A longer-run perspective on fiscal stability

Detalhes bibliográficos
Autor(a) principal: Afonso, António
Data de Publicação: 2011
Outros Autores: Jalles, João Tovar
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/3586
Resumo: This paper investigates the sustainability of fiscal policy in a set of 19 countries by taking a longer-run secular perspective over the period 1880-2009. Via a systematic analysis of the stationarity properties of the first-differenced level of government debt, and disentangling the components of the debt series using Structural Time Series Models, we are able to conclude that the solvency condition would be satisfied in mostly all cases since non-stationarity can be rejected, and, therefore, longer-run fiscal sustainability cannot be rejected (Japan and Spain can be exceptions). The same would be true for the panel sample analysis.
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spelling A longer-run perspective on fiscal stabilityFiscal SustainabilityGovernment DebtUnit RootsBreaksStructural Time Series ModelsThis paper investigates the sustainability of fiscal policy in a set of 19 countries by taking a longer-run secular perspective over the period 1880-2009. Via a systematic analysis of the stationarity properties of the first-differenced level of government debt, and disentangling the components of the debt series using Structural Time Series Models, we are able to conclude that the solvency condition would be satisfied in mostly all cases since non-stationarity can be rejected, and, therefore, longer-run fiscal sustainability cannot be rejected (Japan and Spain can be exceptions). The same would be true for the panel sample analysis.UECE is supported by FCT (Fundação para a Ciência e a Tecnologia, Portugal)ISEG - Departamento de EconomiaRepositório da Universidade de LisboaAfonso, AntónioJalles, João Tovar2011-11-16T16:02:50Z20112011-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/3586engAfonso, António, João Tovar Jalles. 2011. "A longer-run perspective on fiscal stability". Instituto Superior de Economia e Gestão - DE Working papers nº 17-2011/DE/UECE.0874-4548info: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:RCAAP2023-03-06T14:34:42Zoai:www.repository.utl.pt:10400.5/3586Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:51:25.625560Repositório 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 A longer-run perspective on fiscal stability
title A longer-run perspective on fiscal stability
spellingShingle A longer-run perspective on fiscal stability
Afonso, António
Fiscal Sustainability
Government Debt
Unit Roots
Breaks
Structural Time Series Models
title_short A longer-run perspective on fiscal stability
title_full A longer-run perspective on fiscal stability
title_fullStr A longer-run perspective on fiscal stability
title_full_unstemmed A longer-run perspective on fiscal stability
title_sort A longer-run perspective on fiscal stability
author Afonso, António
author_facet Afonso, António
Jalles, João Tovar
author_role author
author2 Jalles, João Tovar
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Afonso, António
Jalles, João Tovar
dc.subject.por.fl_str_mv Fiscal Sustainability
Government Debt
Unit Roots
Breaks
Structural Time Series Models
topic Fiscal Sustainability
Government Debt
Unit Roots
Breaks
Structural Time Series Models
description This paper investigates the sustainability of fiscal policy in a set of 19 countries by taking a longer-run secular perspective over the period 1880-2009. Via a systematic analysis of the stationarity properties of the first-differenced level of government debt, and disentangling the components of the debt series using Structural Time Series Models, we are able to conclude that the solvency condition would be satisfied in mostly all cases since non-stationarity can be rejected, and, therefore, longer-run fiscal sustainability cannot be rejected (Japan and Spain can be exceptions). The same would be true for the panel sample analysis.
publishDate 2011
dc.date.none.fl_str_mv 2011-11-16T16:02:50Z
2011
2011-01-01T00:00:00Z
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/10400.5/3586
url http://hdl.handle.net/10400.5/3586
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Afonso, António, João Tovar Jalles. 2011. "A longer-run perspective on fiscal stability". Instituto Superior de Economia e Gestão - DE Working papers nº 17-2011/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
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