anecdotal historical analysis, we conduct formal tests on fiscal sustainability, including tests on stationarity and … cointegration and the estimation of Vector Autoregression (VAR) and Vector Error Correction Models (VECM). While we cannot reject … rejection of the hypothesis of fiscal sustainability for the period from 1950 to 2010.This evidence leads to the conclusion that …

The recent euro area sovereign debt crisis has shown the importance of market reactions for the sustainability of debt …

growth, exchange rate and interest spreads – put Hungarian debt sustainability at risk. To assess debt sustainability over a … main risks to debt sustainability lie in growth shocks, whose volatility is high in Hungary. This highlights the crucial … role of growth for debt sustainability. The impact of exchange rate depreciation can also be important, especially if …

This article attempts to re-evaluate the sustainability of the fiscal deficit as well as the long-run macroeconomic … insolvency; Italy, Greece and Spain. The empirical analysis uses annual data from 1970 to 2010 and employs various cointegration …

The literature on long-term relationships in public finance is dominated by two approaches: fiscal sustainability and … public expenditures, revenues, and GDP. For Germany, we show that since 1973 the sustainability of public finances has been …

provides a unique opportunity to test whether sustainability tests produce what they ought to produce: We know that the Greek … debt is unsustainable, so do the sustainability tests show the same? We use several common approaches such as Johansen … for the non-performance of the sustainability tests may be that they do not include information provided by rating …

, buttressed by structural reforms, such as to unsustainable pension systems, can underpin fiscal sustainability, while minimising …