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"Whatever it takes" to resolve the European sovereign debt crisis? : bond pricing regime switches and monetary policy effects
Afonso, António; Arghyrou, Michael Georgiou; Gadea, … - 2017
This paper investigates the role of unconventional monetary policy as a source of time-variation in the relationship between sovereign bond yield spreads and their fundamental determinants. Our results provide evidence of a new bond-pricing regime following the announcement of the Outright...
Persistent link: https://www.econbiz.de/10011735972
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The ECB's pandemic emergency purchase programme and fiscal policy : synergies or conflict?
Afonso, António; Ferreira, Jorge Braga - 2025
time-fixed effects, we analyse a sample of 1,368 euro-denominated sovereign bonds issued between Q1:2018 and Q1:2022 in 19 …
Persistent link: https://www.econbiz.de/10015397021
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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
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Compliance with fiscal sustainability and the Euro
Afonso, António; Miranda, Catarina Farinha - 2025
check for a change in fiscal behaviour after countries adopted the euro as their currency. Using annual data for the period … ratio than in the case of the European economies without euro, where the response is around 0.1036 pp. Conversely, the euro … implementation of the euro. …
Persistent link: https://www.econbiz.de/10015333286
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What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
Afonso, António (contributor);  … - 2008
Persistent link: https://www.econbiz.de/10003641707
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Fiscal policy spillovers in the Euro Area : a new assessment
Afonso, António; Loureiro, Daniel - 2024
2002Q1 to 2021Q4, with 16 Euro Area (EA) countries. We found that a budget balance expansionary shock in Germany would …
Persistent link: https://www.econbiz.de/10015077839
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Bank's risk-taking channel of monetary policy and TLTRO : evidence from the eurozone
Afonso, António; Ferreira, Jorge Braga - 2024
Using a panel data approach with bank-fixed effects, we study the impact of Targeted Longer-Term Refinancing Operations …
Persistent link: https://www.econbiz.de/10014533785
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The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area
Afonso, António; Alves, José; Ionta, Serena - 2023
projection model for the Euro Area (aggregate data), Germany, Italy, and Portugal, we analyze the interaction between both … even positive). The dependence of the effectiveness of monetary policy on fiscal solvency is valid for Euro-Area and all …
Persistent link: https://www.econbiz.de/10014313459
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Monetary policy surprise shocks under different fiscal regimes : a panel analysis of the Euro Area
Afonso, António; Alves, José; Ionta, Serena - 2023
fiscal stances in the period 2001Q4-2021Q4 for a panel of the 19 countries of the Euro Area. Applying local projection …
Persistent link: https://www.econbiz.de/10014336399
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Does monetary policy influence Euro area fiscal sustainability?
Afonso, António; Pereira, Francisco Gomes - 2024
This paper studies the impact of monetary policy on fiscal sustainability in the euro area. Our sample includes 12 euro …
Persistent link: https://www.econbiz.de/10015046233