The structural budget deficit as an instrument of fiscal policy

Sterks, C. G. M.

doi:10.1007/bf02380298

Cited by 3 publications

(1 citation statement)

References 2 publications

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“…Besides the Footnote 4 continued impact of business cycles. For a useful discussion of the nature and policy implications of cyclicallyadjusted budget deficits, see Sterks (1984), and Grier and Neiman (1987). 5 We use two unit-root tests to ensure the reliability of our verdicts on stationarity.…”

Section: Data and Research Designmentioning

confidence: 99%

Fiscal policy and the US stock market

Mbanga

Darrat

2015

Rev Quant Finan Acc

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This paper empirically explores the short-and long-run effects of fiscal and monetary policies on US stock returns and tests the validity of market efficiency. The results support the presence of a strong long-run (equilibrium) relation binding stock prices with fiscal (but not monetary) policy. Further tests assign a dominant role to fiscal policy as a main force driving the overall equilibrium relation with the stock market. Estimates from error-correction models corroborate the existence of robust long-run relation and further suggest that past fiscal (but not monetary) policy actions exert significant short-run effects on current stock returns. A similar verdict emerged from alternative estimates in which fiscal policy actions anticipated from an ex ante equation continue to support a significant lagged relation with current stock returns. These results provide consistent evidence that important effects of fiscal policy are transmitted to the real economy through the stock market. Moreover, the results for fiscal policy appear at variance with market efficiency. However, transaction costs and other well-known modeling caveats may impede implications for profitable investment strategies.

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Section: Data and Research Designmentioning

confidence: 99%

Fiscal policy and the US stock market

Mbanga

Darrat

2015

Rev Quant Finan Acc

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Public finance crisis and sustainable development financing – evidence from EU economies

Uryszek

2014

CJFA

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Abstract:The paper aims at identifying the impact of public finance crisis on the changes in both level and structure of public spendings on sustainable development in the EU countries. The research objective is accompanied by the following research hypothesis: General Government expenditures financing sustainable social and economic development in the EU countries have been reduced due to increasing public finance imbalances.The paper is composed of two parts. The first one discusses the problems of increasing imbalances in the public finances. The second one outlines changes in the structure of public expenditure connected with sustainable development financing. The study covers all of the EU member states. The analyses are based on Eurostat data. Kryzys finansów publicznych a finansowanie zrównoważonego rozwoju -przykład krajów Unii EuropejskiejSłowa kluczowe: kryzys, wydatki publiczne, dochody publiczne, zrównoważony rozwój.Klasyfikacja J E L: H50, H20, H12, Q01. Tomasz Uryszek 162Abstrakt: Celem artykułu jest zbadanie wpływu kryzysu finansów publicznych na zmiany poziomu i struktury finansowania zadań wspierających zrównoważony rozwój ze źródeł publicznych w krajach UE. Tak postawionemu celowi badawczemu towarzyszy następująca hipoteza badawcza: rosnąca nierównowaga sektora finansów publicznych w krajach UE spowodowała obniżenie wydatków publicznych na cele związane ze zrównoważonym rozwojem społecznym i gospodarczym. Artykuł podzielono na dwie części. W pierwszej omówiono problematykę rosnącej nierównowagi sektora finansów publicznych. Druga część prezentuje zmiany w strukturze wydatków publicznych związanych z finansowaniem zrównoważonego rozwoju. Badaniem objęto wszystkie kraje UE. Do analiz wykorzystano dane Eurostatu.

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Long-term Sustainability Of Public Finance In The Central And Eastern EU Member States

Uryszek

2015

CER

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The main goal of this article is to investigate the level of long-term sustainability of public finance in the Central and Eastern EU Member States. This aim is accompanied by the following hypothesis: an inability to generate primary surpluses and significantly growing public debt volumes prevent the attainment of sustainability in the area of public finance. The research method is based on GDP and public debt growth rates, as well as on the values of discounted primary fiscal balances at the actual and structural level. The research period covers the years 2000-2014. Data were taken from Eurostat, the European Commission's Directorate General for Economic and Financial Affairs and the European Central Bank.

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The structural budget deficit as an instrument of fiscal policy

Cited by 3 publications

References 2 publications

Fiscal policy and the US stock market

Fiscal policy and the US stock market

Public finance crisis and sustainable development financing – evidence from EU economies

Long-term Sustainability Of Public Finance In The Central And Eastern EU Member States

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