The relationship between debt level and fiscal sustainability in organization for economic cooperation and development countries
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Scholar |
Altres documents de l'autoria: Camarero, Mariam; Carrion-i-Silvestre, Josep Lluís; Tamarit, Cecilio
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Mostra el registre complet de l'elementcomunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
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http://dx.doi.org/10.1111/ecin.12126 |
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Títol
The relationship between debt level and fiscal sustainability in organization for economic cooperation and development countriesData de publicació
2015Editor
WileyISSN
0095-2583; 1465-7295Tipus de document
info:eu-repo/semantics/articleVersió de l'editorial
http://onlinelibrary.wiley.com/doi/10.1111/ecin.12126/fullResum
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) [-]
Publicat a
Economic Inquiry, 2015, vol. 53, núm. 1Drets d'accés
Published online in Wiley Online Library (wileyonlinelibrary.com).
© 2014 Western Economic Association International
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info:eu-repo/semantics/restrictedAccess
http://rightsstatements.org/vocab/InC/1.0/
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