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Sovereign debt composition and time-varying public finance sustainability
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Autores
Orientador(es)
Resumo(s)
We compute time-varying responses of the sovereign debt ratio to primary budget balances
for 13 advanced economies between 1980 and 2012, and assess how fiscal sustainability
reacts to different characteristics of government debt. We find that the
sustainability time-varying coefficient increases and countries become more fiscally sustainable
if they contract a higher share of long-term public debt, if more debt is held by
the central bank or if it is easily marketable in capital markets.
Descrição
Palavras-chave
Sovereign Debt Fiscal Sustainability Time-Varying Coefficients Debt Composition
Contexto Educativo
Citação
Afonso, António and João Tovar Jalles. (2017). "Sovereign debt composition and time-varying public finance sustainability". The North American Journal of Economics and Finance, Vol. 42: pp.144-155.
Editora
Elsevier