Public Debt, the Unit Root Hypothesis and Structural Breaks: A Multi-Country Analysis
We assess fiscal performances in G7 and selected Latin American and Asian countries. We consider two questions: (i) Have public finances been sustainable? (ii) Do countries follow more restrictive fiscal policies when debt starts to rise? We find that: (i) the traditional unit root tests often overl...
Gespeichert in:
| Veröffentlicht in: | Economica (London) 2006-02, Vol.73 (289), p.129-156 |
|---|---|
| Hauptverfasser: | , , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 156 |
|---|---|
| container_issue | 289 |
| container_start_page | 129 |
| container_title | Economica (London) |
| container_volume | 73 |
| creator | UCTUM, MERIH THURSTON, THOM UCTUM, REMZI |
| description | We assess fiscal performances in G7 and selected Latin American and Asian countries. We consider two questions: (i) Have public finances been sustainable? (ii) Do countries follow more restrictive fiscal policies when debt starts to rise? We find that: (i) the traditional unit root tests often overlook the corrective actions taken by many governments; controlling for structural breaks changes the non-stationarity results dramatically among the three groups; (ii) estimation of a reaction function for governments, expanded by incorporating structural breaks, provides further evidence for significant active anti-debt policies among G7 countries, and to a lesser extent in the other regions. |
| doi_str_mv | 10.1111/j.1468-0335.2006.00451.x |
| format | Article |
| fullrecord | <record><control><sourceid>jstor_hal_p</sourceid><recordid>TN_cdi_hal_primary_oai_HAL_halshs_00081527v1</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><jstor_id>3549191</jstor_id><sourcerecordid>3549191</sourcerecordid><originalsourceid>FETCH-LOGICAL-c6411-2b08c2206416912f7fd57b0a1dc576a5c14d4aa6fc13c8de719e22fa08a9c63b3</originalsourceid><addsrcrecordid>eNqNkc1u1DAUhSMEEkPhDVhYLFg1wf9JkFiE0HZAQxlBR7CzHMfRJE3jwXbo5O1xCJoFm3I3tu_5zpWuTxQBBBMU6k2XIMqzGBLCEgwhTyCkDCXHR9HqJDyOVhAiEkOK06fRM-c6GIrhdBXttmPVtwp80JU_B36vwW5oPfhqjAfr6WBCx7UOyKEG37wdlR-t7MF7q-WtewsK8HnsfRuXZhy8nUAxyH4K_PPoSSN7p1_8Pc-i3eXFTbmON1-uPpbFJlacIhTjCmYKYxgePEe4SZuapRWUqFYs5ZIpRGsqJW8UIiqrdYpyjXEjYSZzxUlFzqLzZe5e9uJg2ztpJ2FkK9bFRoSe2zsRNs1Q2PUXCvjrBT9Y83PUzou71ind93LQZnSC5TmnGaUPgiTDKM05fhBEKcwYxCyAr_4BOzPa8F1OYMJyihiFAcoWSFnjnNXNaScExZy26MQcqphDFXPa4k_a4his7xbrfdvr6b994qIsi3AL_peLv3Pe2JOfMJqjfJbjRW6d18eTLO2t4ClJmfh-fSWuP2V8u0U34gf5DbuzxfA</addsrcrecordid><sourcetype>Open Access Repository</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>235941540</pqid></control><display><type>article</type><title>Public Debt, the Unit Root Hypothesis and Structural Breaks: A Multi-Country Analysis</title><source>Wiley Online Library Journals Frontfile Complete</source><source>PAIS Index</source><source>Business Source Complete</source><source>Jstor Complete Legacy</source><creator>UCTUM, MERIH ; THURSTON, THOM ; UCTUM, REMZI</creator><creatorcontrib>UCTUM, MERIH ; THURSTON, THOM ; UCTUM, REMZI</creatorcontrib><description>We assess fiscal performances in G7 and selected Latin American and Asian countries. We consider two questions: (i) Have public finances been sustainable? (ii) Do countries follow more restrictive fiscal policies when debt starts to rise? We find that: (i) the traditional unit root tests often overlook the corrective actions taken by many governments; controlling for structural breaks changes the non-stationarity results dramatically among the three groups; (ii) estimation of a reaction function for governments, expanded by incorporating structural breaks, provides further evidence for significant active anti-debt policies among G7 countries, and to a lesser extent in the other regions.</description><identifier>ISSN: 0013-0427</identifier><identifier>EISSN: 1468-0335</identifier><identifier>DOI: 10.1111/j.1468-0335.2006.00451.x</identifier><language>eng</language><publisher>Oxford, UK: Blackwell Publishing Ltd</publisher><subject>Cross-national analysis ; Debt ; Debt discounts ; Econometrics ; Economic conditions ; Economic models ; Economic trends ; Economics and Finance ; Empirical tests ; Environmental policy ; Fiscal policy ; Humanities and Social Sciences ; Hypotheses ; International aspects ; Manycountries ; Policy analysis ; Public administration ; Public debt ; Public debts ; Public finance ; Root test ; Sovereign debt ; Structural change ; Studies ; Surplus ; Sustainable economies ; Time series</subject><ispartof>Economica (London), 2006-02, Vol.73 (289), p.129-156</ispartof><rights>Copyright 2006 The London School of Economics and Political Science</rights><rights>Copyright Blackwell Publishing Feb 2006</rights><rights>Distributed under a Creative Commons Attribution 4.0 International License</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c6411-2b08c2206416912f7fd57b0a1dc576a5c14d4aa6fc13c8de719e22fa08a9c63b3</citedby><cites>FETCH-LOGICAL-c6411-2b08c2206416912f7fd57b0a1dc576a5c14d4aa6fc13c8de719e22fa08a9c63b3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/3549191$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/3549191$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>230,314,777,781,800,882,1412,27846,27847,27905,27906,45555,45556,57998,58231</link.rule.ids><backlink>$$Uhttps://shs.hal.science/halshs-00081527$$DView record in HAL$$Hfree_for_read</backlink></links><search><creatorcontrib>UCTUM, MERIH</creatorcontrib><creatorcontrib>THURSTON, THOM</creatorcontrib><creatorcontrib>UCTUM, REMZI</creatorcontrib><title>Public Debt, the Unit Root Hypothesis and Structural Breaks: A Multi-Country Analysis</title><title>Economica (London)</title><description>We assess fiscal performances in G7 and selected Latin American and Asian countries. We consider two questions: (i) Have public finances been sustainable? (ii) Do countries follow more restrictive fiscal policies when debt starts to rise? We find that: (i) the traditional unit root tests often overlook the corrective actions taken by many governments; controlling for structural breaks changes the non-stationarity results dramatically among the three groups; (ii) estimation of a reaction function for governments, expanded by incorporating structural breaks, provides further evidence for significant active anti-debt policies among G7 countries, and to a lesser extent in the other regions.</description><subject>Cross-national analysis</subject><subject>Debt</subject><subject>Debt discounts</subject><subject>Econometrics</subject><subject>Economic conditions</subject><subject>Economic models</subject><subject>Economic trends</subject><subject>Economics and Finance</subject><subject>Empirical tests</subject><subject>Environmental policy</subject><subject>Fiscal policy</subject><subject>Humanities and Social Sciences</subject><subject>Hypotheses</subject><subject>International aspects</subject><subject>Manycountries</subject><subject>Policy analysis</subject><subject>Public administration</subject><subject>Public debt</subject><subject>Public debts</subject><subject>Public finance</subject><subject>Root test</subject><subject>Sovereign debt</subject><subject>Structural change</subject><subject>Studies</subject><subject>Surplus</subject><subject>Sustainable economies</subject><subject>Time series</subject><issn>0013-0427</issn><issn>1468-0335</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2006</creationdate><recordtype>article</recordtype><sourceid>7TQ</sourceid><recordid>eNqNkc1u1DAUhSMEEkPhDVhYLFg1wf9JkFiE0HZAQxlBR7CzHMfRJE3jwXbo5O1xCJoFm3I3tu_5zpWuTxQBBBMU6k2XIMqzGBLCEgwhTyCkDCXHR9HqJDyOVhAiEkOK06fRM-c6GIrhdBXttmPVtwp80JU_B36vwW5oPfhqjAfr6WBCx7UOyKEG37wdlR-t7MF7q-WtewsK8HnsfRuXZhy8nUAxyH4K_PPoSSN7p1_8Pc-i3eXFTbmON1-uPpbFJlacIhTjCmYKYxgePEe4SZuapRWUqFYs5ZIpRGsqJW8UIiqrdYpyjXEjYSZzxUlFzqLzZe5e9uJg2ztpJ2FkK9bFRoSe2zsRNs1Q2PUXCvjrBT9Y83PUzou71ind93LQZnSC5TmnGaUPgiTDKM05fhBEKcwYxCyAr_4BOzPa8F1OYMJyihiFAcoWSFnjnNXNaScExZy26MQcqphDFXPa4k_a4his7xbrfdvr6b994qIsi3AL_peLv3Pe2JOfMJqjfJbjRW6d18eTLO2t4ClJmfh-fSWuP2V8u0U34gf5DbuzxfA</recordid><startdate>200602</startdate><enddate>200602</enddate><creator>UCTUM, MERIH</creator><creator>THURSTON, THOM</creator><creator>UCTUM, REMZI</creator><general>Blackwell Publishing Ltd</general><general>London School of Economics and Political Science</general><general>Wiley</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>7TQ</scope><scope>8BJ</scope><scope>DHY</scope><scope>DON</scope><scope>FQK</scope><scope>JBE</scope><scope>7ST</scope><scope>7U6</scope><scope>C1K</scope><scope>1XC</scope><scope>BXJBU</scope><scope>IHQJB</scope><scope>VOOES</scope></search><sort><creationdate>200602</creationdate><title>Public Debt, the Unit Root Hypothesis and Structural Breaks: A Multi-Country Analysis</title><author>UCTUM, MERIH ; THURSTON, THOM ; UCTUM, REMZI</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c6411-2b08c2206416912f7fd57b0a1dc576a5c14d4aa6fc13c8de719e22fa08a9c63b3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2006</creationdate><topic>Cross-national analysis</topic><topic>Debt</topic><topic>Debt discounts</topic><topic>Econometrics</topic><topic>Economic conditions</topic><topic>Economic models</topic><topic>Economic trends</topic><topic>Economics and Finance</topic><topic>Empirical tests</topic><topic>Environmental policy</topic><topic>Fiscal policy</topic><topic>Humanities and Social Sciences</topic><topic>Hypotheses</topic><topic>International aspects</topic><topic>Manycountries</topic><topic>Policy analysis</topic><topic>Public administration</topic><topic>Public debt</topic><topic>Public debts</topic><topic>Public finance</topic><topic>Root test</topic><topic>Sovereign debt</topic><topic>Structural change</topic><topic>Studies</topic><topic>Surplus</topic><topic>Sustainable economies</topic><topic>Time series</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>UCTUM, MERIH</creatorcontrib><creatorcontrib>THURSTON, THOM</creatorcontrib><creatorcontrib>UCTUM, REMZI</creatorcontrib><collection>Istex</collection><collection>CrossRef</collection><collection>PAIS Index</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>PAIS International</collection><collection>PAIS International (Ovid)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><collection>Environment Abstracts</collection><collection>Sustainability Science Abstracts</collection><collection>Environmental Sciences and Pollution Management</collection><collection>Hyper Article en Ligne (HAL)</collection><collection>HAL-SHS: Archive ouverte en Sciences de l'Homme et de la Société</collection><collection>HAL-SHS: Archive ouverte en Sciences de l'Homme et de la Société (Open Access)</collection><collection>Hyper Article en Ligne (HAL) (Open Access)</collection><jtitle>Economica (London)</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>UCTUM, MERIH</au><au>THURSTON, THOM</au><au>UCTUM, REMZI</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Public Debt, the Unit Root Hypothesis and Structural Breaks: A Multi-Country Analysis</atitle><jtitle>Economica (London)</jtitle><date>2006-02</date><risdate>2006</risdate><volume>73</volume><issue>289</issue><spage>129</spage><epage>156</epage><pages>129-156</pages><issn>0013-0427</issn><eissn>1468-0335</eissn><abstract>We assess fiscal performances in G7 and selected Latin American and Asian countries. We consider two questions: (i) Have public finances been sustainable? (ii) Do countries follow more restrictive fiscal policies when debt starts to rise? We find that: (i) the traditional unit root tests often overlook the corrective actions taken by many governments; controlling for structural breaks changes the non-stationarity results dramatically among the three groups; (ii) estimation of a reaction function for governments, expanded by incorporating structural breaks, provides further evidence for significant active anti-debt policies among G7 countries, and to a lesser extent in the other regions.</abstract><cop>Oxford, UK</cop><pub>Blackwell Publishing Ltd</pub><doi>10.1111/j.1468-0335.2006.00451.x</doi><tpages>28</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0013-0427 |
| ispartof | Economica (London), 2006-02, Vol.73 (289), p.129-156 |
| issn | 0013-0427 1468-0335 |
| language | eng |
| recordid | cdi_hal_primary_oai_HAL_halshs_00081527v1 |
| source | Wiley Online Library Journals Frontfile Complete; PAIS Index; Business Source Complete; Jstor Complete Legacy |
| subjects | Cross-national analysis Debt Debt discounts Econometrics Economic conditions Economic models Economic trends Economics and Finance Empirical tests Environmental policy Fiscal policy Humanities and Social Sciences Hypotheses International aspects Manycountries Policy analysis Public administration Public debt Public debts Public finance Root test Sovereign debt Structural change Studies Surplus Sustainable economies Time series |
| title | Public Debt, the Unit Root Hypothesis and Structural Breaks: A Multi-Country Analysis |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-20T01%3A00%3A46IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-jstor_hal_p&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Public%20Debt,%20the%20Unit%20Root%20Hypothesis%20and%20Structural%20Breaks:%20A%20Multi-Country%20Analysis&rft.jtitle=Economica%20(London)&rft.au=UCTUM,%20MERIH&rft.date=2006-02&rft.volume=73&rft.issue=289&rft.spage=129&rft.epage=156&rft.pages=129-156&rft.issn=0013-0427&rft.eissn=1468-0335&rft_id=info:doi/10.1111/j.1468-0335.2006.00451.x&rft_dat=%3Cjstor_hal_p%3E3549191%3C/jstor_hal_p%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=235941540&rft_id=info:pmid/&rft_jstor_id=3549191&rfr_iscdi=true |