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Government spending and revenues in Sweden 1722–2011: evidence from hidden cointegration
Högskolan Kristianstad, Sektionen för hälsa och samhälle, Avdelningen för Ekonomi och arbetsliv.ORCID-id: 0000-0003-0447-9349
2018 (engelsk)Inngår i: Empirica, ISSN 0340-8744, E-ISSN 1573-6911, Vol. 45, nr 3, s. 543-557Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

This study examines the long-run causal relationship between government revenues and spending of the Swedish economy over the period 1722–2011. The results based on hidden cointegration technique and a modified version of the Granger non-causality test, show that there exists a long-run and asymmetric relationship between government spending and government revenues. Our estimation results can be summarized into three main empirical findings. First, the government follows a hard budget constraint and soft budget constraint strategies in the case of negative and positive shocks, respectively. Second, negative shocks to the fiscal budget are removed fairly quickly compared to positive shocks. Third, bi-directional causality between revenues and expenditures offers support in favor of the fiscal synchronization hypothesis. The policy implication is that budget deficit’s reduction could be achieved through government spending cut, accompanied by contemporaneous tax controls.

sted, utgiver, år, opplag, sider
2018. Vol. 45, nr 3, s. 543-557
Emneord [en]
Government spending Government revenue Hidden cointegration Fiscal policy Asymmetry
HSV kategori
Identifikatorer
URN: urn:nbn:se:hkr:diva-16723DOI: 10.1007/s10663-017-9375-5ISI: 000438433600005OAI: oai:DiVA.org:hkr-16723DiVA, id: diva2:1094816
Tilgjengelig fra: 2017-05-11 Laget: 2017-05-11 Sist oppdatert: 2018-12-17bibliografisk kontrollert

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