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Kirchgässner, Gebhard; Prohl, Silika - 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/10010261429

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. - 2013

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 …'s 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/10010291882

Long-Term Interest Rates and Public Debt Maturity

Sakalauskaite, Ieva; Beetsma, Roel; Giuliodori, Massimo - 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/10010323031

How Much Binding Is the Bill?

Cafiso, Gianluca; Cellini, Roberto - 2018

We study whether and how much the interest bill conditions the size and composition of public expenditures. The group of EU 15 countries over the 1995-2016 period is the object of analysis. We study both total public expenditures and public expenditures by function of government in order to...

Persistent link: https://www.econbiz.de/10011887407

What determines fiscal policy?: evidence from German states

Berger, Helge; Holler, Anika - 2007

This paper explores the factors behind the time path of real spending and revenue in the West German states from 1975 to 2004. The empirical approach stresses robustness and takes into account a large set of economic and political variables. Our results suggest that common economic factors and,...

Persistent link: https://www.econbiz.de/10010264180

Pension systems, ageing and the stability and growth pact

Beetsma, Roel; Oksanen, Heikki - 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/10010264244

What do we really know about fiscal sustainability in the EU?: a panel data diagnostic

Afonso, António; Rault, Christophe - 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/10010264310

The economic consequences of rising US government debt: privileges at risk

Bohn, Henning - 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/10010270474

Whither public interest: The case of Greece's public finances

Moutos, Thomas; Tsitsikas, Christos - 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/10010270514

The Euro Area Periphery Sovereigns' Fiscal Positions and Unconventional Monetary Policy

Hülsewig, Oliver; Scharler, Johann - 2020

We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...

Persistent link: https://www.econbiz.de/10012179840

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