The behaviour of US and UK public debt: Further evidence based on time varying parameters

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dc.contributor.authorBolat, Süleyman
dc.contributor.authorTiwari, Aviral Kumar
dc.contributor.authorMutascu, Mihai
dc.date.accessioned13.07.201910:50:10
dc.date.accessioned2019-07-16T08:22:01Z
dc.date.available13.07.201910:50:10
dc.date.available2019-07-16T08:22:01Z
dc.date.issued2016
dc.departmentBolat, S., FEAS, Aksaray University, Aksaray, Turkey -- Tiwari, A.K., IBS Hyderabad, IFHE (Deemed to be) University, Hyderabad, India -- Mutascu, M., LEO (Laboratoire d’Economie d’Orleans), University of Orleans, France, FEAA and ECREB, West University of Timisoara, Romania
dc.description.abstractThe paper investigates whether US and UK have followed sustainable debt policies during the period 1970-2012, by exploring the reaction of the primary surplus as percentage of GDP to variations in the debt to GDP ratio, as a powerful test. The main results reveal that the coefficient for UK is negative and significant, while for the US, we are unable to find a clear-cut evidence of the sustainability of public debt as the coefficient is also negative, but insignificant. In the case of the UK, the outputs reveal that government did not raise the primary surplus as the government debt increased rather reduced it and this reduction has been significant. On the other hand, the significance of the reaction coefficient demonstrates that the reaction of the primary surplus to increases in public debt varies over time. All these evidences allow us to appreciate that the fiscal policy in the UK is not sustainable in the sense of satisfying of intertemporal budgetary constrain. © 2016, Transition Academia Press. All rights reserved.
dc.identifier.doi10.14665/1614-4007-23-1-002
dc.identifier.endpage19en_US
dc.identifier.issn1614-4007
dc.identifier.issue1en_US
dc.identifier.scopusqualityQ3
dc.identifier.startpage11en_US
dc.identifier.urihttps://dx.doi.org/10.14665/1614-4007-23-1-002
dc.identifier.urihttps://hdl.handle.net/20.500.12451/2438
dc.identifier.volume23en_US
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherTransition Academia Press
dc.relation.ispartofTransition Studies Review
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.subjectBudget Deficit
dc.subjectIntertemporal Constraint Sustainability
dc.subjectPublic Debt
dc.subjectTime Varying Parameter
dc.titleThe behaviour of US and UK public debt: Further evidence based on time varying parameters
dc.typeArticle

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