Are EU budget deficits stationary?
In this paper, we test for the stationarity of European Union budget deficits over the period 1971-2006, using a panel of thirteen member countries. Our testing strategy addresses two key concerns with regard to unit root panel data testing, namely (1) the presence of cross-sectional dependence amon...
- Autores:
- Tipo de recurso:
- Fecha de publicación:
- 2010
- Institución:
- Universidad del Rosario
- Repositorio:
- Repositorio EdocUR - U. Rosario
- Idioma:
- eng
- OAI Identifier:
- oai:repository.urosario.edu.co:10336/23917
- Acceso en línea:
- https://doi.org/10.1007/s00181-009-0289-3
https://repository.urosario.edu.co/handle/10336/23917
- Palabra clave:
- Bootstrapping
Budget deficit
Economic structure
European union
Fiscal policy
Hypothesis testing
Maastricht treaty
Panel data
Europe
Fiscal sustainability
Heterogeneous dynamic panels
Mean reversion
Panel stationarity test
- Rights
- License
- Abierto (Texto Completo)
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eb727fd3-c31e-4a26-8c50-6f3fee0e65b3-15d0b120d-c27b-4e6f-9263-532c0ef0eef9-1792428146002020-05-26T00:06:40Z2020-05-26T00:06:40Z2010In this paper, we test for the stationarity of European Union budget deficits over the period 1971-2006, using a panel of thirteen member countries. Our testing strategy addresses two key concerns with regard to unit root panel data testing, namely (1) the presence of cross-sectional dependence among the countries in the panel and (2) the identification of potential structural breaks that might have occurred at different points in time. To address these concerns, we employ an AR-based bootstrap approach that allows us to test the null hypothesis of joint stationarity with endogenously determined structural breaks. In contrast to the existing literature, we find that the EU countries considered are characterised by fiscal stationarity over the full sample period irrespective of us allowing for structural breaks. This conclusion also holds when analysing sub-periods based on before and after the Maastricht treaty. © Springer-Verlag 2009.application/pdfhttps://doi.org/10.1007/s00181-009-0289-31435892103777332https://repository.urosario.edu.co/handle/10336/23917eng778No. 3767Empirical EconomicsVol. 38Empirical Economics, ISSN:14358921, 03777332, Vol.38, No.3 (2010); pp. 767-778https://www.scopus.com/inward/record.uri?eid=2-s2.0-77951203873&doi=10.1007%2fs00181-009-0289-3&partnerID=40&md5=c36e791a44a949cfb409da27e0691cbaAbierto (Texto Completo)http://purl.org/coar/access_right/c_abf2instname:Universidad del Rosarioreponame:Repositorio Institucional EdocURBootstrappingBudget deficitEconomic structureEuropean unionFiscal policyHypothesis testingMaastricht treatyPanel dataEuropeFiscal sustainabilityHeterogeneous dynamic panelsMean reversionPanel stationarity testAre EU budget deficits stationary?articleArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501Holmes, Mark J.Panagiotidis, TheodoreOtero Cardona, Jesús Gilberto10336/23917oai:repository.urosario.edu.co:10336/239172022-05-02 07:37:21.277108https://repository.urosario.edu.coRepositorio institucional EdocURedocur@urosario.edu.co |
dc.title.spa.fl_str_mv |
Are EU budget deficits stationary? |
title |
Are EU budget deficits stationary? |
spellingShingle |
Are EU budget deficits stationary? Bootstrapping Budget deficit Economic structure European union Fiscal policy Hypothesis testing Maastricht treaty Panel data Europe Fiscal sustainability Heterogeneous dynamic panels Mean reversion Panel stationarity test |
title_short |
Are EU budget deficits stationary? |
title_full |
Are EU budget deficits stationary? |
title_fullStr |
Are EU budget deficits stationary? |
title_full_unstemmed |
Are EU budget deficits stationary? |
title_sort |
Are EU budget deficits stationary? |
dc.subject.keyword.spa.fl_str_mv |
Bootstrapping Budget deficit Economic structure European union Fiscal policy Hypothesis testing Maastricht treaty Panel data Europe Fiscal sustainability Heterogeneous dynamic panels Mean reversion Panel stationarity test |
topic |
Bootstrapping Budget deficit Economic structure European union Fiscal policy Hypothesis testing Maastricht treaty Panel data Europe Fiscal sustainability Heterogeneous dynamic panels Mean reversion Panel stationarity test |
description |
In this paper, we test for the stationarity of European Union budget deficits over the period 1971-2006, using a panel of thirteen member countries. Our testing strategy addresses two key concerns with regard to unit root panel data testing, namely (1) the presence of cross-sectional dependence among the countries in the panel and (2) the identification of potential structural breaks that might have occurred at different points in time. To address these concerns, we employ an AR-based bootstrap approach that allows us to test the null hypothesis of joint stationarity with endogenously determined structural breaks. In contrast to the existing literature, we find that the EU countries considered are characterised by fiscal stationarity over the full sample period irrespective of us allowing for structural breaks. This conclusion also holds when analysing sub-periods based on before and after the Maastricht treaty. © Springer-Verlag 2009. |
publishDate |
2010 |
dc.date.created.spa.fl_str_mv |
2010 |
dc.date.accessioned.none.fl_str_mv |
2020-05-26T00:06:40Z |
dc.date.available.none.fl_str_mv |
2020-05-26T00:06:40Z |
dc.type.eng.fl_str_mv |
article |
dc.type.coarversion.fl_str_mv |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
dc.type.coar.fl_str_mv |
http://purl.org/coar/resource_type/c_6501 |
dc.type.spa.spa.fl_str_mv |
Artículo |
dc.identifier.doi.none.fl_str_mv |
https://doi.org/10.1007/s00181-009-0289-3 |
dc.identifier.issn.none.fl_str_mv |
14358921 03777332 |
dc.identifier.uri.none.fl_str_mv |
https://repository.urosario.edu.co/handle/10336/23917 |
url |
https://doi.org/10.1007/s00181-009-0289-3 https://repository.urosario.edu.co/handle/10336/23917 |
identifier_str_mv |
14358921 03777332 |
dc.language.iso.spa.fl_str_mv |
eng |
language |
eng |
dc.relation.citationEndPage.none.fl_str_mv |
778 |
dc.relation.citationIssue.none.fl_str_mv |
No. 3 |
dc.relation.citationStartPage.none.fl_str_mv |
767 |
dc.relation.citationTitle.none.fl_str_mv |
Empirical Economics |
dc.relation.citationVolume.none.fl_str_mv |
Vol. 38 |
dc.relation.ispartof.spa.fl_str_mv |
Empirical Economics, ISSN:14358921, 03777332, Vol.38, No.3 (2010); pp. 767-778 |
dc.relation.uri.spa.fl_str_mv |
https://www.scopus.com/inward/record.uri?eid=2-s2.0-77951203873&doi=10.1007%2fs00181-009-0289-3&partnerID=40&md5=c36e791a44a949cfb409da27e0691cba |
dc.rights.coar.fl_str_mv |
http://purl.org/coar/access_right/c_abf2 |
dc.rights.acceso.spa.fl_str_mv |
Abierto (Texto Completo) |
rights_invalid_str_mv |
Abierto (Texto Completo) http://purl.org/coar/access_right/c_abf2 |
dc.format.mimetype.none.fl_str_mv |
application/pdf |
institution |
Universidad del Rosario |
dc.source.instname.spa.fl_str_mv |
instname:Universidad del Rosario |
dc.source.reponame.spa.fl_str_mv |
reponame:Repositorio Institucional EdocUR |
repository.name.fl_str_mv |
Repositorio institucional EdocUR |
repository.mail.fl_str_mv |
edocur@urosario.edu.co |
_version_ |
1814167432874426368 |