The relationship between debt level and fiscal sustainability in organization for economic cooperation and development countries
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Scholar |
Otros documentos de la autoría: Camarero, Mariam; Carrion-i-Silvestre, Josep Lluís; Tamarit, Cecilio
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http://dx.doi.org/10.1111/ecin.12126 |
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Título
The relationship between debt level and fiscal sustainability in organization for economic cooperation and development countriesFecha de publicación
2015Editor
WileyISSN
0095-2583; 1465-7295Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://onlinelibrary.wiley.com/doi/10.1111/ecin.12126/fullResumen
In this article we unify the traditional approaches to testing for fiscal sustainability considering the stock-flow system that fiscal variables configure. Our approach encompasses previous ways of testing for susta ... [+]
In this article we unify the traditional approaches to testing for fiscal sustainability considering the stock-flow system that fiscal variables configure. Our approach encompasses previous ways of testing for sustainability. The results obtained for a group of 17 Organization for Economic Cooperation and Development (OECD) countries point to weak fiscal sustainability, as well as to the existence of cointegration between deficit and debt, confirming the relevance of the stock-flow approach. Allowing for structural breaks and multicointegration turns out to be of critical importance to assess whether the fiscal authorities apply their policies looking for sustainability and whether, simultaneously, they try to stabilize real debt target levels. (JEL H62, E62, C22) [-]
Publicado en
Economic Inquiry, 2015, vol. 53, núm. 1Derechos de acceso
Published online in Wiley Online Library (wileyonlinelibrary.com).
© 2014 Western Economic Association International
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