Multi-step analysis of public finances sustainability
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/25557 |
Resumo: | We use an original multi-step analysis to assess the sustainability of public finances. Firstly, we investigate the mean-reverting behaviour of government expenditures and revenues. Secondly, we apply bootstrap panel cointegration techniques to check for a long-run relationship between expenditures and revenues. Thirdly, we check the coefficient of expenditure in the cointegration relation. Fourthly, we estimate panel error correction models to identify short-run and long-run fiscal developments. While the results imply that public finances were not unsustainable for the EU panel, they highlight that fiscal sustainability is an issue for most countries, as evidenced by a below unit estimated coefficient of expenditure in the cointegration relation. |
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Multi-step analysis of public finances sustainabilityFiscal SustainabilityEUPanel CointegrationWe use an original multi-step analysis to assess the sustainability of public finances. Firstly, we investigate the mean-reverting behaviour of government expenditures and revenues. Secondly, we apply bootstrap panel cointegration techniques to check for a long-run relationship between expenditures and revenues. Thirdly, we check the coefficient of expenditure in the cointegration relation. Fourthly, we estimate panel error correction models to identify short-run and long-run fiscal developments. While the results imply that public finances were not unsustainable for the EU panel, they highlight that fiscal sustainability is an issue for most countries, as evidenced by a below unit estimated coefficient of expenditure in the cointegration relation.ElsevierRepositório da Universidade de LisboaAfonso, AntónioRault, Christophe2022-09-20T20:42:08Z20152015-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/25557engAfonso, António and Christophe Rault. (2015). "Multi-step analysis of public finances sustainability". Economic Modelling, Vol.48: pp.199-209.0264-999310.1016/j.econmod.2014.10.011info: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:RCAAP2023-03-06T14:55:07Zoai:www.repository.utl.pt:10400.5/25557Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:09:24.032396Repositório 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 |
Multi-step analysis of public finances sustainability |
title |
Multi-step analysis of public finances sustainability |
spellingShingle |
Multi-step analysis of public finances sustainability Afonso, António Fiscal Sustainability EU Panel Cointegration |
title_short |
Multi-step analysis of public finances sustainability |
title_full |
Multi-step analysis of public finances sustainability |
title_fullStr |
Multi-step analysis of public finances sustainability |
title_full_unstemmed |
Multi-step analysis of public finances sustainability |
title_sort |
Multi-step analysis of public finances sustainability |
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 an original multi-step analysis to assess the sustainability of public finances. Firstly, we investigate the mean-reverting behaviour of government expenditures and revenues. Secondly, we apply bootstrap panel cointegration techniques to check for a long-run relationship between expenditures and revenues. Thirdly, we check the coefficient of expenditure in the cointegration relation. Fourthly, we estimate panel error correction models to identify short-run and long-run fiscal developments. While the results imply that public finances were not unsustainable for the EU panel, they highlight that fiscal sustainability is an issue for most countries, as evidenced by a below unit estimated coefficient of expenditure in the cointegration relation. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015 2015-01-01T00:00:00Z 2022-09-20T20:42:08Z |
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/10400.5/25557 |
url |
http://hdl.handle.net/10400.5/25557 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Afonso, António and Christophe Rault. (2015). "Multi-step analysis of public finances sustainability". Economic Modelling, Vol.48: pp.199-209. 0264-9993 10.1016/j.econmod.2014.10.011 |
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 |
Elsevier |
publisher.none.fl_str_mv |
Elsevier |
dc.source.none.fl_str_mv |
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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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1799131188498006016 |