Publicação
Euro area time varying fiscal sustainability
| dc.contributor.author | Afonso, António | |
| dc.contributor.author | Jalles, João Tovar | |
| dc.date.accessioned | 2015-09-23T15:14:45Z | |
| dc.date.available | 2015-09-23T15:14:45Z | |
| dc.date.issued | 2015 | |
| dc.description.abstract | We assess the time varying features of fiscal sustainability in the euro area via revisiting the empirical relationship between the primary budget surplus and the debt-to-GDP ratio. Focusing on a sample of 11 Euro-area countries between 1999Q1 and 2013Q4 and by means of time series analyses, we find that: i) fiscal policy seems to have been sustainable in Belgium, France, Germany and Netherlands and a Ricardian (monetary dominant) regime might have been present; ii) debt exhibited a negative response following an innovation in the budget surplus in half of the sample; iii) the time-varying coefficient model shows that the 2008-2009 global economic and financial crisis exerted a sizeable negative impact on fiscal sustainability; iv) expenditure-based fiscal rules are strong determinants of fiscal sustainability. All in all, we found some evidence against the Fiscal Theory of the Price Level. | por |
| dc.identifier.citation | Afonso, António e João Tovar Jalles .2015. "Euro area time varying fiscal sustainability". Instituto Superior de Economia e Gestão. DE Working papers nº 13-2015/DE/UECE | por |
| dc.identifier.issn | 2183-1815 | |
| dc.identifier.uri | http://hdl.handle.net/10400.5/9252 | |
| dc.language.iso | eng | por |
| dc.publisher | ISEG – Departamento de Economia | por |
| dc.relation.ispartofseries | DE/ Working papers nº 13-2015/DE/UECE | |
| dc.relation.publisherversion | https://aquila4.iseg.ulisboa.pt/aquila/getFile.do?method=getFile&fileId=613262&_request_checksum_=175f3ab25884b1cc76b1916a5d09b54d6e652e38 | por |
| dc.subject | Fiscal Sustainability | por |
| dc.subject | Causality | por |
| dc.subject | Impulse Response Functions | por |
| dc.subject | Time-Varying Coefficients | por |
| dc.subject | Fiscal Rules | por |
| dc.subject | Logistic Model | por |
| dc.title | Euro area time varying fiscal sustainability | por |
| dc.type | working paper | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | por |
| rcaap.type | workingPaper | por |