Fiscal Sustainability And Fiscal Reaction Functions In The US And UK

Burger, Philippe

doi:10.19030/iber.v11i8.7170

Cited by 5 publications

(3 citation statements)

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“…The asymptotic interval is the computationally simplest method relies on a delta expansion of the asymptotic distribution of the impulse response estimator (Lütkepohl, 1990;Mittnik & Zadrozny 1993). 8 Both debt-and primary balance-to-GDP ratio will stabilise when α 3 /(1 -α 2 ) > α* (Burger 2012;Lestari 2014;Lukkezen 2012).…”

Section: Acknowledgementmentioning

confidence: 99%

Estimating Fiscal Reaction Functions in Malaysia, Thailand and the Philippines

2018

JEM

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As with most of the world economy, the 2008/09 global financial crisis has brought massive impacts on Southeast Asian economies. The debt/GDP ratios in most economies rose significantly, thus putting the spotlight again on fiscal sustainability. This article aims to distinguish the reaction of the primary balance/GDP to changes in the debt/GDP to assess the fiscal sustainability of Malaysia, Thailand, and the Philippines. In investigating how the respective governments react to the accumulation of debt, the article estimates the fiscal reaction function, initiated by Bohn (1998), using Ordinary Least Square (OLS) and Vector Autoregression (VAR). The empirical analysis reveals that, based on past behaviour, fiscal policy in Malaysia, Thailand, and the Philippines remains sustainable.

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Section: Acknowledgementmentioning

confidence: 99%

Estimating Fiscal Reaction Functions in Malaysia, Thailand and the Philippines

2018

JEM

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“…Hence, the number of studies on debt sustainability has increased exponentially in the last years; however only few of them have put a focus on the CEECs. The article by Bettina Bökemeier and Andreea Stoian, entitled "Debt Sustainability Issues in Central and East European Countries," aims to fill this gap, by extending Burger's methodology (see Burger et al 2011;Burger 2012) and computing the stable level of debt ratios, the turning points, and the debt limits of "fiscal fatigue" for the CEECs. The authors use data for Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia, from 1998 to 2015.…”

Section: Editorialmentioning

confidence: 99%

Perspectives on Financial, Monetary, and Economic Developments in Eastern Europe

Cerqueira

Silaghi

Stoian

et al. 2018

Eastern European Economics

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These two INFER events brought together academics, practitioners, and public officials for a dialogue on development and macroeconomic policies in the wake of the recent crises. Numerous research presentations on the European countries were given. Some of the presented articles put a specific focus on the Central and Eastern European Countries (CEECs). This special issue entitled "Perspectives on Financial, Monetary, and Economic Developments in Eastern Europe" is composed of five of these articles. They analyze key challenges faced by the CEECs on their way to a deeper European integration in the context of the recent financial and debt crises. Fiscal and monetary

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“…Trehan and Walsh (1991) and Hakkio and Rush (1991). Whereas, for example, Burger (2012) and Fincke and Greiner (2011a) utilize Bohn (1995, 1998 For a more detailed discussion on these literature approaches see for example Fincke (2012 (2010) and Baldi and Staehr (2013) utilize fiscal response functions to study the public finance situation in CEECs with a special focus on the current crisis. (2013) By applying Bohn's approach, this paper goes into a similar direction like Stoian and Câmpeanu (2010) and Baldi and Staehr (2013), however, a special focus is set on the 2004 enlargement, meaning, this contribution not only tests sustainability for the eastern NMS in general, but especially accounts for the behavior before and after EU accession.…”

Section: Literature Overviewmentioning

confidence: 99%