Publizierte Beiträge 2010
Beitrag 2010-II-3
"Test of Fiscal Sustainability and Causality Hypotheses for Switzerland"
Silika Prohl
Zusammenfassung:This paper examines the causality between the Swiss federal governments revenue and expenditure over the 1900 to 2002 period by estimating the short- and longrun relation within an error-correction approach that places more emphasis on the long-run relation as a source of the causal link. The results suggest both that the fiscal policy is consistent with the governmental budget constraint - revenue and expenditure are cointegrated, and revenue cause expenditure and vice versa. There is also evidence that World War II had a significant impact on the stability of the cointegrating relation between revenue and expenditure.
Seiten: 481-506
JEL Klassifikation: C22, C23, H60
Schlüsselwörter: Budget Deficit, Cointegration
Übersicht
