, Christophe


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-262306

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Abstract We assess the sustainability of public finances in the EU-15 over the period 1970–2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel cointegration techniques developed by Pedroni (Oxf Bull Econ Stat 61(1):653–670, 1999; Econom Theory 20(3):597–625, 2004), generalized by Banerjee and Carrion-i-Silvestre (Cointegration in panel data with breaks and cross-section dependence, European Central Bank, Working Paper 591, 2006) and Westerlund and Edgerton (Econ Lett 97(3):185–190, 2007), to a structural long-run equation between general government expenditures and revenues. While estimations point to fiscal sustainability being an issue in some countries, fiscal policy was sustainable both for the EU-15 panel set, and within sub-periods (1970–1991 and 1992–2006).
Thesaurusschlagwörter EU
Klassifikation Wirtschaftspolitik; Öffentliche Finanzen und Finanzwissenschaft
Freie Schlagwörter Intertemporal budget constraint; Fiscal sustainability; Panel unit root; Panel cointegration; C23; E62; H62; H63
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 731-755
Zeitschriftentitel Review of World Economics, 145 (2009) 4
DOI http://dx.doi.org/10.1007/s10290-009-0034-1
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)