Assessing long-term fiscal developments : a new approach

Detalhes bibliográficos
Autor(a) principal: Afonso, António
Data de Publicação: 2011
Outros Autores: Agnello, Luca, Furceri, Davide, Sousa, Ricardo M.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/1822/11970
Resumo: We use a new approach to assess long-term fiscal developments. By analyzing the time-varying behaviour of the two components of government spending and revenue – responsiveness and persistence–, a feature not captured by automatic stabilisers, we are able to infer about the sources of fiscal deterioration (improvement). Drawing on quarterly data, we estimate recursively these components within a system of government revenue and spending equations using a Three-Stage Least Square method for eight European Union countries plus the US. The results suggest that significant changes in the fiscal stance (including those related to the current crisis) are reflected in the estimates of persistence and responsiveness.
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spelling Assessing long-term fiscal developments : a new approachFiscal deteriorationFiscal sustainabilitySocial SciencesWe use a new approach to assess long-term fiscal developments. By analyzing the time-varying behaviour of the two components of government spending and revenue – responsiveness and persistence–, a feature not captured by automatic stabilisers, we are able to infer about the sources of fiscal deterioration (improvement). Drawing on quarterly data, we estimate recursively these components within a system of government revenue and spending equations using a Three-Stage Least Square method for eight European Union countries plus the US. The results suggest that significant changes in the fiscal stance (including those related to the current crisis) are reflected in the estimates of persistence and responsiveness.Fundação para a Ciência e a Tecnologia (FCT)ElsevierUniversidade do MinhoAfonso, AntónioAgnello, LucaFurceri, DavideSousa, Ricardo M.2011-022011-02-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/11970eng"Journal of International Money and Finance." ISSN 0261-5606. 30:1 (Fev. 2011) 130-146.0261-560610.1016/j.jimonfin.2010.08.001http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6V9S-50XCXTX-1&_user=2459786&_coverDate=02%2F28%2F2011&_rdoc=1&_fmt=high&_orig=gateway&_origin=gateway&_sort=d&_docanchor=&view=c&_rerunOrigin=google&_acct=C000057396&_version=1&_urlVersion=0&_userid=2459786&md5=24037b348588839f14176752a5fb002a&searchtype=ainfo: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:RCAAP2023-07-21T12:42:31Zoai:repositorium.sdum.uminho.pt:1822/11970Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T19:39:47.157089Repositório 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 Assessing long-term fiscal developments : a new approach
title Assessing long-term fiscal developments : a new approach
spellingShingle Assessing long-term fiscal developments : a new approach
Afonso, António
Fiscal deterioration
Fiscal sustainability
Social Sciences
title_short Assessing long-term fiscal developments : a new approach
title_full Assessing long-term fiscal developments : a new approach
title_fullStr Assessing long-term fiscal developments : a new approach
title_full_unstemmed Assessing long-term fiscal developments : a new approach
title_sort Assessing long-term fiscal developments : a new approach
author Afonso, António
author_facet Afonso, António
Agnello, Luca
Furceri, Davide
Sousa, Ricardo M.
author_role author
author2 Agnello, Luca
Furceri, Davide
Sousa, Ricardo M.
author2_role author
author
author
dc.contributor.none.fl_str_mv Universidade do Minho
dc.contributor.author.fl_str_mv Afonso, António
Agnello, Luca
Furceri, Davide
Sousa, Ricardo M.
dc.subject.por.fl_str_mv Fiscal deterioration
Fiscal sustainability
Social Sciences
topic Fiscal deterioration
Fiscal sustainability
Social Sciences
description We use a new approach to assess long-term fiscal developments. By analyzing the time-varying behaviour of the two components of government spending and revenue – responsiveness and persistence–, a feature not captured by automatic stabilisers, we are able to infer about the sources of fiscal deterioration (improvement). Drawing on quarterly data, we estimate recursively these components within a system of government revenue and spending equations using a Three-Stage Least Square method for eight European Union countries plus the US. The results suggest that significant changes in the fiscal stance (including those related to the current crisis) are reflected in the estimates of persistence and responsiveness.
publishDate 2011
dc.date.none.fl_str_mv 2011-02
2011-02-01T00:00:00Z
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/1822/11970
url http://hdl.handle.net/1822/11970
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv "Journal of International Money and Finance." ISSN 0261-5606. 30:1 (Fev. 2011) 130-146.
0261-5606
10.1016/j.jimonfin.2010.08.001
http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6V9S-50XCXTX-1&_user=2459786&_coverDate=02%2F28%2F2011&_rdoc=1&_fmt=high&_orig=gateway&_origin=gateway&_sort=d&_docanchor=&view=c&_rerunOrigin=google&_acct=C000057396&_version=1&_urlVersion=0&_userid=2459786&md5=24037b348588839f14176752a5fb002a&searchtype=a
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 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
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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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