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Sustainability of EU Fiscal Policies: a Panel Test
( Peter Claeys ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2007 Journal of Economic Integration Vol.22 No.1
The fiscal policy rule implicit in the Stability and Growth Pact, has been rationalised as a way to ensure that national fiscal policies remain sustainable within the EU, thereby endorsing the independence of the ECB. We empirically examine the sustainability of European fiscal policies over the period 1970-2001. The intertemporal government budget constraint provides a test based on the cointegration relation between government revenues, expenditures and interest payments. Sustainability is analysed at both the national level and for a European panel. Results show that European fiscal policy has been sustainable overall, yet national experiences differ considerably.