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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 and 2013Q4 and by means of time series analyses, we...

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

Fiscal Behaviour in the European Union : Rules, Fiscal Decentralization and Government Indebtedness

Afonso, António - 2009

We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The results show that the existence of effective fiscal rules, the degree of public spending decentralization, and the electoral cycle can...

Persistent link: https://www.econbiz.de/10013160087

Fiscal sustainability, fiscal reactions, pitfalls and determinants

Afonso, António; Coelho, José Carlos - 2022

We examine the sustainability of public finances and its determinants for 19 Eurozone countries from 1995 to 2020. We conclude for the existence of panel cointegration between government revenues and expenditures; primary government balance and one-period lagged public debt-to-GDP ratio; and...

Persistent link: https://www.econbiz.de/10013162289

Sectoral Business Cycle Synchronization in the European Union

Afonso, António - 2009

This paper analyses sectoral business cycle synchronization in an enlarged European Union using annual data for the period 1980-2005. In particular, we try to identify which sector for each country is driving the aggregate output business cycle synchronization. Overall, the sectors that provide...

Persistent link: https://www.econbiz.de/10013153275

Spend-and-Tax : A Panel Data Investigation for the EU

Afonso, António - 2009

, we study the causality between government spending and revenue for the EU in the period 1960-2006. We find spend … Finland and the UK, and for several EU New Member States. Moreover, in the run-up to EMU there was some shifting away from a …

Persistent link: https://www.econbiz.de/10013158140

Sectoral Business Cycle Synchronization in the European Union

Afonso, António - 2007

Persistent link: https://www.econbiz.de/10012731298

What Do We Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic

Afonso, António - 2007

We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and … structural breaks. We also apply modern panel cointegration techniques developed by Pedroni (1999, 2004), generalized by Banerjee … policy was sustainable both for the EU15 panel set, and within subperiods (1970-1991 and 1992-2006) …

Persistent link: https://www.econbiz.de/10012775987

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 2000:4 2015:4. Our results show that the single monetary policy affected some variables that are proxies for the funding of each institutional sector of the economy: general...

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

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 1999.01–2016.07 notably regarding the ECB (standard and non-standard) quantitative easing measures. Our findings indicate that the international risk, the bid-ask spread and...

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

Assessing the Sustainability of External Imbalances in the European Union

Afonso, António - 2017

external debt (NED) in a sample of EU countries using two complementary approaches. First, we employ both time-series and panel …

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