Heterogeneity of fiscal adjustments in EU economies in the pre- and post-crisis periods: common correlated effects approach

In this study, the effect of real exchange rate on bilateral trade balance between Turkey and its 25 main trade partners is investigated for the period of 1996 - 2015 with heterogeneous panel data techniques. Trade balance model is estimated by using Mean Group (MG) estimator, which allows parameter heterogeneity, Common Correlated Effects Mean Group (CCEMG), and Augmented Mean Group (AMG) estimators, which both allow cross-section dependency and heterogeneity. Results indicate that the real exchange rate elasticity of the trade balance ranges between -0.40 and -0.45 and Marshall-Lerner (ML) condition is valid for Turkey. According to the results, the foreign income elasticity of trade balance ranges between 1.54 and 2.84, while for domestic income elasticity, it is found between -0.75 and -1.38. Country-specific results show that ML condition is valid for the USA, Belgium, Spain, Switzerland, Romania, and Russia at the bilateral level according to both CCEMG and AMG estimators.

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Orçamento público, ajuste fiscal e administração consensual

Revista de Direito da Administração Pública ◽

10.47096/redap.v1i1.26 ◽

2016 ◽

Vol 1 (1) ◽

Author(s):

Jessé Torres Pereira Junior ◽

Thaís Boia Marçal

Keyword(s):

Public Administration ◽

Fundamental Rights ◽

Public Budget ◽

Fiscal Responsibility ◽

Fiscal Adjustment ◽

Fiscal Adjustments ◽

The Right

ORÇAMENTO PÚBLICO, AJUSTE FISCAL E ADMINISTRAÇÃO CONSENSUAL Resumo: O estado pós-moderno compromete-se a efetivar os direitos fundamentais que a Constituição assegura aos cidadãos, sem exclusão, entre eles o direito à boa administração pública. É instrumento de conformação desta, no direito público contemporâneo brasileiro, a Lei de Responsabilidade Fiscal, cuja edição completa 15 anos e em face da qual se promovem ajustes conciliadores das leis orçamentárias com a realidade socioeconômica em permanente mutação. Ajustes que devem resultar do diálogo entre as instituições representativas da sociedade, de sorte a conduzir a escolhas que serão tanto mais eficientes quanto pautadas na consensualidade.Palavras-chaves: Orçamento público. Ajuste fiscal. Administração pública dialógica. Lei de Responsabilidade Fiscal.PUBLIC BUDGET, FISCAL ADJUSTMENT AND CONSENSUAL ADMINISTRATIONAbstract: The postmodern state is guided to achieve fundamental rights, including the right for a good public administration. In such purpose, and to enable respect for fiscal responsibility law, it is imperative to carry out fiscal adjustments that allow the adequacy of budget laws to contemporaneous not stable socioeconomic contexts. These adjustments ought to be based on dialogue among institutions, in order to improve efficient choices grounded on consensualism.Keywords: Public budget. Fiscal adjustment. Dialogic public administration. Fiscal responsibility law.Data da submissão: 26/03/2016 Data da aprovação: 06/04/2016

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