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Sources of convergence in the European Union: the case of Portugal

Pontes, José Pedro - ISEG - School of Economics and Management, Department … - 2001

The paper surveys the main trends of per capita income convergence in the European Union. It stresses that income … disparities have ceased to diminish across the European regions since 1980, although convergence between countries has continued … behind income convergence are analized by means of the decomposition of per capita income in labor productivity and …

Persistent link: https://www.econbiz.de/10005463756

Regional Convergence in Portugal in the context of the European Union

Pontes, José Pedro - ISEG - School of Economics and Management, Department … - 2000

Main trends of per capita income convergence in Portugal and the European Union are surveyed. An explanation is given … to the fact that in the last two decades countries have converged, while no visible convergence has taken place among the … distribution of the stock of existing firms in the European Union is fixed, it is assumed that the degree of convergence follows …

Persistent link: https://www.econbiz.de/10005463763

Comparing Macroeconomic Returns on human and Public Capital: An Empirical Analysis of the Portuguese Case (1960-2001)

Aubyn, Miguel ST.; Pina, Álvaro - ISEG - School of Economics and Management, Department … - 2004

The impact of human and public capital on growth is a major issue in economic theory and in policy evaluation. Using a cointegrated VAR, we estimate a Cobb-Douglas production function for Portugal with public and human capital. Return rates are then computed with and without dynamic feedbacks....

Persistent link: https://www.econbiz.de/10005592992

Interactions between Monetary Policy and Fiscal Policy

Afonso, António; Balhote, Raquel - ISEG - School of Economics and Management, Department … - 2014

Using a panel data set of 14 EU countries from 1970 to 2012, we study the type of monetary and fiscal policies of both authorities, and assess how they are influenced by certain economic variables and events (the Maastricht Treaty, the Stability and Growth Pact, the Euro and crises). Results...

Persistent link: https://www.econbiz.de/10010934501

Public finances in Portugal: a brief longrun view

Afonso, António - ISEG - School of Economics and Management, Department … - 2007

This paper provides a succinct overview of long-run developments regarding public finances in Portugal with an emphasis on the spending side. Issues addressed are the excessive deficit experiences of Portugal, the past experience with fiscal consolidations, and labour cost competitiveness. It is...

Persistent link: https://www.econbiz.de/10005761286

Fiscal Consolidations in the Central and Eastern European Countries

Afonso, António; Nickel, Christiane; Rother, Philipp - ISEG - School of Economics and Management, Department … - 2005

We study fiscal consolidations in the Central and Eastern European countries and what determines the probability of their success. We define consolidation events as substantive improvements in fiscal balances adjusting for the impact of cyclical effects. We use Logit models for the period...

Persistent link: https://www.econbiz.de/10005761294

The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis

Afonso, António; Sousa, Ricardo M. - ISEG - School of Economics and Management, Department … - 2009

In the last twenty years Portugal struggled to keep public finances under control, notably in containing primary spending. We use a new quarterly dataset covering 1979:1-2007:4, and estimate a Bayesian Structural Autoregression model to analyze the macroeconomic effects of fiscal policy. The...

Persistent link: https://www.econbiz.de/10005041008

Assessing Long-Term Fiscal Developments: Evidence from Portugal

Afonso, António; Sousa, Ricardo M. - ISEG - School of Economics and Management, Department … - 2009

Drawing on quarterly data for Portugal, we use a Three-Stage Least Square method and a system of equations to recursively estimate two components of fiscal policy – responsiveness and persistence – and to infer about the sources of fiscal deterioration (improvement). The results suggest...

Persistent link: https://www.econbiz.de/10005184986

Bootstrap Panel Granger-Causality Between Government Spending and Revenue

Afonso, António; Rault, Cristophe - ISEG - School of Economics and Management, Department … - 2008

Using bootstrap panel analysis, allowing for cross-country correlation, without the need of pre-testing for unit roots, we study the causality between government revenue and spending for the EU in the period 1960-2006. Spend-and-tax causality is found for Italy, France, Spain, Greece, and...

Persistent link: https://www.econbiz.de/10005463734

Expansionary fiscal consolidations in Europe: new evidence

Afonso, António - ISEG - School of Economics and Management, Department … - 2006

In order to assess the existence of expansionary fiscal consolidations in Europe, panel data models for private consumption are estimated for the EU15 countries, using annual data over the period 1970–2005. Three alternative approaches to determine fiscal episodes are used, and the level of...

Persistent link: https://www.econbiz.de/10005463746