A Note on Fiscal Deficit Sustainability in Chile: 1833-1999
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| Format: | Artículo científico |
| Sprache: | en |
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Universidad de Talca
2007
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| _version_ | 1876431779477323776 |
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| author | Roberto Pastén C. |
| author_facet | Roberto Pastén C. |
| contents | A Note on Fiscal Deficit Sustainability in Chile: 1833-1999 Roberto Pastén C. Economía y Finanzas structural breaks Chilean fiscal deficit public debt sustainability If fiscal deficit is stationary around a mean, the government is intertemporal budgetconstraint (GIBC) holds and no adjustment to the debt process is necessary. If fiscal deficit isnon-stationary, or if it is stationary around a positive trend, the ability to pay the debt is compromisedand a sudden change in the debt process is expected in order for the government to keep thepublic debt marketable. The former case is called strong sustainability while the latter is calledweak sustainability. This paper shows that for the whole period 1833-1999 the Chilean fiscaldeficit has been stationary around a mean and for the period 1889-1973 it has been stationarywith a structural break in trend around 1940 and therefore only weakly sustainable from 1940 to1973. 2007 artículo científico 0716-1921 https://www.redalyc.org/articulo.oa?id=39903507 en http://www.redalyc.org/revista.oa?id=399 Panorama Socioeconómico application/pdf Universidad de Talca Panorama Socioeconómico (Chile) Num.35 Vol.25 |
| format | Artículo científico |
| id | redalyc_39903507 |
| institution | Redalyc |
| language | en |
| publishDate | 2007 |
| publisher | Universidad de Talca |
| spellingShingle | A Note on Fiscal Deficit Sustainability in Chile: 1833-1999 Roberto Pastén C. Economía y Finanzas structural breaks Chilean fiscal deficit public debt sustainability A Note on Fiscal Deficit Sustainability in Chile: 1833-1999 Roberto Pastén C. Economía y Finanzas structural breaks Chilean fiscal deficit public debt sustainability If fiscal deficit is stationary around a mean, the government is intertemporal budgetconstraint (GIBC) holds and no adjustment to the debt process is necessary. If fiscal deficit isnon-stationary, or if it is stationary around a positive trend, the ability to pay the debt is compromisedand a sudden change in the debt process is expected in order for the government to keep thepublic debt marketable. The former case is called strong sustainability while the latter is calledweak sustainability. This paper shows that for the whole period 1833-1999 the Chilean fiscaldeficit has been stationary around a mean and for the period 1889-1973 it has been stationarywith a structural break in trend around 1940 and therefore only weakly sustainable from 1940 to1973. 2007 artículo científico 0716-1921 https://www.redalyc.org/articulo.oa?id=39903507 en http://www.redalyc.org/revista.oa?id=399 Panorama Socioeconómico application/pdf Universidad de Talca Panorama Socioeconómico (Chile) Num.35 Vol.25 |
| title | A Note on Fiscal Deficit Sustainability in Chile: 1833-1999 |
| topic | Economía y Finanzas structural breaks Chilean fiscal deficit public debt sustainability |
| url | https://www.redalyc.org/articulo.oa?id=39903507 |