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Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
CESifo Working Paper No. 11453
Verlag: 
CESifo GmbH, Munich
Zusammenfassung: 
With an outstandingly long data set of Swiss cantonal public finances, we study whether this Swiss subnational level runs sustainable fiscal policies. Going back to the year 1905, we test for stationarity of cantonal public debt, revenue and spending and for cointegration between cantonal revenues and expenditures. Based on time series properties, we estimate individual fiscal reaction functions for each canton and for the panel of cantons as a whole. Using second generation panel-modelling and thus accounting for heterogeneity in cantonal fiscal policy, structural breaks and cross-sectional dependence among the cantons, our results show that the cantons run sustainable policies. Moreover, our results provide evidence that fiscal rules explain part of the heterogeneity in cantonal fiscal reactions to increased debt.
Schlagwörter: 
fiscal sustainability
fiscal institutions
Swiss Cantons
JEL: 
H62
H77
H72
C23
Dokumentart: 
Working Paper
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