Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/153342 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
ECB Working Paper No. 908
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the meanreverting behaviour of general government expenditure and revenue ratios. Secondly, we apply the bootstrap panel cointegration techniques that account for the time series and cross-sectional dependencies of the regression error. Thirdly, we check for a structural long-run equation between general government expenditures and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal sustainability is an issue in most countries, with a below unit estimated coefficient of expenditure in the cointegration relation with revenue as the dependent variable.
Schlagwörter: 
EU
Fiscal sustainability
panel cointegration
JEL: 
C23
E62
H62
Dokumentart: 
Working Paper

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