2009. Findings – Short‐run results indicate unidirectional causality from revenues to expenditures. Long‐run results … indicate asymmetric responses by both revenues and expenditures to budgetary disequilibria. With respect to asymmetric … adjustment, revenues respond only when the budget is improving whereas expenditures respond faster (in absolute terms) to a …

2009. Findings – Short-run results indicate unidirectional causality from revenues to expenditures. Long-run results … indicate asymmetric responses by both revenues and expenditures to budgetary disequilibria. With respect to asymmetric … adjustment, revenues respond only when the budget is improving whereas expenditures respond faster (in absolute terms) to a …