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An Efficient test of Fiscal Sustainability

Gabriel, Vasco; Sangduan, Pataaree - School of Economics, University of Surrey - 2010

We suggest a multivariate efficient test of the 'strong' fiÂ…scal sustainability hypothesis, based on Horvath and Watson's (1995) cointegration test when cointegration vectors are pre-specified. Using data for a set of developed and developing economies, we show that, unlike our procedure,...

Persistent link: https://www.econbiz.de/10008803018

Asymmetries in the revenue–expenditure nexus: A tale of three countries

Paleologou, Suzanna-Maria - In: Economic Modelling 30 (2013) C, pp. 52-60

The objective of this paper is to examine the government revenue and expenditure relationship in the context of what is known as the soft and hard budget constraint strategy. We adopt a nonlinear framework with structural breaks and focus our empirical analysis in three countries. Two of them...

Persistent link: https://www.econbiz.de/10011048849

Measuring the effects of fiscal policy

Bouakez, Hafedh; Chihi, Foued; Normandin, Michel - In: Journal of Economic Dynamics and Control 47 (2014) C, pp. 123-151

Measuring the effects of discretionary fiscal policy is both difficult and controversial, as some explicit or implicit identifying assumptions need to be made to isolate exogenous and unanticipated changes in taxes and government spending. Studies based on structural vector autoregressions...

Persistent link: https://www.econbiz.de/10011051893

The Empirical Analysis of Budget Revenues and Expenditures in Turkey

AKAR, Sevda - In: Journal of BRSA Banking and Financial Markets 8 (2014) 1, pp. 141-159

This study aims to investigate the relationship between budget revenues and expenditures in Turkey. The annualy data used in the study covers the period from 1950 to 2012. First, the stationarity of the variables is tested with standart unit root tests and unit root tests allowing structural...

Persistent link: https://www.econbiz.de/10011074882

What are the Effects of Fiscal Policy Shocks?

Mountford, A.W.; Uhlig, H.F.H.V.S. - Tilburg University, Center for Economic Research - 2002

We investigate the effects of fiscal policy surprises for US data, using vector autoregressions.We overcome the difficulties that changes in fiscal policy may manifest themselves in variables other than fiscal variables first and that fiscal variables may respond 'automatically' to business...

Persistent link: https://www.econbiz.de/10011092709

Fiscal Imbalances and Current Account Adjustments in the European Transition Economies

Mirdala, Rajmund - Volkswirtschaftliche Fakultät, … - 2013

Origins and implications of twin deficits occurrence in a large scale of countries seems to be a center of rigorous empirical as well as theoretical investigation for decades. The reality of persisting fiscal and current account deficits became obvious in many advanced as well as advancing,...

Persistent link: https://www.econbiz.de/10011109066

Lessons Learned from Tax versus Expenditure Based Fiscal Consolidation in the European Transition Economies

Mirdala, Rajmund - Volkswirtschaftliche Fakultät, … - 2013

European Union member countries are currently exposed to negative implications of the economic and debt crisis … after the debt crisis contagion flooded Europe. In the paper we provide an overview of main trends in public budgets and … improvements in cyclically adjusted primary balance on the sovereign debt ratio reduction. We also estimate VAR model to analyze …

Persistent link: https://www.econbiz.de/10011113068

Identifying Priorities in Infrastructure Investmentin Portugal

Pereira, Alfredo Marvão; Pereira, Rui M. - Department of Economics, College of William & Mary - 2015

In this paper we use a vector autoregressive approach to analyze the effects of infrastructure investment on economic performance using a newly developed data set for Portugal. We find that investments in other transportation infrastructures – railroads, ports and airports – and social...

Persistent link: https://www.econbiz.de/10011160810

Is All Infrastructure Investment Created Equal? The Case of Portugal

Pereira, Alfredo Marvão; Pereira, Rui M. - Department of Economics, College of William & Mary - 2015

In this paper we analyze the effects of infrastructure investment on economic performance in Portugal using a newly developed data set. We employ a vector autoregressive approach to estimate the elasticity and marginal products of investments on twelve different types of infrastructure...

Persistent link: https://www.econbiz.de/10011160813

Fiscal Imbalances and Current Account Adjustments in the European Transition Economies

Mirdala, Rajmund - William Davidson Institute, University of Michigan - 2013

Persistent link: https://www.econbiz.de/10011161375