3-step analysis of public finances sustainability : the case of the European Union

Detalhes bibliográficos
Autor(a) principal: Afonso, António
Data de Publicação: 2008
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/10400.5/2151
Resumo: We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the mean-reverting behaviour of general government expenditure and revenue ratios. Secondly, we apply the bootstrap panel cointegration techniques that account for the time series and cross-sectional dependencies of the regression error. Thirdly, we check for a structural long-run equation between general government expenditures and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal sustainability is an issue in most countries, with a below unit estimated coefficient of expenditure in the cointegration relation with revenue as the dependent variable.
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spelling 3-step analysis of public finances sustainability : the case of the European UnionFiscal SustainabilityEUPanel CointegrationWe use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the mean-reverting behaviour of general government expenditure and revenue ratios. Secondly, we apply the bootstrap panel cointegration techniques that account for the time series and cross-sectional dependencies of the regression error. Thirdly, we check for a structural long-run equation between general government expenditures and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal sustainability is an issue in most countries, with a below unit estimated coefficient of expenditure in the cointegration relation with revenue as the dependent variable.European Central BankRepositório da Universidade de LisboaAfonso, AntónioRault, Christophe2010-06-22T13:53:25Z2008-062008-06-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/2151engAfonso, António, Christophe Rault. 2008. "3-step analysis of public finances sustainability : the case of the European Union". European Central Bank working paper series nº 908-20081725-2806info: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:RCAAP2024-02-11T01:31:21Zoai:www.repository.utl.pt:10400.5/2151Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:50:13.256491Repositório 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 3-step analysis of public finances sustainability : the case of the European Union
title 3-step analysis of public finances sustainability : the case of the European Union
spellingShingle 3-step analysis of public finances sustainability : the case of the European Union
Afonso, António
Fiscal Sustainability
EU
Panel Cointegration
title_short 3-step analysis of public finances sustainability : the case of the European Union
title_full 3-step analysis of public finances sustainability : the case of the European Union
title_fullStr 3-step analysis of public finances sustainability : the case of the European Union
title_full_unstemmed 3-step analysis of public finances sustainability : the case of the European Union
title_sort 3-step analysis of public finances sustainability : the case of the European Union
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 Fiscal Sustainability
EU
Panel Cointegration
topic Fiscal Sustainability
EU
Panel Cointegration
description We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the mean-reverting behaviour of general government expenditure and revenue ratios. Secondly, we apply the bootstrap panel cointegration techniques that account for the time series and cross-sectional dependencies of the regression error. Thirdly, we check for a structural long-run equation between general government expenditures and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal sustainability is an issue in most countries, with a below unit estimated coefficient of expenditure in the cointegration relation with revenue as the dependent variable.
publishDate 2008
dc.date.none.fl_str_mv 2008-06
2008-06-01T00:00:00Z
2010-06-22T13:53:25Z
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/10400.5/2151
url http://hdl.handle.net/10400.5/2151
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Afonso, António, Christophe Rault. 2008. "3-step analysis of public finances sustainability : the case of the European Union". European Central Bank working paper series nº 908-2008
1725-2806
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 European Central Bank
publisher.none.fl_str_mv European Central Bank
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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