Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks

Detalhes bibliográficos
Autor(a) principal: Afonso, António
Data de Publicação: 2019
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/10400.5/17193
Resumo: We assess, via system GMM, how Stock Flow Adjustments (SFA) affect the debt-to-GDP ratio in 65 countries (covering developed and emerging and low-income countries) between1985- 2014. We find that SFAs positively contribute to the change in the debt-to-GDP ratio with a coefficient close to one. The existence of fiscal rules with monitor compliance contributes to lower the debt level. The fall in the debt ratio due to fiscal rules before the crisis was between 1.7%-4.2% of GDP while after the crisis, revenue and debt-based rules did not contribute to the reduction of debt, which was reinforced with large SFAs.
id RCAP_c5f6642141e6d924914a17f7b55ecab7
oai_identifier_str oai:www.repository.utl.pt:10400.5/17193
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworksgovernment debtbudget deficitstructural deficitintertemporal government budget constraintfiscal rulespanel datasystem GMMfilteringWe assess, via system GMM, how Stock Flow Adjustments (SFA) affect the debt-to-GDP ratio in 65 countries (covering developed and emerging and low-income countries) between1985- 2014. We find that SFAs positively contribute to the change in the debt-to-GDP ratio with a coefficient close to one. The existence of fiscal rules with monitor compliance contributes to lower the debt level. The fall in the debt ratio due to fiscal rules before the crisis was between 1.7%-4.2% of GDP while after the crisis, revenue and debt-based rules did not contribute to the reduction of debt, which was reinforced with large SFAs.ISEG - REM - Research in Economics and MathematicsRepositório da Universidade de LisboaAfonso, AntónioJalles, João Tovar2019-01-29T10:12:08Z2019-012019-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/17193engAfonso, António, João Tovar Jalles (2019). "Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks". Instituto Superior de Economia e Gestão – REM Working paper nº 066 - 20192184-108Xinfo: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:RCAAP2023-03-06T14:46:53Zoai:www.repository.utl.pt:10400.5/17193Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:02:27.241531Repositório 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 Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks
title Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks
spellingShingle Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks
Afonso, António
government debt
budget deficit
structural deficit
intertemporal government budget constraint
fiscal rules
panel data
system GMM
filtering
title_short Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks
title_full Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks
title_fullStr Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks
title_full_unstemmed Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks
title_sort Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks
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 government debt
budget deficit
structural deficit
intertemporal government budget constraint
fiscal rules
panel data
system GMM
filtering
topic government debt
budget deficit
structural deficit
intertemporal government budget constraint
fiscal rules
panel data
system GMM
filtering
description We assess, via system GMM, how Stock Flow Adjustments (SFA) affect the debt-to-GDP ratio in 65 countries (covering developed and emerging and low-income countries) between1985- 2014. We find that SFAs positively contribute to the change in the debt-to-GDP ratio with a coefficient close to one. The existence of fiscal rules with monitor compliance contributes to lower the debt level. The fall in the debt ratio due to fiscal rules before the crisis was between 1.7%-4.2% of GDP while after the crisis, revenue and debt-based rules did not contribute to the reduction of debt, which was reinforced with large SFAs.
publishDate 2019
dc.date.none.fl_str_mv 2019-01-29T10:12:08Z
2019-01
2019-01-01T00:00:00Z
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/10400.5/17193
url http://hdl.handle.net/10400.5/17193
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Afonso, António, João Tovar Jalles (2019). "Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks". Instituto Superior de Economia e Gestão – REM Working paper nº 066 - 2019
2184-108X
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 - REM - Research in Economics and Mathematics
publisher.none.fl_str_mv ISEG - REM - Research in Economics and Mathematics
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
_version_ 1799131113723002880

Registros relacionados