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- Title
UK DEBT SUSTAINABILITY: SOME NONLINEAR EVIDENCE AND THEORETICAL IMPLICATIONS.
- Authors
CONSIDINE, JOHN; GALLAGHER, LIAM A.
- Abstract
In this paper we assess whether the UK public finances were sustainable for the period 1919–2001. A robust test of sustainability is presented using a nonlinear representation of the debt–GDP ratio. Empirical evidence supports debt sustainability. Moreover, the exponential smooth transition autoregressive representation is evidence that sustainability is the result of active debt management rather than tax smoothing. The results strongly support the active debt management hypothesis for the UK.
- Subjects
UNITED Kingdom; PUBLIC debts; CORPORATE debt financing; DEBT exchanges; PUBLIC finance; FINANCIAL disclosure; PUBLIC investments; TAXATION; DEBT management; FINANCIAL management
- Publication
Manchester School (1463-6786), 2008, Vol 76, Issue 3, p320
- ISSN
1463-6786
- Publication type
Article
- DOI
10.1111/j.1467-9957.2008.01062.x