Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/2591
Título: What 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: 2007
Editora: ISEG – Departamento de Economia
Citação: Afonso, António e Christophe Rault. 2007. "What We Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic". Instituto Superior de Economia e Gestão - DE Working papers nº 20-2007/DE/UECE
Relatório da Série N.º: DE Working papers;nº 20-2007/DE/UECE
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/10400.5/2591
ISSN: 0874-4548
Versão do Editor: https://aquila1.iseg.utl.pt/aquila/getFile.do?method=getFile&fileId=26491
Aparece nas colecções:DE - Documentos de trabalho / Working Papers
UECE - Documentos de Trabalho / UECE - Working Papers

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