@techreport{Marinheiro2005Sustainability,
abstract = {This paper analyses the sustainability of Portuguese public finances, making use of a long dataset with more than a full century of observations. The use of such a long dataset is appropriate because both unit root and cointegration tests require a long period of data. The sustainability testing procedure is based on unit root and cointegration tests. We find considerable evidence in favour of sustainability for the 1903-2003 period. The overall conclusion of sustainability for the 1903-2003 period is not maintained for the more recent
1975-2003 period, which is characterised by the largest GDP deficit ratios of our sample. This latter period appears to signal a shift to an unsustainable path in Portuguese fiscal policy. Hence, our results suggest that fiscal consolidation efforts must, in fact, be continued in Portugal.},
author = {Carlos Jose Fonseca Marinheiro},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {H60; E60; 330; fiscal sustainability; sustainability of public debt; intertemporal budget constraint; government deficits and debt; Portugal; Finanzpolitik; Haushaltsdefizit; \"{O}ffentliche Schulden; Verschuldungsrestriktion; Sch\"{a}tzung; Portugal},
language = {eng},
number = {1399},
title = {Sustainability of Portuguese fiscal policy in historical perspective},
type = {CESifo working papers},
url = {http://hdl.handle.net/10419/18763},
year = {2005}
}
