中文版 | English
G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5974
DP5974 International Taxation and the Direction and Volume of Cross-Border M&As
Harry Huizinga; Johannes Voget
发表日期2006-12-03
出版年2006
语种英语
摘要The intertemporal budget constraint of the government implies a relationship between a ratio of current liabilities to the primary deficit with future values of inflation, interest rates, GDP and narrow money growth and changes in the primary deficit. This relationship defines a natural measure of fiscal balance and can be used as an accounting identity to examine the channels through which governments achieve fiscal sustainability. We evaluate the ability of this framework to account for the fiscal behaviour of six industrialised nations since 1960. We show how fiscal imbalances are mainly removed through adjustments in the primary deficit (80-100%), with less substantial roles being played by inflation (0-10%) and GDP growth (0-20%). Focusing on the relation between fiscal imbalances and inflation suggests extremely modest interactions. This post WWII evidence suggests that the widely anticipated future increases in fiscal deficits, need not necessarily have a substantial impact on inflation.
主题International Macroeconomics
关键词Fiscal deficit Fiscal sustainability Government debt inflation Intertemporal budget constraint
URLhttps://cepr.org/publications/dp5974
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/534812
推荐引用方式
GB/T 7714		 Harry Huizinga,Johannes Voget. DP5974 International Taxation and the Direction and Volume of Cross-Border M&As. 2006.
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