An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral Balances: Questioning the Current Fiscal Rules

The simultaneous recording of public surplus with current account deficit in a national economy could be related to strong private leverage that usually ends in financial crisis, what would make the public surplus unsustainable. The objective of this work is to check the extent to which this claim i...

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Detalles Bibliográficos
Autores: Garzón Espinosa, Eduardo, Medialdea García, Bibiana, Cruz Hidalgo, Esteban, Sánchez Mato, Carlos
Tipo de recurso: artículo
Fecha de publicación:2023
País:España
Institución:Universidad de Huelva (UHU)
Repositorio:Arias Montano. Repositorio Institucional de la Universidad de Huelva
Idioma:inglés
OAI Identifier:oai:ariasmontano.uhu.es:10272/22317
Acceso en línea:https://hdl.handle.net/10272/22317
Access Level:acceso abierto
Palabra clave:Sectoral balances
Macroeconomic framework
Public surplus
Private debt
Financial instability
Balances sectoriales
Marco macroeconómico
Superávit público
Deuda privada
Inestabilidad financiera
53 Ciencias Económicas
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spelling An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral Balances: Questioning the Current Fiscal RulesUn estudio empírico internacional sobre el superávit fiscal desde la perspectiva de los equilibrios sectoriales: cuestionando las reglas fiscales vigentesGarzón Espinosa, EduardoMedialdea García, BibianaCruz Hidalgo, EstebanSánchez Mato, CarlosSectoral balancesMacroeconomic frameworkPublic surplusPrivate debtFinancial instabilityBalances sectorialesMarco macroeconómicoSuperávit públicoDeuda privadaInestabilidad financiera53 Ciencias EconómicasThe simultaneous recording of public surplus with current account deficit in a national economy could be related to strong private leverage that usually ends in financial crisis, what would make the public surplus unsustainable. The objective of this work is to check the extent to which this claim is bolstered by empirical support. The results reveal that, in effect, the concurrence of public surpluses and current account deficits is associated with private leverage processes and financial crises. These outcomes question the design of the current fiscal rules since they don’t pay attention to the current account balance.Universidad de Huelva20232023-01-0120232023-01-01journal articlehttp://purl.org/coar/resource_type/c_6501info:eu-repo/semantics/articleapplication/pdfhttps://hdl.handle.net/10272/22317reponame:Arias Montano. Repositorio Institucional de la Universidad de Huelvainstname:Universidad de Huelva (UHU)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2Atribución-NoComercial-SinDerivadas 3.0 Españahttp://creativecommons.org/licenses/by-nc-nd/3.0/es/info:eu-repo/semantics/openAccessoai:ariasmontano.uhu.es:10272/223172026-06-02T14:58:11Z
dc.title.none.fl_str_mv An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral Balances: Questioning the Current Fiscal Rules
Un estudio empírico internacional sobre el superávit fiscal desde la perspectiva de los equilibrios sectoriales: cuestionando las reglas fiscales vigentes
title An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral Balances: Questioning the Current Fiscal Rules
spellingShingle An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral Balances: Questioning the Current Fiscal Rules
Garzón Espinosa, Eduardo
Sectoral balances
Macroeconomic framework
Public surplus
Private debt
Financial instability
Balances sectoriales
Marco macroeconómico
Superávit público
Deuda privada
Inestabilidad financiera
53 Ciencias Económicas
title_short An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral Balances: Questioning the Current Fiscal Rules
title_full An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral Balances: Questioning the Current Fiscal Rules
title_fullStr An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral Balances: Questioning the Current Fiscal Rules
title_full_unstemmed An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral Balances: Questioning the Current Fiscal Rules
title_sort An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral Balances: Questioning the Current Fiscal Rules
dc.creator.none.fl_str_mv Garzón Espinosa, Eduardo
Medialdea García, Bibiana
Cruz Hidalgo, Esteban
Sánchez Mato, Carlos
author Garzón Espinosa, Eduardo
author_facet Garzón Espinosa, Eduardo
Medialdea García, Bibiana
Cruz Hidalgo, Esteban
Sánchez Mato, Carlos
author_role author
author2 Medialdea García, Bibiana
Cruz Hidalgo, Esteban
Sánchez Mato, Carlos
author2_role author
author
author
dc.contributor.none.fl_str_mv
dc.subject.none.fl_str_mv Sectoral balances
Macroeconomic framework
Public surplus
Private debt
Financial instability
Balances sectoriales
Marco macroeconómico
Superávit público
Deuda privada
Inestabilidad financiera
53 Ciencias Económicas
topic Sectoral balances
Macroeconomic framework
Public surplus
Private debt
Financial instability
Balances sectoriales
Marco macroeconómico
Superávit público
Deuda privada
Inestabilidad financiera
53 Ciencias Económicas
description The simultaneous recording of public surplus with current account deficit in a national economy could be related to strong private leverage that usually ends in financial crisis, what would make the public surplus unsustainable. The objective of this work is to check the extent to which this claim is bolstered by empirical support. The results reveal that, in effect, the concurrence of public surpluses and current account deficits is associated with private leverage processes and financial crises. These outcomes question the design of the current fiscal rules since they don’t pay attention to the current account balance.
publishDate 2023
dc.date.none.fl_str_mv 2023
2023-01-01
2023
2023-01-01
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://hdl.handle.net/10272/22317
url https://hdl.handle.net/10272/22317
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Atribución-NoComercial-SinDerivadas 3.0 España
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Atribución-NoComercial-SinDerivadas 3.0 España
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidad de Huelva
publisher.none.fl_str_mv Universidad de Huelva
dc.source.none.fl_str_mv reponame:Arias Montano. Repositorio Institucional de la Universidad de Huelva
instname:Universidad de Huelva (UHU)
instname_str Universidad de Huelva (UHU)
reponame_str Arias Montano. Repositorio Institucional de la Universidad de Huelva
collection Arias Montano. Repositorio Institucional de la Universidad de Huelva
repository.name.fl_str_mv
repository.mail.fl_str_mv
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