Refinements to the probabilistic approach to fiscal sustainability analysis:

"This paper relaxes some key assumptions in the probabilistic approach to fiscal sustainability. First, the authors identify structural breaks over the sample period used to estimate the covariance matrix of the shocks to the debt ratios. Second, the assumption of normality of the shocks is dro...

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Bibliographische Detailangaben
1. Verfasser: Frank, Nathaniel (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: [Washington, D.C] World Bank 2008
Schriftenreihe:Policy research working paper 4709
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Zusammenfassung:"This paper relaxes some key assumptions in the probabilistic approach to fiscal sustainability. First, the authors identify structural breaks over the sample period used to estimate the covariance matrix of the shocks to the debt ratios. Second, the assumption of normality of the shocks is dropped by modeling their respective empirical distribution directly, which makes it possible to quantify asymetries and thick tails. Third, the use of fiscal reaction functions is avoided by focusing attention on debt-stabilizing balances. "--World Bank web site
Beschreibung:Includes bibliographical references. - Title from PDF file as viewed on 5/18/2009
Erscheinungsjahr in Vorlageform:[2008]
Weitere Ausgabe: Frank, Nathaniel: Refinements to the probabilistic approach to fiscal sustainability analysis
Beschreibung:1 Online-Ressource