Empirical analysis of asymmetry phenomenon in the public debt structure of Sub-Saharan Africa's five biggest economies: A Markov-Switching model

The Journal of Economic Asymmetries - Tập 25 - Trang e00242 - 2022
Olumide Olusegun Olaoye1, P.A. Olomola2
1Department of Economics, Thomas Adewunmi University, Oko, Kwara State, Nigeria
2Department of Economics, Obafemi Awolowo University, Ile-Ife, Nigeria

Tài liệu tham khảo

Afonso, 2005, Fiscal Sustainability: The Unpleasant European Case, Public Finance Analysis, 61, 19, 10.1628/0015221053722532 Afonso, 2014, Fiscal sustainability: A panel assessment for advanced economies, Applied Economics Letters, 22, 925, 10.1080/13504851.2014.987913 Afonso, 2015, A longer-run perspective on fiscal sustainability, Empirica, 41, 10.1007/s10663-013-9240-0 Afonso, 2010 Akanbi, 2015, Sustainability of fiscal policy in an oil-rich economy: The case of Nigeria, African Journal of Economic and Management Studies, 6, 380, 10.1108/AJEMS-06-2013-0053 Aldama, 2017, Fiscal policy in the US: Sustainable after all?, Economic Modelling Alwagdani, 2014, The asymmetric effects of fiscal policy shocks on private consumption in Saudi Arabia, European Scientific Journal, 10, 1857 Amankwah, 2018, An empirical analysis of the sustainability of public debt in Ghana, Theoretical Economics Letters, 8, 2038, 10.4236/tel.2018.811133 Bai, 2003, Computation and analysis of multiple structural change model, Journal of Applied Econometrics, 18, 1, 10.1002/jae.659 Basher, 2008, Panel cointegration and the monetary exchange rate model, Economic Modelling, 26, 506, 10.1016/j.econmod.2008.10.006 Beqiraj, 2018, Public debt sustainability: An empirical study on OECD countries, Journal of Macroeconomics, 58, 238, 10.1016/j.jmacro.2018.10.002 Bohn, 1998, The behavior of US public debt and deficits, Quarterly Journal of Economics, 113, 949, 10.1162/003355398555793 Bohn, H. (2005). The sustainability of fiscal policy in the United States, CESIFO Working PaperNo.1446. www.cesifogroup.de/portal/page/portal/DocBase_Content/WP/WPCESifo_Working_Papers/wp-cesifo-2005/wp-cesifo-2005-04/cesifo1_wp1446.pdf. Bohn, 2007, Are stationarity and cointegration restrictions really necessary for the intertemporal budget constraint?, Journal of Monetary Economics, 54, 1837, 10.1016/j.jmoneco.2006.12.012 Bohn, 2008, The sustainability of fiscal policy in the United States Brady, 2017, Sustainability of Italian budgetary policies: A time series analysis (1862-2013), European Journal of Government and Economics, 62, 106 Brady, 2017, The sustainability of Italian public debt and deficit, International Advances in Economic Research, 23, 9, 10.1007/s11294-016-9623-7 Brady, 2018, Government debt in EMU countries, The Journal of Economic Asymmetries, e00096, 10.1016/j.jeca.2018.e00096 Brady, 2019, Government Expenditures and Revenues in Italy in a Long-run Perspective, Journal of Quantitative Economics, 17, 361, 10.1007/s40953-019-00157-z Buiter, 1992, Debt, deficits, and inflation: An application to the public finances of India, Journal of Public Economics, 47, 171, 10.1016/0047-2727(92)90047-J Burger, 2015, Twenty-year review of South African fiscal policy: A tale of two sustainabilities, Development Southern Africa, 32, 639, 10.1080/0376835X.2015.1063989 Burger Burger, 2011 Calderón, 2016, The cyclical nature of fiscal policy in sub-Saharan Africa, Journal of African Economies, 25, 548, 10.1093/jae/ejw007 Camarero, 2014, The relationship between debt level and fiscal sustainability in organisation for economic cooperation and development countries, Economic Inquiry, 53, 10.1111/ecin.12126 Chandia, 2013, An analysis of debt sustainability in the economy of Pakistan, Procedia Economics and Finance, 5, 133, 10.1016/S2212-5671(13)00019-1 Checherita-Westphal, 2017, Fiscal reaction function and fiscal fatigue: Evidence for the euro area, European Central Bank Working Paper Series Chen, 2014, Testing for fiscal sustainability: New evidence from the G-7 and some European countries, Economic Modelling, 37, 1, 10.1016/j.econmod.2013.10.024 Chen, 2018, Is there a bubble component in government debt? New international evidence, International Review of Economics & Finance, 58, 467, 10.1016/j.iref.2018.05.005 Combes, 2017, Is fiscal policy always counter- (pro-) cyclical? The role of public debt and fiscal rules, Economic Modelling, 10.1016/j.econmod.2017.05.017 Dumitrescu, 2014, The public debt in Romania-factors of influence, scenarios for the future and a sustainability analysis considering both a finite and infinite time horizon, Procedia Economics and Finance, 8, 283, 10.1016/S2212-5671(14)00092-6 Eller, 2012 Enders, 1998, Unit-roots tests and asymmetric adjustment with an example using the term structure of interest rates, Journal of Business & Economic Statistics, 16, 304 Enders, 2001, Cointegration and threshold adjustment, Journal of Business & Economic Statistics, 19, 166, 10.1198/073500101316970395 Erasmo, 2016, What is a sustainable public debt?, Handbook of Macroeconomics, 2494 Galor, 2000, Population, technology, and growth: From malthusian stagnation to the demographic transition and beyond, The American Economic Review, 90, 806, 10.1257/aer.90.4.806 Georgescu, 2014, Public debt, sovereign risk and sustainable development of Romania, Procedia Economics and Finance, 8, 353, 10.1016/S2212-5671(14)00101-4 Granger, 2002 Guidolin, 2011 Hamilton, 1989, A new approach to the economic analysis of nonstationary time series and the business cycle, Econometrica, 57, 357, 10.2307/1912559 Hamilton, 1986, On the limitations of government borrowing: A framework for empirical testing, The American Economic Review, 76, 808 Hansen, 2000, Sample splitting and threshold estimation, Econometrica, 68, 575, 10.1111/1468-0262.00124 Hatemi-J, 2012, Asymmetric causality tests with an application, Empirical Economics, 43, 447, 10.1007/s00181-011-0484-x Hung, 2010, Asymmetric information, Government Fiscal Policies, and Financial Development. Economic Development Quarterly, 24, 60 IMF, 2019 International Debt Statistics, 2019 Kim, 1994, Dynamic linear models with Markov-switching, Journal of Econometrics, 60, 1, 10.1016/0304-4076(94)90036-1 Krajewski, 2016, Fiscal Sustainability in Central and Eastern European Countries - A Post-Crisis Assessment, Prague Economic Papers, 2016, 175, 10.18267/j.pep.553 Larsen, 2016, Nonlinearity in the efficacy of foreign aid and evidence of poverty traps, The Journal of Developing Areas, 50, 70, 10.1353/jda.2016.0114 Mackiewicz, 2021, The sustainability of fiscal policy in southern African countries—a comparative empirical perspective, International Journal of Emerging Markets Magazzino, 2019, A panel data analysis of the fiscal sustainability of G-7 countries, The Journal of Economic Asymmetries, 20, e00127, 10.1016/j.jeca.2019.e00127 Mendoza, 2008, International evidence on fiscal solvency: Is fiscal policy responsible, Journal of Monetary Economics, 55, 1081, 10.1016/j.jmoneco.2008.06.003 Mercinger, 2017, Asymmetric effects of fiscal policy in EU and OECD countries, Economic Modelling Miyazaki, 2017, The sustainability of Japan's government debt: A review, Theoretical Economics Letters, 7, 1632, 10.4236/tel.2017.76110 Naraidoo, 2015, Debt sustainability and financial crises in South Africa, Emerging Markets Finance and Trade, 51, 224, 10.1080/1540496X.2015.1011534 Neaime, 2010, Sustainability of mena public debt and the macroeconomic implications of the recent global financial crisis, Middle East Development Journal, 2, 177, 10.1142/S1793812010000228 Neaime, 2015, Twin deficits and the sustainability of public debt and exchange rate policies in Lebanon, Research in International Business and Finance, 33, 127, 10.1016/j.ribaf.2014.09.004 Neaime, 2015, Sustainability of budget deficits and public debts in selected European Union countries, The Journal of Economic Asymmetries, 12, 1, 10.1016/j.jeca.2014.10.002 Neaime, 2017, Sustainability of macroeconomic policies in selected MENA countries: Post financial and debt crises, Research in International Business and Finance, 10.1016/j.ribaf.2017.01.001 Neaime, 2018, The eurozone debt crisis: A structural VAR approach, Research in International Business and Finance, 43, 22, 10.1016/j.ribaf.2017.08.002 Neck, 2008 Nelson, 1982, Trends and random walks in macroeconomic time series: Some evidence and implications, Journal of Monetary Economics, 10, 139, 10.1016/0304-3932(82)90012-5 Olaoye, 2021, An empirical analysis of government interventions: Evidence from dynamic panel threshold, International Journal of Emerging Markets, 10.1108/IJOEM-08-2020-0979 Olaoye, 2020, Government spending and economic growth in ECOWAS: An asymmetric analysis, The Journal of Economic Asymmetries, 10.1016/j.jeca.2020.e00180 Oros, 2015, Uncertainty and fiscal policy in a monetary union: Why does monetary policy transmission matter?, Journal of Economic Modelling, 50, 1 Payne, 1997, International evidence on the sustainability of budget deficits, Applied Economics Letters, 4, 775, 10.1080/758528726 Perron, 1989, The great crash, the oil price shock, and the unit root hypothesis, Econometrica, 57, 1361, 10.2307/1913712 Perron, 1997, Further evidence on breaking trend functions in macroeconomic variable, Journal of Econometrics, 80, 355, 10.1016/S0304-4076(97)00049-3 Quandt, 1972, A new approach to estimating switching regressions, Journal of the American Statistical Association, 67, 306, 10.1080/01621459.1972.10482378 Quintos, 1995, Sustainability of the deficit process with structural shifts, Journal of Business & Economic Statistics, 13, 409 Teräsvirta, 1994, Specification, estimation, and evaluation of smooth transition autoregressive models, Journal of the American Statistical Association, 89, 208 Tran, 2018, Debt threshold for fiscal sustainability assessment in emerging economies, Journal of Policy Modelling, 10.1016/j.jpolmod.2018.01.011 Trehan, 1988, Common trends, the government's budget constraint, and revenue smoothing, Journal of Economic Dynamics and Control, 12, 425, 10.1016/0165-1889(88)90048-6 William, 2019, Investigating fiscal and monetary policies coordination and public debt in Kenya: Evidence from regime-switching and self-exciting threshold autoregressive models, Economics World Bank, 2018, Vol. 18 Zivot, 1992, Further evidence on the great crash, the oil price shock, and the unit root hypothesis, Journal of Business & Economic Statistics, 10, 251