An inquiry into the sustainability of German fiscal policy: Some time-series tests

Greiner A, Semmler W (1999)
PUBLIC FINANCE REVIEW 27(2): 220-236.

Journal Article | Published | English

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Abstract
Sustainability of public debt has become a major issue in the debate over the success of the European Monetary Union. The authors pursue the question of whether Germany's fiscal policy is sustainable. With sustainability of a given fiscal policy, the authors refer to a policy that satisfies the intertemporal budget constaint of the government, known as the no-Ponzi game condition. Although this question has been econometrically studied for the United Stares in many studies, it has not yet been pursued with German time-series data. Using annual data from 1955 to 1994, the results seem to indicate that the intertemporal budget constraint for Germany is not met. In particular; the deficits in the period after 1989 appear to have contributed to that trend. Although the question of whether the latter increase in debt will have a lasting effect is still an important issue, the methodology proposed here may be useful for studying other countries. The authors also briefly discuss the macroeconomic effects of adjustment policies.
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Greiner A, Semmler W. An inquiry into the sustainability of German fiscal policy: Some time-series tests. PUBLIC FINANCE REVIEW. 1999;27(2):220-236.
Greiner, A., & Semmler, W. (1999). An inquiry into the sustainability of German fiscal policy: Some time-series tests. PUBLIC FINANCE REVIEW, 27(2), 220-236.
Greiner, A., and Semmler, W. (1999). An inquiry into the sustainability of German fiscal policy: Some time-series tests. PUBLIC FINANCE REVIEW 27, 220-236.
Greiner, A., & Semmler, W., 1999. An inquiry into the sustainability of German fiscal policy: Some time-series tests. PUBLIC FINANCE REVIEW, 27(2), p 220-236.
A. Greiner and W. Semmler, “An inquiry into the sustainability of German fiscal policy: Some time-series tests”, PUBLIC FINANCE REVIEW, vol. 27, 1999, pp. 220-236.
Greiner, A., Semmler, W.: An inquiry into the sustainability of German fiscal policy: Some time-series tests. PUBLIC FINANCE REVIEW. 27, 220-236 (1999).
Greiner, Alfred, and Semmler, Willi. “An inquiry into the sustainability of German fiscal policy: Some time-series tests”. PUBLIC FINANCE REVIEW 27.2 (1999): 220-236.
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