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Euro Area Time Varying Fiscal Sustainability

Afonso, António - 2015

We assess the time varying features of fiscal sustainability in the euro area via revisiting the empirical relationship … between the primary budget surplus and the debt-to-GDP ratio. Focusing on a sample of 11 Euro-area countries between 1999Q1 …

Persistent link: https://www.econbiz.de/10013015514

Euro Area Sovereign Yields and the Power of QE

Afonso, António - 2017

We assess the determinants of long-term sovereign yield spreads using a panel of 10 Euro area countries over the period … spreads. Moreover, quantitative easing, notably Longer-term Refinancing Operations (LTROs), Targeted LTROs and the Securities …

Persistent link: https://www.econbiz.de/10012952163

Revisiting Sovereign Bond Spreads’ Determinants in the EMU

Afonso, António - 2016

euro, up until the end of 2014. Panel and SUR analyses coupled with qualitative variables show that the pricing of European …

Persistent link: https://www.econbiz.de/10012995564

Effects of Euro Area Monetary Policy on Institutional Sectors : The Case of Portugal

Afonso, António - 2017

We study the effects of the euro area monetary policy on the institutional sectors in Portugal during the period 2000 … sectors, and financial integration in the euro area had an effect on the funding for the economy: there was a reduction of …

Persistent link: https://www.econbiz.de/10012951580

Monetary Developments and Expansionary Fiscal Consolidations : Evidence from the EMU

Afonso, António - 2014

This paper provides new insights about the existence of expansionary fiscal consolidations in the Economic and Monetary Union, using annual panel data for 14 European Union countries over the period 1970-2012. Different measures for assessing fiscal consolidations based on the changes in the...

Persistent link: https://www.econbiz.de/10013050643

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 - 2014

We study whether the adoption of the Euro and a single monetary policy have brought about a change in the monetary … transmission mechanism and between the interactions of monetary policy, fiscal policy and financial stress in the Euro area. We …

Persistent link: https://www.econbiz.de/10013050644

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

Assessing the Sustainability of External Imbalances in the European Union

Afonso, António - 2017

We assess the sustainability of the current account (CA) balance, net international investment position (NIIP) and net external debt (NED) in a sample of EU countries using two complementary approaches. First, we employ both time-series and panel-data stationarity tests of current account...

Persistent link: https://www.econbiz.de/10012955469