کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
967970 | 931427 | 2012 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Multicointegration, seigniorage and fiscal sustainability. Spain 1857–2000
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
Spanish long-run fiscal sustainability is analysed by using the multicointegration methodology. It permits the estimation of dynamic equilibrium relationships between flow and stock variables, and is here adjusted to fit the recurrent use of monetization. The results reveal that seigniorage was essential in guaranteeing long-run government solvency, and thus, highlight the relevance for Spain of its loss of monetary independence when joining the EMU in 1998. After a prosperous decade the lesson from the current crisis emerges even clearer: being deprived of monetization, structural measures for fiscal consolidation should not be postponed any longer if sustainability is to be maintained.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Policy Modeling - Volume 34, Issue 2, March–April 2012, Pages 270–283
Journal: Journal of Policy Modeling - Volume 34, Issue 2, March–April 2012, Pages 270–283
نویسندگان
Regina Escario, María Dolores Gadea, Marcela Sabaté,