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Title: | The relationship between debt level and fiscal sustainability in OECD countries |
Author: | Camarero, Mariam Carrión i Silvestre, Josep Lluís Tamarit, Cecilio R. |
Keywords: | Tipus d'interès Integració econòmica Models economètrics Anàlisi de dades de panel Organització de Cooperació i Desenvolupament Econòmic Interest rates Economic integration Econometric models Panel analysis Organisation for Economic Co-operation and Development |
Issue Date: | 2013 |
Publisher: | Universitat de Barcelona. Institut de Recerca en Economia Aplicada Regional i Pública |
Series/Report no: | [WP E-AQR13/07] [WP E-IR13/15] |
Abstract: | In this article we unify the traditional approaches to testing for fiscal sustainability considering the stock-flow system that fiscal variables configure. Our approach encompasses previous ways of testing for sustainability. The results obtained for a group of 17 Organization for Economic Cooperation and Development -OECD- countries point to weak fiscal sustainability, as well as to the existence of cointegration between deficit and debt, confirming the relevance of the stock-flow approach. Allowing for structural breaks and multicointegration turns out to be of critical importance to assess whether the fiscal authorities apply their policies looking for sustainability and whether, simultaneously, they try to stabilize real debt target levels. |
Note: | Reproducció del document publicat a: http://www.ub.edu/irea/working_papers/2013/201315.pdf |
It is part of: | IREA – Working Papers, 2013, IR13/15 AQR – Working Papers, 2013, AQR13/07 |
URI: | http://hdl.handle.net/2445/57825 |
ISSN: | 2014-1254 |
Appears in Collections: | AQR (Grup d’Anàlisi Quantitativa Regional) – Working Papers Documents de treball (Institut de Recerca en Economia Aplicada Regional i Pública (IREA)) Documents de treball / Informes (Econometria, Estadística i Economia Aplicada) |
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File | Description | Size | Format | |
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IR13-015_Camarero.pdf | 670.66 kB | Adobe PDF | View/Open |
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