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The Composition of the Government Budget and the Dynamics of Public Debt

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Author Info
Walpurga Köhler-Töglhofer
Martin Zagler

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Abstract

This paper investigates compositional effects on public-debt dynamics. Our contribution is twofold. First, we improve the methodology by taking explicit account of public-debt dynamics, eliminating a bias present in previous studies. Second, we estimate the evolution of debt dynamics induced by changes in the primary expenditure and revenue ratios - looking at all fiscal periods - not only consolidations as in the previous literature. Whilst we confirm that expenditure cuts are more important for debt reductions than are revenue increases, our findings contrast with the literature in that we obtain persistent debt-augmenting effects of tax reductions.

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Publisher Info
Article provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.

Volume (Year): 63 (2007)
Issue (Month): 2 (June)
Pages: 244-263
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Handle: RePEc:mhr:finarc:urn:sici:0015-2218(200706)63:2_244:tcotgb_2.0.tx_2-y

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Related research
Keywords: public-debt dynamics; fiscal consolidations; fiscal expansions; excessive deficits;

Find related papers by JEL classification:
H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government

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This page was last updated on 2009-12-1.

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