Sustainability of Public Debt (CESifo Seminar Series)

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A look at revenue diversification during the s, Public Finance Review, 33 5 , pp. Casal, R. Chalk, N. Chapman, J. Clark, T. Denek E. Dennis, L. Dollery, B. Dylewski M. Warszawa: Wydawnictwo Difin. Easterly W.

Sustainability of Public Debt (CESifo Seminar Series)

Filipiak B. Fincke B. Fritsch, M. Gardini, S. Ghosh, A. Groves, S. Hakkio, C. Hamilton J. Hendrick R. Honadle, B. Horne J. C:: IMF. Jones, S. Kamnikar, J. Kimhi O.

Public Debt Sustainability

Kloha P. Ladd, H. Lara-Rubio J. Levine, Ch. Mahdavi S. MF Reports on the implementation of local government budgets. Navarro-Galera, A. Neck R. Nollenberger, K. Piotrowska-Marczak K. Poniatowicz M. Potrafke, N. Prud'homme R.

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The implicit stationarity and ergodicity assumptions apply analogously to unit root, cointegration, and VAR-based tests. They seem unavoidable because sustainability constraints are inherently forward-looking. Policy functions raise unit root issues. First, if the debt-to-GDP ratio in 2. It is therefore important that there is no credible evidence for a unit root in U.

Third, unit roots require attention because their alleged presence can serve as a convenient excuse to leave out stationary regressors—here, to avoid modeling mt. But because the debtsurplus linkage seems to involve stationary variables, one cannot ignore mt without creating omitted variables problems. Policy functions like 2. My intuition for such economies is that lack of convergence in 2.

Higher public debt would raise interest rates and increase welfare.

[Read PDF] Sustainability of Public Debt (CESifo Seminar Series) Ebook Free

In such economies, if public debt has declined because of some disturbance, a positive response of surpluses as in [2. The same intuition applies to models with transactions cost where public debt is prized for its liquidity e. Additional constraints may apply, for example, because the government has a limited ability to tax, or because of other practical or politicaleconomy reasons.

A feedback rule like 2. The feedback rule is thus not inconsistent with additional constraints that imply upper bounds on debt. The approach is similar to that of Bohn but applied to a longer data set. Tax smoothing suggests that temporary government outlays and temporary declines in income i. Individuals living at the time presumably had better information about business-cycle conditions than a researcher can obtain from historical data. Fluctuations in government outlays are dominated by wartime military spending.

All estimates are OLS. To account for heteroskedasticity and autocorrelation in residuals, both ordinary and robust t-statistics are shown both in brackets. Entries in parentheses are the ordinary t-statistics and robust t-statistics, respectively. Temporary outlays are computed as the difference between actual military outlays and the permanent component implied by an AR 2 process; except column 4 uses actual military outlays as regressor, as explained in the text. As motivation, note that for any Markov process, temporary and permanent components are linear in the current value.