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Stock-Flow Adjustment – Only a Residual Value? Evidence from European Union Countries

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  • Banaszewska Monika

    (Poznań University of Economics and Business, Department of Public Finance)

Abstract

The aim of the article is to investigate the fiscal determinants of stock-flow adjustment (SFA). Previous literature suggests that SFA may be used strategically to reduce budget deficit and public debt. As such, SFA impairs fiscal transparency and may endanger fiscal sustainability. Therefore, special attention should be paid by economists and policymakers. The study pertains to the European Union countries in the years 2005-2016. The empirical analysis supports the hypothesis that SFA is inversely related to public debt, whereas the inverse relationship between budget balance and SFA is not confirmed. The article contains additional analyses for selected components of SFA as well as narrower time and space coverage.

Suggested Citation

  • Banaszewska Monika, 2019. "Stock-Flow Adjustment – Only a Residual Value? Evidence from European Union Countries," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 15(3), pages 10-20, September.
    • Handle: RePEc:vrs:finiqu:v:15:y:2019:i:3:p:10-20:n:1
    DOI: 10.2478/fiqf-2019-0016
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    More about this item

    Keywords

    public debt; budget deficit; panel data analysis;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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