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Title: Sustainability of EU fiscal policies. A panel test
Author: Claeys, Peter Gunther
Keywords: Política fiscal
Cicle de vida del producte
Deute públic
Anàlisi d'impacte econòmic
Fiscal policy
Product life cycle
Public debt
Economic impact analysis
Issue Date: 2007
Publisher: Universitat de Barcelona. Institut de Recerca en Economia Aplicada Regional i Pública
Series/Report no: [WP E-IR07/02]
Abstract: The fiscal policy rule implicit in the Stability and Growth Pact, has been rationalised as a way to ensure that national fiscal policies remain sustainable within the EU, thereby endorsing the independence of the ECB. We empirically examine the sustainability of European fiscal policies over the period 1970-2001. The intertemporal government budget constraint provides a test based on the cointegration relation between government revenues, expenditures and interest payments. Sustainability is analysed at both the national level and for a European panel. Results show that European fiscal policy has been sustainable overall, yet national experiences differ considerably.
It is part of: IREA – Working Papers, 2007, IR07/02
ISSN: 2014-1254
Appears in Collections:Documents de treball (Institut de Recerca en Economia Aplicada Regional i Pública (IREA))

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