Foreign debt,global liquidity,and fiscal sustainability |
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| Institution: | 1. Department of International Trade, Kangwon National University, Republic of Korea;2. School of Economics, Yonsei University, 50 Yonsei-ro, Seoul 03722, Republic of Korea;1. Faculty of Commerce, Chuo University, 742-1 Higashinakano, Hachioji, Tokyo 192-0393, Japan;2. Institute of Social Science, The University of Tokyo, 7-3-1 Hongo, Bunkyo-ku, Tokyo 113-0033, Japan;1. Department of Economics, Sangmyung University;2. Graduate School of International Studies, Yonsei University, 50 Yonsei-ro, Seodaemu-gu Seoul 120-749, South Korea;3. Department of International Business and Trade, Kyung Hee University, 26 Kyungheedae-ro, Dongdaemun-gu, Seoul, 02447, South Korea;4. School of Economics, Yonsei University, 50 Yonsei-ro, Seodaemun-gu, Seoul, 120-749, South Korea;1. Hitotsubashi University, Japan;2. Aoyama Gakuin University, Japan;3. Gakushuin University, Japan;4. University of Niigata Prefecture, Japan |
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| Abstract: | We empirically investigate fiscal sustainability by comparing countries in the different economic groups with a dataset covering 180 countries during the period from 1980 to 2015. As the OECD countries have higher international debt ratio than other countries, they have higher probability to be exposed to global risk factors. Non-OECD countries turn out to be more fiscally solvent than OECD countries due to their limited access to international financial market. However, we also find that better access to international liquidity increases fiscal sustainability within the sample of OECD countries, while it does not improve the fiscal solvency in case of non-OECD countries. |
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| Keywords: | Foreign debt Liquidity Public debt Fiscal balance |
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