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sufficient fiscal buffers during normal and good times. It has also reaffirmed the need for a thorough debt sustainability … narrative shock scenarios; (ii) a stochastic DSA, providing for a probabilistic approach to debt sustainability; and (iii) other … summarised in a heat map, which can provide guidance on the overall assessment of risks to debt sustainability. This method …
Persistent link: https://www.econbiz.de/10011634439
This paper investigates whether fiscal fatigue is a robust characteristic of the fiscal reaction function in a panel of OECD countries over the period 1970-2014 or merely an artifact of ignoring important aspects of the panel dimension of the data. More specifically, we test whether the...
Persistent link: https://www.econbiz.de/10011656142
In this paper, we analyse the relationship between public primary deficit and debt for Italian sustainability over the … substantial fiscal sustainability in the long run for Italy. This reversed much of the results of previous empirical literature …
Persistent link: https://www.econbiz.de/10012033890
Consecutive years of primary deficits have led to mounting public debt of almost 50% of GDP, one of the fastest increases in Latin America over the last decade. Government attempts to restore fiscal health have been undermined by a gridlocked Congress. While only minor reforms have been enacted...
Persistent link: https://www.econbiz.de/10011914250
(the "fiscal sustainability gap"). …
Persistent link: https://www.econbiz.de/10012317450
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/10010858926
The aim of our paper is to provide a comprehensive study of public debt in various aspects across the European Union,emphasizing the existing distinctions between the emerging and advanced economies in Europe. Using annual data ranging from 1995 to 2013 we develop investigation manifold....
Persistent link: https://www.econbiz.de/10011262755
This paper re-assesses findings of the literature that the systematic debt stabilising response in fiscal policy has been sufficiently strong for keeping debt ratios on a sustainable path in Euro area countries. In doing so, it adjusts the standard approach to the specific context of Economic...
Persistent link: https://www.econbiz.de/10005021825
This study analyses the fiscal sustainability of the Finnish public sector using stochastic projections to describe … options aimed at improving sustainability. Longevity adjustment of pension benefits and introduction of an NDC pension system … would reduce the expected problem and narrow the sustainability gap distribution. Under the third option, pension funds …
Persistent link: https://www.econbiz.de/10014211889
Sustainability, as compared to the rule of law, human rights, sovereignty or democracy, is a relatively new … helps to reconstruct a number of current constitutional debates under one conceptual umbrella. Sustainability comprises … I am first going to sketch the nature and the types of the sustainability challenges that contemporary societies face …
Persistent link: https://www.econbiz.de/10014136468