Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/2151
Título: 3-step analysis of public finances sustainability : the case of the European Union
Autor: Afonso, António
Rault, Christophe
Palavras-chave: fiscal sustainability
panel cointegration
Data: Jun-2008
Editora: European Central Bank
Citação: Afonso, António, Christophe Rault. 2008. "3-step analysis of public finances sustainability : the case of the European Union". European Central Bank working paper series nº 908-2008
Relatório da Série N.º: European Central Bank working paper series;nº 908-2008
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/10400.5/2151
ISSN: 1725-2806
Versão do Editor: http://www.ecb.int/pub/pdf/scpwps/ecbwp908.pdf
Aparece nas colecções:UECE - Documentos de Trabalho / UECE - Working Papers
DE - Documentos de trabalho / Working Papers

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