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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

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

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

Should we Care for Structural Breaks When Assessing Fiscal Sustainability?

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

We apply recent panel cointegration methods to a structural equation between government expenditure and revenue. Allowing for multiple endogenous breaks and after computing appropriate bootstrap critical values, we conclude for fiscal sustainability in the overall EU15 panel.

Persistent link: https://www.econbiz.de/10005593048

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

Afonso, António; Rault, Christophe - ISEG - School of Economics and Management, Department … - 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/10008752828

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

Afonso, António; Rault, Christophe - ISEG - School of Economics and Management, Department … - 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 meanreverting behaviour of general government expenditure and revenue ratios. Secondly, we apply the bootstrap panel cointegration...

Persistent link: https://www.econbiz.de/10005628443

Long-run Determinants of Sovereign Yields

Afonso, António; Rault, Christophe - ISEG - School of Economics and Management, Department … - 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 errorcorrection models. The results show that markets consider budgetary and external imbalances and inflation as relevant...

Persistent link: https://www.econbiz.de/10008642491

Microsimulation as a tool for evaluating redistribution policies

Bourguignon, François; Spadaro, Amadéo - HAL - 2005

principles in using microsimulation models and interpreting their results are analyzed, with particular emphasis on tax incidence …, redistribution and poverty analysis. Social welfare analysis permitted by microsimulation techniques is also discussed. Finally, the …During the last twenty years, microsimulation models have been increasingly applied in qualitative and quantitative …

Persistent link: https://www.econbiz.de/10010738860

Sharing resources within the household: a multi-country microsimulation analysis of the determinants of intrahousehold "strategic weight" differentials and their distributional out...

Orsini, Kristian; Spadaro, Amadéo - HAL - 2005

presenting significantly different tax-benefit systems: Finland, Italy, Germany and the United Kingdom. …

Persistent link: https://www.econbiz.de/10010738864

Optimal taxation, social contract and the four worlds of welfare capitalism

Spadaro, Amadéo - HAL - 2008

redistribution are obtained using a pan-European tax-benefit microsimulation model. Results are discussed in the light of standard …Drawing from the formal setting of the optimal tax theory (Mirrlees 1971), the paper identifies the level of … Rawlsianism of some European social planners starting from the observation of real data and redistribution systems and uses it to …

Persistent link: https://www.econbiz.de/10010738895