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Stock-flow Adjustments and Fiscal Performance : = An Empirical Application to the European Union Member States.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Stock-flow Adjustments and Fiscal Performance :/
Reminder of title:	An Empirical Application to the European Union Member States.
Author:	Mendonca, Ana Sofia Ribeiro.
Description:	1 online resource (61 pages)
Notes:	Source: Masters Abstracts International, Volume: 84-01.
Contained By:	Masters Abstracts International84-01.
Subject:	Financial analysis. -
Online resource:	click for full text (PQDT)
ISBN:	9798835566105

Stock-flow Adjustments and Fiscal Performance : = An Empirical Application to the European Union Member States.
Mendonca, Ana Sofia Ribeiro.

Stock-flow Adjustments and Fiscal Performance :An Empirical Application to the European Union Member States. - 1 online resource (61 pages)

Source: Masters Abstracts International, Volume: 84-01.

Thesis (M.A.)--Universidade do Porto (Portugal), 2019.

Includes bibliographical references

Stock-flow adjustments (SFA) are an important factor that contribute to changes in government debt other than government budget deficit/surplus and for that reason they may have a persistent influence in explaining the sustainability of fiscal accounts. The existing literature argues that this aggregate can be used to hide a budgetary deficit (through different uses of creative accounting), and to improve, artificially, the fiscal performance of a country. The purpose of this work is to analyse the contents of these adjustments (which are somewhat heterogeneous), to understand its importance in explaining the trajectory of European public debts and to assess whether SFA are related to fiscal transparency and to fiscal rules, in the context of the European fiscal framework. For this, an empirical analysis was applied to the 28 European Union member states between 1996 and 2017, trying to demonstrate the importance of these aggregate in fiscal performance and to find determinants of the SFA and evidence of the relationship between SFA and fiscal transparency and fiscal rules. The main conclusions suggest that SFA tend to increase in periods of crisis and fiscal consolidations and that, all the rest equal, SFA are higher for countries bellowing to the EMU, which may be explained by the higher restrictions and commitment assumed by these countries. We also found evidence that level of expenditure, inflation, government party orientation and fiscal transparency level affect the aggregate. We found no evidence supporting the influence of economic and electoral cycle and the internal fiscal rules on SFA.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798835566105Subjects--Topical Terms:

1477670
Financial analysis.
Index Terms--Genre/Form:

554714
Electronic books.

Stock-flow Adjustments and Fiscal Performance : = An Empirical Application to the European Union Member States.
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500 $a Source: Masters Abstracts International, Volume: 84-01.
500 $a Advisor: Pinho, Maria Manuel.
502 $a Thesis (M.A.)--Universidade do Porto (Portugal), 2019.
504 $a Includes bibliographical references
520 $a Stock-flow adjustments (SFA) are an important factor that contribute to changes in government debt other than government budget deficit/surplus and for that reason they may have a persistent influence in explaining the sustainability of fiscal accounts. The existing literature argues that this aggregate can be used to hide a budgetary deficit (through different uses of creative accounting), and to improve, artificially, the fiscal performance of a country. The purpose of this work is to analyse the contents of these adjustments (which are somewhat heterogeneous), to understand its importance in explaining the trajectory of European public debts and to assess whether SFA are related to fiscal transparency and to fiscal rules, in the context of the European fiscal framework. For this, an empirical analysis was applied to the 28 European Union member states between 1996 and 2017, trying to demonstrate the importance of these aggregate in fiscal performance and to find determinants of the SFA and evidence of the relationship between SFA and fiscal transparency and fiscal rules. The main conclusions suggest that SFA tend to increase in periods of crisis and fiscal consolidations and that, all the rest equal, SFA are higher for countries bellowing to the EMU, which may be explained by the higher restrictions and commitment assumed by these countries. We also found evidence that level of expenditure, inflation, government party orientation and fiscal transparency level affect the aggregate. We found no evidence supporting the influence of economic and electoral cycle and the internal fiscal rules on SFA.
520 $a Para alem do saldo orcamental, os ajustamentos defice-divida (SFA) sao um fator importante que contribui para as variacoes da divida publica e, por esta razao, estes ajustamentos podem ter uma influencia persistente na explicacao da sustentabilidade das contas publicas. A literatura existente defende que este agregado pode ser utilizado para ocultar a ocorrencia de um defice orcamental (atraves de diferentes formas de contabilidade criativa) e para melhorar, artificialmente, o desempenho orcamental de um pais. O objetivo deste trabalho e analisar o conteudo destes ajustamentos, compreender a sua importancia na explicacao da trajetoria das dividas publicas europeias e avaliar se os SFA estao relacionados com a transparencia orcamental e com as regras orcamentais, no contexto do quadro orcamental europeu. Para isso, uma analise empirica foi aplicada aos 28 Estados membros da Uniao Europeia entre 1996 e 2017, de forma a demonstrar a importancia deste agregado no desempenho orcamental e a encontrar os determinantes dos SFA e evidencia de uma relacao empirica entre os ajustamentos defice-divida e a transparencia e regras orcamentais. As conclusoes sugerem que os SFA tendem a aumentar em periodos de crise ou de consolidacao orcamental e que, tudo o resto contante, os SFA sao superiores em paises que pertencem a UEM, o que pode ser explicado pelo maior numero de restricoes e compromissos orcamentais assumidos por estes paises. Para alem disso, resultados demonstram que o nivel de despesa publica, inflacao, orientacao politica do governo e nivel de transparencia orcamental influenciam este agregado. Por fim, nao foi encontrada evidencia empirica que suporte a teoria que ciclos economicos e eleitorais e as regras orcamentais internas afetem os SFA.
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650 4 $a Expenditures. $3 1465945
650 4 $a Government. $3 1466299
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650 4 $a History. $3 669538
650 4 $a Political science. $3 558774
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