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Fatiga fiscal y sostenibilidad de la deuda: evidencia empírica de la Eurozona de 1980 a 2013

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  • Victor Echevarria Icaza

    (Instituto Complutense de Economía Internacional, Universidad Complutense de Madrid, Campus de Somosaguas, Madrid 28223, Spain)

Abstract

La subida pronunciada de la deuda y el largo proceso de consolidación fiscal en ciertos países de la Eurozona no siempre ha conducido a una reducción de los ratios deuda-PIB. Como resultado, algunos autores apuntan a que la balanza primaria puede dejar de ajustarse una vez que la deuda haya alcanzado un cierto límite. Queremos reflejar que la reacción de la balanza primaria con respecto al crecimiento de la deuda depende del crecimiento subyacente y de la dinámica institucional. En particular, el crecimiento económico puede tener un efecto exponencial sobre la balanza primaria. De igual modo, queremos reflejar que el crecimiento de la deuda, cuando se ve acompañado de crecimiento y de un contexto político favorable, puede comportar una mejora de la balanza primaria.

Suggested Citation

  • Victor Echevarria Icaza, 2018. "Fatiga fiscal y sostenibilidad de la deuda: evidencia empírica de la Eurozona de 1980 a 2013," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 41(115), pages 69-78, Enero.
    • Handle: RePEc:cud:journl:v:41:y:2018:i:115:p:69-78
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