[PDF] Top 20 Fiscal Sustainability: the Unpleasant European Case

... that the main driver for budgetary problems in developed countries during future decades will be population growth combined with generous pay-as-you-go financed social security ...measuring fiscal ... See full document

... Despite the fact that panel data unit root tests are likely to have higher power than conventional time series unit root tests by including cross-section variations (which make them very popular in applied ... See full document

... of the estimation of Equation (1) for each country, in terms of the coefficient  and the statistic C  appear in Table 4 (where leads and lags of the first difference of the ... See full document

... when the individual observation sample (countries in our case) is picked from a larger population (for instance all the developed countries), it might be suitable to consider the specific ... See full document

... represent the framework for future public policies for all the governments within the European ...find the right solutions in order to provide the sustainability of social ... See full document

... highlighted the need to prevent excessive macroeconomic imbalances from growing in several member countries of the monetary ...Before the Global Financial Crisis (GFC), rules for economic policies ... See full document

... in the case of the United States it makes sense (Gourinchas and Rey, 2007), in the case of Latin American countries it is debatable (especially on the liabilities side) ... See full document

... reached the conclusion (regarding the case of the European Monetary Union) that, once the countries within the European Union have control over the budget ... See full document

... of fiscal consolidation arises when models take the credibility of fiscal consolidation into ...improve fiscal sustainability, interest rate risk premia should fall and agents’ ... See full document

... by the impact of the Irish bank- ing crisis on its public ...on the evolution of the components of public budget balances, significant differences emerge among coun- ...In the ... See full document

... from the work of other researchers (Shubham Poddar ...on the particular dimension endured the facets of the argument whether the European Migration Crises stumbled between ... See full document

... in the tax harmonisation process there were set some common tax rates, the trend would be that their level would be at a level considered “reasonable” for all the Member States, but logically, this ... See full document

... in the 1970s to an average of 112.3% in the 2000s (Table ...to the average figure in 1880s. On the other hand, Japan’s debt increased by about ...between the 1880s and the 2000s, ... See full document

... though the European Leaders state that such body to European level will not have prerogatives as the state authorities nor federal autonomy, we have to underline the fact that there is ... See full document

... correct the higher income differentials among its ...if the main feature of redistribution in this country – horizontal transfers – is kept in ...Despite the higher degree of inter-state solidarity ... See full document

... With the exception of Denmark, France and Ireland, it was possible to conclude that all variables were ...Austria, the estimated coefficients for expenditures, in the co-integration equations for ... See full document

... The fiscal sustainability and discipline in African economies in a post-GFC environment constitutes an important source of concern, notwithstanding the fact that it has been largely overlooked ... See full document

... known, the presence of cross-section dependence renders the ordinary least squares estimator inefficient and biased, which makes it a poor candidate for ...when the cross-sectional dimension N is of ... See full document

... within the Euro-zone are likely to occur, but interprets it as a call for fiscal policy decentralisation (Gramlich and Wood 2000: ...governments’ fiscal policy. The idea can be summarised as ... See full document

... describe the European status quo as follows: The POS of the EU does not know any element of direct democracy in the narrow ...from European elections every five years, there are ... See full document