Euler testing Ricardo and Barro in the EU

According to Keynesian economics wisdom, government debt has an effect on the economy since consumers see government debt as net wealth. However, according to the debt neutrality hypothesis of Ricardo (1817), popularised by Barro (1974), such effects would be absent. This paper's results, obtained from Euler equation estimations using a panel data approach, indicate that it would be wise to reject the debt neutrality hypothesis for the EU and that higher government indebtedness could actually deter private consumption.

Sectoral Business Cycle Synchronization in the European Union

This paper analyses sectoral business cycle synchronization in an enlarged European Union using annual data for the period 1980-2005. In particular, we try to identify which sector for each country is driving the aggregate output business cycle synchronization. Overall, the sectors that provide the most relevant contribution are Industry, Building and Construction, and Agriculture, Fishery and Forestry. In contrast, the Services sector, the largest one in terms of valued added share, shows a relative low business cycle synchronization and volatility, contributing only marginally to the aggregate output business cycle synchronization.

Spend-and-tax: a panel data investigation for the EU

Using bootstrap panel analysis, allowing for cross-country correlation, without the need of pre-testing for unit roots, we study the causality between government spending and revenue for the EU in the period 1960-2006. We find spend-and-tax causality for Italy, France, Spain, Greece, and Portugal, while tax-and-spend evidence is present for Germany, Belgium, Austria Finland and the UK, and for several EU New Member States. Moreover, in the run-up to EMU there was some shifting away from a spend-and-tax strategy, implying adjustments of fiscal behaviour.panel causality, fiscal policy, EU

Bootstrap panel granger-causality between government budget and external deficits for the EU

We investigate the existence of Granger-causality between current account and government budget balances over the period 1970-2007, for different EU and OECD country groupings. We use a panel-data approach based on SUR systems and Wald tests with country specific bootstrap critical values. Our results show a causal relation from budget deficits to current account deficits for several EU countries: Bulgaria, Czech Republic, Estonia, Finland, France, Italy, Hungary, Lithuania, Poland, and Slovakia, along the lines of the so-called twin-deficit relationship. Considering the effective real exchange rate in the SUR system does not substantially alter the results.panel causality tests, budget deficit, external imbalance, real exchange rates

Expansionary fiscal consolidations in Europe: part of conventional wisdom?

In order to assess whether expansionary fiscal consolidations can be part of conventional wisdom, panel data models for private consumption are estimated for the EU15 countries, using annual data over the period 1970–2005. Three alternative approaches to determine fiscal episodes are used, and the level of government indebtedness is also taken into account. The results show some evidence in favour of the existence of expansionary fiscal consolidations, for a few budgetary spending items (general government final consumption, social transfers, and taxes), depending on the specification and on the time span used. On the other hand, the possibility of asymmetric effects of fiscal episodes does not seem to be corroborated by the resultsfiscal policy, expansionary fiscal consolidations, non-Keynesian effects, panel data models, European Union

Spend spend-and and-tax: a panel data investigation for the EU

Using bootstrap panel analysis, allowing for cross cross-country correlation, without the need of pre pre-testing for unit roots, we study the causality between government spending and revenue for the EU in the period 1960 1960-2006. We find spend spend-and and-tax causality for Italy, France, Spain, Greece, and Portugal, while tax tax-and and-spend evidence is present for Germany, Belgium, Austria Finland and the UK, and for several EU New Member States. Moreover, in the run run-up to EMU there was some shifting away from a spend spend-and and-tax strategy, implying adjustments of fiscal behaviour.fiscal sustainability, EU, causality tests

Should we care for structural breaks when assessing fiscal sustainability?

We apply recent panel cointegration methods to a structural equation between government expenditure and revenue. Allowing for multiple endogenous breaks and after computing appropriate bootstrap critical values, we conclude for fiscal sustainability in the overall EU15 panel.We apply recent panel cointegration methods to a structural equation between government expenditure and revenue. Allowing for multiple endogenous breaks and after computing appropriate bootstrap critical values, we conclude for fiscal sustainability in the overall EU15 panel.

Are Economic Growth and Sustainable Development Converging? Evidence from the Comparable Genuine Progress Indicator for Organisation for Economic Co-operation and Development Countries

Academic literature has reflected increasing concerns about the trade-off between preserving the environment and economic growth. To address these concerns, new measurements are needed to evaluate sustainable development, given the limitations of Gross Domestic Product (GDP) in quantifying welfare and sustainability. Genuine Progress Indicator (GPI) is one of those alternative measurements. This paper assesses sustainable development for 28 OECD countries by computing a comparable GPI. Two different approaches to economic growth and sustainable development are discussed. Results suggest that the richest countries are not always the most sustainable. Furthermore, the effect of the financial crisis is verified immediately in the GDP, in contrast to the lagged effect observed in the GPI. Additionally, measures that promote economic growth may not improve sustainability, and may even negatively affect it. Consequently, alternative indicators such as the CGPI can obtain more valuable information for policy-makers seeking to achieve both economic growth and sustainable development. Keywords: CGPI; sustainable development; economic growth JEL Classifications: Q01; Q51; Q56 DOI: https://doi.org/10.32479/ijeep.767

O simbolismo inconsciente de jovens atletas frente à figura do o técnico esportivo

Este trabalho teve no bojo de suas pretensões lançar alguma luz sobre a relação ao papel do técnico desportivo diante de seus atletas (âcomandadosâ). Na perspectiva psicanalítica, tem-se que o líder assume o lugar do ideal do/no indivíduo. O plano de análise, sob esta objetiva, consistiu no acompanhamento da dinâmica das relações desenvolvidas entre o técnico esportivo e seus comandados de uma equipe de canoagem â durante a fase de preparação para a temporada â conhecendo seu contexto histórico e sócio-econômico da referida equipe esportiva, onde verificou-se que a importância dos comportamentos afetivos por parte do treinador para com seus atletas e a percepção destes. Aponta-se para a necessidade de novas experiências similares, capazes de fomentar a qualidade das relações inter-pessoais, como forma de promoção do desenvolvimento humano. Palavras-chave: Psicologia do Esporte, Simbolismo Inconsciente, Psicanálise. ABSTRACT This work had in the bulge of its pretensions to ahead launch some light on the relation to the paper of the porting technician of its athlete (âcommandedâ). In the psicanalítica perspective, it is had that the leader assumes the place of the ideal of the/in individual. The analysis plan, under this objective, consisted of the accompaniment of the dynamics of the relations developed between the sportive technician and its commanded of a canoeing team - during the phase of preparation for the season - knowing its historical and partner-economic context of the related sportive team, where it was verified that the importance of the affective behaviors on the part of the trainer stops with its athletes and the perception of these. It is pointed with respect to the necessity of new experiences similar, capable to foment the quality of the interpersonal relations, as form of promotion of the human development. Key-words: Sport Psychology, Inconscient Simbolism, Psychanalysis.</div

Linfangioleiomiomatose: A propósito de um caso clínico

Resumo: A linfangioleiomiomatose (LAM) é uma doença rara, de etiologia não esclarecida, que afecta mulheres, principalmente em idade reprodutiva. à caracterizada pela proliferação não neoplásica de células musculares lisas que ao longo do tempo podem obstruir as vias aéreas, vasos sanguíneos e linfáticos.Os AA descrevem um caso de LAM e a sua evolução ao longo de nove anos. Este caso clínico apresenta algumas particularidades, nomeadamente o agravamento de hemoptises no contexto de uma gravidez e a evolução sem tosse nem episódios de pneumotórax. A terapêutica hormonal não pareceu influenciar as hemoptises nem a deterioração gradual da função pulmonar. Os autores procedem a uma revisão da literatura a propósito deste caso clínico.Rev Port Pneumol 2005; XI (6): 573-585 Abstract: Lymphangioleiomyomatosis (LAM) is a rare disease of unknown etiology affecting woman, primarily in their reproductive years. It is characterized by non-neoplasic proliferation of atypical smooth muscle cells that may lead to airway, lymphatic and blood vessel obstruction over time.A nine-year followed-up case of LAM is described, which presents with some unusual details as worsening haemoptysis in the setting of pregnancy and absence of cough or pneumothorax along the course of the disease. Neither haemoptysis nor gradual pulmonary function deterioration seemed to be influenced by hormone therapy. A brief review of the disease is then presented.Rev Port Pneumol 2005; XI (6): 573-585 Palavras-chave: Linfangioleiomiomatose, hemoptises, gravidez, Key-words: Lymphangioleiomyomatosis, haemoptysis, pregnanc