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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/18763| Title: | Sustainability of Portuguese fiscal policy in historical perspective |
| Keywords: | H60 E60 ddc:330 fiscal sustainability sustainability of public debt intertemporal budget constraint government deficits and debt Portugal Finanzpolitik Haushaltsdefizit Öffentliche Schulden Verschuldungsrestriktion Schätzung Portugal |
| Issue Date: | 16-Oct-2013 |
| Description: | This 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. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/18763 |
| Other Identifiers: | http://hdl.handle.net/10419/18763 ppn:479301638 |
| Appears in Collections: | EconStor |
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