An International Empirical Study on the Fiscal Surplus from the Perspective of Sectoral BalancesQuestioning the Current Fiscal Rules

  1. Eduardo Garzón Espinosa 1
  2. Esteban Cruz Hidalgo 2
  3. Bibiana Medialdea García 1
  4. Carlos Sánchez Mato 1
  1. 1 Universidad Complutense de Madrid
    info

    Universidad Complutense de Madrid

    Madrid, España

    ROR 02p0gd045

  2. 2 Universidad de Extremadura
    info

    Universidad de Extremadura

    Badajoz, España

    ROR https://ror.org/0174shg90

Revista:
Revista de economía mundial

ISSN: 1576-0162

Año de publicación: 2023

Número: 63

Páginas: 67-96

Tipo: Artículo

DOI: 10.33776/REM.VI63.7094 DIALNET GOOGLE SCHOLAR lock_openArias Montano editor

Otras publicaciones en: Revista de economía mundial

Resumen

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.

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