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Revisiting fiscal sustainability: panel cointegration and structural breaks in OECD countries

Afonso, António; Jalles, João Tovar - 2012

, France, Germany, Japan, Netherlands, Sweden, and UK); improvements of the primary balance after past worsening in debt ratios … for Australia, Belgium, Germany, Ireland, Netherlands and the UK; Granger causality from government debt to the primary …

Persistent link: https://www.econbiz.de/10011605510

EU fiscal rules: issues and lessons from political economy

Schuknecht, Ludger - 2004

The paper analyses the EU fiscal rules from a political economy perspective and derives some policy lessons. Following a literature survey, the paper stresses the importance of appropriate incentives for rule compliance in an environment where national fiscal sovereignty precludes the option of...

Persistent link: https://www.econbiz.de/10011604467

Debt rule design in theory and practice: The SGP's debt benchmark revisited

Hauptmeier, Sebastian; Kamps, Christophe - 2020

for debt sustainability and, second, the reform of the EU fiscal governance framework. In both debates the choice of … government debt anchor and the speed of adjustment take centre stage. The Stability and Growth Pact's debt rule appears … predestined to fulfil the role of debt anchor. However, our analysis shows that its existing design gives rise to a pro …

Persistent link: https://www.econbiz.de/10012422041

Sustainability of public finances and automatic stabilisation under a rule of budgetary discipline

Marín, José M. - 2002

This paper addresses the question of how a fiscal rule of a general type can preserve the sustainability of public finances and provide automatic stabilisation, taking as given interest rates and price stability. This issue can be considered complementary to the analysis of monetary policy...

Persistent link: https://www.econbiz.de/10011604239

Fiscal rules and sustainability of public finances in an endogenous growth model

Annicchiarico, Barbara; Giammarioli, Nicola - 2004

sector with objectives of convergence for public debt and primary balance to GDP ratios. In order to ensure the existence of … debt and the primary surplus to GDP ratios. It is shown that the fiscal rule displaying time invariant parameters may …

Persistent link: https://www.econbiz.de/10011604427

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