Reakční funkce a udržitelnost fiskální politiky

Fiscal Policy Reaction Function and Sustainability

Zdeněk Pikhart, Lukáš Pfeifer and Pavla Chmelová

Politická ekonomie, 2015, vol. 2015, issue 5, 545-569

Abstract: The article deals with the issue of fiscal sustainability, which has gained in importance after the recent financial and sovereign debt crisis. The article defi nes the term of financial sustainability in its theoretical part. The next section continues with the historical fiscal data for countries in the European Union. The main part of the article estimates reaction function of fiscal policy using panel data regression model. Tests are performed for multiple groups of countries, namely for the entire European Union, the old member states, the new member states, and the states most affected by the recent financial and sovereign debt crisis. This classification allows higher accuracy and better interpretability of the model results. Data results show rather pro-cyclicality of fiscal authorities' behaviour.

Keywords: fiscal sustainability; fiscal policy; financial and sovereign debt crisis; European Union (search for similar items in EconPapers)
JEL-codes: H30 H50 H60 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://polek.vse.cz/doi/10.18267/j.polek.1013.html (text/html)
http://polek.vse.cz/doi/10.18267/j.polek.1013.pdf (application/pdf)
free of charge

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:prg:jnlpol:v:2015:y:2015:i:5:id:1013:p:545-569

Ordering information: This journal article can be ordered from
Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3
http://polek.vse.cz

DOI: 10.18267/j.polek.1013

Access Statistics for this article

Politická ekonomie is currently edited by Jiřina Bulisová

More articles in Politická ekonomie from Prague University of Economics and Business Contact information at EDIRC.
Bibliographic data for series maintained by Stanislav Vojir ().