Prohl, Silika; Schneider, Friedrich - 2006 - Revised Version, June 2006
In this study, we analyse the sustainability of fiscal policy of EU member countries within the panel cointegration and … error-correction frameworks. Unlike the previous empirical papers in this area, we apply the test for panel cointegration … conclude that the fiscal policy is consistent with the intertemporal budget constraint, i.e., it is sustainable in the panel of …