On the Sustainability of Austrian Budgetary Policies |
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Authors: | Michael Getzner Ernst Glatzer Reinhard Neck |
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Affiliation: | (1) Department of Economics, University of Klagenfurt, Universitaetsstrasse 65-67, A-9020 Klagenfurt;(2) Economic Analysis Division, Oesterreichische Nationalbank, Otto-Wagner-Platz 3, A-1090 Vienna;(3) Department of Economics, University of Klagenfurt, Universitaetsstrasse 65-67, A-9020 Klagenfurt |
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Abstract: | The question whether fiscal policies are sustainable in the long run has received much attention in the international political agenda. In this paper, we investigate whether Austrian fiscal policy has been sustainable during the last four decades. We apply several econometric approaches to test for the sustainability of fiscal policies. The results are ambiguous. For the period of 1960–1974, we find evidence for sustainable fiscal policies. For the period 1975–1999, the results indicate that Austrian fiscal policy was not sustainable in the long run. If Austrian policy-makers do not change their budgetary policy in the future, the long-term budget constraint of the state will be violated. |
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Keywords: | Econometric tests stationarity of time series sustainability of fiscal policy |
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