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http://bura.brunel.ac.uk/handle/2438/32529Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Caporale, GM | - |
| dc.contributor.author | Martin-Valmayor, MA | - |
| dc.contributor.author | Gil-Alana, LA | - |
| dc.contributor.author | Carmona-Gonzales, N | - |
| dc.date.accessioned | 2025-12-19T12:03:09Z | - |
| dc.date.available | 2025-12-19T12:03:09Z | - |
| dc.date.issued | 2026-01-04 | - |
| dc.identifier | ORCiD: Guglielmo Maria Caporale https://orcid.org/0000-0002-0144-4135 | - |
| dc.identifier | ORCiD: Miguel A. Martin-Valmayor https://orcid.org/0000-0003-4522-9960 | - |
| dc.identifier | ORCiD: Luis A. Gil-Alana https://orcid.org/0000-0002-5760-3123 | - |
| dc.identifier | ORCiD: Nieves Carmona-González https://orcid.org/0000-0002-3706-6498 | - |
| dc.identifier | Article number: 2608468 | - |
| dc.identifier.citation | Caporale, G.M. et al. (2025) 'Sovereign debt sustainability: some evidence for the US and Europe', Journal of Applied Economics, 29 (1), 2608468, pp. 1 - 20. doi:10.1080/15140326.2025.2608468. | en_US |
| dc.identifier.issn | 1514-0326 | - |
| dc.identifier.uri | https://bura.brunel.ac.uk/handle/2438/32529 | - |
| dc.description | Data availability statement: The data that support the findings of this study are available upon reasonable request. | en_US |
| dc.description.abstract | This paper examines the sustainability of sovereign debt and its components by applying fractional integration methods to annual data starting in 1831 for the UK and the US, in 1862 for Italy and in 1881 for France and Germany, and ending in all cases in 2022. The results suggest in all cases I(d) behaviour of the differential between interest payments and primary deficits, but with different speeds of adjustment towards the long-run equilibrium. By contrast, since 1950 all estimates of the fractional differencing parameter are all within the same interval (0.5 < d < 1), implying slower dynamic adjustment. This sustainability finding is confirmed by further tests based on the budget constraint as a whole, which, especially in the post-WWII period, suggest relatively low persistence. | en_US |
| dc.description.sponsorship | Prof. Luis A. Gil-Alana gratefully acknowledges financial support from the project from ‘Ministerio de Ciencia, Innovación y Universidades`Agencia Estatal de Investigación' (AEI) Spain and `Fondo Europeo de Desarrollo Regional' (FEDER), Grant D2023-149516NB-I00 funded by MCIN/AEI/10.13039/501100011033. Prof. Luis A. Gil-Alana and prof. Miguel A. Martin-Valmayor also acknowledges support from an internal Project of the Universidad Francisco de Vitoria, Grand UFV 2025-28. | en_US |
| dc.format.extent | 1 - 20 | - |
| dc.format.medium | Print-Electronic | - |
| dc.language.iso | en | en_US |
| dc.publisher | Routledge (Taylor and Francis Group) | en_US |
| dc.rights | Creative Commons Attribution-NonCommercial 4.0 International | - |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc/4.0/ | - |
| dc.subject | fractional integration | en_US |
| dc.subject | mean reversion | en_US |
| dc.subject | persistence | en_US |
| dc.subject | debt sustainability | en_US |
| dc.subject | E52 | en_US |
| dc.subject | C32 | en_US |
| dc.title | Sovereign debt sustainability: some evidence for the US and Europe | en_US |
| dc.type | Article | en_US |
| dc.date.dateAccepted | 2025-12-18 | - |
| dc.identifier.doi | https://doi.org/10.1080/15140326.2025.2608468 | - |
| dc.relation.isPartOf | Journal of Applied Economics | - |
| pubs.issue | 1 | - |
| pubs.publication-status | Published | - |
| pubs.volume | 29 | - |
| dc.identifier.eissn | 1667-6726 | - |
| dc.rights.license | https://creativecommons.org/licenses/by-nc/4.0/legalcode.en | - |
| dcterms.dateAccepted | 2025-12-18 | - |
| dc.rights.holder | The Author(s) | - |
| dc.contributor.orcid | Caporale, Guglielmo Maria [0000-0002-0144-4135] | - |
| dc.contributor.orcid | Martin-Valmayor, Miguel A. [0000-0002-0144-4135] | - |
| dc.contributor.orcid | Gil-Alana, Luis A. [0000-0002-5760-3123] | - |
| dc.contributor.orcid | Carmona-González, Nieves [0000-0002-3706-6498] | - |
| Appears in Collections: | Dept of Economics and Finance Research Papers | |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| FullText.pdf | Copyright © 2026 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial License (https://creativecommons.org/licenses/by-nc/4.0/), which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent. | 3.66 MB | Adobe PDF | View/Open |
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