PUBLIC DEBT STOCK SUSTAINABILITY IN SELECTED OECD COUNTRIES

被引:0
|
作者
Ozkaya, Ata [1 ]
机构
[1] Univ Paris 1 Pantheon Sorbonne, Galatasaray Univ GIAM, Ciragan Cad, 36 Ortakoy, TR-34357 Istanbul, Turkey
关键词
Public debt sustainability; Intertemporal budget constraint; Time series analysis; Cointegration; Chaotic process; Phase-space reconstruction; OECD countries;
D O I
暂无
中图分类号
F [经济];
学科分类号
02 ;
摘要
Among the different criteria used for testing sustainability of public debt, the econometric approach determines whether a government is able to sustain its budget deficits without defaulting on its debt. In this contribution, by linking three different motives proposed respectively by Trehan and Walsh (1991), Hakkio and Rush (1991) and Bohn (1995), we develop a compact step-wise test algorithm and apply that to the European economies, including the PIIGS countries and Turkey. Secondly, we introduce phase-space reconstruction methodology in order to locate the path for debt dynamics, which enables us to observe fiscal policy implications in short and mediumterm. We conclude that most economies are characterized by sustainable debt policies with the exception of Greece, Ireland, Portugal, Spain, and possibly United Kingdom. For the latter country, while the outcome of test algorithm indicates the sustainability of debt policy, phase-space examination shows that the reaction of the government to diverging debt stock GDP ratio cannot be sufficient to stabilize the path for debt dynamics.
引用
收藏
页码:31 / 49
页数:19
相关论文
共 50 条
  • [41] Fiscal transparency, political parties, and debt in OECD countries
    Alt, James E.
    Dreyer Lassen, David
    EUROPEAN ECONOMIC REVIEW, 2006, 50 (06) : 1403 - 1439
  • [42] The impact of government debt on private consumption in OECD countries
    Berben, Robert-Paul
    Brosens, Teunis
    ECONOMICS LETTERS, 2007, 94 (02) : 220 - 225
  • [43] Balancing the sustainability in the 2030 agenda: the OECD countries
    Garcia-Pena, Carmen
    Diaz, Barbara
    Munoz, Maria M.
    JOURNAL OF INTEGRATIVE ENVIRONMENTAL SCIENCES, 2022, 19 (01) : 243 - 271
  • [44] Environmental Sustainability of Road Transport in OECD Countries
    Mo, Fei
    Wang, Derek
    ENERGIES, 2019, 12 (18)
  • [45] Sustainability, debt management, and public debt policy in japan
    Doi, Takero
    Ihori, Toshihiro
    Mitsui, Kiyoshi
    FISCAL POLICY AND MANAGEMENT IN EAST ASIA, 2007, 16 : 377 - 414
  • [46] Examining the relationship between public debt and private consumption in European OECD countries (2011-2020)
    Morina, Fisnik
    Misiri, Valdrin
    Alijaj, Shpejtim
    QUANTITATIVE FINANCE AND ECONOMICS, 2024, 8 (01): : 75 - 102
  • [47] Public Debt, Economic Growth and the Real Interest Rate: A Panel VAR Approach to EU and OECD Countries
    Jacobs, Jan
    Ogawa, Kazuo
    Sterken, Elmer
    Tokutsu, Ichiro
    APPLIED ECONOMICS, 2020, 52 (12) : 1377 - 1394
  • [48] DEBT AND INVESTMENTS: ANALYSIS OF SELECTED COUNTRIES
    Kaliyeva, Talant
    Sembiyeva, Lyazzat
    Zhagyparova, Aida
    Orozonova, Azyk
    Tazhbenova, Gulzhan
    Tulegenova, Zhanat
    ENTREPRENEURSHIP AND SUSTAINABILITY ISSUES, 2020, 8 (02): : 1267 - 1285
  • [49] Immigration and public finances in OECD countries
    d'Albis, Hippolyte
    Boubtane, Ekrame
    Coulibaly, Dramane
    JOURNAL OF ECONOMIC DYNAMICS & CONTROL, 2019, 99 : 116 - 151
  • [50] How to assess debt sustainability? Some theory and empirical evidence for selected euro area countries
    Fincke, Bettina
    Greiner, Alfred
    APPLIED ECONOMICS, 2012, 44 (28) : 3717 - 3724