expenditures. Preliminary results show that revenues and expenditures do not have a long-run relationship and hence a rejection of … expenditures in order to place emphasis on the structural component. We argue that the structural component of fiscal variables … represents the actual long term behaviour of the policymaker. Further results indicate that structural revenues and expenditures …

expenditures. Preliminary results show that revenues and expenditures do not have a long-run relationship and hence a rejection of … expenditures in order to place emphasis on the structural component. We argue that the structural component of fiscal variables … represents the actual long term behaviour of the policymaker. Further results indicate that structural revenues and expenditures …

time. When public investment is penalized relative to public consumption and thus, its share in public expenditures …