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Publicação
Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks
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Autores
Orientador(es)
Resumo(s)
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.
Descrição
Palavras-chave
government debt budget deficit structural deficit intertemporal government budget constraint fiscal rules panel data system GMM filtering
Contexto Educativo
Citação
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
Editora
ISEG - REM - Research in Economics and Mathematics