Search Results - subject:"intertemporal budget constraint"

ANALYZING THE PUBLIC DEBT SUSTAINABILITY IN EMU

Campeanu, Emilia Mioara - In: Theoretical and Applied Economics 11(528)(supplement) (2008) 11(528)(supplement), pp. 43-50

The issues of assuring public debt sustainability were the subject of numerous political and economical debates. The permanent concern regarding this topic is generated by the fact that this is also an important objective of public finance reforms. This conducted to the necessity to impose...

Persistent link: https://www.econbiz.de/10005125378

Sustainability of external imbalances in the OECD countries

Bajo Rubio, Oscar; Díaz Roldán, Carmen; Esteve … - In: Applied economics 46 (2014) 4/6, pp. 441-449

Persistent link: https://www.econbiz.de/10010358985

What do we really know about fiscal sustainability in the EU? A panel data diagnostic

Afonso, António; Rault, Christophe - 2007

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...

Persistent link: https://www.econbiz.de/10011604866

Deflationary bubbles

Buiter, Willem H.; Sibert, Anne C. - London School of Economics (LSE) - 2007

In an attempt to clean up an unruly literature, we specify the necessary and sufficient conditions for household optimality in a model where money is the only …financial asset and provide the relevant proofs. We use our results to analyse when de‡flationary bubbles can and cannot exist. Our...

Persistent link: https://www.econbiz.de/10011071096

Seigniorage

Buiter, Willem H. - London School of Economics (LSE) - 2007

intertemporal budget constraint’ into the separate accounts and budget constraints of the Central Bank and the Treasury. Only by …

Persistent link: https://www.econbiz.de/10010746610

Dynamic Budgetary Adjustments in the Australian State Government Finance Sector: An Econometric Approach

Blackburn, Vincent C.; Gerlach, Richard; Sarafidis, Vasilis - In: Journal of Economics and Management 3 (2007) 2, pp. 125-159

This paper seeks to add to the literature on State and local government fiscal policy adjustment and shock adjustment modeling in an inter-temporal context, with a focus on Australian Fiscal Federation Arrangements. Vector Error Correction Models are estimated using aggregated state and local...

Persistent link: https://www.econbiz.de/10008555978

What do we really know about fiscal sustainability in the EU? A panel data diagnostic

Rault, Christophe; Alfonso, Antonio - William Davidson Institute, University of Michigan - 2007

intertemporal budget constraint: 5 For the validation of theoretical results … games and the fulfilment of the intertemporal budget constraint. Faced with this transversality condition, the government … auxiliary variable 1 )( − −+= tttt BrrGE , and the additional definition 1− += tttt BrGGG , the intertemporal budget constraint …

Persistent link: https://www.econbiz.de/10005677525

What do we really know about fiscal sustainability in the EU? A panel data diagnostic

Afonso, António; Rault, Christophe - European Central Bank - 2007

Persistent link: https://www.econbiz.de/10005222321

What do we really know about fiscal sustainability in the EU? A panel data diagnostic

Afonso, António; Rault, Christophe - HAL - 2007

We assess the sustainability of public finances in the EU15 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...

Persistent link: https://www.econbiz.de/10008794354

Why do governments default, and why don't they default more often?

Buiter, Willem H.; Rahbari, Ebrahim - C.E.P.R. Discussion Papers - 2013

This paper considers the economic and political drivers of sovereign default, focusing on countries rich enough to render sovereign default a ‘won’t pay’ rather than a ‘can’t pay’ phenomenon. Unlike many private contracts, sovereign debt contracts rely almost exclusively on...

Persistent link: https://www.econbiz.de/10011084128