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Stock Flow Adjustments in Sovereign Debt Dynamics : The Role of Fiscal Frameworks

Afonso, António - 2019

We assess, via system GMM, how Stock Flow Adjustments (SFA) affect the debt-to-GDP ratio in 65 countries (covering developed and emerging and low-income countries) between 1985-2014. We find that SFAs positively contribute to the change in the debt-to-GDP ratio with a coefficient close to one....

Persistent link: https://www.econbiz.de/10012893927

Twin Deficits Revisited : A Role for Fiscal Institutions?

Afonso, António - 2018

We revisit the twin deficit relationship for a sample of 193 countries over the period 1980-2016, using a panel fixed effect (within-group) estimator, bias-corrected least-squares dummy variable, system GMM, and common correlated effects pooled estimation procedures. The analysis accounts also...

Persistent link: https://www.econbiz.de/10012924706

Assessing Fiscal Episodes

Afonso, António - 2011

definitions. Our results reveal that lower final government consumption would increase private consumption in three out of the …

Persistent link: https://www.econbiz.de/10013120413

To consolidate or not to consolidate? : a multi-step analysis to assess needed fiscal sustainability

Afonso, António; Alves, José; Jalles, João Tovar - 2022

We assess the specific need (or its absence) of a country to implement a fiscal consolidation programme by focusing specifically on their degree of success, notably in terms of fiscal sustainability. The "need" to consolidate is based on having a primary balance above or below the...

Persistent link: https://www.econbiz.de/10012938962

(Non-)Keynesian Effects of Fiscal Austerity : New Evidence from a Large Sample

Afonso, António; Alves, José; Jalles, João Tovar - 2021

We empirically assess whether a usually expected negative response of private consumption and private investment to a … HP-based; and iii) the Hamilton (2018)-based. We find that: i) increases in government consumption have a Keynesian … effect on real per capita private consumption; ii) there is a positive effect of tax increases on private consumption when …

Persistent link: https://www.econbiz.de/10013242083

The (non-)Keynesian effects of fiscal austerity : new evidence from a large sample

Afonso, António; Alves, José; Jalles, João Tovar - In: Economic systems 46 (2022) 2, pp. 1-16

Persistent link: https://www.econbiz.de/10013429383

International transmission of interest rates : the role of international reserves and sovereign debt

Afonso, António; Huart, Florence; Jalles, João Tovar; … - 2021

We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level...

Persistent link: https://www.econbiz.de/10012504452

The fiscal consequences of deflation : evidence from the Golden Age of globalization

Afonso, António; Jalles, João Tovar - 2016

Persistent link: https://www.econbiz.de/10011549515

The Fiscal Consequences of Deflation : Evidence from the Golden Age of Globalization

Afonso, António - 2016

We study a panel of 17 economies in the first wave of globalization, between 1870 and 1914, regarding the fiscal consequences of deflation. By means of impulse response analyses and panel regressions, we find that a 1 percent fall in the price level leads to an increase in the debt ratio of...

Persistent link: https://www.econbiz.de/10012984328

The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads

Afonso, António; Jalles, João Tovar; Kazemi, Mina - In: International review of law and economics 63 (2020)

Persistent link: https://www.econbiz.de/10012512442

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