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Type: Journal Articles Authors: Andrew Sentance, Stephen Hall and John O'Sullivan ISSN: Print: 0143-5671 Online: 1475-5890
Published in: Fiscal Studies, Vol. 19, No. 1, February 1998
Volume, issue, pages: Vol. 19, No. 1, pp. 63-81
JEL classification: C53, E62, H62.
In this paper, we present a new model of UK public finances which aims to shed light on recent problems of forecasting the PSBR. The main elements of public spending are treated as endogenous variables which rise in line with GDP over the medium term. Also, the cyclical response of public borrowing to rises in the level of economic activity is more muted when growth is export-led than when it is consumer-led. These two features go a long way towards explaining the rapid deterioration of public finances in the early 1990s and the slow pace of improvement since 1993. Search |
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