Synchronization and cyclicality of social spending in economic crises

dc.contributor.authorAyala-Cañón, Luis
dc.contributor.authorDelgado-Rodríguez, María Jesús
dc.contributor.authorLucas-Santos, Sonia De
dc.date.accessioned2023-09-20T07:12:00Z
dc.date.available2023-09-20T07:12:00Z
dc.date.issued2022
dc.descriptionAcknowledgements Luis Ayala and María Jesús Delgado acknowledge financial support from Comunidad de Madrid (H2019/HUM-5793). Funding Open Access funding provided thanks to the CRUE-CSIC agreement with Springer Nature.es
dc.description.abstractThis 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 fnd that synchronization of social spending was only possible for advanced economies, achieving the highest countercyclical stabilization efect 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.es
dc.identifier.citationAyala-Cañón, L., Delgado-Rodríguez, M.J. & De Lucas-Santos, S. Synchronization and cyclicality of social spending in economic crises. Empirica 49, 1153–1187 (2022). https://doi.org/10.1007/s10663-022-09545-wes
dc.identifier.doi10.1007/s10663-022-09545-wes
dc.identifier.issn1573-6911
dc.identifier.urihttps://hdl.handle.net/10115/24391
dc.language.isoenges
dc.publisherSpringeres
dc.rightsAtribución 4.0 Internacional*
dc.rights.accessRightsinfo:eu-repo/semantics/openAccesses
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.subjectSocial spendinges
dc.subjectFactor modelses
dc.subjectBusiness cyclees
dc.subjectFiscal policyes
dc.titleSynchronization and cyclicality of social spending in economic criseses
dc.typeinfo:eu-repo/semantics/articlees

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