Sustainability of US public debt: Estimating smoothing spline regressions

Greiner, Alfred; Kauermann, Göran

doi:10.1016/j.econmod.2006.08.004

Cited by 26 publications

(19 citation statements)

References 11 publications

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“…Conversely, Wilcox (), Abeysinghe and Jayawickrama (), and Hatzinikolaou and Simos () showed results in line with the unsustainability hypothesis. Finally, mixed results have been reached by Kremers (), Hakkio and Rush (), Haug (), Greiner and Kauermann (), and Lo Cascio ().…”

Section: Testing For Fiscal Sustainability: a Review Of The Empiricalmentioning

confidence: 97%

Sustainability and comovement of government debt in EMU Countries: A panel data analysis

Brady¹,

Magazzino²

2018

Southern Economic Journal

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We investigate the sustainability of fiscal policy in a set of 19 European Monetary Union (EMU) countries over the period 1970–2016. Panel unit root tests in the presence of cross‐section dependence show that the government debt series is stationary, indicating that the solvency condition would be satisfied for these countries. This confirms the effectiveness of the austerity measures implemented by these member states. Moreover, an unobserved common factor drives the comovement of government debt in the Eurozone.

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Section: Testing For Fiscal Sustainability: a Review Of The Empiricalmentioning

confidence: 97%

Sustainability and comovement of government debt in EMU Countries: A panel data analysis

Brady¹,

Magazzino²

2018

Southern Economic Journal

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“…In other words, debt is sustainable in the US because federal fiscal policy responds to federal debt, and given the transfers received from other government tiers, states are able to consolidate their own debt too. 21 19 In contrast, Galí and Perotti (2003) or Greiner and Kauermann (2007) find weaker responses to debt over the nineties. 20 In contrast to Wibbels and Rodden (2006), we find that the cyclicality of regional budgets is rather low.…”

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confidence: 92%

Fiscal sustainability across government tiers

Claeys

Ramos

Suriñach

2008

Int Econ Econ Policy

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This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both the federal and regional government. Results for the German Länder show that lower tier governments bear a relatively smaller part of the burden of debt consolidation, if they consolidate at all. Most of the fiscal adjustment occurs via central government debt. In contrast, both the US federal and state levels contribute to consolidation of public finances.

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“…Smoothing splines are frequently utilized in various fields of science to calculate missing data, e.g. in geosciences (Enting, 1987), neurophysiology (Perrin et al, 1989), economy (Greiner and Kauermann, 2007), etc., so the usage in sky luminance map creation is straightforward.…”

Section: Introductionmentioning

confidence: 99%