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Uk Debt Sustainability: Some Nonlinear Evidence And Theoretical Implications

机译:英国债务的可持续性:一些非线性证据和理论意义

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摘要

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.
机译:在本文中,我们评估了1919-2001年间英国公共财政是否可持续。使用债务-GDP比率的非线性表示法对可持续性进行了强有力的测试。经验证据支持债务可持续性。而且,指数平滑过渡自回归表示法证明了可持续性是主动债务管理而不是税收平滑的结果。结果强烈支持英国积极的债务管理假设。

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