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The Role of Fiscal Policies for External Imbalances : Evidence from the European Union

Afonso, António; Coelho, José - 2021

two deficits is asymmetric and the negative impact of the recent Eurozone banking and sovereign debt crisis on the current … positive impact of the budget balance on the current account balance is higher in the cases of non-Eurozone countries, high … budget deficit countries, and low exports countries, whereas it is lower in the cases of Eurozone countries, low budget …

Persistent link: https://www.econbiz.de/10013247757

The role of fiscal policies for external imbalances : evidence from the European Union

Afonso, António; Coelho, José Carlos - 2021

Persistent link: https://www.econbiz.de/10012504606

The Relationship Between Fiscal and Current Account Imbalances in OECD Economies

Afonso, António - 2018

This study re-examines the nexus between the fiscal balance and the current account balance for 18 OECD countries for the period 1995Q1 to 2018Q1 using panel cointegration, and panel vector autoregressive (VAR) methods. Our results indicate that a strengthening in the fiscal balance by one...

Persistent link: https://www.econbiz.de/10012907294

Fiscal and Current Account Imbalances : The Cases of Germany and Portugal

Afonso, António; Coelho, José - 2021

We investigate the bilateral relationship between government budget balances and current account balances for Portugal and Germany. We find that the response of the current account balance to the budget balance is greater in Portugal than in Germany. On the other hand, the response of the budget...

Persistent link: https://www.econbiz.de/10013312370

60 %, -4 % and 6 %, a tale of thresholds for EU fiscal and current account developments

Afonso, António; Coelho, José Carlos - 2021

that the relationship is bi-directional for the EU panelas a whole. Furthermore, we find that in Eurozone countries, before … is greater. Conversely, in non-Eurozone countries, after 2010, in countries with a current account balance-to-GDP ratio …

Persistent link: https://www.econbiz.de/10012649364

Fiscal and current account imbalances : the cases of Germany and Portugal

Afonso, António; Coelho, José Carlos - 2021

Persistent link: https://www.econbiz.de/10014293956

Sovereign risk dynamics in the EU : the time varying relevance of fiscal and external (im)balances

Afonso, António; Alves, José; Monteiro, Sofia - 2024

Acknowledging the potential detrimental impact that twin-deficits may have on sovereign risk, this study uses a two-step approach to assess the impact of fiscal and external sustainability on sovereign risk dynamics for a panel of 27 European Economies between 2001Q4 and 2022Q3. To do so, we...

Persistent link: https://www.econbiz.de/10014486806

The European Central Bank's outright monetary transactions and the Federal Constitutional Court of Germany

Siekmann, Helmut; Wieland, Volker - 2013

This note reviews the legal issues and concerns that are likely to play an important role in the ongoing deliberations of the Federal Constitutional Court of Germany concerning the legality of ECB government bond purchases such as those conducted in the context of its earlier Securities Market...

Persistent link: https://www.econbiz.de/10010225422

Fiscal policy spillovers in the Euro Area : a new assessment

Afonso, António; Loureiro, Daniel - 2024

We compute a GVAR to estimate the fiscal spillovers on output, consumption, investment, employment, and income, from 2002Q1 to 2021Q4, with 16 Euro Area (EA) countries. We found that a budget balance expansionary shock in Germany would generate positive spillovers on output and employment....

Persistent link: https://www.econbiz.de/10015077839

The monetary transmission mechanism in the Euro Area : has it changed with the EMU? : a VAR approach, with fiscal policy and financial stress considerations

Afonso, António; Silva, António Jorge - 2014

Persistent link: https://www.econbiz.de/10011554780