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

Afonso, António; Rault, Christophe - CESifo - 2010

This study assesses the short and long-run behaviour of long-term sovereign bond yields in OECD countries, for the period 1973-2008. We employ a dynamic panel approach to reflect financial and economic integration, and to increase the performance and accuracy of the tests. Given the existence of...

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

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 … Finland and the UK, and for several EU New Member States. Moreover, in the run-up to EMU there was some shifting away from a …

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

Budgetary and External Imbalances Relationship: A Panel Data Diagnostic

Afonso, António; Rault, Christophe - CESifo - 2009

between the two imbalances for each country for the period 1970-2007, and for different EU and OECD country groupings. The …

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

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 … and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal …

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 … 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

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

Afonso, António; Rault, Christophe - CESifo - 2009

period 1970-2007, for different EU and OECD country groupings. We use the panel-data approach of Kónya (2006), which is based … budget deficits to current account deficits for several EU countries: Bulgaria, Czech Republic, Estonia, Finland, France …

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

Why and how there should be more Europe in asylum policies

Berger, Melissa; Heinemann, Friedrich - 2016

The experiences of the ongoing refugee crisis in Europe highlight the failures of the current model of having the EU … of reception capacity; (B) EU financing of national service provision; and (C) EU service provision in asylum policies. …

Persistent link: https://www.econbiz.de/10011414748

Making the most of the European Fiscal Board

Asatryan, Zareh; Debrun, Xavier; Heinemann, Friedrich; … - 2017

Following numerous reforms of fiscal governance in the eurozone since 2011, the year 2016 saw another important innovation: the founding of the European Fiscal Board (EFB) with the selection and appointment of its five members. The EFB was one of the elements envisaged by the Five Presidents'...

Persistent link: https://www.econbiz.de/10011639575

FIRE for the euro : a strategy for stabilizing government bond markets

Heinemann, Friedrich - 2012

The aggravating turbulences in the market for euro government bonds have so far precluded any recovery from the debt crisis. The key problem is that structural reforms and consolidation measures have long impact lags and are not able to stop an acute self-fulfilling crisis of confidence. In the...

Persistent link: https://www.econbiz.de/10010497246

Reforming the financing of the European Union : a proposal

Fuest, Clemens; Heinemann, Friedrich; Ungerer, Martin - 2015

In this paper we propose a reform of the EU financing system. The two most important elements of our proposal are i) to … make the contribution of taxpayers to the EU budget more visible by showing an EU VAT share on receipts and ii) to increase … the power of the European Parliament in the determination of the structure of EU expenditures by limiting the multiannual …

Persistent link: https://www.econbiz.de/10010528261