EU Public Debt Management and Eurobonds
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Public debt, the unit root hypothesis and structuralbreaks: a multi-country analysis
We assess fiscal performances in G7 and selected Latin American and Asian countries. We analyze two questions: (i) have public finances been sustainable? (ii) do countries follow more restrictive fiscal policies when debt starts to rise? We find that: (i) The traditional unit root tests often overlook the corrective actions taken by many governments. Controlling…
Sustainability of US public debt: Estimatingsmoothing spline regressions
Sustainability of US public debt: Estimatingsmoothing spline regressions ∗ Alfred Greiner G¨oran KauermannDepartment of Business Administration and EconomicsBielefeld University, P.O. Box 10013133501 Bielefeld, Germany Abstract In this paper we analyze how the primary surplus to GDP ratio in the USreacts to variations in the public debt-GDP ratio. In contrast to earlier studies weperform non-parametric and…
Fiscal Policy, Public Debt Stabilisation and Politics: Theory and UK Evidence
This paper presents a two-party model of fiscal and debt policy in which the parties do not care about policy outcomes when out of office. Unlike other models of this type, our model has predictions that are largely consistent with existing empirical findings about partisan and electoral effects on government expenditure, tax revenue, and debt.…