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Fiscal sustainability in the Caribbean : an econometric analysis
Khadan, Jeetendra - 2019
panel data econometric estimators, this article examines the issue of fiscal sustainability for a group of 10 Caribbean … countries over the period 1991-2017. The evidence from panel co-integration models of government revenue and expenditure shows … that past fiscal behavior is “weakly” sustainable. The “weak sustainability” finding is reinforced by evidence from an …
Persistent link: https://www.econbiz.de/10012028426
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Has Japan been following Modern Money Theory without recognizing it? No! and yes
Wray, Larry Randall; Nersisyan, Yeva - 2021
Modern Money Theory (MMT) economists have used Japan as an example of a country that demonstrates that high deficits and debt do not lead to insolvency, high interest rates, or inflation. MMT insists that governments that issue their own sovereign currency cannot be forced into insolvency, that...
Persistent link: https://www.econbiz.de/10012610213
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Has Japan been following Modern Money Theory without recognizing it? : no! and yes
Wray, L. Randall; Nersisyan, Yeva - 2021
Modern Money Theory (MMT) economists have used Japan as an example of a country that demonstrates that high deficits and debt do not lead to insolvency, high interest rates, or inflation. MMT insists that governments that issue their own sovereign currency cannot be forced into insolvency, that...
Persistent link: https://www.econbiz.de/10012432238
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Elections and the Strategic Use of Budget Deficits
Hodler, Roland - Department of Economics, Faculty of Business and Economics - 2009
We present a model in which a conservative incumbent with preferences for low public spending can strategically run a budget deficit to prevent the left-wing opposition candidate from choosing high public spending if elected, and possibly also to ensure his own reelection. We find that the...
Persistent link: https://www.econbiz.de/10010903406
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An Agency Theory Approach to Sovereign Debt Crisis
Chang, Guangdi; Chen, Fulwood - In: The International Journal of Business and Finance Research 7 (2013) 5, pp. 123-134
Governments are expected to be a stabilizing force when the economy is in trouble, but recently they are a source of chaos. The cause behind the sovereign debt crisis is debt that far exceeds a government’s ability to repay. Why do governments of debt-ridden countries lose the sense of...
Persistent link: https://www.econbiz.de/10011143926
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The fundamentals of sovereign debt sustainability : evidence from 15 OECD countries
Schoder, Christian - 2013
We study the sustainability of sovereign debt accumulation in 15 OECD countries using quarterly data from 1980 to 2010 … with a focus on how and in what countries debt sustainability changed after the commencement of the Euro Convergence … Criteria in 1997 as well as after the financial meltdown in 2007. We define sustainability as the validity of the inter …
Persistent link: https://www.econbiz.de/10009746993
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Fiscal sustainability in CEE countries - the case of the Czech Republic, Hungary and Poland
Mackiewicz-Lyziak, Joanna - 2014
The aim of the study is to assess fiscal sustainability in the Czech Republic, Hungary and Poland and to test for … conducted using unit root tests and cointegration analysis with possible structural breaks. The approach is consistent with so …
Persistent link: https://www.econbiz.de/10012232263
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Revisiting Fiscal Sustainability : Panel Cointegration and Structural Breaks in OECD Countries
Afonso, António - 2012
We assess the sustainability of public finances in OECD countries, over the period 1970-2010, using unit root and … cointegration analysis, both country and panel based, controlling for endogenous breaks. Results notably show: lack of cointegration … – absence of sustainability – between government revenues and expenditures for most countries (except for Austria, Canada …
Persistent link: https://www.econbiz.de/10013102099
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DEBT SUSTAINABILIY AND ECONOMIC GROWTH IN EGYPT
EL-MAHDY, Adel M.; TORAYEH, Neveen M. - In: International Journal of Applied Econometrics and … 9 (2009) 1
cointegration model reveal that the public domestic debt in Egypt has a robust negative impact on growth. The sustainability of debt … fears are being express about the debt sustainability. Utilizing data for the period 1981-2006, the results obtained from …
Persistent link: https://www.econbiz.de/10005017852
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Revisiting Fiscal Sustainability : Panel Cointegration and Structural Breaks in OECD Countries
Afonso, António; Jalles, João Tovar - 2012
We assess the sustainability of public finances in OECD countries, over the period 1970-2010, using unit root and … cointegration analysis, both country and panel based, controlling for endogenous breaks. Results notably show: lack of cointegration … – absence of sustainability – between government revenues and expenditures for most countries (except for Austria, Canada …
Persistent link: https://www.econbiz.de/10014163448