A time-varying fiscal reaction function for Brazil

dc.contributorEscolas::EPGE
dc.contributorFGV
dc.creatorCampos, Eduardo Lima
dc.creatorCysne, Rubens Penha
dc.date.accessioned2018-09-06T12:37:51Z
dc.date.accessioned2019-05-22T13:34:46Z
dc.date.available2018-09-06T12:37:51Z
dc.date.available2019-05-22T13:34:46Z
dc.date.created2018-09-06T12:37:51Z
dc.date.issued2018-05-01
dc.identifier0104-8910
dc.identifierhttp://hdl.handle.net/10438/24712
dc.identifier.urihttp://repositorioslatinoamericanos.uchile.cl/handle/2250/2684088
dc.description.abstractThis paper evaluates the sustainability of public debt in Brazil using monthly data from January 2003 to June 2016, based on the estimation of fiscal reaction functions with time-varying coefficients. Three estimation methods are considered: Kalman filter, penalized spline smoothing and time-varying cointegration. Besides indicating that the reaction of the primary deficit to variations in the debt/GDP ratio declined over most of the period analyzed, all these methods lead to the conclusion that the Brazilian public debt, given the parameters then in force, reached an unsustainable trajectory in the last years of the sample.
dc.languageeng
dc.publisherEscola de Pós-Graduação em Economia da FGV
dc.relationEnsaios Econômicos;798
dc.subjectFiscal reaction
dc.subjectReaction Functions
dc.subjectPublic Debt
dc.subjectSustainability
dc.subjectFiscal reaction function
dc.subjectTime-varying coefficients
dc.subjectKalman filter
dc.subjectPenalized spline smoothing
dc.subjectReação fiscal
dc.subjectEconomia
dc.titleA time-varying fiscal reaction function for Brazil
dc.typeDocumentos de trabajo


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