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Persistence, non-linearities and structural breaks in European stock market indices
Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; Poza, Carlos - 2019
This paper examines persistence, structural breaks and non-linearities in the case of five European stock market indices, namely the FTSE100 (UK), DAX30 (Germany), CAC40 (France), IBEX35 (Spain) and FTSE MIB40 (Italy), using fractional integration methods. The empirical results provide no...
Persistent link: https://www.econbiz.de/10012024535
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Budgetary constrained governments : drivers of time varying fiscal sustainability in OECD countries
Afonso, António; Coelho, José Carlos - 2024
We assess the drivers of fiscal sustainability in 20 OECD economies between 1950 and 2019. We find stable long-term relationships between government revenues and expenditures as well as between the primary budget balance and past public debt ratio for the full panel. Performing an expanding...
Persistent link: https://www.econbiz.de/10014543858
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Public finances solvency in the Euro Area : true or false?
Afonso, António; Coelho, José Carlos - 2022
We assess public finances solvency for Euro Area countries using quarterly data between 1999Q1 and 2020Q4. Through a country-by-country analysis, the answer to the title question is true. For most countries, (i) the primary budget balance reacts positively to the lagged public debt ratio and...
Persistent link: https://www.econbiz.de/10013365375
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The fiscal response to revenue shocks
Berset, Simon; Huber, Martin; Schelker, Mark - 2021
We study the impact of fiscal revenue shocks on local fiscal policy. We focus on the very volatile revenues from the immovable property gains tax in the canton of Zurich, Switzerland, and analyze fiscal behavior following large and rare positive and negative revenue shocks. We apply causal...
Persistent link: https://www.econbiz.de/10012420862
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Tax revenue elasticities corrected for policy changes in the EU
Mourre, Gilles; Princen, Savina - 2015
on an EU country panel for the period 2001-13, we estimate short-term and long-term revenue elasticities for different …
Persistent link: https://www.econbiz.de/10011405638
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Fiscal sustainability, fiscal reactions, pitfalls and determinants
Afonso, António; Coelho, José Carlos - 2022
We examine the sustainability of public finances and its determinants for 19 Eurozone countries from 1995 to 2020. We conclude for the existence of panel cointegration between government revenues and expenditures; primary government balance and one-period lagged public debt-to-GDP ratio; and...
Persistent link: https://www.econbiz.de/10013162289
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3-Step analysis of public finances sustainability : the case of the European Union
Afonso, António (contributor);  … - 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 …. -- Fiscal sustainability ; EU ; panel cointegration …
Persistent link: https://www.econbiz.de/10003751092
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Nominal and real wages in the UK, 1750 - 2015 : mean reversion, persistence and structural breaks
Caporale, Guglielmo Maria; Gil-Alaña, Luis A. - 2022
This paper analyses the stochastic properties of UK nominal and real wages over the period 1750-2015 using fractional integration techniques. Both the original series and logged ones are analysed. The results generally suggest that nominal wages exhibit a higher degree of persistence, which...
Persistent link: https://www.econbiz.de/10013417630
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Fiscal sustainability and low interest rates : a note
Werding, Martin - 2021
public finances in EU member states (“S2”) is also defined if government borrowing rates are assumed to be permanently lower …
Persistent link: https://www.econbiz.de/10012421177
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The enlargement of the European Union and the redistribution of seigniorage wealth
Feist, Holger - 2001
In the course of the EU enlargement process, the participation of accession countries in the European Monetary Union …
Persistent link: https://www.econbiz.de/10011397787