Luis Ayala-Cañón, María Jesús Delgado-Rodríguez, Sonia De Lucas-Santos
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引用次数: 2
Abstract
This paper expands the analysis of the cyclical characteristics of social spending by providing information on its joint behaviour across OECD countries. With this aim we propose the use of dynamic factor analysis and recursive models to estimate synchronization and cyclicality of social policies within a broad perspective. By considering the synchronization of social spending it is possible to assess the short-run characteristics of the joint response to changes in the economic cycle. We find that synchronization of social spending was only possible for advanced economies, achieving the highest countercyclical stabilization effect during the Global Financial Crisis. Emerging market economies are not able to join the synchronized response, maintaining independent and, in most cases, procyclical stances in the behaviour of their social policies.
Supplementary information: The online version contains supplementary material available at 10.1007/s10663-022-09545-w.
期刊介绍：
Empirica is a peer-reviewed journal, which publishes original research of general interest to an international audience. Authors are invited to submit empirical papers in all areas of economics with a particular focus on European economies. Per January 2021, the editors also solicit descriptive papers on current or unexplored topics.
Founded in 1974, Empirica is the official journal of the Nationalökonomische Gesellschaft (Austrian Economic Association) and is published in cooperation with Austrian Institute of Economic Research (WIFO). The journal aims at a wide international audience and invites submissions from economists around the world.
Officially cited as: Empirica
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