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Synchronization and cyclicality of social spending in economic crises

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 wi...

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Autores principales: Ayala-Cañón, Luis, Delgado-Rodríguez, María Jesús, De Lucas-Santos, Sonia
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer US 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9362061/
https://www.ncbi.nlm.nih.gov/pubmed/35968261
http://dx.doi.org/10.1007/s10663-022-09545-w
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author Ayala-Cañón, Luis
Delgado-Rodríguez, María Jesús
De Lucas-Santos, Sonia
author_facet Ayala-Cañón, Luis
Delgado-Rodríguez, María Jesús
De Lucas-Santos, Sonia
author_sort Ayala-Cañón, Luis
collection PubMed
description 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.
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spelling pubmed-93620612022-08-10 Synchronization and cyclicality of social spending in economic crises Ayala-Cañón, Luis Delgado-Rodríguez, María Jesús De Lucas-Santos, Sonia Empirica (Dordr) Original Paper 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. Springer US 2022-08-06 2022 /pmc/articles/PMC9362061/ /pubmed/35968261 http://dx.doi.org/10.1007/s10663-022-09545-w Text en © The Author(s) 2022 https://creativecommons.org/licenses/by/4.0/Open AccessThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) .
spellingShingle Original Paper
Ayala-Cañón, Luis
Delgado-Rodríguez, María Jesús
De Lucas-Santos, Sonia
Synchronization and cyclicality of social spending in economic crises
title Synchronization and cyclicality of social spending in economic crises
title_full Synchronization and cyclicality of social spending in economic crises
title_fullStr Synchronization and cyclicality of social spending in economic crises
title_full_unstemmed Synchronization and cyclicality of social spending in economic crises
title_short Synchronization and cyclicality of social spending in economic crises
title_sort synchronization and cyclicality of social spending in economic crises
topic Original Paper
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9362061/
https://www.ncbi.nlm.nih.gov/pubmed/35968261
http://dx.doi.org/10.1007/s10663-022-09545-w
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