scholarly journals Exploring Risk-Adjusted Fiscal Sustainability Analysis for Asian Economies

2016 ◽  
Author(s):  
George Kopits ◽  
Benno Ferrarini
Keyword(s):  
Fiscal Sustainability ◽  
Sustainability Analysis ◽  
Asian Economies

Policy asymmetries and fiscal sustainability: evidence from Nigeria

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Opeoluwa Adeniyi Adeosun ◽  
Olumide Steven Ayodele ◽  
Olajide Clement Jongbo
Keyword(s):  
Fiscal Policy ◽  
Public Debt ◽  
Markov Switching ◽  
Fiscal Sustainability ◽  
Constant Parameter ◽  
Policy Rule ◽  
Content Type ◽  
Sustainability Analysis ◽  
Debt Dynamics ◽  
Fiscal Balance

PurposeThis study examines and compares different specifications of the fiscal policy rule in the fiscal sustainability analysis of Nigeria.Design/methodology/approachThis is methodologically achieved by estimating the baseline constant-parameter and Markov regime switching fiscal models. The asymmetric autoregressive distributed lag fiscal model is also employed to substantiate the differential responses of fiscal authorities to public debt.FindingsThe baseline constant-parameter fiscal model provides mixed results of sustainable and unsustainable fiscal policy. The inconclusiveness is adduced to instability in primary fiscal balance–public debt dynamics. This makes it necessary to capture regime switches in the fiscal policy rule. The Markov switching estimations show a protracted fiscal unsustainable regime that is inconsistent with the intertemporal budget constraint (IBC). The no-Ponzi game and debt stabilizing results of the Markov switching fiscal model further revealed that the transversality and debt stability conditions were not satisfied. Additional findings from the asymmetric autoregressive model estimation show that fiscal consolidation responses vary with contraction and expansion in output and spending, coupled with downturns and upturns in public debt dynamics in both the long and short run. These findings thus confirm the presence of asymmetries in the fiscal policy authorities' reactions to public debt. Further, additional evidences show the violation of the IBC which is exacerbated by the deleterious effect of the pro-cyclical fiscal policy response in boom on the improvement of the primary fiscal balance.Originality/valueThis study deviates from the extant literature by accommodating time variation, periodic switches and fiscal policy asymmetries in the fiscal sustainability analysis of Nigeria.

Russian Fiscal Sustainability Analysis

2011 ◽  
pp. 102-119
Author(s):  
S. Vlasov
Keyword(s):  
Fiscal Sustainability ◽  
Alternative Strategy ◽  
Fiscal Consolidation ◽  
Sustainability Analysis ◽  
Long Run ◽  
Fiscal Risks

This study examines the Russian fiscal sustainability under two possible socio-economic scenarios. It contains the calculations for the current fiscal strategy in the medium and long run under conditions of additional fiscal risks. The size of necessary fiscal consolidation under the current fiscal strategy is calculated, and the alternative strategy based on the "bird-in-the-hand" rule is investigated.

scholarly journals Analytical Framework for Fiscal Sustainability: A Review

2019 ◽  
Vol 24 (1) ◽  
pp. 100-122 ◽  
Author(s):  
Krishanu Pradhan
Keyword(s):  
Policy Research ◽  
Macroeconomic Policy ◽  
Analytical Framework ◽  
Technical Note ◽  
Fiscal Sustainability ◽  
Fiscal Policies ◽  
Continuous Assessment ◽  
Multidimensional Problem ◽  
Sustainability Analysis

Continuous assessment of fiscal sustainability is essential to macroeconomic policy research for identifying the sources of risk and vulnerability in the fiscal and macro structure of a country and suggesting appropriate policy to avoid abrupt macroeconomic crises. In this context, this review-cum-technical note is an attempt to provide theoretical and empirical backgrounds for assessing the soundness of a country’s current and future fiscal policies. Since fiscal sustainability analysis is a multidimensional problem, the present study presents various approaches to fiscal sustainability with theoretical and empirical frameworks to understand the issue from an academic as well as practitioner’s perspective.

scholarly journals Fiscal Sustainability Analysis: The Case of PALOP Economies

2017 ◽  
Author(s):  
Antonio Afonso ◽  
Emanuel Leeo ◽  
Dilson S.P. Tiny ◽  
Diptes C. P. Bhimjee
Keyword(s):  
Fiscal Sustainability ◽  
Sustainability Analysis
Sign in / Sign up

Export Citation Format

Share Document