Budgetary Sustainability in the Presence of Macroeconomic and Financial Market Instability: An Application to the Case of Belgium

Autor:	Jozef Konings, Bas van Aarle
Rok vydání:	2013
Předmět:	Macroeconomics Economics and Econometrics Public Administration Bond Financial market Financial system Shock (economics) Sustainability Economics Bond market Scenario analysis Fiscal sustainability Finance Bailout
Zdroj:	Public Budgeting & Finance. 33:114-134
ISSN:	0275-1100
DOI:	10.1111/j.1540-5850.2013.12005.x
Popis:	This pa per develops a stylize d budgeting framewo rk to analyze the effects of macroec onomic shocks and governm ent bond market co nditions on public finances. We focus on the imp acts of primary fiscal bal ance shock s, grow th, and inter est rate shock s o n budgetary sustainab ility. W e consider the effects of financial sector bailout s, unce rtainty about aging costs and insta bility vi z. speculati on in governm ent bond m arkets. The frame work is appl ied to th e case of Belgium, where recently these issues have played an important role. A scenario analysis of budgetary adjustment under alternati ve hypothes es is carried out to analyze Belgian fiscal sustainability over the next 20 yea rs.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::8f0d023dd3c59d59cd7fba62b2d79bf0 https://doi.org/10.1111/j.1540-5850.2013.12005.x Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
Nepřihlášeným uživatelům se plný text nezobrazuje	K zobrazení výsledku je třeba se přihlásit.