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dc.contributor.authorMarinheiro, Carlos Jose Fonsecaen_US
dc.description.abstractThis 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.en_US
dc.publisherCenter for Economic Studies and Ifo Institute (CESifo) Munich-
dc.relation.ispartofseriesCESifo working papers 1399en_US
dc.subject.keywordfiscal sustainabilityen_US
dc.subject.keywordsustainability of public debten_US
dc.subject.keywordintertemporal budget constrainten_US
dc.subject.keywordgovernment deficits and debten_US
dc.subject.stwÖffentliche Schuldenen_US
dc.titleSustainability of Portuguese fiscal policy in historical perspectiveen_US
dc.typeWorking Paperen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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