Determinants of the degree of fiscal sustainability
研究了22个OECD发达国家1950-2019年间财政可持续性系数（如基本财政余额对债务比率的反应）的决定因素，发现产出缺口和债务比率水平影响财政反应，且财政收入对财政支出的反应与可持续性系数存在负向关系。
Abstract We assess the link between fiscal sustainability coefficients, namely the responses of the primary government balance and the global government balance to the debt‐to‐GDP ratio, and the response of government revenues to government expenditures. For 22 OECD developed countries we use annual data between 1950 and 2019. Other determinants of fiscal responses are also studied in the context of quantile regressions. We find that the output gap contributes to increasing fiscal sustainability by positively influencing the responsiveness of the primary and global government balances; and the responses of the primary and global government balances to the debt ratio and the response of government revenues to government expenditures depend on the level of the debt ratio. In addition, from the quantile analysis, the influence of the response of government revenues to government expenditures is negative and increasing over the deciles, confirming the existence of a negative cross‐relationship between the fiscal sustainability coefficients.