Are the National Public Finances Sustainable in the EU? A Cointegration Analysis

Antonio Silvestre and Ana Bela Santos Bravo

No 1999/09, Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa

Abstract: Fiscal sustainability requires that governments respect the intertemporal budget constraint at present value. We test the cointegration between public expenditures and revenues as ratios of GDP as a condition for the sustainability of budgetary policies in the European Union.

Keywords: public finance; EU countries; cointegration. (search for similar items in EconPapers)
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