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Fiscal policy and growth: do financial crises make a difference?
Afonso, António; Grüner, Hans Peter; Kolerus, Christina - European Central Bank - 2010
In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...
Persistent link: https://www.econbiz.de/10008550451
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Bootstrap panel Granger-causality between government spending and revenue in the EU
Afonso, António; Rault, Christophe - William Davidson Institute, University of Michigan - 2009
, we study the causality between government revenue and spending for the EU in the period 1960-2006. Spend …, Austria, Finland and the UK, and for several EU New Member States. …
Persistent link: https://www.econbiz.de/10008529002
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3-step analysis of public finances sustainability: the case of the European Union
Afonso, António; Rault, Christophe - European Central Bank - 2008
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF … and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal …
Persistent link: https://www.econbiz.de/10005530805
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Budgetary and external imbalances relationship: a panel data diagnostic
Afonso, António; Rault, Christophe - European Central Bank - 2008
between the two imbalances for each country for the period 1970-2007, and for different EU and OECD country groupings. The …
Persistent link: https://www.econbiz.de/10005530943
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What do we really know about fiscal sustainability in the EU? A panel data diagnostic
Afonso, António; Rault, Christophe - European Central Bank - 2007
We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and … policy was sustainable both for the EU15 panel set, and within subperiods (1970-1991 and 1992-2006). JEL Classification: C23 …
Persistent link: https://www.econbiz.de/10005222321
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Should we care for structural breaks when assessing fiscal sustainability?
Afonso, António; Rault, Christophe - William Davidson Institute, University of Michigan - 2008
sustainability in the overall EU15 panel. …
Persistent link: https://www.econbiz.de/10005784610
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Business cycle synchronization and insurance mechanisms in the EU
Afonso, António; Furceri, Davide - European Central Bank - 2007
In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union, and on the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest in particular that while some of the new Member States have...
Persistent link: https://www.econbiz.de/10005816178