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 Autónoma de Madrid
Repositorio:Biblos-e Archivo. Repositorio Institucional de la UAM
Idioma:inglés
OAI Identifier:oai:repositorio.uam.es:10486/718746
Acceso en línea:http://hdl.handle.net/10486/718746
https://dx.doi.org/10.33776/rem.vi63.7094
Access Level:acceso abierto
Palabra clave:Sectoral balances
Financial instability
Macroeconomic framework
Private debt
Public surplus
Economía
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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 balancesFinancial instabilityMacroeconomic frameworkPrivate debtPublic surplusEconomíaThe 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.El registro simultáneo de superávit público y déficit por cuenta corriente en una economía nacional podría estar relacionado con un fuerte apalancamiento privado que suele terminar en crisis financiera, lo que haría insostenible el superávit público. El objetivo de este trabajo es comprobar en qué medida esta afirmación está respaldada empíricamente. Los resultados revelan que, en efecto, la concurrencia de superávits públicos y déficits por cuenta corriente está asociada a procesos de apalancamiento privado y crisis financieras. Estos resultados cuestionan el diseño de las reglas fiscales vigentes ya que no prestan atención al saldo de la cuenta corrienteSociedad de Economía Mundial20232023-04-21research articlehttp://purl.org/coar/resource_type/c_2df8fbb1VoRhttp://purl.org/coar/version/c_970fb48d4fbd8a85info:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10486/718746https://dx.doi.org/10.33776/rem.vi63.7094reponame:Biblos-e Archivo. Repositorio Institucional de la UAMinstname:Universidad Autónoma de MadridInglésengopen accesshttp://purl.org/coar/access_right/c_abf2Attribution 4.0 Internationalhttp://creativecommons.org/licenses/by/4.0/info:eu-repo/semantics/openAccessoai:repositorio.uam.es:10486/7187462026-06-23T12:46:27Z
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
Financial instability
Macroeconomic framework
Private debt
Public surplus
Economía
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.subject.none.fl_str_mv Sectoral balances
Financial instability
Macroeconomic framework
Private debt
Public surplus
Economía
topic Sectoral balances
Financial instability
Macroeconomic framework
Private debt
Public surplus
Economía
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
2023-04-21
dc.type.none.fl_str_mv research article
http://purl.org/coar/resource_type/c_2df8fbb1
VoR
http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv http://hdl.handle.net/10486/718746
https://dx.doi.org/10.33776/rem.vi63.7094
url http://hdl.handle.net/10486/718746
https://dx.doi.org/10.33776/rem.vi63.7094
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
Attribution 4.0 International
http://creativecommons.org/licenses/by/4.0/
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
Attribution 4.0 International
http://creativecommons.org/licenses/by/4.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Sociedad de Economía Mundial
publisher.none.fl_str_mv Sociedad de Economía Mundial
dc.source.none.fl_str_mv reponame:Biblos-e Archivo. Repositorio Institucional de la UAM
instname:Universidad Autónoma de Madrid
instname_str Universidad Autónoma de Madrid
reponame_str Biblos-e Archivo. Repositorio Institucional de la UAM
collection Biblos-e Archivo. Repositorio Institucional de la UAM
repository.name.fl_str_mv
repository.mail.fl_str_mv
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