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

Detalhes bibliográficos
Autor(a) principal: Afonso, António
Data de Publicação: 2007
Outros Autores: Rault, Christophe
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/2591
Resumo: We assess the sustainability of public finances in the EU15 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 (1999, 2004), generalized by Banerjee and Carrion-i-Silvestre (2006) and Westerlund and Edgerton (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 EU15 panel set, and within sub-periods (1970-1991 and 1992-2006).
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spelling What we really know about fiscal sustainability in the EU? A panel data diagnosticIntertemporal Budget ConstraintFiscal SustainabilityEUPanel Unit RootPanel CointegrationWe assess the sustainability of public finances in the EU15 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 (1999, 2004), generalized by Banerjee and Carrion-i-Silvestre (2006) and Westerlund and Edgerton (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 EU15 panel set, and within sub-periods (1970-1991 and 1992-2006).ISEG – Departamento de EconomiaRepositório da Universidade de LisboaAfonso, AntónioRault, Christophe2010-11-30T15:09:02Z20072007-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/2591engAfonso, António e Christophe Rault. 2007. "What we really know about fiscal sustainability in the EU? A panel data diagnostic". Instituto Superior de Economia e Gestão - DE Working papers nº 20-2007/DE/UECE0874-4548info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:33:46Zoai:www.repository.utl.pt:10400.5/2591Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:50:34.474258Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv What we really know about fiscal sustainability in the EU? A panel data diagnostic
title What we really know about fiscal sustainability in the EU? A panel data diagnostic
spellingShingle What we really know about fiscal sustainability in the EU? A panel data diagnostic
Afonso, António
Intertemporal Budget Constraint
Fiscal Sustainability
EU
Panel Unit Root
Panel Cointegration
title_short What we really know about fiscal sustainability in the EU? A panel data diagnostic
title_full What we really know about fiscal sustainability in the EU? A panel data diagnostic
title_fullStr What we really know about fiscal sustainability in the EU? A panel data diagnostic
title_full_unstemmed What we really know about fiscal sustainability in the EU? A panel data diagnostic
title_sort What we really know about fiscal sustainability in the EU? A panel data diagnostic
author Afonso, António
author_facet Afonso, António
Rault, Christophe
author_role author
author2 Rault, Christophe
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Afonso, António
Rault, Christophe
dc.subject.por.fl_str_mv Intertemporal Budget Constraint
Fiscal Sustainability
EU
Panel Unit Root
Panel Cointegration
topic Intertemporal Budget Constraint
Fiscal Sustainability
EU
Panel Unit Root
Panel Cointegration
description We assess the sustainability of public finances in the EU15 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 (1999, 2004), generalized by Banerjee and Carrion-i-Silvestre (2006) and Westerlund and Edgerton (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 EU15 panel set, and within sub-periods (1970-1991 and 1992-2006).
publishDate 2007
dc.date.none.fl_str_mv 2007
2007-01-01T00:00:00Z
2010-11-30T15:09:02Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/2591
url http://hdl.handle.net/10400.5/2591
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Afonso, António e Christophe Rault. 2007. "What we really know about fiscal sustainability in the EU? A panel data diagnostic". Instituto Superior de Economia e Gestão - DE Working papers nº 20-2007/DE/UECE
0874-4548
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG – Departamento de Economia
publisher.none.fl_str_mv ISEG – Departamento de Economia
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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