An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral Balances: Questioning the Current Fiscal Rules

• Eduardo Garzón Espinosa ^[1] ; Esteban Cruz Hidalgo ^[2] ; Bibiana Medialdea García ^[1] ; Carlos Sánchez Mato ^[1]
  1. [1] Universidad Complutense de Madrid

     Universidad Complutense de Madrid

     Madrid, España

     
  2. [2] Universidad de Extremadura

     Universidad de Extremadura

     Badajoz, España

     
• Localización: Revista de economía mundial, ISSN 1576-0162, Nº 63, 2023, págs. 67-96
• Idioma: inglés
• DOI: 10.33776/rem.vi63.7094
• Títulos paralelos:
  • Un estudio empírico internacional sobre el superávit fiscal desde la perspectiva de los equilibrios sectoriales: cuestionando las reglas fiscales vigentes
• Enlaces
  • Texto completo
• Resumen
  • español

    El registro simultáneo de superávit público y déficit por cuenta corriente en una economía nacional podría estar relacionado con un fuerte apalancamiento privado que suele terminar en crisis financiera, lo que haría insostenible el superávit público. El objetivo de este trabajo es comprobar en qué medida esta afirmación está respaldada empíricamente. Los resultados revelan que, en efecto, la concurrencia de superávits públicos y déficits por cuenta corriente está asociada a procesos de apalancamiento privado y crisis financieras.

    Estos resultados cuestionan el diseño de las reglas fiscales vigentes ya que no prestan atención al saldo de la cuenta corriente.

  • English

    The simultaneous recording of public surplus with current account deficit in a national economy could be related to strong private leverage that usually ends in financial crisis, what would make the public surplus unsustainable. The objective of this work is to check the extent to which this claim is bolstered by empirical support. The results reveal that, in effect, the concurrence of public surpluses and current account deficits is associated with private leverage processes and financial crises. These outcomes question the design of the current fiscal rules since they don’t pay attention to the current account balance.

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