000			01765nab a2200265 c 4500
999			_c141429 _d141429
003			ES-MaIEF
005			20191126122650.0
007			ta
008			191126s2019 gw ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_aeng
100	1		_950231 _aAfonso, António
245		0	_aFiscal reaction functions across the world _bin quest of statistical (in)significance _cAntónio Afonso and João Tovar Jalles
260			_c2019
500			_aResumen.
504			_aBibliografía.
520			_aWe estimate fiscal reaction functions for a panel of 173 countries using data between 1970 and 2014. Most notably, we assess the existence of non-Ricardian regimes, as postulated in the fiscal theory of the price level (FTPL), or, contrarily, the possibility of Ricardian regimes. We find that governments have on average increased the primary balance as a response to higher previous government indebtedness, implying a Ricardian fiscal regime. In addition, the Ricardian results are confirmed for the advanced countries and for the euro area group. A more Ricardian fiscal regime emerged after 1995 and notably in the subperiod 2008–2014, after the global financial crisis (before that, statistical insignificance is the norm). From a P-VAR analysis, we find that increases in government indebtedness increase primary balances, supporting overall the existence of an average Ricardian fiscal regime.
650		4	_948067 _aPOLITICA FISCAL
650		4	_941525 _aCRISIS ECONOMICAS
650		4	_925830 _aANALISIS DE DATOS
650		4	_944653 _aFUNCIONES MATEMATICAS
700	1		_960498 _aJalles, João Tovar
773	0		_9161311 _oOP 207/2019/3 _tFinanzArchiv _w(IEF)21244 _x 0015-2218 _g v. 75, n. 3, September 2019, p. 207-228
942			_cART