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The paper uses fiscal reaction functions for a panel of euro-area countries to investigate whether euro membership has … the euro. While we find some evidence for such a loss in prudence, the results are not robust to changes in the …
Persistent link: https://www.econbiz.de/10010225862
Using fiscal reaction functions for a panel of actual euro-area countries the paper investigates whether euro … to succession to the euro. While we find some evidence for such a loss in prudence, the results are not robust to changes …
Persistent link: https://www.econbiz.de/10010336749
We examine the relationship between inflation and fiscal sustainability with a two-step approach. In the first step, we … estimate to estimate a country-specific time-varying measure of fiscal sustainability using the fiscal reaction function. This … estimate of fiscal sustainability found previously. Our findings indicate that higher inflation rates contribute positively to …
Persistent link: https://www.econbiz.de/10014444867
The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of...
Persistent link: https://www.econbiz.de/10009764994
The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of...
Persistent link: https://www.econbiz.de/10010225802
The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of...
Persistent link: https://www.econbiz.de/10010483952
between 1990 and 2021, we identify evidence of average compliance with sustainability restrictions among Eurozone nations …Through fiscal reaction functions, we investigate fiscal sustainability for five European country-group panels and … check for a change in fiscal behaviour after countries adopted the euro as their currency. Using annual data for the period …
Persistent link: https://www.econbiz.de/10015333286
We assess the time varying features of fiscal sustainability in the euro area via revisiting the empirical relationship … between the primary budget surplus and the debt-to-GDP ratio. Focusing on a sample of 11 Euro-area countries between 1999Q1 … shows that the 2008-2009 global economic and financial crisis exerted a sizeable negative impact on fiscal sustainability …
Persistent link: https://www.econbiz.de/10013015514
Persistent link: https://www.econbiz.de/10011303157
The euro area sovereign debt crisis has highlighted the importance of reducing public debt levels and building up … sufficient fiscal buffers during normal and good times. It has also reaffirmed the need for a thorough debt sustainability … analysis (DSA) to act as a warning system for national policies. This paper introduces a comprehensive DSA framework for euro …
Persistent link: https://www.econbiz.de/10011634439