Advanced Search
MyIDEAS: Login

Government Solvency or just Pseudo-Sustainability? a Long-Run Multicointegration Approach for Spain

Contents:

Author Info

  • Regina Escario

    ()
    (Applied Economics Department. University of Zaragoza)

  • María Dolores Gadea

    (Applied Economics Department. University of Zaragoza)

  • Marcela Sabaté

    (Applied Economics Department. University of Zaragoza)

Abstract

The concept of multicointegration allows to test the sustainability of public finances by assessing dynamic equilibrium relationships between flow and stock variables. This paper focus on the very long-run Spanish case, characterized by the more or less intensive use of monetization to offset the recurrent deficits. The results support that seigniorage allowed the governments to guarantee –even artificially– a pseudo-sustainability for their budgetary path. Besides, the possibility of there being a structural break during the period is also taken into account.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.dteconz.unizar.es/DT2009-07.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza in its series Documentos de Trabajo with number dt2009-07.

as in new window
Length:
Date of creation: Jul 2009
Date of revision:
Handle: RePEc:zar:wpaper:dt2009-07

Contact details of provider:
Postal: Gran via, 2 50005 Zaragoza
Fax: 976 76 19 96
Web page: http://www.dteconz.unizar.es/
More information through EDIRC

Related research

Keywords: deficit; seigniorage; sustainability; multicointegration;

Find related papers by JEL classification:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:zar:wpaper:dt2009-07. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Vicente Pinilla).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.