{"id":122238,"date":"2024-01-23T07:41:42","date_gmt":"2024-01-23T06:41:42","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/122238\/"},"modified":"2025-10-22T22:04:39","modified_gmt":"2025-10-22T20:04:39","slug":"a-longer-run-perspective-on-fiscal-sustainability","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/122238\/","title":{"rendered":"A longer-run perspective on fiscal sustainability"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-122238","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"We investigate the sustainability of fiscal policy in a set of 19 countries by taking a longer-run secular perspective over the period 1880\u20132009. Via a systematic analysis of the stationarity of the first-differenced level of government debt, and disentangling the components of the debt series using structural time series models, we conclude that since in most cases non-stationarity can be rejected, longer-run fiscal sustainability is not rejected (Japan and Spain can be exceptions). The same is true for a panel analysis when allowing for multiple structural breaks, and for cross-country dependence. In addition, endogenously identified breaks can be related to episodes of sovereign default.","onlinedate":"2014-11-01 01:00:00","lang":"English","publication_series":"","publication_date":"20141101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"http:\/\/www.springer.com\/10663","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"41","monthly_report_pages":"821-847","monthly_report_pages_sort":"821","issue":"4","journal":"Empirica","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[14257,13579],"persons_data":"[{\"personId\":14257,\"personName\":\"Ant\u00f3nio Afonso\",\"organisationNames\":[]},{\"personId\":13579,\"personName\":\"Jo\u00e3o Tovar Jalles\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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