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Kirchgässner, Gebhard; Prohl, Silika - CESifo - 2006

and cointegration tests for federal revenues and expenditures, taking into account a structural shift in the budgetary … process related to World War II. We find sustainability over the entire period. However, splitting the sample into two sub …-samples before and after World War II, the results do much less support sustainability. Finally, applying the tax smoothing model of …

Persistent link: https://www.econbiz.de/10005766311

Sustainability of German Fiscal Policy and Public Debt: Historical and Time Series Evidence for the Period 1850-2010

Burret, Heiko T.; Feld, Lars P.; Köhler, Ekkehard A. - CESifo - 2013

]torical analysis, we conduct formal tests on fiscal sustainability, including tests on stationarity and cointegration and the … debt crisis has prompted a fundamental re]evaluation of public debt sustainability and the looming threat of sovereign debt … peacetime debt]to]GDP (Gross Domestic Product) ratio has never been higher. In this paper, we analyse the sustainability of …

Persistent link: https://www.econbiz.de/10010627572

Austerity, Growth and Inflation. Remarks on the Eurozone's Unresolved Competitiveness Problem

Sinn, Hans-Werner - CESifo - 2013

While the financial protection measures enacted by the ECB and the community of Eurozone members have calmed financial markets, they have left the competitiveness problem of the Eurozone’s southern countries and France unresolved. The paper compares price inflation before the crisis with the...

Persistent link: https://www.econbiz.de/10010877720

Long-Term Interest Rates and Public Debt Maturity

Sakalauskaite, Ieva; Beetsma, Roel; Giuliodori, Massimo - CESifo - 2013

For a sample of sixteen OECD countries over the period 1980-2007 we show that, for given debt-GDP ratio, an increase in the maturity of the public debt by one year lowers its long-term interest rate by around 20-30 basis points. This effect is stronger for countries with higher average inflation...

Persistent link: https://www.econbiz.de/10010697222

The Economic Consequences of Rising U.S. Government Debt: Privileges at Risk

Bohn, Henning - CESifo - 2010

The rapidly growing federal government debt has become a concern for policy makers and the public. Yet the U.S. government has seemingly unbounded access to credit at low interest rates. Historically, Treasury yields have been below the growth rate of the economy. The paper examines the...

Persistent link: https://www.econbiz.de/10008534008

Pension Systems, Ageing and the Stability and Growth Pact

Beetsma, Roel; Oksanen, Heikki - CESifo - 2007

This paper explores how the Stability and Growth Pact may cope with the future costs of population ageing in the European Union. Clearly, population ageing has forced countries to reform their pension systems, and will continue to do so, both by reducing the generosity of pension arrangements...

Persistent link: https://www.econbiz.de/10005181516

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 … apply modern panel cointegration techniques developed by Pedroni (1999, 2004), generalized by Banerjee and Carrion … revenues. While sustainability may be lacking in individual cases, fiscal policy was overall sustainable both for the EU15 …

Persistent link: https://www.econbiz.de/10005416479

Whither Public Interest: The Case of Greece's Public Finances

Moutos, Thomas; Tsitsikas, Christos - CESifo - 2010

During the last three decades there has been an almost continuous undermining of the public interest by private interests operating either outside or inside Greek public administration. The result of this infiltration has been a gradual loss of bureaucratic autonomy to pursue the public...

Persistent link: https://www.econbiz.de/10008572540

Bringing French Public Debt Down: The Options for Fiscal Consolidation

Egert, Balazs - CESifo - 2012

sustainability if long-term interest rates rise. Bringing back public debt to 60% of GDP even by 2030 would require a fiscal effort …

Persistent link: https://www.econbiz.de/10010570047

Partial Fiscal Decentralization and Sub-National Government Fiscal Discipline: Empirical Evidence from OECD Countries

Asatryan, Zareh; Feld, Lars P.; Geys, Benny - CESifo - 2015

Recent theoretical research suggests that financing sub-national governments’ expenditure out of own revenue sources is linked to more responsible budgeting, because the financial implications of spending decisions then are internalized within a jurisdiction. We test this proposition...

Persistent link: https://www.econbiz.de/10011212074

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