What do we really know about fiscal sustainability in the EU? : a panel data diagnostic

Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/2136

Título:	What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
Autor:	Afonso, António Rault, Christophe
Palavras-chave:	intertemporal budget constraint fiscal sustainability EU panel unit root panel cointegration.
Data:	Out-2007
Editora:	European Central Bank
Citação:	Afonso, António e Christophe Rault. 2007. "What do we really know about fiscal sustainability in the EU? : a panel data diagnostic". European Central Bank working paper series nº 820-2007
Relatório da Série N.º:	European Central Bank working paper series;nº 820-2007
Resumo:	We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel cointegration techniques developed by Pedroni (1999, 2004), generalized by Banerjee and Carrion-i-Silvestre (2006) and Westerlund and Edgerton (2007), to a structural long-run equation between general government expenditures and revenues. While estimations point to fiscal sustainability being an issue in some countries, fiscal policy was sustainable both for the EU15 panel set, and within sub-periods (1970-1991 and 1992-2006).
URI:	http://hdl.handle.net/10400.5/2136
ISSN:	1725-2806
Versão do Editor:	http://www.ecb.int/pub/pdf/scpwps/ecbwp820.pdf
Aparece nas colecções:	DE - Documentos de trabalho / Working Papers

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