ECB paper scrutinises sustainability of OECD public finances

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A European Central Bank (ECB) working paper, published on August 28, reveals a lack of sustainability between government revenues and expenditure in many OECD countries between 1970 and 2010.

The authors, António Afonso and Joao Tovar Jalles, find that in half of the 18 OECD members they study, government expenditures exhibited a higher growth rate than government revenues over the period.

The paper finds causality between revenue and expenditure; suggesting stronger effects run from revenues to

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