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Spend-and-tax: A Panel Data Investigation for the EU

Afonso, António; Rault, Christophe - CESifo - 2009

, we study the causality between government spending and revenue for the EU in the period 1960-2006. We find spend-and-tax … causality for Italy, France, Spain, Greece, and Portugal, while tax-and-spend evidence is present for Germany, Belgium, Austria … spend-and-tax strategy, implying adjustments of fiscal behaviour. …

Persistent link: https://www.econbiz.de/10005013057

Short and Long-run Behaviour of Long-term Sovereign Bond Yields

Afonso, António; Rault, Christophe - CESifo - 2010

determinants, we resort to simulation and bootstrap methods for the analysis. Results based on the Common Correlated Effect …

Persistent link: https://www.econbiz.de/10008727299

Budgetary and External Imbalances Relationship : a Panel Data Diagnostic

Afonso, António; Rault, Christophe - ISEG - School of Economics and Management, Department … - 2008

We assess the cointegration relationship between current account and budget balances, and effective real exchange rates, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship between the two imbalances for each country for the...

Persistent link: https://www.econbiz.de/10005761272

Budgetary and External Imbalances Relationship: A Panel Data Diagnostic

Afonso, António; Rault, Christophe - CESifo - 2009

Persistent link: https://www.econbiz.de/10005765818

Long-run Determinants of Sovereign Yields

Afonso, António; Rault, Christophe - CESifo - 2010

We study sovereign bond yields in OECD countries with a dynamic panel by checking for cross-section dependence; assessing panel cointegration; and estimating panel error-correction models. The results show that markets consider budgetary and external imbalances and inflation as relevant...

Persistent link: https://www.econbiz.de/10008498994

Bootstrap Panel Granger-Causality between Government Budget and External Deficits for the EU

Afonso, António; Rault, Christophe - CESifo - 2009

We investigate the existence of Granger-causality between current account and government budget balances over the period 1970-2007, for different EU and OECD country groupings. We use the panel-data approach of Kónya (2006), which is based on SUR systems and Wald tests with country specific...

Persistent link: https://www.econbiz.de/10005051497

Bootstrap Panel Granger-Causality Between Government Budget and External Deficits for the EU

Afonso, António; Rault, Christophe - ISEG - School of Economics and Management, Department … - 2009

We investigate the existence of Granger-causality between current account and government budget balances over the period 1970-2007, for different EU and OECD country groupings. We use a panel-data approach based on SUR systems and Wald tests with country specific bootstrap critical values. Our...

Persistent link: https://www.econbiz.de/10005184983

3-Step Analysis of Public Finances Sustainability: the Case of the European Union

Afonso, António; Rault, Christophe - CESifo - 2008

We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the mean-reverting behaviour of general government expenditures and revenues ratios. Secondly, we apply the bootstrap panel...

Persistent link: https://www.econbiz.de/10005406275

What do we really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic

Afonso, António; Rault, Christophe - CESifo - 2008

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/10005416479

What We Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic.

Afonso, António; Rault, Christophe - ISEG - School of Economics and Management, Department … - 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/10005593005