Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/2359
Título: 3-Step Analysis of Public Finances Sustainability: the Case of the European Union
Autor: Afonso, António
Rault, Christophe
Palavras-chave: fiscal sustainability
EU
panel cointegration
Data: Jun-2008
Editora: ISEG – Departamento de Economia
Citação: Afonso, António e Christophe Rault. 2008. "3-Step Analysis of Public Finances Sustainability: the Case of the European Union". Instituto Superior de Economia e Gestão - DE Working papers nº 35-2008/DE/UECE
Relatório da Série N.º: DE Working papers;nº 35-2008/DE/UECE
Resumo: We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the mean-reverting behaviour of general government expenditure and revenue ratios. Secondly, we apply the bootstrap panel cointegration techniques that account for the time series and cross-sectional dependencies of the regression error. Thirdly, we check for a structural long-run equation between general government expenditures and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal sustainability is an issue in most countries, with a below unit estimated coefficient of expenditure in the cointegration relation with revenue as the dependent variable.
URI: http://hdl.handle.net/10400.5/2359
ISSN: 0874-4548
Versão do Editor: https://aquila1.iseg.utl.pt/aquila/getFile.do?method=getFile&fileId=26536
Aparece nas colecções:DE - Documentos de trabalho / Working Papers

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