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Antonio Afonso

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Afonso, António & Jalles, João Tovar, 2011. "Economic performance and government size," Working Paper Series 1399, European Central Bank.

    Mentioned in:

    1. Politicians' existential crisis
      by chris dillow in Stumbling and Mumbling on 2013-01-02 20:07:20
  2. António Afonso & Ricardo M. Sousa, 2009. "The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis," Working Papers Department of Economics 2009/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Mentioned in:

    1. Research in fiscal policy: A cross section
      by pushmedia1 in The Ambrosini Critique on 2009-05-11 21:26:30

Working papers

  1. António Afonso & José Alves & Sofia Monteiro, 2024. "The Pressure Is On: How Geopolitical Tensions Impact Institutional Fiscal and External Stability Responses," CESifo Working Paper Series 11067, CESifo.

    Cited by:

    1. António Afonso & José Alves & Sofia Monteiro, 2024. "Echoes of Instability: How Geopolitical Risks Shape Government Debt Holdings," Working Papers REM 2024/0333, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Chakraborty, Pinaki & Bhadra, Kausik K., 2024. "State Finances in India: Managing Fiscal Risks and Sustaining Recovery," Working Papers 24/413, National Institute of Public Finance and Policy.

  2. António Afonso & José Alves & Sofia Monteiro, 2024. "Sovereign Risk Dynamics in the EU: The Time Varying Relevance of Fiscal and External (Im)balances," CESifo Working Paper Series 10979, CESifo.

    Cited by:

    1. António Afonso & José Alves & Wojciech Grabowski & Sofia Monteiro, 2025. "Stock and Sovereign Returns Linkages: Time-Varying Causality and Extreme-Quantile Determinants," CESifo Working Paper Series 11667, CESifo.
    2. Ciżkowicz, Piotr & Ledóchowski, Michał & Rzońca, Andrzej, 2025. "Fiscal policy and government bond yields: New evidence from the EU," Economic Modelling, Elsevier, vol. 147(C).

  3. António Afonso & M. Carmen Blanco-Arana, 2024. "Does Financial Inclusion Enhance per Capita Income in the Least Developed Countries?," CESifo Working Paper Series 11054, CESifo.

    Cited by:

    1. Ul-Durar, Shajara & Iqbal, Mubasher & Naveed, Shabana & Massacci, Alberto & Saleem, Irfan, 2025. "Sustainable financial inclusion through social progress and regularity quality interaction – Implication for least developed countries," Research in International Business and Finance, Elsevier, vol. 76(C).
    2. ETUDAIYE-MUHTAR Oyebola Fatima, 2024. "Financial Inclusion And Income Inequality In Nigeria," Management of Sustainable Development, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 16(1), pages 75-87, June.

  4. António Afonso & Valérie Mignon & Jamel Saadaoui, 2023. "On the Time-Varying Impact of China’s Bilateral Political Relations on Its Trading Partners: “Doux Commerce” or “Trade Follows the Flag”?," CESifo Working Paper Series 10814, CESifo.

    Cited by:

    1. Saadaoui, Jamel, 2025. "US-China Tensions, US Partisan Conflict and Global Oil Prices: Scapegoating or Following the Flag or both?," MPRA Paper 124152, University Library of Munich, Germany.

  5. António Afonso & José Alves & Serena Ionta, 2023. "The Effects of Monetary Policy Surprises and Fiscal Sustainability Regimes in the Euro Area," CESifo Working Paper Series 10558, CESifo.

    Cited by:

    1. António Afonso & José Alves & Sofia Monteiro, 2024. "Sovereign risk dynamics in the EU: the time varying relevance of fiscal and external (im)balances," Working Papers REM 2024/0311, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. António Afonso & José Alves & Serena Ionta, 2023. "Monetary Policy Surprise Shocks under Different Fiscal Regimes: A Panel Analysis of the Euro Area," CESifo Working Paper Series 10627, CESifo.
    3. António Afonso & José Alves & Sofia Monteiro, 2024. "The pressure is on: how geopolitical tensions impact institutional fiscal and external stability responses," Working Papers REM 2024/0318, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  6. António Afonso & José Alves & José Carlos Coelho, 2023. "Determinants of the Degree of Fiscal Sustainability," CESifo Working Paper Series 10225, CESifo.

    Cited by:

    1. Serena Ionta & António Afonso & José Alves, 2025. "Monetary policy surprises and fiscal sustainability: the case of the Euro Area," Economic Change and Restructuring, Springer, vol. 58(3), pages 1-20, June.
    2. António Afonso & José Alves & Oļegs Matvejevs & Oļegs Tkačevs, 2023. "Fiscal Sustainability and the Role of Inflation," CESifo Working Paper Series 10843, CESifo.
    3. António Afonso & José Alves & Serena Ionta, 2023. "The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area," Working Papers REM 2023/0281, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  7. António Afonso & José Alves & Sofia Monteiro, 2023. "Beyond Borders: Assessing the Influence of Geopolitical Tensions on Sovereign Risk Dynamics," CESifo Working Paper Series 10801, CESifo.

    Cited by:

    1. António Afonso & José Alves & Sofia Monteiro, 2024. "Sovereign risk dynamics in the EU: the time varying relevance of fiscal and external (im)balances," Working Papers REM 2024/0311, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. António Afonso & Valérie Mignon & Jamel Saadaoui, 2023. "On the Time-Varying Impact of China’s Bilateral Political Relations on Its Trading Partners: “Doux Commerce” or “Trade Follows the Flag”?," CESifo Working Paper Series 10814, CESifo.
    3. Wegener, Christoph & Basse, Tobias & Maiani, Stefano & Nguyen, Tam Huu, 2025. "Predictive power of oil prices on CDS spread dynamics of oil-producing countries," Accountancy, Economics, and Finance Working Papers 2025-02, Heriot-Watt University, Department of Accountancy, Economics, and Finance.
    4. Wegener, Christoph & Basse, Tobias & Maiani, Stefano & Nguyen, Tam Huu, 2025. "Predictive power of oil prices on CDS spread dynamics of oil-producing countries," Energy Economics, Elsevier, vol. 145(C).
    5. Demiralay, Sercan & Kaawach, Said & Kilincarslan, Erhan & Semeyutin, Artur, 2024. "Geopolitical tensions and sovereign credit risks," Economics Letters, Elsevier, vol. 236(C).
    6. Swapan-Kumar Pradhan & Viktors Stebunovs & Elod Takats & Judit Temesvary, 2025. "Geopolitics meets monetary policy: decoding their impact on cross-border bank lending," BIS Working Papers 1247, Bank for International Settlements.
    7. Choi, Sangyup & Havel, Jiri, 2025. "Geopolitical risk and U.S. foreign portfolio investment: A tale of advanced and emerging markets," Journal of International Money and Finance, Elsevier, vol. 151(C).
    8. Papavassiliou, Vassilios G., 2025. "On the relationship between geopolitical risks and euro area sovereign bond yields," Finance Research Letters, Elsevier, vol. 75(C).

  8. António Afonso & José Alves & Serena Ionta, 2023. "Monetary Policy Surprise Shocks under Different Fiscal Regimes: A Panel Analysis of the Euro Area," CESifo Working Paper Series 10627, CESifo.

    Cited by:

    1. Kloosterman, Roben & Bonam, Dennis & van der Veer, Koen, 2024. "The effects of monetary policy across fiscal regimes," Journal of Macroeconomics, Elsevier, vol. 81(C).

  9. António Afonso & Eduardo de Sá Fortes Leitao Rodrigues, 2022. "Is Public Investment in Construction and in R&D, Growth Enhancing? A PVAR Approach," CESifo Working Paper Series 10048, CESifo.

    Cited by:

    1. Yusuf Shamsuddeen Nadabo & Muhammad Mustapha Abdullahi, 2024. "Empirical Analysis of the Impact of External Debt on Capital Formation in Sub-Saharan Africa: The Moderating Role of Institutional Quality," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(12), pages 4024-4036, December.
    2. Navjot Kaur & Balwinder Singh, 2025. "Exploring asymmetric dynamics of R&D spending and firm value nexus: Insights from panel autoregressive distributed lag analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(1), pages 100-114, January.

  10. António Afonso & José Carlos Coelho, 2022. "Fiscal Sustainability, Fiscal Reactions, Pitfalls and Determinants," CESifo Working Paper Series 9635, CESifo.

    Cited by:

    1. António Afonso & José Alves & Sofia Monteiro, 2024. "Sovereign risk dynamics in the EU: the time varying relevance of fiscal and external (im)balances," Working Papers REM 2024/0311, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Fir Nejc, 2024. "Assessing Fiscal Sustainability with Panel Unit Root, Cointegration, and Granger Causality Tests: Evidence from the Broader Groups of Countries," Naše gospodarstvo/Our economy, Sciendo, vol. 70(3), pages 1-20.
    3. António Afonso & José Alves & Oļegs Matvejevs & Oļegs Tkačevs, 2023. "Fiscal Sustainability and the Role of Inflation," CESifo Working Paper Series 10843, CESifo.
    4. Dascher-Preising, Fabienne & Greiner, Alfred, 2023. "Monetary-fiscal policy relations in the euro area: The impact on the primary balance," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 1-9.
    5. António Afonso & José Alves & José Carlos Coelho, 2023. "Determinants of the Degree of Fiscal Sustainability," CESifo Working Paper Series 10225, CESifo.

  11. António Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2022. "Twin deficits revisited: A role for fiscal institutions?," Post-Print hal-03702590, HAL.

    Cited by:

    1. Hammed Adededji Adetokunbo & Blaise Gnimassoun & Anthony Simpasa, 2025. "Intra-African immigration and Africa’s external performance," Working Papers of BETA 2025-03, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    2. Chrysanthakopoulos, Christos & Tagkalakis, Athanasios, 2023. "The effects of fiscal institutions on fiscal adjustment," Journal of International Money and Finance, Elsevier, vol. 134(C).
    3. Christos Chrysanthakopoulos & Athanasios Tagkalakis, 2024. "Tax policy cyclicality and financial development," Economics and Business Letters, Oviedo University Press, vol. 13(1), pages 48-57.
    4. António Afonso & José Carlos Coelho, 2021. "Fiscal and current account imbalances: the cases of Germany and Portugal," Working Papers REM 2021/0208, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    5. António Afonso & José Carlos Coelho, 2022. "Twin Deficits through the Looking Glass: Time-Varying Analysis in the Euro Area," CESifo Working Paper Series 9559, CESifo.
    6. Afonso, António & Coelho, José Carlos, 2022. "The role of fiscal policies for external imbalances: Evidence from the European Union," Economic Systems, Elsevier, vol. 46(2).
    7. Davide Furceri & Ms. Aleksandra Zdzienicka, 2018. "Twin Deficits in Developing Economies," IMF Working Papers 2018/170, International Monetary Fund.
    8. Niklas Potrafke, 2023. "The Economic Consequences of Fiscal Rules," CESifo Working Paper Series 10765, CESifo.
    9. Ablam Estel APETI & Bao-We-Wal BAMBE & Jean Louis COMBES, 2022. "On the Macroeconomic Effects of Fiscal Reforms : Fiscal Rules and Public Expenditure Efficiency," LEO Working Papers / DR LEO 2985, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    10. George Petrakos & Kostas Rontos & Luca Salvati & Chara Vavoura & Ioannis Vavouras, 2022. "Domestic vs. External Economic Sectors and the Political Process: Insights from Greece," Economies, MDPI, vol. 10(8), pages 1-13, August.
    11. Kady Keita & Isabelle Rabaud & Camelia Turcu, 2023. "Fiscal outcomes, current account imbalances, and institutions in Europe: Exploring nonlinearities," Post-Print hal-04171812, HAL.
    12. Brito Romero, Marycris & Peguero, Anadel G. & Cruz-Rodríguez, Alexis, 2020. "¿Hay evidencias de déficits gemelos en la economía dominicana? [Is there evidence of twin deficits in the Dominican economy?]," MPRA Paper 100938, University Library of Munich, Germany.
    13. Umer Jeelanie Banday & Ranjan Aneja, 2019. "Twin deficit hypothesis and reverse causality: a case study of China," Palgrave Communications, Palgrave Macmillan, vol. 5(1), pages 1-10, December.
    14. Chrysanthakopoulos, Christos & Tagkalakis, Athanasios, 2023. "Fiscal rules and tax policy cyclicality," Economics Letters, Elsevier, vol. 225(C).
    15. Ricardo Barradas & João Alcobia, 2024. "Determinants Of The Portuguese External Imbalances: The Lens Of Post-Keynesian Economics," Working Papers REM 2024/0334, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    16. António Afonso & Philemon Kwame Opoku, 2018. "The Relationship between Fiscal and Current Account Imbalances in OECD Economies," Working Papers REM 2018/61, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    17. Yu HSING, 2019. "Does the Mundell-Fleming Model apply to Poland?," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(4(621), W), pages 265-272, Winter.
    18. Haiyue Liu & Jianwu Ren, 2024. "Do budget deficits cause current account deficits? a re-evaluation utilizing military expenditures as an instrumental variable," PLOS ONE, Public Library of Science, vol. 19(10), pages 1-26, October.
    19. Sven Langedijk & Aurélien Poissonnier & Edouard Turkisch, 2023. "The impact of macroeconomic developments and imbalances on fiscal outcomes," SN Business & Economics, Springer, vol. 3(6), pages 1-29, June.

  12. António Afonso & João Tovar Jalles & Ana Venâncio, 2022. "A Tale of Government Spending Efficiency and Trust in the State," CESifo Working Paper Series 10075, CESifo.

    Cited by:

    1. Igor K. Klioutchnikov1 & Tatyana V. Saakyan, 2025. "Economic Foundations of Rationality and Efficiency of State Subsidies to Business Entities," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 74-91, February.
    2. Celli, Viviana & Crescenzi, Riccardo & de Blasio, Guido & Giua, Mara, 2025. "Governance and the implementation of the EU Cohesion Policy," LSE Research Online Documents on Economics 127393, London School of Economics and Political Science, LSE Library.

  13. António Afonso & José Alves & Krzysztof Beck & Karen Jackson, 2022. "Financial, Institutional, and Macroeconomic Determinants of Cross-Country Portfolio Equity Flows," CESifo Working Paper Series 9872, CESifo.

    Cited by:

    1. Mariam Camarero & Alejandro Muñoz & Cecilio Tamarit, 2024. "Unveiling the drivers of portfolio equity and bond investment in the European Union: The interplay of tax havens and gravity factors," Working Papers 2024.7, International Network for Economic Research - INFER.

  14. António Afonso & José Alves, 2022. "Are Fiscal Consolidation Episodes Helpful for Public Sector Efficiency?," CESifo Working Paper Series 9761, CESifo.

    Cited by:

    1. Carvelli, Gianni, 2024. "The dynamic effects of public investments on private capital formation: Modelling a heterogeneous asymmetric cointegration with unobserved global factors," International Economics, Elsevier, vol. 177(C).
    2. António Afonso & José Alves & Najat Bazah, 2024. "Public Sector Efficiency and the Functions of the Government," Working Papers REM 2024/0357, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. López-Herrera, Carmen & Cordero, José M. & Pedraja-Chaparro, Francisco & Polo, Cristina, 2023. "Fiscal rules and their influence on public sector efficiency," MPRA Paper 119018, University Library of Munich, Germany.

  15. António Afonso & Gabriela Baquero Fraga, 2022. "Government Spending Efficiency in Latin America," CESifo Working Paper Series 10096, CESifo.

    Cited by:

    1. Arrouna Keita, 2024. "Public Agricultural Expenditure Efficiency and Food Security in Sub-Saharan African Countries: Cash Crops or Food Crops?," Working Papers 2024.17, International Network for Economic Research - INFER.

  16. António Afonso & José Carlos Coelho, 2022. "Public Finances Solvency in the Euro Area: True or False?," CESifo Working Paper Series 9935, CESifo.

    Cited by:

    1. Amélie BARBIER-GAUCHARD & Thierry BETTI & Théo METZ, 2023. "Fiscal multipliers, public debt anchor and government credibility in a behavioural macroeconomic model," Working Papers of BETA 2023-14, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    2. Amelie Barbier-Gauchard & Thierry Betti & Theo Metz, 2023. "Fiscal multipliers, public debt anchor and government credibility in a behavioural macroeconomic model," Working Papers 2023.10, International Network for Economic Research - INFER.

  17. António Afonso & José Carlos Coelho, 2022. "Twin Deficits through the Looking Glass: Time-Varying Analysis in the Euro Area," CESifo Working Paper Series 9559, CESifo.

    Cited by:

    1. José Alves & Clarisse Wagner, 2024. "Leveraging interest-growth differentials: Hidden effects of government financial assets in the European Union," Working Papers REM 2024/0307, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. António Afonso & José Alves & Serena Ionta, 2023. "The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area," Working Papers REM 2023/0281, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  18. António Afonso & Ana Venâncio, 2022. "Local Property Tax Reform and Municipality Spending Efficiency," CESifo Working Paper Series 9538, CESifo.

    Cited by:

    1. Rui Wang & Shilong Li, 2024. "Research on the influence mechanism of fiscal and tax policy on green economic transition: from the perspective of industrial structure conduction effect," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(6), pages 16129-16148, June.

  19. António Afonso & José Alves & João Tovar Jalles, 2022. "To Consolidate or Not to Consolidate? A Multi-Step Analysis to Assess Needed Fiscal Sustainability," CESifo Working Paper Series 9618, CESifo.

    Cited by:

    1. Eugene Msizi Buthelezi & Phocenah Nyatanga, 2023. "Time-Varying Elasticity of Cyclically Adjusted Primary Balance and Effect of Fiscal Consolidation on Domestic Government Debt in South Africa," Economies, MDPI, vol. 11(5), pages 1-27, May.
    2. Zhiqing Yan & Zisheng Yang, 2022. "How the Marketization of Land Transfer under the Constraint of Dual Goals Affects the High-Quality Development of Urban Economy: Empirical Evidence from 278 Prefecture-Level Cities in China," Sustainability, MDPI, vol. 14(22), pages 1-23, November.
    3. Andrea Salustri & Maria Alessandra Antonelli & Angelo Castaldo, 2023. "Uno studio dei sistemi di protezione sociale europei tramite l’analisi delle componenti principali," Public Finance Research Papers 59, Istituto di Economia e Finanza, DSGE, Sapienza University of Rome.
    4. Maria Alessandra Antonelli & Andrea Salustri, 2024. "Social (de)stratification in Europe: An empirical analysis of 22 welfare systems," ECONOMIA PUBBLICA, FrancoAngeli Editore, vol. 2024(1), pages 37-64.
    5. Eugene Msizi Buthelezi & Phocenah Nyatanga, 2023. "Threshold of the CAPB That Can Be Attributed to Fiscal Consolidation Episodes in South Africa," Economies, MDPI, vol. 11(6), pages 1-26, May.

  20. António Afonso & Eduardo de Sá Fortes Leitão Rodrigues, 2021. "Corruption and Economic Growth: Does the Size of the Government Matter?," EconPol Working Paper 60, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Eduardo de Sá Fortes Leitão Rodrigues, 2021. "Citizens' Confidence in Government and Inefficient Public Spending. Is there a Trust Trap?," Working Papers REM 2021/0199, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Gisele Mah & Gildas Dohba Dinga, 2025. "External debt, corruption control, and economic prosperity in the SADC region," Modern Finance, Modern Finance Institute, vol. 3(2), pages 58-74.
    3. Simba Hamis Miraji & Nyadera Israel Nyaburi, 2024. "An Assessment of the Nexus between Good Governance and Economic Growth in Sub-Saharan Africa," Economic and Regional Studies / Studia Ekonomiczne i Regionalne, Sciendo, vol. 17(4), pages 563-583.
    4. Oanh Thi Kim Tran & Trang Thi Thanh Chu, 2024. "Threshold impact of shadow economy on sustainable development in high and low-financial development countries," HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE, HO CHI MINH CITY OPEN UNIVERSITY, vol. 14(3), pages 109-128.
    5. Muhammad Hafizuddin Yusof & Muhammad Abu Hanifah Mohd Haniff & Zulaikha Kamaruddin & Nurul Aifa Mohd Jaafar & Shamsul Baharin Saihani, 2023. "Investigating the Causality between Corruption and Economic Growth: A Systematic Review," Information Management and Business Review, AMH International, vol. 15(4), pages 492-501.
    6. Graziella Bonanno & Lucia Errico & Nadia Fiorino & Roberto Ricciuti, 2024. "The Impact of Government Size on Corruption: A Meta-Regression Analysis," CESifo Working Paper Series 10956, CESifo.
    7. Camelia Negri, 2023. "Causes and Determinants of Perceived Corruption in the EU countries: a Panel Data Approach," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 75-86.

  21. António Afonso & João Tovar Jalles & Ana Venâncio, 2021. "Do Financial Markets Reward Government Spending Efficiency?," EconPol Working Paper 62, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2024. "Fiscal decentralization and public sector efficiency: Do natural disasters matter?," Economic Modelling, Elsevier, vol. 137(C).
    2. Shan, Haiyan & Gu, Mengjie, 2024. "How does digital finance alleviate fiscal stress? Evidence from China," Economic Analysis and Policy, Elsevier, vol. 84(C), pages 1202-1221.
    3. António Afonso & José Alves, 2022. "Does government spending efficiency improve fiscal sustainability?," Working Papers REM 2022/0226, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Amat Adarov & Ugo Panizza, 2024. "Public Investment Quality and its Implications for Sovereign Risk and Debt Sustainability," IHEID Working Papers 12-2024, Economics Section, The Graduate Institute of International Studies.
    5. Klusak, Patrycja & Uymaz, Yurtsev & Alsakka, Rasha, 2024. "Politicians’ connections and sovereign credit ratings," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 94(C).
    6. António Afonso & José Alves & Najat Bazah, 2024. "Public Sector Efficiency and the Functions of the Government," Working Papers REM 2024/0357, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    7. Chen, Hsien-Yi & Chen, Sheng-Syan & Chang, Chong-Chuo, 2024. "How do institutions affect output recovery after financial crises?," Journal of International Money and Finance, Elsevier, vol. 146(C).
    8. António Afonso & João Tovar Jalles & Ana Venâncio, 2022. "A Tale of Government Spending Efficiency and Trust in the State," CESifo Working Paper Series 10075, CESifo.
    9. António Afonso & João Tovar Jalles & Ana Venâncio, 2023. "Government Spending and Tax Revenue Decentralization and Public Sector Efficiency: Do Natural Disasters matter?," Working Papers REM 2023/0271, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    10. Lucas Menescal & José Alves, 2023. "Tax Structure and Public Sector Efficiency: New Evidence for Developing Countries," CESifo Working Paper Series 10726, CESifo.
    11. Jalles, João Tovar & Medas, Paulo, 2024. "The economic aftermath of surges in public and private debt: Initial conditions and channels," Economic Systems, Elsevier, vol. 48(3).

  22. António Afonso & Max Reimers, 2021. "Does the Introduction of Stock Exchange Markets BoostEconomic Growth in African Countries?," Working Papers REM 2021/0160, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. Kohnert, Dirk, 2025. "Semer la croissance: Libérer le potentiel des bourses de produits agricoles en Afrique subsaharienne [Seeding Growth: Unlocking the Potential of Agricultural Commodity Exchanges in Sub-Saharan Afri," MPRA Paper 125237, University Library of Munich, Germany.

  23. António Afonso & José Alves & João Tovar Jalles, 2021. "(Non-)Keynesian Effects of Fiscal Austerity: New Evidence from a Large Sample," EconPol Working Paper 55, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. António Afonso & José Alves, 2023. "Are fiscal consolidation episodes helpful for public sector efficiency?," Applied Economics, Taylor & Francis Journals, vol. 55(31), pages 3547-3560, July.
    2. Afonso, António & Alves, José & Jalles, João Tovar, 2022. "To consolidate or not to consolidate? A multi-step analysis to assess needed fiscal sustainability," International Economics, Elsevier, vol. 172(C), pages 106-123.
    3. Georgios Georgantas & Maria Kasselaki & Athanasios Tagkalakis, 2022. "The short-run effects of fiscal adjustment in OECD countries," Working Papers 308, Bank of Greece.
    4. Woldu, Gabriel Temesgen & Szakálné Kanó, Izabella, 2023. "Macroeconomic effects of fiscal consolidation on economic activity in SSA countries," The Journal of Economic Asymmetries, Elsevier, vol. 28(C).
    5. Syed Sadaqat Ali Shah & Muhammad Asim Afridi, 2023. "Cyclical variation of fiscal multipliers in Caucasus and Central Asia economies: an empirical evidence," Economic Change and Restructuring, Springer, vol. 56(6), pages 4531-4563, December.
    6. António Afonso & José Alves & Sofia Monteiro, 2024. "The pressure is on: how geopolitical tensions impact institutional fiscal and external stability responses," Working Papers REM 2024/0318, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    7. Carmignani, Fabrizio, 2022. "The electoral fiscal multiplier," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 938-945.
    8. Badru, Ruth & Calef, Andrea & Ilori, Ayobami E. & Omoju, Oluwasola E., 2025. "Fiscal consolidation and asymmetric macroeconomic effects: Evidence from Sub-Saharan African countries," Economic Modelling, Elsevier, vol. 147(C).
    9. Miaomiao Tao & Jamel Saadaoui & Emilson Silva, 2025. "How Robust Is the Link Between Growth and Fiscal Consolidations Amid Uncertainties? A Reassessment for Sub-Saharan Africa," Working Papers 2025.7, International Network for Economic Research - INFER.
    10. Georgantas, Georgios & Kasselaki, Maria & Tagkalakis, Athanasios, 2023. "Τhe effects of fiscal consolidation in OECD countries," Economic Modelling, Elsevier, vol. 118(C).
    11. Eugene Msizi Buthelezi & Phocenah Nyatanga, 2023. "Threshold of the CAPB That Can Be Attributed to Fiscal Consolidation Episodes in South Africa," Economies, MDPI, vol. 11(6), pages 1-26, May.

  24. António Afonso & José Carlos Coelho, 2021. "The Role of Fiscal Policies for External Imbalances: Evidence from the European Union," EconPol Working Paper 57, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Checherita-Westphal, Cristina & Stechert, Marcel, 2021. "Household saving and fiscal policy: evidence for the euro area from a thick modelling perspective," Working Paper Series 2633, European Central Bank.
    2. Alin Marius Andries & Alexandra-Maria Chiper & Steven Ongena & Nicu Sprincean, 2022. "External Wealth of Nations and Systemic Risk," Swiss Finance Institute Research Paper Series 22-74, Swiss Finance Institute.
    3. António Afonso & José Carlos Coelho, 2022. "Twin Deficits through the Looking Glass: Time-Varying Analysis in the Euro Area," CESifo Working Paper Series 9559, CESifo.
    4. Daniel DĂIANU & Ionuț DUMITRU & Leonard UZUM, 2025. "The Twin deficits syndrome – the case of Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 23-39, April.
    5. Nikolina Kosteletou & Panagiotis Palaios & Evangelia Papapetrou, 2023. "New Evidence on the Asymmetric Linkages Between Fiscal and Current Account Balances," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(4), pages 4145-4169, December.
    6. António Afonso & José Alves & José Carlos Coelho & Jamel Saadaoui, 2025. "Fiscal and External Sustainability: A Two-Step Time-Varying Granger Causality Assessment," CESifo Working Paper Series 11694, CESifo.
    7. Afonso, António & Morão, Hugo, 2024. "Commonalities and heterogeneity in the Iberian business cycle," The Journal of Economic Asymmetries, Elsevier, vol. 30(C).

  25. António Afonso & Nuno Verdial, 2020. "Sovereign Debt Crisis in Portugal and Spain," EconPol Working Paper 40, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Sérgio C. Lagoa & Emanuel R. Leão & Diptes P. Bhimjee, 2022. "Dynamics of the public-debt-to-gdp ratio: can it explain the risk premium of treasury bonds?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(4), pages 1089-1122, November.

  26. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Government Spending Efficiency, Measurement and Applications: a CrossCountry Efficiency Dataset," EconPol Working Paper 50, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Eduardo de Sá Fortes Leitão Rodrigues, 2021. "Citizens' Confidence in Government and Inefficient Public Spending. Is there a Trust Trap?," Working Papers REM 2021/0199, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. António Afonso & Eduardo de Sá Fortes Leitão Rodrigues, 2021. "Corruption and economic growth: does the size of the government matter?," Working Papers REM 2021/0164, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Chen, Hsien-Yi & Chen, Sheng-Syan & Chang, Chong-Chuo, 2024. "How do institutions affect output recovery after financial crises?," Journal of International Money and Finance, Elsevier, vol. 146(C).
    4. Nur Amalina Aziz & Saunah Zainon & Ahmad Syahmi Ahmad Fadzil & Nor Hidayah Hassim & Azila Jaini & Yarina Ahmad, 2024. "Developing a Human Governance Index (HGI) of Universiti Teknologi MARA (UiTM) Johor," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(11), pages 928-942, November.

  27. António Afonso & Ludger Schuknecht & Vito Tanzi, 2020. "The Size of Government," EconPol Working Paper 46, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2024. "Fiscal decentralization and public sector efficiency: Do natural disasters matter?," Economic Modelling, Elsevier, vol. 137(C).
    2. Eduardo de Sá Fortes Leitão Rodrigues, 2021. "Citizens' Confidence in Government and Inefficient Public Spending. Is there a Trust Trap?," Working Papers REM 2021/0199, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. António Afonso & Eduardo de Sá Fortes Leitão Rodrigues, 2021. "Corruption and economic growth: does the size of the government matter?," Working Papers REM 2021/0164, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Győrffy, Dóra, 2025. "Állam és gazdasági felzárkózás Kelet-Közép-Európában 2004 és 2023 között [The state and economic convergence in Central and Eastern Europe between 2004 and 2023]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 117-140.
    5. António Afonso & João Tovar Jalles & Ana Venâncio, 2021. "Taxation and Public Spending Efficiency: An International Comparison," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(3), pages 356-383, September.
    6. François Facchini & Mickaël Melki, 2011. "Optimal government size and economic growth in France (1871-2008) : An explanation by the State and market failures," Post-Print halshs-00654363, HAL.
    7. António Afonso & José Alves & Najat Bazah, 2024. "Public Sector Efficiency and the Functions of the Government," Working Papers REM 2024/0357, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    8. Facchini, François & Melki, Mickaël, 2013. "Efficient government size: France in the 20th century," European Journal of Political Economy, Elsevier, vol. 31(C), pages 1-14.
    9. Burcu Yuruk & Hakan Acaroglu, 2021. "An Asymmetric Causality Analysis of the Relationship between Government Expenditure and Unemployment in Turkey," Journal of Economy Culture and Society, Istanbul University, Faculty of Economics, vol. 63(63), pages 93-110, June.

  28. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Structural Tax Reforms and Public Spending Efficiency," EconPol Working Paper 51, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2024. "Fiscal decentralization and public sector efficiency: Do natural disasters matter?," Economic Modelling, Elsevier, vol. 137(C).
    2. António Afonso & Ana Patricia Montes Caparrós & José M. Domínguez, 2024. "Measuring Tax Burden Efficiency in OECD countries: an International Comparison," Working Papers REM 2024/0339, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. António Afonso & Gabriela Baquero Fraga, 2022. "Government spending efficiency in Latin America," Working Papers REM 2022/0250, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. António Afonso & João Tovar Jalles & Ana Venâncio, 2022. "A Tale of Government Spending Efficiency and Trust in the State," CESifo Working Paper Series 10075, CESifo.
    5. Roosemarina Anggraini Rambe & Purmini Purmini & Armelly Armelly & Lizar Alfansi & Ratu Eva Febriani, 2022. "Efficiency Comparison of Pro-Growth Poverty Reduction Spending before and during the COVID-19 Pandemic: A Study of Regional Governments in Indonesia," Economies, MDPI, vol. 10(6), pages 1-14, June.
    6. António Afonso & João Tovar Jalles & Ana Venâncio, 2023. "Government Spending and Tax Revenue Decentralization and Public Sector Efficiency: Do Natural Disasters matter?," Working Papers REM 2023/0271, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    7. Lucas Menescal & José Alves, 2023. "Tax Structure and Public Sector Efficiency: New Evidence for Developing Countries," CESifo Working Paper Series 10726, CESifo.
    8. Tamisai Chipunza & Senia Nhamo, 2023. "Fiscal capacity and public health expenditure in Zimbabwe," Cogent Economics & Finance, Taylor & Francis Journals, vol. 11(1), pages 2175459-217, December.
    9. Camelia Negri & Gheorghița Dincă, 2023. "Public sector’s efficiency as a reflection of governance quality, an European Union study," PLOS ONE, Public Library of Science, vol. 18(9), pages 1-23, September.
    10. Ablam Estel Apeti & Kwamivi Mawuli Gomado, 2025. "International monetary fund conditionality and structural reforms: Evidence from developing countries," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 33(2), pages 439-486, April.
    11. Brahim Abidar & Slimane Ed-Dafali & Miloudi Kobiyh, 2025. "Determinants of Value-Added Tax Revenue Transfers in Municipalities of Emerging Economies," Economies, MDPI, vol. 13(5), pages 1-27, April.
    12. López-Herrera, Carmen & Cordero, José M. & Pedraja-Chaparro, Francisco & Polo, Cristina, 2023. "Fiscal rules and their influence on public sector efficiency," MPRA Paper 119018, University Library of Munich, Germany.

  29. António Afonso & João Tovar Jalles & Ana Venâncio, 2019. "Taxation and Public Spending Efficiency: An International Comparison," EconPol Working Paper 25, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2024. "Fiscal decentralization and public sector efficiency: Do natural disasters matter?," Economic Modelling, Elsevier, vol. 137(C).
    2. Cheick Camara, 2023. "Gender Budgeting and Health Spending Efficiency in Indian States: A Staggered Difference-in-Differences Analysis," CERDI Working papers hal-04294262, HAL.
    3. Carvelli, Gianni, 2024. "The dynamic effects of public investments on private capital formation: Modelling a heterogeneous asymmetric cointegration with unobserved global factors," International Economics, Elsevier, vol. 177(C).
    4. António Afonso & José Alves, 2023. "Are fiscal consolidation episodes helpful for public sector efficiency?," Applied Economics, Taylor & Francis Journals, vol. 55(31), pages 3547-3560, July.
    5. António Afonso & José Alves, 2022. "Does government spending efficiency improve fiscal sustainability?," Working Papers REM 2022/0226, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    6. António Afonso & Ana Venâncio, 2022. "Local Property Tax Reform and Municipality Spending Efficiency," CESifo Working Paper Series 9538, CESifo.
    7. Kea BARET, 2021. "Fiscal rules’ compliance and Social Welfare," Working Papers of BETA 2021-50, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    8. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Structural Tax Reforms and Public Spending Efficiency," Working Papers REM 2020/0146, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    9. António Afonso & José Alves & Najat Bazah, 2024. "Public Sector Efficiency and the Functions of the Government," Working Papers REM 2024/0357, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    10. António Afonso & Gabriela Baquero Fraga, 2022. "Government spending efficiency in Latin America," Working Papers REM 2022/0250, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    11. António Afonso & João Tovar Jalles & Ana Venâncio, 2022. "A Tale of Government Spending Efficiency and Trust in the State," CESifo Working Paper Series 10075, CESifo.
    12. Janne Tukiainen & Sebastian Blesse & Albrecht Bohne & Leonardo M. Giuffrida & Jan Jäässkeläinen & Ari Luukinen & Antti Sieppi, 2021. "What Are the Priorities of Bureaucrats? Evidence from Conjoint Experiments with Procurement Officials," EconPol Working Paper 63, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    13. Ablam Estel Apeti & Bao-We-Wal Bambe & Aguima Aime Bernard Lompo, 2023. "Determinants of public sector efficiency: a panel database from a stochastic frontier analysis," Post-Print hal-04189811, HAL.
    14. Antonio Afonso & Joao Tovar Jalles & Ana Venancio, 2021. "Do Financial Markets Reward Government Spending Efficiency?," Working Papers 2021.01, International Network for Economic Research - INFER.
    15. António Afonso & João Tovar Jalles & Ana Venâncio, 2023. "Government Spending and Tax Revenue Decentralization and Public Sector Efficiency: Do Natural Disasters matter?," Working Papers REM 2023/0271, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    16. Gergana Mihaylova-Borisova & Presiana Nenkova, 2021. "DEA Efficiency Approach in Comparing Macroeconomic Performance of EU and Balkan Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 42-62.
    17. Kea BARET, 2021. "Fiscal rules’ compliance and Social Welfare," Working Papers of BETA 2021-38, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    18. Lucas Menescal & José Alves, 2023. "Tax Structure and Public Sector Efficiency: New Evidence for Developing Countries," CESifo Working Paper Series 10726, CESifo.
    19. López-Herrera, Carmen & Cordero, José M. & Pedraja-Chaparro, Francisco & Polo, Cristina, 2023. "Fiscal rules and their influence on public sector efficiency," MPRA Paper 119018, University Library of Munich, Germany.

  30. António Afonso & Ana Venâncio, 2019. "Local territorial reform and regional spending efficiency," Working Papers REM 2019/71, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. Chin-Yi Fred Fang, 2020. "Perspective of Local Government on the Performance Assessment of District Sports and Leisure Centers," Sustainability, MDPI, vol. 12(21), pages 1-21, October.
    2. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Government Spending Efficiency, Measurement and Applications: a CrossCountry Efficiency Dataset," EconPol Working Paper 50, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    3. António Afonso & Ana Venâncio, 2022. "Local Property Tax Reform and Municipality Spending Efficiency," CESifo Working Paper Series 9538, CESifo.
    4. Bruno Emmanuel Ongo Nkoa & Djondandi Wangbara & Gautier Tchoffo Tameko, 2024. "Efficiency of local public spending in Cameroon: Does population size matter?," African Development Review, African Development Bank, vol. 36(2), pages 362-376, June.
    5. Muchen Luo & Yimin Wu, 2022. "Data-Driven Evaluation and Optimisation of Livelihood Improvement Efficiency," Sustainability, MDPI, vol. 14(13), pages 1-24, July.

  31. António Afonso & Frederico Silva Leal, 2019. "Fiscal Episodes in the EMU: Elasticities and Non-Keynesian Effects," EconPol Working Paper 30, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Eugene Msizi Buthelezi & Phocenah Nyatanga, 2023. "Threshold of the CAPB That Can Be Attributed to Fiscal Consolidation Episodes in South Africa," Economies, MDPI, vol. 11(6), pages 1-26, May.

  32. António Afonso & Joana Sousa-Leite, 2019. "The Transmission of Unconventional Monetary Policy to Bank Credit Supply: Evidence from the TLTRO," Working Papers REM 2019/65, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. Laine, Olli-Matti, 2019. "The effect of TLTRO-II on bank lending," Bank of Finland Research Discussion Papers 7/2019, Bank of Finland.
    2. Volk, Matjaž, 2024. "The transmission of targeted monetary policy to bank credit supply," The Quarterly Review of Economics and Finance, Elsevier, vol. 94(C), pages 104-112.
    3. António Afonso & M. Carmen Blanco-Arana, 2021. "Unemployment and financial development: evidence for OECD countries," Working Papers REM 2021/0204, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Laine, Olli-Matti, 2022. "Evidence about the transmission of monetary policy," Bank of Finland Scientific Monographs, Bank of Finland, volume 0, number e53, December.
    5. Sharon Lai & Kevin Lane & Laura Nunn, 2022. "The Term Funding Facility: Has It Encouraged Business Lending?," RBA Research Discussion Papers rdp2022-07, Reserve Bank of Australia.
    6. Altavilla, Carlo & Barbiero, Francesca & Boucinha, Miguel & Burlon, Lorenzo, 2020. "The Great Lockdown: pandemic response policies and bank lending conditions," CEPR Discussion Papers 15298, C.E.P.R. Discussion Papers.
    7. Ruishi Jiang & Jia Ruan, 2023. "Does Direct Monetary Policy Affect the Supply of Bank Credit to Small and Medium-Sized Enterprises? An Analysis Based on Chinese Data," Sustainability, MDPI, vol. 15(15), pages 1-19, July.
    8. Dwyer, Gerald P. & Gilevska, Biljana & Nieto, Maria J. & Samartín, Margarita, 2023. "The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 87(C).
    9. Emilie Da Silva & Vincent Grossmann-Wirth & Benoit Nguyen & Miklos Vari, 2021. "Paying Banks to Lend? Evidence from the Eurosystem's TLTRO and the Euro Area Credit Registry," Working papers 848, Banque de France.
    10. Afonso, António & Jalles, João Tovar & Kazemi, Mina, 2020. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads," International Review of Law and Economics, Elsevier, vol. 63(C).
    11. Claudia Kwapil & Kilian Rieder, 2021. "The effects of the monetary policy response to the COVID-19 pandemic: preliminary evidence from a pilot study using Austrian bank-level data," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/20-Q1/, pages 131-152.
    12. Andreeva, Desislava & García-Posada, Miguel, 2020. "The impact of the ECB’s targeted long-term refinancing operations on banks’ lending policies: the role of competition," Working Paper Series 2364, European Central Bank.
    13. António Afonso & Jorge Braga Ferreira, 2024. "Bank’s Risk-Taking Channel of Monetary Policy and TLTRO: Evidence from the Eurozone," CESifo Working Paper Series 11116, CESifo.
    14. António Afonso & Nuno Verdial, 2019. "Sovereign debt crisis in Portugal and in Spain," Working Papers REM 2019/0112, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    15. António Afonso & Francisco Gomes Pereira, 2022. "Unconventional Monetary Policy in the Euro Area. Impacts on Loans, Employment, and Investment," Working Papers REM 2022/0218, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    16. Tiziano Arduini & Edoardo Rainone, 2024. "Partial identification of treatment response under complementarity and substitutability," Temi di discussione (Economic working papers) 1473, Bank of Italy, Economic Research and International Relations Area.
    17. Senni, Chiara Colesanti & Pagliari, Maria Sole & van 't Klooster, Jens, 2023. "The CO2 content of the TLTRO III scheme and its greening," LSE Research Online Documents on Economics 120562, London School of Economics and Political Science, LSE Library.
    18. Laine, Olli-Matti & Nelimarkka, Jaakko, 2023. "Assessing targeted longer-term refinancing operations: Identification through search intensity," Bank of Finland Research Discussion Papers 13/2023, Bank of Finland.
    19. Kamps, Christophe & Bussière, Matthieu & Niessner, Birgit & Tristani, Oreste & Christoffel, Kai & Kapadia, Sujit & Ferrero, Giuseppe & Gilbert, Niels & Vlassopoulos, Thomas & Motto, Roberto & Gerke, R, 2025. "Report on monetary policy tools, strategy and communication," Occasional Paper Series 372, European Central Bank.
    20. Naiborhu, Elis Deriantino & Ulfa, Dhanita, 2023. "The lending implication of a funding for lending scheme policy during COVID-19 pandemic: The case of Indonesia Banks," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1059-1069.
    21. Soares, Carla, 2025. "Liquidity dependencies in the euro area," Working Paper Series 3056, European Central Bank.
    22. Hempell, Hannah S. & Rancoita, Elena & Coi, Claudio Corte & Dadoukis, Aristeidis, 2025. "TLTRO III and banks' loan book rebalancing during the pandemic: less 'targeted' than intended for some?," Working Paper Series 3040, European Central Bank.
    23. Marie Finnegan & Supriya Kapoor, 2023. "ECB unconventional monetary policy and SME access to finance," Small Business Economics, Springer, vol. 61(3), pages 1253-1288, October.
    24. Bednarek, Peter & Dinger, Valeriya & Kaat, Daniel Marcel te & Westernhagen, Natalja von, 2021. "To whom do banks channel central bank funds?," Journal of Banking & Finance, Elsevier, vol. 128(C).
    25. Mujtaba Zia & Jennifer Logan, 2021. "Bank Revolving Credit as a Channel of Monetary Policy," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 13(2), pages 147-160, December.
    26. John Kandrac, 2021. "Can the Federal Reserve Effectively Target Main Street? Evidence from the 1970s Recession," Finance and Economics Discussion Series 2021-061, Board of Governors of the Federal Reserve System (U.S.).
    27. Florian B¨oser & Chiara Colesanti Senni, 2021. "CAROs: Climate Risk-Adjusted Refinancing Operations," CER-ETH Economics working paper series 21/354, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    28. Atsuki Hirata & Yuichiro Ito & Yoshiyasu Kasai, 2024. "Impact of the Fund-Provisioning Measure to Stimulate Bank Lending in Japan," Bank of Japan Working Paper Series 24-E-24, Bank of Japan.

  33. António Afonso & João Tovar Jalles & Mina Kazemi, 2019. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads: an event study from the EMU," EconPol Working Paper 22, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Urbschat, Florian & Watzka, Sebastian, 2020. "Quantitative easing in the Euro Area – An event study approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 77(C), pages 14-36.
    2. Anne-Laure Delatte & Alexis Guillaume, 2020. "Covid 19: a new challenge for the EMU," Working Papers 2020-08, CEPII research center.
    3. Philipp Mohl & Gilles Mourre & Sven Langedijk & Martijn Hoogeland, 2021. "Does Media Visibility Make EU Fiscal Rules More Effective?," European Economy - Discussion Papers 155, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    4. Stéphanie Pamies & Nicolas Carnot & Anda Pătărău, 2021. "Do Fundamentals Explain Differences between Euro Area Sovereign Interest Rates?," European Economy - Discussion Papers 141, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.

  34. António Afonso & João Tovar Jalles, 2019. "Stock Flow Adjustments in Sovereign Debt Dynamics: The Role of Fiscal Frameworks," Working Papers REM 2019/66, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. Fabrizio Casalin & Floriana Cerniglia & Enzo Dia, 2021. "Stock-flow adjustments and interest costs in public debt dynamics," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn2102, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
    2. Francesca Di Iorio & Stefano Fachin, 2022. "Fiscal reaction functions for the advanced economies revisited," Empirical Economics, Springer, vol. 62(6), pages 2865-2891, June.
    3. Andrián, Leandro & Hirs-Garzon, Jorge & Urrea, Ivan Leonardo & Valencia, Oscar, 2024. "Fiscal rules and economic cycles: Quality (always) Matters," European Journal of Political Economy, Elsevier, vol. 85(C).
    4. Václav Rybáček & Petr Musil, 2020. "Vztah mezi saldem hospodaření a dluhem vládních institucí [Relation Between Government Balance and Debt]," Politická ekonomie, Prague University of Economics and Business, vol. 2020(4), pages 462-482.
    5. António Afonso & José Alves & Sofia Monteiro, 2025. "Private investment and public investment: total rates of return and global balances in the OECD," Working Papers REM 2025/0363, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    6. Bachleitner, Alena & Prammer, Doris, 2024. "Don’t blame the government!? An assessment of debt forecast errors with a view to the EU Economic Governance Review," European Journal of Political Economy, Elsevier, vol. 82(C).
    7. Yung‐ho Chiu & Kuei‐Ying Huang & Tai‐Yu Lin & Tzu‐Han Chang, 2022. "Government debt and fiscal execution efficiency," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(1), pages 111-128, January.
    8. Casalin, Fabrizio & Cerniglia, Floriana & Dia, Enzo, 2023. "Stock-flow adjustments, public debt management and interest costs," Economic Modelling, Elsevier, vol. 129(C).

  35. Antonio Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2019. "Long-run relationship between exports and imports: current account sustainability tests for the EU," Post-Print hal-02499351, HAL.

    Cited by:

    1. Olufemi G. Onatunji, 2023. "Sustainability of current account deficits in Nigeria: evidence from the asymmetric NARDL approach," SN Business & Economics, Springer, vol. 3(10), pages 1-22, October.
    2. Hegerty Scott W., 2022. "Time-series dynamics of Baltic trade flows: Structural breaks, regime shifts, and exchange-rate volatility," Journal of Economics and Management, Sciendo, vol. 44(1), pages 96-118, January.
    3. António Afonso & José Alves & José Carlos Coelho & Jamel Saadaoui, 2025. "Fiscal and External Sustainability: A Two-Step Time-Varying Granger Causality Assessment," CESifo Working Paper Series 11694, CESifo.

  36. Antonio Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2018. "Assessing the sustainability of external imbalances in the European Union," Post-Print hal-01914597, HAL.

    Cited by:

    1. Monastiriotis, Vassilis & Tunali, Cigdem Borke, 2020. "The sustainability of external imbalances in the European periphery," LSE Research Online Documents on Economics 101540, London School of Economics and Political Science, LSE Library.
    2. António Afonso & José Alves & Sofia Monteiro, 2024. "Sovereign risk dynamics in the EU: the time varying relevance of fiscal and external (im)balances," Working Papers REM 2024/0311, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Antonio Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2019. "Long-run relationship between exports and imports: current account sustainability tests for the EU," Post-Print hal-02499351, HAL.
    4. António Afonso & José Alves & João Jalles & Sofia Monteiro, 2025. "Shaken Balances: Climate Risks and the Dynamics of Fiscal and External Sustainability," Working Papers REM 2025/0375, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    5. Navarro-Ortiz, Josep & Sapena, Juan, 2020. "Is external debt sustainable? A probabilistic approach," Economic Modelling, Elsevier, vol. 93(C), pages 142-153.
    6. António Afonso & José Alves & Sofia Monteiro, 2025. "Private investment and public investment: total rates of return and global balances in the OECD," Working Papers REM 2025/0363, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    7. Ahmed Oluwatobi Adekunle, 2022. "The Debt-Growth Nexus in Nigeria: An Empirical Evidence," International Journal of Economics and Financial Issues, Econjournals, vol. 12(6), pages 155-161, November.
    8. António Afonso & José Alves & Sofia Monteiro, 2024. "The pressure is on: how geopolitical tensions impact institutional fiscal and external stability responses," Working Papers REM 2024/0318, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    9. António Afonso & José Alves & José Carlos Coelho & Jamel Saadaoui, 2025. "Fiscal and External Sustainability: A Two-Step Time-Varying Granger Causality Assessment," CESifo Working Paper Series 11694, CESifo.
    10. António Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2018. "Twin Deficits Revisited: a role for fiscal institutions?," Working Papers REM 2018/31, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    11. Vicente Esteve & María A. Prats, 2023. "External sustainability in Spanish economy: Bubbles and crises, 1970–2020," Review of International Economics, Wiley Blackwell, vol. 31(1), pages 60-80, February.
    12. António Afonso & Philemon Kwame Opoku, 2018. "The Relationship between Fiscal and Current Account Imbalances in OECD Economies," Working Papers REM 2018/61, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    13. Jorge Silva, 2020. "Determinants of the structure of external funding: the Portuguese case," Economics Bulletin, AccessEcon, vol. 40(3), pages 2073-2084.
    14. Mansoor, Sadia & Baig, Aqeel & Lal, Irfan, 2020. "Can Pakistan Raise More External Debt? A Fiscal Reaction Approach," MPRA Paper 106868, University Library of Munich, Germany.
    15. Siranova, Maria, 2024. "Statistical omissions as the stabilizing factor of net foreign assets in EU countries," International Economics, Elsevier, vol. 178(C).
    16. Vicente Esteve & María A. Prats, 2022. "Can a country borrow forever? The unsustainable trajectory of international debt: the case of Spain," Working Papers 2202, Department of Applied Economics II, Universidad de Valencia.
    17. Krzysztof Beck & Michał Możdżeń, 2020. "Institutional Determinants of Budgetary Expenditures. A BMA-Based Re-Evaluation of Contemporary Theories for OECD Countries," Sustainability, MDPI, vol. 12(10), pages 1-31, May.

  37. António Afonso & Luís Gonçalves, 2018. "The Policy Mix in the US and EMU: Evidence from a SVAR Analysis," Working Papers REM 2018/28, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. Serena Ionta & António Afonso & José Alves, 2025. "Monetary policy surprises and fiscal sustainability: the case of the Euro Area," Economic Change and Restructuring, Springer, vol. 58(3), pages 1-20, June.
    2. Fatih Chellai, 2021. "What Can SVAR Models Tell us About the Impact of Public Expenditure Shocks on Macroeconomic Variables in Algeria? A Slight Hint to the COVID-19 Pandemic," Folia Oeconomica Stetinensia, Sciendo, vol. 21(2), pages 21-37, December.
    3. Egan, Paul & McQuinn, Kieran, 2023. "Monetary tightening in the Euro Area: Implications for residential investment," Papers WP767, Economic and Social Research Institute (ESRI).
    4. António Afonso & José Alves & Serena Ionta, 2023. "The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area," Working Papers REM 2023/0281, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    5. Rant, Vasja & Puc, Anja & Čok, Mitja & Verbič, Miroslav, 2024. "Macroeconomic impacts of monetary and fiscal policy in the euro area in times of shifting policies: A SVAR approach," Finance Research Letters, Elsevier, vol. 64(C).
    6. Veronika Kajurová & Dagmar Vágnerová Linnertová, 2022. "The Nexus between Monetary Policy and Commercial Lending Rates: Comprehensive Evidence from Czechia during Different Policy Stances," Eastern European Economics, Taylor & Francis Journals, vol. 60(4), pages 330-351, July.
    7. Yifu Yang & Sheng Zhang & Nannan Zhang & Zuhui Wen & Qihao Zhang & Meng Xu & Yingfan Zhang & Muchuan Niu, 2022. "The Dynamic Relationship between China’s Economic Cycle, Government Debt, and Economic Policy," Sustainability, MDPI, vol. 14(2), pages 1-14, January.

  38. António Afonso & M. Carmen Blanco-Arana, 2018. "Financial Development and Economic Growth: A Study for OECD Countries in the Context of Crisis," Working Papers REM 2018/46, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. Loredana Andreea Cristea & Alina Daniela Vodă, 2018. "The Correlation Between Fiscal Revenues Of Romania And Gross Domestic Product In The Last 12 Years," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 84-93, December.
    2. Oluwatoyin J. Gbadeyan & Joseph Muthivhi & Linda Z. Linganiso & Nirmala Deenadayalu, 2024. "Decoupling Economic Growth from Carbon Emissions: A Transition toward Low-Carbon Energy Systems—A Critical Review," Clean Technol., MDPI, vol. 6(3), pages 1-38, August.
    3. Musakwa, Mercy T & Odhiambo, Nicholas M, 2022. "Financial development and economic growth in Botswana: new evidence from disaggregated data," Working Papers 29799, University of South Africa, Department of Economics.
    4. Carmen Díaz-Roldán & María del Carmen Ramos-Herrera, 2021. "Innovations and ICT: Do They Favour Economic Growth and Environmental Quality?," Energies, MDPI, vol. 14(5), pages 1-17, March.
    5. Anna Misztal & Magdalena Kowalska & Anita Fajczak-Kowalska & Otakar Strunecky, 2021. "Energy Efficiency and Decarbonization in the Context of Macroeconomic Stabilization," Energies, MDPI, vol. 14(16), pages 1-18, August.
    6. Chor Foon Tang & Salah Abosedra, 2020. "Does Financial Development Moderate the Effects on Growth Volatility? The Experience of Malaysia," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 14(4), pages 361-381, November.
    7. Lawrence U. Okoye & Alexander E. Omankhanlen & Johnson I. Okoh & Uchechukwu E. Okorie & Felix N. Ezeji & Benjamin I. Ehikioya & Gideon K. Ezu, 2021. "Effect of Energy Utilization and Financial Development on Economic Growth in Nigeria," International Journal of Energy Economics and Policy, Econjournals, vol. 11(2), pages 392-401.

  39. António Afonso & Frederico Silva Leal, 2018. "Fiscal Multipliers in the Eurozone: A SVAR Analysis," Working Papers REM 2018/47, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. António Afonso & Eduardo de Sá Fortes Leitão Rodrigues, 2023. "Consumption Patterns of Indebted Households: Unravelling the Relevance of Fiscal Policy," CESifo Working Paper Series 10565, CESifo.
    2. Alban Elshani & Leke Pula, 2023. "Impact of Taxes on Economic Growth: An Empirical Study in the Eurozone," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 24-41.
    3. António Afonso & Eduardo Rodrigues, 2024. "Is public investment in construction and in R&D, growth enhancing? A PVAR approach," Applied Economics, Taylor & Francis Journals, vol. 56(24), pages 2875-2899, May.
    4. António Afonso & José Alves & Frederico Silva Leal, 2025. "Government Scale as a Stabilizer: Effects on Output Volatility and Losses," Working Papers REM 2025/0385, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    5. Lwazi Senzo Ntshangase & Thando Ngozo, 2024. "Quantifying Fiscal Multipliers in South Africa: A Structural Var Approach," Journal of Economics and Behavioral Studies, AMH International, vol. 16(2), pages 45-55.
    6. Raghu Bir Bista & Kiran Prasad Sankhi, 2022. "Assessing Multiplier Effects of Public Expenditures on Economic Growth in Nepal: SVAR Model Analysis," Journal of Economic Impact, Science Impact Publishers, vol. 4(1), pages 50-58.
    7. Rabia Rafique & Asad Nisar & Syed Sadaqat Ali Shah, 2024. "Testing the effects of fiscal policy shocks on output growth in recession and expansion: empirical evidence from developing countries," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-26, June.
    8. Ling Tian & Haisong Dong, 2023. "Study on the Dynamic Relationship between Chinese Residents’ Individual Characteristics and Commercial Health Insurance Demand," IJERPH, MDPI, vol. 20(6), pages 1-20, March.
    9. Sonya Georgieva, 2021. "Fiscal Multipliers in Bulgaria and Central and Eastern Europe Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 131-167.
    10. Fatih Chellai, 2021. "What Can SVAR Models Tell us About the Impact of Public Expenditure Shocks on Macroeconomic Variables in Algeria? A Slight Hint to the COVID-19 Pandemic," Folia Oeconomica Stetinensia, Sciendo, vol. 21(2), pages 21-37, December.
    11. Syed Sadaqat Ali Shah & Muhammad Asim Afridi, 2023. "Cyclical variation of fiscal multipliers in Caucasus and Central Asia economies: an empirical evidence," Economic Change and Restructuring, Springer, vol. 56(6), pages 4531-4563, December.
    12. Roben Kloosterman & Dennis Bonam & Koen van der Veer, 2022. "The effects of monetary policy across fiscal regimes," Working Papers 755, DNB.
    13. António Afonso & Frederico Silva Leal, 2022. "Fiscal episodes in the Economic and Monetary Union: Elasticities and non‐Keynesian effects," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 571-593, January.
    14. Theodore Chatziapostolou & Nikolina Kosteletou, 2023. "A VAR model for Fiscal Multipliers and the Future of Fiscal Policy in European Monetary Union," Bulletin of Applied Economics, Risk Market Journals, vol. 10(2), pages 1-15.
    15. Mindaugas Butkus & Diana Cibulskiene & Lina Garsviene & Janina Seputiene, 2021. "The Heterogeneous Public Debt–Growth Relationship: The Role of the Expenditure Multiplier," Sustainability, MDPI, vol. 13(9), pages 1-22, April.
    16. Eduardo de Sá Fortes Leitão Rodrigues, 2020. "Uncertainty And The Effectiveness Of Fiscal Policy In The United States And Brazil: Svar Approach," Working Papers REM 2020/0150, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    17. Tsvetomir Tsvetkov & Sonya Georgieva, 2021. "Anti-Crisis Macroeconomic Policy in the Conditions of COVID-19 in Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 107-130.
    18. Eduardo de Sa Fortes Leitao Rodrigues, 2023. "Uncertainty and the effectiveness of fiscal policy in the United States and Brasil: SVAR Approach," Working Papers 2023.03, International Network for Economic Research - INFER.
    19. Vese Qehaja-Kekae & Driton Qehaja & Arber Hoti, 2023. "The Effect of Fiscal Deficits on Economic Growth: Evidence from Eurozone Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 3-18.
    20. El Mostafa Bentour, 2022. "The effects of public debt accumulation and business cycle on government spending multipliers," Applied Economics, Taylor & Francis Journals, vol. 54(19), pages 2231-2256, April.

  40. António Afonso & Yasfir Ibraimo, 2018. "The Macroeconomic Effects of Public Debt: An Empirical Analysis of Mozambique," Working Papers REM 2018/29, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. Aimola Akingbade U. & Odhiambo Nicholas M., 2022. "Is the effect of public debt on inflation symmetric or asymmetric? Evidence from the Gambia," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 8(1), pages 41-57, June.
    2. Aimola Akingbade U. & Odhiambo Nicholas M., 2020. "Public Debt and Inflation: A Review of International Literature," Folia Oeconomica Stetinensia, Sciendo, vol. 20(1), pages 9-24, June.
    3. Aimola, Akingbade U & Odhiambo, Nicholas M, 2021. "Public debt and inflation: Empirical evidence from Ghana," Working Papers 27063, University of South Africa, Department of Economics.
    4. Li Zhe & Serhat Yüksel & Hasan Dinçer & Shahriyar Mukhtarov & Mayis Azizov, 2021. "The Positive Influences of Renewable Energy Consumption on Financial Development and Economic Growth," SAGE Open, , vol. 11(3), pages 21582440211, August.
    5. Jocelyne Zoumenou, 2023. "On the impact of fiscal policy on inflation: The case of fiscal rules," EconomiX Working Papers 2023-21, University of Paris Nanterre, EconomiX.
    6. Nur Hayati Abd Rahman & Shafinar Ismail & Khairunnisa Abd Samad & Bestari Dwi Handayani & Yozi Aulia Rahman & Wijang Sakitri, 2022. "The Effects of Regulatory Performance on the Debt–Growth Relationship: Cases of Upper-Middle-Income Economies," Economies, MDPI, vol. 10(10), pages 1-14, September.

  41. António Afonso & Huseyin Sen & Ayse Kaya, 2018. "Government Size, Unemployment, and Inflation Nexus in Eight Large Emerging Market Economies," Working Papers REM 2018/38, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. António Afonso & José Alves & Frederico Silva Leal, 2025. "Government Scale as a Stabilizer: Effects on Output Volatility and Losses," Working Papers REM 2025/0385, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Manuela CHETUE Komguep & Luc NDEFFO Nembot, 2021. "Why Do Employment Policies Fail to Reduce Unemployment in Sub-Saharan Africa? Looking towards the brain drain," Economics Bulletin, AccessEcon, vol. 41(2), pages 615-633.
    3. Orkun ÇELIK & Elif ERER, 2021. "The Role of Gender in the Government Expenditure and Unemployment Nexus: An Investigation at Regional Level for Turkey," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 112-128, June.
    4. Burcu Yuruk & Hakan Acaroglu, 2021. "An Asymmetric Causality Analysis of the Relationship between Government Expenditure and Unemployment in Turkey," Journal of Economy Culture and Society, Istanbul University, Faculty of Economics, vol. 63(63), pages 93-110, June.

  42. António Afonso & João Jalles, 2018. "Decomposing And Analysing The Determinants Of Current Accounts’ Cyclicality: Evidence From The Euro Area," Working Papers REM 2018/42, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. António Afonso & José Carlos Coelho, 2022. "Twin Deficits through the Looking Glass: Time-Varying Analysis in the Euro Area," CESifo Working Paper Series 9559, CESifo.
    2. Schlicht, Ekkehart, 2006. "VC - A Method For Estimating Time-Varying Coefficients in Linear Models," Discussion Papers in Economics 61656, University of Munich, Department of Economics.
    3. Ibrar Hussain & Umar Hayat & Md Shabbir Alam & Uzma Khan, 2024. "A Dynamic Analysis of the Twin-Deficit Hypothesis: the Case of a Developing Country," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(1), pages 25-52, March.
    4. Felice, Giulia & Tajoli, Lucia, 2021. "Trade balances and global value chains: Is there a link?," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 228-246.

  43. António Afonso & João Tovar Jalles, 2017. "Fiscal Activism and Price Volatility: Evidence from Advanced and Emerging Economies," Working Papers Department of Economics 2017/04, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. António Afonso & Luís Gonçalves, 2018. "The Policy Mix in the US and EMU: Evidence from a SVAR Analysis," Working Papers REM 2018/28, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  44. António Afonso & Frederico Silva Leal, 2017. "Sovereign yield spreads in the EMU: crisis and structural determinants," Working Papers Department of Economics 2017/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Caravaggio, Nicola & Carnazza, Giovanni, 2022. "The Italian nominal interest rate conundrum: A problem of growth or public finance?," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 313-326.
    2. Vácha, Lukáš & Šmolík, Filip & Baxa, Jaromír, 2019. "Comovement and disintegration of EU sovereign bond markets during the crisis," International Review of Economics & Finance, Elsevier, vol. 64(C), pages 541-556.

  45. António Afonso & João Tovar Jalles, 2017. "Sovereign Debt Effects and Composition: Evidence from Time-Varying Estimates," Working Papers Department of Economics 2017/03, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Bitar, Nicholas & Chakrabarti, Avik & Zeaiter, Hussein, 2018. "Were Reinhart and Rogoff right?," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 614-620.
    2. Schlicht, Ekkehart, 2006. "VC - A Method For Estimating Time-Varying Coefficients in Linear Models," Discussion Papers in Economics 61656, University of Munich, Department of Economics.
    3. Janda, Karel & Kravtsov, Oleg, 2017. "Time-varying Effects of Public Debt on the Financial and Banking Development in the Central and Eastern Europe," MPRA Paper 77325, University Library of Munich, Germany.

  46. António Afonso & Jorge Silva, 2017. "Debt crisis and 10-year sovereign yields in Ireland and in Portugal," Working Papers Department of Economics 2017/06, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Ghulam, Yaseen & Derber, Julian, 2018. "Determinants of sovereign defaults," The Quarterly Review of Economics and Finance, Elsevier, vol. 69(C), pages 43-55.
    2. António Afonso & Nuno Verdial, 2019. "Sovereign debt crisis in Portugal and in Spain," Working Papers REM 2019/0112, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. António Afonso & Jorge Silva, 2019. "Effects of euro area monetary policy on institutional sectors: the case of Portugal," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 42(120), pages 219-236, Diciembre.

  47. Afonso, Ant nio & Arghyrou, Michael G & Gadea, Mar a Dolores & Kontonikas, Alexandros, 2017. ""Whatever it takes" to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects," Cardiff Economics Working Papers E2017/12, Cardiff University, Cardiff Business School, Economics Section.

    Cited by:

    1. Ioannis Chatziantoniou & David Gabauer, 2019. "EMU-Risk Synchronisation and Financial Fragility Through the Prism of Dynamic Connectedness," Working Papers in Economics & Finance 2019-07, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    2. Pablo Burriel & Mar Delgado-Téllez & Camila Figueroa & Iván Kataryniuk & Javier J. Pérez, 2024. "Estimating the contribution of macroeconomic factors to sovereign bond spreads in the euro area," Working Papers 2408, Banco de España.
    3. Christophe Blot & Caroline Bozou & Jérôme Creel & Paul Hubert, 2021. "Are all Central Bank Asset Purchases the Same? Different Rationales, Different Effects," SciencePo Working papers Main hal-03554141, HAL.
    4. António Afonso & Joana Sousa-Leite, 2019. "The Transmission of Unconventional Monetary Policy to Bank Credit Supply: Evidence from the TLTRO," Working Papers REM 2019/65, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    5. Gómez-Puig, Marta & Pieterse-Bloem, Mary & Sosvilla-Rivero, Simón, 2023. "Dynamic connectedness between credit and liquidity risks in euro area sovereign debt markets," Journal of Multinational Financial Management, Elsevier, vol. 68(C).
    6. Arghyrou, Michael G & Gadea, Mar a Dolores, 2019. "Private bank deposits and macro/fiscal risk in the euro-area," Cardiff Economics Working Papers E2019/6, Cardiff University, Cardiff Business School, Economics Section.
    7. Ortmans, Aymeric & Tripier, Fabien, 2021. "COVID-induced sovereign risk in the euro area: When did the ECB stop the spread?," European Economic Review, Elsevier, vol. 137(C).
    8. Alessi, Lucia & Balduzzi, Pierluigi & Savona, Roberto, 2019. "Anatomy of a Sovereign Debt Crisis: CDS Spreads and Real-Time Macroeconomic Data," JRC Working Papers in Economics and Finance 2019-03, Joint Research Centre, European Commission.
    9. Oliver Hülsewig & Horst Rottmann, 2020. "Euro Area Periphery Countries' Fiscal Policy and Monetary Policy Surprises," CESifo Working Paper Series 8041, CESifo.
    10. Jens Klose, 2019. "Measuring Redenomination Risks in the Euro Area - New Evidence from Survey Data," MAGKS Papers on Economics 201903, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    11. Afonso, António & Jalles, João Tovar & Kazemi, Mina, 2020. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads," International Review of Law and Economics, Elsevier, vol. 63(C).
    12. Ralf Fendel & Frederik Neugebauer, 2018. "Country-Specific Euro Area Government Bond Yield Reactions to ECB’s Non-Standard Monetary Policy Announcements," WHU Working Paper Series - Economics Group 18-02, WHU - Otto Beisheim School of Management.
    13. Panagiotis Panagiotou & Xu Jiang & Angel Gavilan, 2023. "The determinants of liquidity commonality in the Euro-area sovereign bond market," The European Journal of Finance, Taylor & Francis Journals, vol. 29(10), pages 1144-1186, July.
    14. Vaclav Broz & Evzen Kocenda, 2017. "Dynamics and Factors of Inflation Convergence in the European Union," Working Papers IES 2017/24, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Nov 2017.
    15. Meriläinen, Jari-Mikko & Junttila, Juha, 2020. "The relationship between credit ratings and asset liquidity: Evidence from Western European banks," Journal of International Money and Finance, Elsevier, vol. 108(C).
    16. Gomes-Pereira, Francisco, 2024. "Balance sheet expansionary policies in the euro area: Macroeconomic impacts and a vulnerable versus non-vulnerable comparison," The Journal of Economic Asymmetries, Elsevier, vol. 30(C).
    17. António Afonso & Jorge Braga Ferreira, 2024. "Bank’s Risk-Taking Channel of Monetary Policy and TLTRO: Evidence from the Eurozone," CESifo Working Paper Series 11116, CESifo.
    18. Piotr Ciżkowicz & Grzegorz Parosa & Andrzej Rzońca, 2022. "Fiscal tensions and risk premium," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(3), pages 833-896, August.
    19. Wojciech Grabowski & Ewa Stawasz-Grabowska, 2021. "How have the European central bank’s monetary policies been affecting financial markets in CEE-3 countries?," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(1), pages 43-83, March.
    20. António Afonso & Nuno Verdial, 2019. "Sovereign debt crisis in Portugal and in Spain," Working Papers REM 2019/0112, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    21. António Afonso & Francisco Gomes Pereira, 2022. "Unconventional Monetary Policy in the Euro Area. Impacts on Loans, Employment, and Investment," Working Papers REM 2022/0218, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    22. G. Arghyrou, Michael & Gadea, Maria-Dolores & Kontonikas, Alexandros, 2024. "Private bank deposits and macro/fiscal risk in the euro-area," Journal of International Money and Finance, Elsevier, vol. 140(C).
    23. Beetsma, Roel & van Spronsen, Josha, 2019. "Unconventional Monetary Policy and Auction Cycles of Eurozone Sovereign Debt," CEPR Discussion Papers 14099, C.E.P.R. Discussion Papers.
    24. Tholl, Johannes & Schwarzbach, Christoph & Pittalis, Sandro & von Mettenheim, Hans-Jörg, 2020. "Bank funding and the recent political development in Italy: What about redenomination risk?," International Review of Law and Economics, Elsevier, vol. 64(C).
    25. Basse, Tobias, 2020. "Solvency II and sovereign credit risk: Additional empirical evidence and some thoughts about implications for regulators and lawmakers," International Review of Law and Economics, Elsevier, vol. 64(C).
    26. Hirsch, Patrick & Feld, Lars P. & Köhler, Ekkehard A. & Thomas, Tobias, 2024. "“Whatever It Takes!” How tonality of TV-news affected government bond yield spreads during the European debt crisis," European Journal of Political Economy, Elsevier, vol. 82(C).
    27. Cherubini, Umberto, 2021. "Estimating redenomination risk under Gumbel–Hougaard survival copulas," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    28. Ioannou, Demosthenes & Pagliari, Maria Sole & Stracca, Livio, 2024. "The international impact of a fragile EMU," European Economic Review, Elsevier, vol. 161(C).
    29. Hirsch, Patrick & Köhler, Ekkehard A. & Feld, Lars P. & Thomas, Tobias, 2020. ""Whatever it takes!": How tonality of TV-news affects government bond yield spreads during crises," Freiburg Discussion Papers on Constitutional Economics 20/9, Walter Eucken Institut e.V..
    30. Uddin, Gazi Salah & Yahya, Muhammad & Park, Donghyun & Hedström, Axel & Tian, Shu, 2024. "Bond market spillover networks of ASEAN-4 markets: Is the global pandemic different?," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 1028-1044.
    31. Aymeric Ortmans & Fabien Tripier, 2020. "COVID-Induced Sovereign Risk in the Euro Area: When Did the ECB Stop the Contagion?," Working Papers 2020-11, CEPII research center.
    32. Gabauer, David, 2021. "Dynamic measures of asymmetric & pairwise connectedness within an optimal currency area: Evidence from the ERM I system," Journal of Multinational Financial Management, Elsevier, vol. 60(C).
    33. Konstantinov, Gueorgui S. & Fabozzi, Frank J., 2021. "Towards a dead end? EMU bond market exposure and manager performance," Journal of International Money and Finance, Elsevier, vol. 116(C).
    34. Marta Gómez-Puig & Mary Pieterse-Bloem & Simón Sosvilla-Rivero, 2022. ""Dynamic connectedness between credit and liquidity risks in EMU sovereign debt markets"," IREA Working Papers 202217, University of Barcelona, Research Institute of Applied Economics, revised Oct 2022.
    35. Köhler, Ekkehard A. & Hirsch, Patrick & Palhuca, Leonardo, 2024. "A database: How the euro crisis ended: Not with a (fiscal) bang but a whimper," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 1422-1441.
    36. Francisco Gomes Pereira, 2023. "Balance Sheet Expansionary Policies in the Euro Area: Macroeconomic Impacts and a Vulnerable versus Non-Vulnerable Comparison - A Bayesian Structural VAR Approach," Working Papers REM 2023/0259, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    37. Kellard, Neil M. & Kontonikas, Alexandros & Lamla, Michael J. & Maiani, Stefano & Wood, Geoffrey, 2022. "Risk, financial stability and FDI," Journal of International Money and Finance, Elsevier, vol. 120(C).
    38. Ciżkowicz, Piotr & Ledóchowski, Michał & Rzońca, Andrzej, 2025. "Fiscal policy and government bond yields: New evidence from the EU," Economic Modelling, Elsevier, vol. 147(C).
    39. Maria E. de Boyrie & Ivelina Pavlova, 2020. "Analysing the link between environmental performance and sovereign credit risk," Applied Economics, Taylor & Francis Journals, vol. 52(54), pages 5949-5966, November.
    40. Yahya, Muhammad & Allahdadi, Mohammad Reza & Uddin, Gazi Salah & Park, Donghyun & Wang, Gang-Jin, 2024. "Multilayer information spillover network between ASEAN-4 and global bond, forex and stock markets," Finance Research Letters, Elsevier, vol. 59(C).
    41. Vácha, Lukáš & Šmolík, Filip & Baxa, Jaromír, 2019. "Comovement and disintegration of EU sovereign bond markets during the crisis," International Review of Economics & Finance, Elsevier, vol. 64(C), pages 541-556.

  48. António Afonso, & Jorge Silva, 2017. "Effects of euro area monetary policy on institutional sectors: the case of Portugal," Working Papers Department of Economics 2017/15, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Zoë Venter, 2021. "Honing in on Housing," Working Papers REM 2021/0163, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Zoë Venter, 2020. "The Interaction Between Conventional Monetary Policy and Financial Stability: Chile, Colombia, Japan, Portugal and the UK," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 62(3), pages 521-554, September.

  49. António Afonso & João Jalles, 2017. "Do Fiscal Rules Lower Government Financing Costs?," Working Papers REM 2017/15, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. Md Ali Emam & Markus Leibrecht & Tinggui Chen, 2022. "The Impact of a “National Green Export Review” on Competitiveness: Empirical Evidence for Ecuador’s Fish Exports," Agriculture, MDPI, vol. 13(1), pages 1-14, December.

  50. António Afonso & João Tovar Jalles, 2017. "Quantitative Easing and Sovereign Yield Spreads: Euro-Area Time-Varying Evidence," Working Papers REM 2017/20, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Cited by:

    1. João Tovar Jalles & André Teixeira, 2025. "Austerity And Banking: The Impact Of Fiscal Consolidation On Bank Efficiency And Stability," Working Papers REM 2025/0370, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Wojciech Grabowski & Ewa Stawasz-Grabowska, 2019. "News Releases, Credit Rating Announcements, and Anti-Crisis Measures as Determinants of Sovereign Bond Spreads in the Peripheral Euro-Area Countries," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 69(2), pages 149-173, April.
    3. Sabri Boubaker & Duc Khuong Nguyen & Vanja Piljak & Andreas Savvides, 2018. "Financial Development, Government Bond Returns, and Stability: International Evidence," Working Papers 2018-007, Department of Research, Ipag Business School.
    4. Gómez-Puig, Marta & Pieterse-Bloem, Mary & Sosvilla-Rivero, Simón, 2023. "Dynamic connectedness between credit and liquidity risks in euro area sovereign debt markets," Journal of Multinational Financial Management, Elsevier, vol. 68(C).
    5. Eijffinger, Sylvester C.W. & Pieterse-Bloem, Mary, 2023. "Eurozone government bond spreads: A tale of different ECB policy regimes," Journal of International Money and Finance, Elsevier, vol. 139(C).
    6. Verner, Robert & Tkáč, Michal, 2023. "On the predictability of bonds," Finance Research Letters, Elsevier, vol. 57(C).
    7. Ortmans, Aymeric & Tripier, Fabien, 2021. "COVID-induced sovereign risk in the euro area: When did the ECB stop the spread?," European Economic Review, Elsevier, vol. 137(C).
    8. Manish K. Singh & Marta Gómez-Puig & Simón Sosvilla-Rivero, 2024. "Quantifying sovereign risk in the euro area," IREA Working Papers 202403, University of Barcelona, Research Institute of Applied Economics, revised Feb 2024.
    9. Afonso, António & Jalles, João Tovar & Kazemi, Mina, 2020. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads," International Review of Law and Economics, Elsevier, vol. 63(C).
    10. Nicoletta Layher & Eyden Samunderu, 2020. "The Impact of the Introduction of Uniform European Collective Action Clauses on European Government Bonds as a Regulatory Result of the European Sovereign Debt Crisis," JRFM, MDPI, vol. 14(1), pages 1-32, December.
    11. Jose E. Gomez-Gonzalez & Jorge M. Uribe & Oscar M. Valencia, 2023. "Sovereign Risk and Economic Complexity: Machine Learning Insights on Causality and Prediction," IREA Working Papers 202315, University of Barcelona, Research Institute of Applied Economics, revised Nov 2023.
    12. Gomez-Gonzalez, Jose E. & Uribe, Jorge M. & Valencia, Oscar M., 2025. "Sovereign debt cost and economic complexity," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 99(C).
    13. Wojciech Grabowski & Ewa Stawasz-Grabowska, 2021. "How have the European central bank’s monetary policies been affecting financial markets in CEE-3 countries?," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(1), pages 43-83, March.
    14. António Afonso & Nuno Verdial, 2019. "Sovereign debt crisis in Portugal and in Spain," Working Papers REM 2019/0112, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    15. António Afonso & João Tovar Jalles & Mina Kazemi, 2019. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads: an event study from the EMU," EconPol Working Paper 22, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    16. Hatzinikolaou Dimitris & Sarigiannidis Georgios, 2023. "A threshold model for the spread," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 27(1), pages 67-82, February.
    17. Gomez-Gonzalez, Jose E. & Uribe, Jorge M. & Valencia, Oscar, 2024. "Sovereign Risk and Economic Complexity," IDB Publications (Working Papers) 13393, Inter-American Development Bank.
    18. Anastasios Pappas & Ioannis Kostakis, 2020. "The Driving Factors of EMU Government Bond Yields: The Role of Debt, Liquidity and Fiscal Councils," IJFS, MDPI, vol. 8(3), pages 1-13, September.
    19. Luciano Greco & Francesco J. Pintus & Davide Raggi, 2023. "When Fiscal Discipline meets Macroeconomic Stability: the Euro-stability Bond," Working Papers 2023:11, Department of Economics, University of Venice "Ca' Foscari".
    20. António Afonso & André Teixeira, 2023. "Bank Regulation and Sovereign Risk: A Paradox," CESifo Working Paper Series 10434, CESifo.
    21. Anne-Laure Delatte & Alexis Guillaume, 2020. "Covid 19: a new challenge for the EMU," Working Papers 2020-08, CEPII research center.
    22. Aymeric Ortmans & Fabien Tripier, 2020. "COVID-Induced Sovereign Risk in the Euro Area: When Did the ECB Stop the Contagion?," Working Papers 2020-11, CEPII research center.
    23. Marta Gómez-Puig & Mary Pieterse-Bloem & Simón Sosvilla-Rivero, 2022. ""Dynamic connectedness between credit and liquidity risks in EMU sovereign debt markets"," IREA Working Papers 202217, University of Barcelona, Research Institute of Applied Economics, revised Oct 2022.
    24. António Afonso & Jorge Silva, 2019. "Effects of euro area monetary policy on institutional sectors: the case of Portugal," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 42(120), pages 219-236, Diciembre.
    25. Jose E. Gomez-Gonzalez & Jorge M. Uribe & Oscar M. Valencia, 2024. "Asymmetric Sovereign Risk: Implications for Climate Change Preparation," IREA Working Papers 202401, University of Barcelona, Research Institute of Applied Economics, revised Jan 2024.
    26. Samir Kadiric, 2020. "The determinants of sovereign risk premiums in the UK and the European government bond market: The impact of Brexit," EIIW Discussion paper disbei271, Universitätsbibliothek Wuppertal, University Library.
    27. Sheunesu Zhou, 2021. "Examining the Sources of Sovereign Risk for South Africa: A Time Varying Flexible Least Squares Approach," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 9(1), pages 29-45.
    28. Mutia Wahyuningsih & Wiwik Utami & Augustina Kurniasih & Endri Endri, 2025. "Green Bond Yield Determinants in Indonesia: The Moderating Role of Bond Ratings," JRFM, MDPI, vol. 18(4), pages 1-23, April.
    29. Stéphanie Pamies & Nicolas Carnot & Anda Pătărău, 2021. "Do Fundamentals Explain Differences between Euro Area Sovereign Interest Rates?," European Economy - Discussion Papers 141, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    30. Rostagno, Massimo & Altavilla, Carlo & Carboni, Giacomo & Lemke, Wolfgang & Motto, Roberto & Saint Guilhem, Arthur, 2021. "Combining negative rates, forward guidance and asset purchases: identification and impacts of the ECB’s unconventional policies," Working Paper Series 2564, European Central Bank.
    31. Samir Kadiric, 2022. "The determinants of sovereign risk premiums in the UK and the European government bond market: the impact of Brexit," International Economics and Economic Policy, Springer, vol. 19(2), pages 267-298, May.

  51. António Afonso & João Tovar Jalles, 2016. "The Fiscal Consequences of Deflation: Evidence from the Golden Age of Globalization," Working Papers Department of Economics 2016/23, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Saungweme Talknice & Odhiambo Nicholas M., 2021. "Public debt and inflation dynamics: Empirical evidence from Zimbabwe," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 7(2), pages 14-30, December.
    2. Karsten Staehr & Oļegs Tkačevs & Katri Urke, 2024. "Fiscal performance under inflation and inflation surprises: evidence from fiscal reaction functions for the euro area," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 160(4), pages 1477-1504, November.
    3. Fukunaga,Ichiro & Komatsuzaki,Takuji & Matsuoka,Hideaki, 2020. "Inflation and Public Debt Reversals in Advanced Economies," Policy Research Working Paper Series 9129, The World Bank.
    4. Bańkowski, Krzysztof & Checherita-Westphal, Cristina & Jesionek, Julia & Muggenthaler, Philip & Frutos, Mario Alloza & Avgousti, Aristoklis & Briodeau, Clémence & Brusbārde, Baiba & Caprioli, Francesc, 2023. "The effects of high inflation on public finances in the euro area," Occasional Paper Series 332, European Central Bank.
    5. Somé Juste & Konaté Aniwar, 2025. "Estimating the Size of Fiscal Multipliers in the WAEMU Area," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 19(1), pages 1-16.
    6. Talknice Saungweme & Nicholas M. Odhiambo, 2021. "Public Debt and Inflation Dynamics: Empirical Evidence from Zimbabwe," Working Papers 2107, African Economic and Social Research Institute (AESRI).

  52. António Afonso, & José Alves, 2016. "Reconsidering Wagner's Law: evidence from the functions of the government," Working Papers Department of Economics 2016/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Wensheng Xiao & Yu Tang & Bright Obuobi & Shaojian Qu & Minglan Yuan & Decai Tang, 2023. "The Influence of Rule of Law on Government’s Sustainable Economic Management: Evidence from China," Sustainability, MDPI, vol. 15(15), pages 1-23, July.
    2. Mohd Shahrol Nizam & Norimah Rambeli, 2022. "The Development of Growth Model with the Implication of Crisis Regime," Information Management and Business Review, AMH International, vol. 13(4), pages 39-51.
    3. Paparas, Dimitrios & Stoian, Andreea, 2016. "The validity of Wagner’s Law in Romania during 1995-2015," MPRA Paper 74378, University Library of Munich, Germany.
    4. Livio Di Matteo & Fraser Summerfield, 2018. "The Shifting Scully Curve: International Evidence from 1870 to 2013," Working Paper series 18-01, Rimini Centre for Economic Analysis.
    5. Philip Arestis & Hüseyin Şen & Ayşe Kaya, 2021. "On the linkage between government expenditure and output: empirics of the Keynesian view versus Wagner’s law," Economic Change and Restructuring, Springer, vol. 54(2), pages 265-303, May.
    6. Hans Pitlik & Margit Schratzenstaller, 2022. "Kurzexpertise zu Abgabensystem und Ausgabenstrukturen im internationalen Vergleich. Ausgangssituation und Reformbedarf," WIFO Studies, WIFO, number 67988, June.
    7. António Afonso & José Alves, 2022. "Does government spending efficiency improve fiscal sustainability?," Working Papers REM 2022/0226, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    8. Martin Ravallion, 2018. "Global Inequality When Unequal Countries Create Unequal People," Working Papers id:12779, eSocialSciences.
    9. Nupur Nirola & Sohini Sahu, 2020. "Revisiting the Wagner’s law for Indian States using second generation panel cointegration," Economic Change and Restructuring, Springer, vol. 53(2), pages 241-263, May.
    10. Wahyudi Wahyudi, 2020. "The Relationship between Government Spending and Economic Growth Revisited," International Journal of Economics and Financial Issues, Econjournals, vol. 10(6), pages 84-88.
    11. Jaejoon Woo, 2023. "The long-run determinants of redistribution: evidence from a panel of 47 countries in 1967–2014," Empirical Economics, Springer, vol. 64(4), pages 1811-1860, April.
    12. Martin Ravallion, 2018. "What might explain today's conflicting narratives on global inequality?," WIDER Working Paper Series wp-2018-141, World Institute for Development Economic Research (UNU-WIDER).
    13. Kyriaki Efthalitsidou & Eleni Zafeiriou & Konstantinos Spinthiropoulos & Ioannis Betsas & Nikolaos Sariannidis, 2021. "GDP and Public Expenditure in Education, Health, and Defense. Empirical Research for Greece," Mathematics, MDPI, vol. 9(18), pages 1-17, September.
    14. Fedotenkov, Igor & Idrisov, Georgy, 2021. "A supply-demand model of public sector size," Economic Systems, Elsevier, vol. 45(2).
    15. António Afonso & José Alves & Najat Bazah, 2024. "Public Sector Efficiency and the Functions of the Government," Working Papers REM 2024/0357, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    16. Tewa Papy Voto & Nicholas Ngepah, 2024. "Personal income tax, redistribution and income inequality in Sub-Saharan Africa," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 71(2), pages 205-223, June.
    17. António Afonso & Sérgio Gadelha & Agatha Silva, 2020. "Public Debt And Economic Growth In Brazil," Working Papers REM 2020/0148, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    18. Fedotenkov, Igor & Idrisov, Georgy, 2019. "A supply-demand model of the size of public sector and Wagner's law," MPRA Paper 94973, University Library of Munich, Germany.
    19. Emilian Dobrescu, 2018. "Functional trinity of public finance in an emerging economy," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 7(1), pages 1-27, December.
    20. Sedat Alataş & Erkam Sarı, 2021. "An Empirical Investigation on Regional Disparities in Public Expenditures: Province Level Evidence from Turkey," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 158(1), pages 217-240, November.

  53. António Afonso, & Mina Kazemi, 2016. "Assessing Public Spending Efficiency in 20 OECD Countries," Working Papers Department of Economics 2016/12, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2024. "Fiscal decentralization and public sector efficiency: Do natural disasters matter?," Economic Modelling, Elsevier, vol. 137(C).
    2. Arrouna Keita, 2024. "Public Agricultural Expenditure Efficiency and Food Security in Sub-Saharan African Countries: Cash Crops or Food Crops?," Working Papers 2024.17, International Network for Economic Research - INFER.
    3. European Fiscal Board (EFB), 2019. "Assessment of EU fiscal rules with a focus on the six and two-pack legislation," Reports 2019, European Fiscal Board.
    4. António Afonso & Ludger Schuknecht, 2019. "How “Big” Should Government Be?," Working Papers REM 2019/78, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    5. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos, 2020. "Macroeconomic policy lessons for Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 152, Hellenic Observatory, LSE.
    6. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos, 2020. "Macroeconomic Policy Lessons for Greece from the Debt Crisis," CESifo Working Paper Series 8188, CESifo.
    7. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Government Spending Efficiency, Measurement and Applications: a CrossCountry Efficiency Dataset," EconPol Working Paper 50, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    8. António Afonso & João Tovar Jalles & Ana Venâncio, 2021. "Taxation and Public Spending Efficiency: An International Comparison," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(3), pages 356-383, September.
    9. Anup Kumar Yadava & Yadawananda Neog, 2022. "Public Sector Performance and Efficiency Assessment of Indian States," Global Business Review, International Management Institute, vol. 23(2), pages 493-511, April.
    10. Andrea Salustri & Maria Alessandra Antonelli & Angelo Castaldo, 2023. "Uno studio dei sistemi di protezione sociale europei tramite l’analisi delle componenti principali," Public Finance Research Papers 59, Istituto di Economia e Finanza, DSGE, Sapienza University of Rome.
    11. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Structural Tax Reforms and Public Spending Efficiency," Working Papers REM 2020/0146, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    12. Chen, Hsien-Yi & Chen, Sheng-Syan & Chang, Chong-Chuo, 2024. "How do institutions affect output recovery after financial crises?," Journal of International Money and Finance, Elsevier, vol. 146(C).
    13. Janne Tukiainen & Sebastian Blesse & Albrecht Bohne & Leonardo M. Giuffrida & Jan Jäässkeläinen & Ari Luukinen & Antti Sieppi, 2021. "What Are the Priorities of Bureaucrats? Evidence from Conjoint Experiments with Procurement Officials," EconPol Working Paper 63, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    14. Antonio Afonso & Joao Tovar Jalles & Ana Venancio, 2021. "Do Financial Markets Reward Government Spending Efficiency?," Working Papers 2021.01, International Network for Economic Research - INFER.
    15. Leke Pula & Florentina Xhelili, 2022. "Government Public Spending Efficiency: A Comparative Analysis between Kosovo and EU Countries, Especially Western Balkan Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 3-17.
    16. Antonio Afonso & Ludger Schuknecht, 2019. "How “big†should government be?," Economics and Business Letters, Oviedo University Press, vol. 8(2), pages 85-96.
    17. Maria Alessandra Antonelli & Giorgia Marini, 2023. "Good health with good institutions. An empirical analysis for italian regions," Public Finance Research Papers 61, Istituto di Economia e Finanza, DSGE, Sapienza University of Rome.
    18. Manuel Martínez-Blanes & Francisco Javier Rondán-Cataluña & José Manuel Velarde-Gestera, 2020. "Indicators of Efficiency in the Pharmaceutical Management of a Public Health System," Administrative Sciences, MDPI, vol. 10(2), pages 1-19, May.
    19. Alessandra Cepparulo & Gilles Mourre, 2020. "How and How Much? The Growth-Friendliness of Public Spending through the Lens," European Economy - Discussion Papers 132, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    20. Marius Sorin Dincă & Gheorghiţa Dincă & Maria Letiţia Andronic & Anna Maria Pasztori, 2021. "Assessment of the European Union’s Educational Efficiency," Sustainability, MDPI, vol. 13(6), pages 1-29, March.
    21. Svetlana Vtyurina, 2020. "Effectiveness and Equity in Social Spending - The Case of Spain," IMF Working Papers 2020/016, International Monetary Fund.

  54. António Afonso & Jorge Silva, 2016. "Current account balance cyclicality," Working Papers Department of Economics 2016/20, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. António Afonso & João Jalles, 2018. "Decomposing And Analysing The Determinants Of Current Accounts’ Cyclicality: Evidence From The Euro Area," Working Papers REM 2018/42, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Jorge Silva, 2020. "Determinants of the structure of external funding: the Portuguese case," Economics Bulletin, AccessEcon, vol. 40(3), pages 2073-2084.
    3. Jorge Silva, 2017. "Are external accounts sustainable in Portugal?," Working Papers REM 2017/21, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  55. António Afonso & João Tovar Jalles, 2016. "Economic Volatility and Sovereign Yields’ Determinants: a Time-Varying Approach," Working Papers Department of Economics 2016/04, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. António Afonso & Mina Kazemi, 2017. "Euro area sovereign yields and the power of QE," Working Papers Department of Economics 2017/12, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    2. António Afonso & José Alves & Sofia Monteiro, 2023. "Beyond Borders: Assessing the Influence of Geopolitical Tensions on Sovereign Risk Dynamics," Working Papers REM 2023/0300, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Schlicht, Ekkehart, 2006. "VC - A Method For Estimating Time-Varying Coefficients in Linear Models," Discussion Papers in Economics 61656, University of Munich, Department of Economics.
    4. Antonio Afonso & Mina Kazemi, 2018. "Euro Area Sovereign Yields and the Power of Unconventional Monetary Policy," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 68(2), pages 100-119, April.
    5. Andreas Nastansky & Sarah Siris, 2024. "Risikoverbund zwischen Banken und Staaten: Eine empirische Analyse für den Euroraum," Statistische Diskussionsbeiträge 56, Universität Potsdam, Wirtschafts- und Sozialwissenschaftliche Fakultät.
    6. António Afonso & João Tovar Jalles, 2017. "Quantitative Easing and Sovereign Yield Spreads: Euro-Area Time-Varying Evidence," Working Papers REM 2017/20, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    7. Keyser, Alice & Paczos, Wojtek, 2023. "Sovereign risk, debt composition and exchange rate regimes," Finance Research Letters, Elsevier, vol. 58(PB).
    8. Andrian, Leandro Gaston & Rodríguez, César M. & Valencia, Oscar, 2024. "Surges in the Shadows: Stock-Flow Adjustments and Public Debt Spikes," IDB Publications (Working Papers) 13725, Inter-American Development Bank.
    9. Elton Beqiraj & Valeria Patella & Massimiliano Tancioni, 2019. "Regime-switches in the Rollover of Sovereign Risk," Working Papers in Public Economics 191, Department of Economics and Law, Sapienza University of Roma.
    10. António Afonso & Frederico Silva Leal, 2017. "Sovereign yield spreads in the EMU: crisis and structural determinants," Working Papers Department of Economics 2017/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  56. António Afonso & Miguel St. Aubyn, 2016. "Economic Growth and Public and Private Investment Returns," Working Papers Department of Economics 2016/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Makuyana Garikai & Odhiambo Nicholas M., 2018. "Public and Private Investment and Economic Growth: An Empirical Investigation," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 63(2), pages 87-106, August.
    2. Francesca Castellani & Marcelo Olarreaga & Ugo Panizza & Yue Zhou, 2018. "Investment Gaps in IDB Borrowing Countries," IHEID Working Papers 03-2018, Economics Section, The Graduate Institute of International Studies.

  57. António Afonso & João Tovar Jalles, 2016. "Budgetary Decomposition and Yield Spreads," Working Papers Department of Economics 2016/05, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Ciżkowicz, Piotr & Ledóchowski, Michał & Rzońca, Andrzej, 2025. "Fiscal policy and government bond yields: New evidence from the EU," Economic Modelling, Elsevier, vol. 147(C).

  58. António Afonso, & Marcelo Alcântara, 2016. "Euro Area Sovereign Debt Crisis and Debt Mutualisation," Working Papers Department of Economics 2016/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. António Afonso & Luís Gonçalves, 2018. "The Policy Mix in the US and EMU: Evidence from a SVAR Analysis," Working Papers REM 2018/28, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  59. António Afonso & Jorge Silva, 2016. "Determinants of non-resident government debt ownership," Working Papers Department of Economics 2016/03, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. João Tovar Jalles, 2018. "What determines the share of non-resident public debt ownership? Evidence from Euro Area countries," Annals of Finance, Springer, vol. 14(3), pages 379-414, August.
    2. Jorge Silva, 2020. "Impact of public and private sector external debt on economic growth: the case of Portugal," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 10(4), pages 607-634, December.
    3. Jorge Silva, 2018. "Impact of public and private sector external debt on economic growth," Working Papers REM 2018/24, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  60. António Afonso & João Tovar Jalles, 2015. "Markups’ Cyclical Behavior: The role of Demand and Supply Shocks," Working Papers Department of Economics 2015/08, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Dögüs, Ilhan, 2017. "Rising wage dispersion between white-collar and blue-collar workers and market concentration: The case of the USA, 1966-2011," ZÖSS-Discussion Papers 62, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).

  61. António Afonso & João Tovar Jalles, 2015. "The Price Relevance of Fiscal Developments," Working Papers Department of Economics 2015/16, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Afonso, António & Jalles, João Tovar, 2019. "The Fiscal consequences of deflation: Evidence from the Golden Age of Globalization," The Quarterly Review of Economics and Finance, Elsevier, vol. 74(C), pages 129-147.

  62. Afonso, António & Arghyrou, Michael G. & Kontonikas, Alexandros, 2015. "The determinants of sovereign bond yield spreads in the EMU," Working Paper Series 1781, European Central Bank.

    Cited by:

    1. Sergio Consoli & Luca Tiozzo Pezzoli & Elisa Tosetti, 2021. "Emotions in Macroeconomic News and their Impact on the European Bond Market," Papers 2106.15698, arXiv.org.
    2. Elzbieta Szulc & Karolina Gorna & Dagna Wleklinska, 2016. "The share of European economies in the process of convergence of long-term interest rates in the EU in the period of 2006–2016," Dynamic Econometric Models, Uniwersytet Mikolaja Kopernika, vol. 16, pages 165-187.
    3. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Membership in the Euro area and fiscal sustainability - Analysis through panel fiscal reaction functions," a/ Working Papers Series 1501, Italian Association for the Study of Economic Asymmetries, Rome (Italy).
    4. Patricia Crifo & Marc-Arthur Diaye & Rim Oueghlissi, 2015. "Measuring the effect of government ESG performance on sovereign borrowing cost," Working Papers hal-00951304, HAL.
    5. Afonso, António & Nunes, Ana Sofia, 2015. "Economic forecasts and sovereign yields," Economic Modelling, Elsevier, vol. 44(C), pages 319-326.
    6. Gilles Dufrénot & Karine Gente & Frédia Monsia, 2016. "Macroeconomic imbalances, financial stress and fiscal vulnerability in the euro area before the debt crises: A market view," Post-Print hal-01440301, HAL.
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    9. Diego Alejandro Mart�nez Cruz & Jos� Fernando Moreno Guti�rrez & Juan Sebasti�n Rojas Moreno, 2015. "Evoluci�n de la relaci�n entre bonos locales y externos del gobierno colombiano frente a choques de riesgo," Borradores de Economia 14112, Banco de la Republica.
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    27. Gunther Capelle-Blancard & Patricia Crifo & Marc-Arthur Diaye & Rim Oueghlissi & Bert Scholtens, 2017. "Environmental, Social and Governance (ESG) performance and sovereign bond spreads: an empirical analysis of OECD countries," Working Papers hal-04141666, HAL.
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    32. Antonakakis, Nikolaos & Christou, Christina & Cunado, Juncal & Gupta, Rangan, 2017. "Convergence patterns in sovereign bond yield spreads: Evidence from the Euro Area," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 49(C), pages 129-139.
    33. Franck Martin & Jiangxingyun Zhang, 2014. "Correlation and volatility on bond markets during the EMU crisis: does the OMT change the process ?," Economics Bulletin, AccessEcon, vol. 34(2), pages 1327-1349.
    34. Delatte, Anne-Laure & Fouquau, Julien & Portes, Richard, 2016. "Regime-dependent sovereign risk pricing during the euro crisis," ESRB Working Paper Series 9, European Systemic Risk Board.
    35. Marta Gómez-Puig & Simón Sosvilla-Rivero & María del Carmen Ramos-Herrera, 2014. "“An Update on EMU Sovereign Yield Spread Drivers in Times of Crisis: A Panel Data Analysis”," IREA Working Papers 201407, University of Barcelona, Research Institute of Applied Economics, revised Mar 2014.
    36. D. Cornille & H. Godefroid & L. Van Meensel & S. Van Parys, 2019. "How risky is the high public debt in a context of low interest rates ?," Economic Review, National Bank of Belgium, issue ii, pages 70-96, September.
    37. Banerjee, Ameet Kumar & Pradhan, H.K. & Akhtaruzzaman, Md & Sensoy, Ahmet & Dann, Susan, 2024. "Anatomy of sovereign yield behaviour using textual news," Research in International Business and Finance, Elsevier, vol. 71(C).
    38. Franck Martin & Jiangxingyun Zhang, 2020. "La structure des taux revisitée pour période de crise : entre contagion, flight to quality et quantitative easing," Revue économique, Presses de Sciences-Po, vol. 71(4), pages 623-665.
    39. Diego Alejandro Martínez Cruz & José Fernando Moreno Gutiérrez & Juan Sebastián Rojas Moreno, 2015. "Evolución de la relación entre bonos locales y externos del gobierno colombiano frente a choques de riesgo," Borradores de Economia 919, Banco de la Republica de Colombia.
    40. C. Bortoli & L. Harreau & Cyril Pouvelle, 2014. "Determinants of OECD countries sovereign yields: safe havens, purgatory, and the damned," Working papers 494, Banque de France.
    41. Sanjay Kumar Rout & Hrushikesh Mallick, 2022. "Sovereign Bond Market Shock Spillover Over Different Maturities: A Journey from Normal to Covid-19 Period," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 29(4), pages 697-734, December.
    42. Mackiewicz-Łyziak, Joanna & Łyziak, Tomasz, 2019. "A new test for fiscal sustainability with endogenous sovereign bond yields: Evidence for EU economies," Economic Modelling, Elsevier, vol. 82(C), pages 136-151.
    43. Hirsch, Patrick & Feld, Lars P. & Köhler, Ekkehard A. & Thomas, Tobias, 2024. "“Whatever It Takes!” How tonality of TV-news affected government bond yield spreads during the European debt crisis," European Journal of Political Economy, Elsevier, vol. 82(C).
    44. Hirsch, Patrick & Köhler, Ekkehard A. & Feld, Lars P. & Thomas, Tobias, 2020. ""Whatever it takes!": How tonality of TV-news affects government bond yield spreads during crises," Freiburg Discussion Papers on Constitutional Economics 20/9, Walter Eucken Institut e.V..
    45. Tomasz Łyziak & Joanna Mackiewicz-Łyziak, 2019. "Sustainability of Public Finances in European Economies: Fiscal Policy Reactions and Market Pricing," Eastern European Economics, Taylor & Francis Journals, vol. 57(1), pages 3-19, January.
    46. Capelle-Blancard, Gunther & Crifo, Patricia & Diaye, Marc-Arthur & Oueghlissi, Rim & Scholtens, Bert, 2019. "Sovereign bond yield spreads and sustainability: An empirical analysis of OECD countries," Journal of Banking & Finance, Elsevier, vol. 98(C), pages 156-169.
    47. Bhatta, Bibek & Marshall, Andrew & Thapa, Chandra, 2017. "Cost of sovereign debt and foreign bias in bond allocations," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 51(C), pages 75-91.
    48. Marta Gómez-Puig & Simón Sosvilla-Rivero, 2014. "“EMU sovereign debt market crisis: Fundamentals-based or pure contagion?”," IREA Working Papers 201402, University of Barcelona, Research Institute of Applied Economics, revised May 2014.
    49. Davor Kunovac & Rafael Ravnik, 2017. "Are Sovereign Credit Ratings Overrated?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 59(2), pages 210-242, June.
    50. José Renato Haas Ornelas, 2017. "Risco, Dívida e Alavancagem Soberana," Working Papers Series 457, Central Bank of Brazil, Research Department.
    51. Paweł Tobera, 2019. "Ocena ratingowa a koszt obsługi długu publicznego w krajach Europy Środkowo-Wschodniej w latach 2005–2017," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 87-109.
    52. Silvapulle, Param & Fenech, Jean Pierre & Thomas, Alice & Brooks, Rob, 2016. "Determinants of sovereign bond yield spreads and contagion in the peripheral EU countries," Economic Modelling, Elsevier, vol. 58(C), pages 83-92.
    53. André Pinho & Ricardo Barradas, 2021. "Determinants of the Portuguese government bond yields," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2375-2395, April.
    54. António Afonso & Ana Catarina Ramos Félix, 2014. "Contagion in EU Sovereign Yield Spreads," Working Papers Department of Economics 2014/04, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    55. Jemima Peppel-Srebrny, 2018. "Government borrowing cost and balance sheets: do assets matter?," Economics Series Working Papers 860, University of Oxford, Department of Economics.
    56. Cayirli, Omer & Aktas, Huseyin & Kayalidere, Koray, 2022. "A closer look into the behavior of emerging market sovereign spreads: State-dependent and asymmetric behaviors," International Review of Economics & Finance, Elsevier, vol. 77(C), pages 522-548.
    57. Pawel Gajewski, 2014. "Sovereign spreads and financial market behavior before and during the crisis," Lodz Economics Working Papers 4/2014, University of Lodz, Faculty of Economics and Sociology.
    58. Babalos, Vassilios & Stavroyiannis, Stavros, 2017. "Modelling correlation dynamics of EMU sovereign debt markets during the recent turmoil," Research in International Business and Finance, Elsevier, vol. 42(C), pages 1021-1029.
    59. Proksová Denisa & Bohdalová Mária, 2015. "Bond Yield Spreads in the Eurozone," Scientific Annals of Economics and Business, Sciendo, vol. 62(2), pages 222-240, July.
    60. Samir Kadiric, 2020. "The determinants of sovereign risk premiums in the UK and the European government bond market: The impact of Brexit," EIIW Discussion paper disbei271, Universitätsbibliothek Wuppertal, University Library.
    61. Sheunesu Zhou, 2021. "Examining the Sources of Sovereign Risk for South Africa: A Time Varying Flexible Least Squares Approach," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 9(1), pages 29-45.
    62. Moisă Altăr & Alexandru-Adrian Cramer & Adam-Nelu Altăr-Samuel, 2015. "Sovereign Financial Asset Market Linkages across Europe During the Euro Zone Debt Crisis," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 29-49, December.
    63. Federico Diaz Kalan & Ms. Adina Popescu & Julien Reynaud, 2018. "Thou Shalt Not Breach: The Impact on Sovereign Spreads of Noncomplying with the EU Fiscal Rules," IMF Working Papers 2018/087, International Monetary Fund.
    64. Stéphanie Pamies & Nicolas Carnot & Anda Pătărău, 2021. "Do Fundamentals Explain Differences between Euro Area Sovereign Interest Rates?," European Economy - Discussion Papers 141, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    65. Franck Martin & Jiangxingyun Zhang, 2017. "Impact of QE on European sovereign bond market," Economics Working Paper Archive (University of Rennes & University of Caen) 2017-04, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    66. António Afonso & Frederico Silva Leal, 2017. "Sovereign yield spreads in the EMU: crisis and structural determinants," Working Papers Department of Economics 2017/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    67. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    68. Sérgio C. Lagoa & Emanuel R. Leão & Diptes P. Bhimjee, 2022. "Dynamics of the public-debt-to-gdp ratio: can it explain the risk premium of treasury bonds?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(4), pages 1089-1122, November.
    69. Bratis, Theodoros & Laopodis, Nikiforos T. & Kouretas, Georgios P., 2020. "Systemic risk and financial stability dynamics during the Eurozone debt crisis," Journal of Financial Stability, Elsevier, vol. 47(C).

  63. António Afonso & João Tovar Jalles, 2015. "Fiscal Sustainability: A Panel Assessment for Advanced Economies," Working Papers Department of Economics 2015/05, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Cosimo Magazzino, 2022. "Fiscal sustainability in the GCC countries," International Journal of Economic Policy Studies, Springer, vol. 16(2), pages 389-408, August.
    2. António Afonso & José Alves & Sofia Monteiro, 2024. "Sovereign risk dynamics in the EU: the time varying relevance of fiscal and external (im)balances," Working Papers REM 2024/0311, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Francisco J. Alcaraz-Quiles & Andrés Navarro-Galera & David Ortiz-Rodríguez, 2020. "The contribution of the right to information laws in Europe to local government transparency on sustainability," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 20(1), pages 161-178, March.
    4. María del Carmen Ramos-Herrera & María A. Prats, 2020. "Fiscal Sustainability in the European Countries: A Panel ARDL Approach and a Dynamic Panel Threshold Model," Sustainability, MDPI, vol. 12(20), pages 1-14, October.
    5. Shiv Shankar & Pushpa Trivedi, 2023. "Assessing India’s fiscal sustainability considering debt–deficit and financing dynamics," Indian Economic Review, Springer, vol. 58(1), pages 41-70, June.
    6. Gordon L. Brady & Cosimo Magazzino, 2018. "Sustainability and comovement of government debt in EMU Countries: A panel data analysis," Southern Economic Journal, John Wiley & Sons, vol. 85(1), pages 189-202, July.
    7. Mikhail B. Petrov & Leonid A. Serkov & Kseniya A. Zavyalova, 2023. "Causal analysis of the interinfluence of workforce productivity and rail freight intensity in the regions of the Ural Federal District," R-Economy, Ural Federal University, Graduate School of Economics and Management, vol. 9(3), pages 310-324.
    8. Magazzino, Cosimo & Brady, Gordon L. & Forte, Francesco, 2019. "A panel data analysis of the fiscal sustainability of G-7 countries," The Journal of Economic Asymmetries, Elsevier, vol. 20(C).
    9. Chen, Shyh-Wei & Wu, An-Chi, 2018. "Is there a bubble component in government debt? New international evidence," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 467-486.
    10. María del Carmen Ramos-Herrera & Simón Sosvilla-Rivero, 2020. "Fiscal Sustainability in Aging Societies: Evidence from Euro Area Countries," Sustainability, MDPI, vol. 12(24), pages 1-20, December.
    11. Malte Rengel, 2020. "Sustainability of European fiscal balances: Just a statistical artifact?," Empirical Economics, Springer, vol. 58(4), pages 1681-1712, April.
    12. Andrés Navarro-Galera & Francisco José Alcaraz-Quiles & David Ortiz-Rodriguez, 2018. "Enhancing Sustainability Transparency in Local Governments—An Empirical Research in Europe," Sustainability, MDPI, vol. 10(7), pages 1-22, June.
    13. Gabriel Puron‐Cid, 2021. "The effects of corruption of public officials on the dimensions of financial sustainability of state governments in Mexico," Public Budgeting & Finance, Wiley Blackwell, vol. 41(2), pages 65-88, June.
    14. António Afonso & José Carlos Coelho, 2024. "Budgetary constrained governments: drivers of time varying fiscal sustainability in OECD countries," Working Papers REM 2024/0325, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    15. Manuel Pedro Rodríguez Bolívar & Andrés Navarro Galera & Laura Alcaide Muñoz & María Deseada López Subires, 2016. "Analyzing Forces to the Financial Contribution of Local Governments to Sustainable Development," Sustainability, MDPI, vol. 8(9), pages 1-18, September.
    16. Radmila Dragutinović Mitrović & Olgica Glavaški & Emilija Beker Pucar, 2019. "Fiscal Sustainability in Flow Model: Panel Cointegration Approach for the EU-28," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 15-24, August.
    17. María Deseada López Subires & Laura Alcaide Muñoz & Andrés Navarro Galera & Manuel Pedro Rodríguez Bolívar, 2019. "The Influence of Socio-Demographic Factors on Financial Sustainability of Public Services: A Comparative Analysis in Regional Governments and Local Governments," Sustainability, MDPI, vol. 11(21), pages 1-18, October.
    18. Helmut Herwartz & Malte Rengel, 2018. "Size-corrected inference in fiscal policy reaction functions: a three country assessment," Empirical Economics, Springer, vol. 55(2), pages 391-416, September.

  64. António Afonso & João Tovar Jalles, 2015. "Euro Area Time Varying Fiscal Sustainability," Working Papers Department of Economics 2015/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Serena Ionta & António Afonso & José Alves, 2025. "Monetary policy surprises and fiscal sustainability: the case of the Euro Area," Economic Change and Restructuring, Springer, vol. 58(3), pages 1-20, June.
    2. António Afonso & José Alves, 2022. "Does government spending efficiency improve fiscal sustainability?," Working Papers REM 2022/0226, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Amélie BARBIER-GAUCHARD & Nicolas MAZUY, 2018. "Country-specific fiscal reaction functions: what lessons for EMU ?," Working Papers of BETA 2018-28, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    4. Neto, David, 2020. "Tracking fiscal discipline. Looking for a PIIGS on the wing," International Economics, Elsevier, vol. 163(C), pages 147-154.
    5. António Afonso & José Alves & Sofia Monteiro, 2025. "Private investment and public investment: total rates of return and global balances in the OECD," Working Papers REM 2025/0363, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    6. António Afonso & José Alves & Sofia Monteiro, 2024. "The pressure is on: how geopolitical tensions impact institutional fiscal and external stability responses," Working Papers REM 2024/0318, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    7. Emilio Congregado & Carmen Díaz-Roldán & Vicente Esteve, 2023. "Deficit sustainability and fiscal theory of price level: the case of Italy, 1861–2020," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 50(3), pages 755-782, August.
    8. António Afonso & José Alves & José Carlos Coelho & Jamel Saadaoui, 2025. "Fiscal and External Sustainability: A Two-Step Time-Varying Granger Causality Assessment," CESifo Working Paper Series 11694, CESifo.
    9. António Afonso & José Alves & José Carlos Coelho, 2023. "Determinants of the Degree of Fiscal Sustainability," CESifo Working Paper Series 10225, CESifo.
    10. Afonso, António & Coelho, José Carlos, 2023. "Public finances solvency in the Euro Area," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 642-657.
    11. Juan Carlos Cuestas & Luis A. Gil-Alana & Laura Sauci, 2020. "Public finances in the EU-27: Are they sustainable?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(1), pages 181-204, February.
    12. Ahmad Hassan Ahmad & Olalekan Bashir Aworinde, 2021. "Fiscal and External Deficits Nexus in GIIPS Countries: Evidence from Parametric and Nonparametric Causality Tests," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 27(3), pages 171-184, August.
    13. Andric, Vladimir & Arsic, Milojko & Nojkovic, Aleksandra, 2016. "Public Debt Sustainability in Serbia-Evidence from Transition and the Great Recession," EconStor Preprints 126682, ZBW - Leibniz Information Centre for Economics.
    14. Vladimir Andrić & Milojko Arsić & Aleksandra Nojković, 2016. "Public Debt Sustainability In Serbia Before And During The Global Financial Crisis," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 61(210), pages 47-78, July - Se.

  65. António Afonso & José Alves, 2014. "The Role of Government Debt in Economic Growth," Working Papers Department of Economics 2014/16, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Nexhat Kryeziu & Egzon Hoxha, 2021. "Fiscal Deficit and its Effects on Economic Growth: Empirical evidence," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 10(1), pages 62-70, January.
    2. José Alves, 2018. "The sinful side of taxation: is it possible to satisfy the government hunger for revenues while promoting economic growth?," Working Papers REM 2018/57, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. António Afonso & Yasfir Ibraimo, 2018. "The Macroeconomic Effects of Public Debt: An Empirical Analysis of Mozambique," Working Papers REM 2018/29, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Falilou Fall & Debra Bloch & Jean-Marc Fournier & Peter Hoeller, 2015. "Prudent debt targets and fiscal frameworks," OECD Economic Policy Papers 15, OECD Publishing.
    5. Lucas Menescal & José Alves, 2022. "Optimal threshold taxation: an empirical investigation for developing economies," Working Papers REM 2022/0232, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    6. Agatha Nkem Amadi & Isaac Azubuike Ogbuji & Hope Agbonrofo, 2020. "The Maturity and Repayment Structure of Sovereign Debt: Implications for Development Agenda in Nigeria," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(1), pages 115-120, March.
    7. Setareh Shirkhani & Sami Fethi & Andrew Adewale Alola, 2021. "Tourism-Related Loans as a Driver of a Small Island Economy: A Case of Northern Cyprus," Sustainability, MDPI, vol. 13(17), pages 1-17, August.
    8. Doojav, Gan-Ochir & Baatarkhuu, Munkhbayar, 2023. "Public debt and growth in Asian developing economies: evidence of non-linearity and geographical heterogeneity," MPRA Paper 120050, University Library of Munich, Germany.
    9. Panagiotis Pegkas, 2018. "The Effect of Government Debt and Other Determinants on Economic Growth: The Greek Experience," Economies, MDPI, vol. 6(1), pages 1-19, February.
    10. İbrahim ÖZMEN, 2022. "New Evidence from Government Debt and Economic Growth in Core and Periphery European Union Countries : Asymmetric Panel Causality," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 167-187, October.
    11. Milena Konatar & Jovan Đurašković & Julija Cerović Smolović & Milivoje Radović, 2022. "Does Public Debt Affect Economic Growth? Panel Evidence from Central and Eastern Europe," Politická ekonomie, Prague University of Economics and Business, vol. 2022(5), pages 574-596.
    12. Saungweme, Talknice & Odhiambo, Nicholas M, 2020. "Sovereign debt and economic growth nexus in Zimbabwe: A dynamic multivariate causality test," Working Papers 26714, University of South Africa, Department of Economics.
    13. Oguzhan Bozatli & Seref Can Serin & Murat Demir, 2024. "The causal relationship between public debt and economic growth in G7 countries: new evidence from time and frequency domain approaches," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-27, June.
    14. Wang Man Cang & Zhou Ming Matt, 2017. "Will Rising Debt in China Lead to a Hard Landing?," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(9), pages 60-69, September.
    15. Rutayisire, J.Musoni, 2021. "Public debt dynamics and nonlinear effects on economic growth : evidence from Rwanda," MPRA Paper 110931, University Library of Munich, Germany.
    16. António Afonso & José Alves, 2017. "Stock-Flow Adjustments and Interest Rates," Working Papers Department of Economics 2017/05, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    17. Roudari, Soheil & Salmani, Yunes, 2020. "Macroeconomic Effects of Government Debt to Banks in Iran," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 15(4), pages 403-422, October.
    18. Afonso, António & Alves, José, 2019. "Short and long-term interest rate risk: The sovereign balance-sheet nexus," Finance Research Letters, Elsevier, vol. 31(C).
    19. António Afonso & Sérgio Gadelha & Agatha Silva, 2020. "Public Debt And Economic Growth In Brazil," Working Papers REM 2020/0148, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    20. D'Andrea, Sara, 2022. "A Meta-Analysis on the Debt-Growth Relationship," MPRA Paper 114409, University Library of Munich, Germany.
    21. Karim Bouchrara & Houssem Rachdi & Khaled Guesmi, 2020. "The Non-Linear Relationship Between Economic Growth and Public Debt," Economics Bulletin, AccessEcon, vol. 40(3), pages 2336-2343.
    22. Stoyan Tanchev & Naftaly Mose, 2023. "Fiscal Policy and Economic Growth: Evidence from European Union Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 19-36.
    23. Fir Nejc, 2022. "Does Debt Have Threshold Effects on Medium-Term Growth? Evidence from European Union Countries," Naše gospodarstvo/Our economy, Sciendo, vol. 68(2), pages 1-18, June.
    24. Eduardo Garzón Espinosa & Bibiana Medialdea García & Esteban Cruz Hidalgo, 2021. "Fiscal Policy Approaches: An Inquiring Look From The Modern Monetary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 999-1022, October.
    25. Isiaq O. Oseni & Ibrahim A. Adekunle & Ayomide O. Ogunade, 2020. "Fiscal Vulnerability and Transport Infrastructure Development in Nigeria," Working Papers 20/051, European Xtramile Centre of African Studies (EXCAS).
    26. Mihaela Onofrei & Ionel Bostan & Bogdan Narcis Firtescu & Angela Roman & Valentina Diana Rusu, 2022. "Public Debt and Economic Growth in EU Countries," Economies, MDPI, vol. 10(10), pages 1-23, October.
    27. Saungweme, Talknice & Odhiambo, Nicholas M, 2019. "Sovereign debt and economic growth in Zimbabwe: Amultivariate causal linkage," Working Papers 25680, University of South Africa, Department of Economics.
    28. Adeela Hussain & Muhammad Irfan Chani, 2018. "Remittances, Foreign Debt and Economic Growth: A Cross Country Analysis," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 7(2), pages 59-71, June.
    29. Kummer-Noormamode, Sabina, 2018. "The Relationship between Public Debt and Economic Growth: Nonlinearity and Country-Specificity," MPRA Paper 98075, University Library of Munich, Germany.
    30. Charles, Don & McLean, Sheldon, 2018. "Caribbean development report: A perusal of public debt in the Caribbean and its impact on economic growth," Studies and Perspectives – ECLAC Subregional Headquarters for The Caribbean 43312, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    31. Besnik Fetai & Kestrim Avdimetaj & Abdylmenaf Bexheti & Arben Malaj, 2020. "Threshold effect of public debt on economic growth: An empirical analysis in the European transition countries," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 38(2), pages 381-406.
    32. Martin Murín, 2018. "Vplyv verejného dlhu a jeho štruktúry na ekonomického rast vybraných vyspelých krajín [The Influence of Public Debt and Its Structure on Economic Growth of Advanced Economies]," Politická ekonomie, Prague University of Economics and Business, vol. 2018(2), pages 178-200.
    33. Abdul Jalil, 2020. "Debt Sustainability: Economic Growth is the Panacea," PIDE Knowledge Brief 2020:19, Pakistan Institute of Development Economics.
    34. R. Muhammad Rouffie Putera Kesuma Runjung, 2024. "New national fiscal policy for accelerating regional development of infrastructure in Indonesia," Jurnal Tata Kelola dan Akuntabilitas Keuangan Negara, Badan Pemeriksa Keuangan Republik Indonesia, vol. 10(2), pages 161-174.
    35. Haytham Y.M. Ewaida, 2017. "The Impact of Sovereign Debt on Growth: An Empirical Study on GIIPS versus JUUSD Countries," European Research Studies Journal, European Research Studies Journal, vol. 0(2A), pages 607-633.

  66. António Afonso & Luís Martins, 2014. "Monetary Developments and Expansionary Fiscal Consolidations: Evidence from the EMU," Working Papers Department of Economics 2014/12, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Ibrar Hussain & Jawad Hussain & Arshad Ali & Shabir Ahmad, 2021. "A Dynamic Analysis of the Impact of Fiscal Adjustment on Economic Growth: Evidence From Pakistan," SAGE Open, , vol. 11(2), pages 21582440211, June.
    2. António Afonso & Frederico Silva Leal, 2019. "Fiscal Episodes in the EMU: Elasticities and Non-Keynesian Effects," EconPol Working Paper 30, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    3. Valentina Butmalai & Nicoleta Cristache & Alina-Florentina Saracu & Irina Olimpia Susanu & Aura Colan, 2024. "Keynesian and Non-Keynesian Effects of Fiscal Consolidation," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 77-83.
    4. Piotr Ciżkowicz & Grzegorz Parosa & Andrzej Rzońca, 2022. "Fiscal tensions and risk premium," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(3), pages 833-896, August.
    5. António Afonso & Jaromír Baxa & Michal Slavík, 2011. "Fiscal developments and financial stress: a threshold VAR analysis," Working Papers IES 2011/16, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Aug 2011.
    6. António Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2018. "Twin Deficits Revisited: a role for fiscal institutions?," Working Papers REM 2018/31, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    7. António Afonso & Sérgio Gadelha & Agatha Silva, 2020. "Public Debt And Economic Growth In Brazil," Working Papers REM 2020/0148, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    8. António Afonso & Frederico Silva Leal, 2022. "Fiscal episodes in the Economic and Monetary Union: Elasticities and non‐Keynesian effects," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 571-593, January.
    9. António Afonso & José Alves & João Tovar Jalles, 2021. "(Non-)Keynesian Effects of Fiscal Austerity: New Evidence from a Large Sample," EconPol Working Paper 55, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

  67. António Afonso & Maria João Guedes, 2014. "EU Finance Ministers, Capital Markets and Fiscal Outcomes," Working Papers Department of Economics 2014/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Antonio Afonso & Joao Tovar Jalles, 2019. "Sovereign Ratings and Finance Ministers' Characteristics," Economics Bulletin, AccessEcon, vol. 39(4), pages 2999-3010.

  68. António Afonso & Raquel Balhote, 2014. "Interactions between Monetary Policy and Fiscal Policy," Working Papers Department of Economics 2014/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Membership in the Euro area and fiscal sustainability - Analysis through panel fiscal reaction functions," a/ Working Papers Series 1501, Italian Association for the Study of Economic Asymmetries, Rome (Italy).
    2. José Alves, 2018. "A DSGE Model to Evaluate the Macroeconomic Impacts of Taxation," Working Papers REM 2018/62, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  69. António Afonso & António Jorge Silva, 2014. "The Monetary Transmission Mechanism in the Euro Area: has it changed with the EMU? A VAR approach, with fiscal policy and financial stress considerations," Working Papers Department of Economics 2014/10, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Gerti Shijaku, 2015. "The Macroeconomic Pass-through Effects of Monetary Policy through Sign Restrictions Approach: In the Case of Albania," IHEID Working Papers 11-2015, Economics Section, The Graduate Institute of International Studies.

  70. António Afonso & Ana Sofia Guimarães, 2014. "The relevance of fiscal rules for fiscal and yield developments," Working Papers Department of Economics 2014/05, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. António Afonso & João Tovar Jalles, 2017. "The Price Relevance of Fiscal Developments," International Economic Journal, Taylor & Francis Journals, vol. 31(1), pages 36-50, January.
    2. Nicol√°s Cruz Walteros, 2023. "Un canal de confianza: Reglas fiscales y riesgo soberano en econom√≠as emergentes," Documentos CEDE 20306, Universidad de los Andes, Facultad de Economía, CEDE.
    3. Bergman, U. Michael & Hutchison, Michael M. & Jensen, Svend E. Hougaard, 2016. "Promoting sustainable public finances in the European Union: The role of fiscal rules and government efficiency," European Journal of Political Economy, Elsevier, vol. 44(C), pages 1-19.

  71. Afonso, António & Gomes, Pedro & Taamouti, Abderrahim, 2014. "Sovereign credit ratings, market volatility, and financial gains," Working Paper Series 1654, European Central Bank.

    Cited by:

    1. Athari, Seyed Alireza & Kondoz, Mehmet & Kirikkaleli, Dervis, 2021. "Dependency between sovereign credit ratings and economic risk: Insight from Balkan countries," Journal of Economics and Business, Elsevier, vol. 116(C).
    2. Balima, Hippolyte Weneyam, 2020. "Coups d’état and the cost of debt," Journal of Comparative Economics, Elsevier, vol. 48(3), pages 509-528.
    3. Nicolas Jannone Bellot, MaLuisa Marti Selva, Leandro Garcia Menendez, 2017. "Herding Behaviour among Credit Rating Agencies," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 2(1), pages 56-83, March.
    4. Vortelinos, Dimitrios I. & Lakshmi, Geeta, 2015. "Market risk of BRIC Eurobonds in the financial crisis period," International Review of Economics & Finance, Elsevier, vol. 39(C), pages 295-310.
    5. António Afonso & José Alves & Krzysztof Beck & Karen Jackson, 2022. "Financial, Institutional and Macroeconomic Determinants of Cross-Country Portfolio Equity Flows," Working Papers REM 2022/0235, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    6. Roman Garcia & Dimitri Lorenzani & Daniel Monteiro & Francesco Perticari & Bořek Vašíček & Lukas Vogel, 2021. "Financial Spillover and Contagion Risks in the Euro Area in 2007-2019," European Economy - Discussion Papers 137, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    7. Yan, Lili & Kellard, Neil M. & Lambercy, Lyudmyla, 2025. "Multivariate range-based EGARCH models," International Review of Financial Analysis, Elsevier, vol. 100(C).
    8. Bales, Kyle & Malikane, Christopher, 2020. "The effect of credit ratings on emerging market volatility," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 65(C).
    9. Gnagne, Pascal Xavier & Simo-Kengne, Beatrice D. & Manguzvane, Mathias Mandla, 2024. "The spillover and contagion effects of sovereign risk on stock markets," Economic Modelling, Elsevier, vol. 141(C).
    10. Afonso, António & Alves, José & Beck, Krzysztof & Jackson, Karen, 2024. "Financial, institutional, and macroeconomic determinants of cross-country portfolio equity flows: The case of developed countries," Economic Modelling, Elsevier, vol. 141(C).
    11. António Afonso & João Tovar Jalles, 2020. "Economic volatility and sovereign yields’ determinants: a time-varying approach," Empirical Economics, Springer, vol. 58(2), pages 427-451, February.
    12. Sahibzada, Irfan Ullah, 2023. "To what extent do sovereign rating actions affect global equity market sectors?," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 240-261.
    13. Chen, Sheng-Syan & Chen, Hsien-Yi & Chang, Chong-Chuo & Yang, Shu-Ling, 2016. "The relation between sovereign credit rating revisions and economic growth," Journal of Banking & Finance, Elsevier, vol. 64(C), pages 90-100.
    14. Alexandra Popescu & Camelia Turcu, 2014. "Systemic Sovereign Risk in Europe: an MES and CES Approach," Working Papers 2014.04, International Network for Economic Research - INFER.
    15. Afik, Zvika & Zabolotnyuk, Yuriy, 2023. "Information effect of credit rating announcements in transition economies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    16. Paweł Tobera, 2019. "Ocena ratingowa a koszt obsługi długu publicznego w krajach Europy Środkowo-Wschodniej w latach 2005–2017," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 87-109.
    17. Cristina Bodea & Raymond Hicks, 2018. "Sovereign credit ratings and central banks: Why do analysts pay attention to institutions?," Economics and Politics, Wiley Blackwell, vol. 30(3), pages 340-365, November.
    18. Abad, Pilar & Alsakka, Rasha & ap Gwilym, Owain, 2018. "The influence of rating levels and rating convergence on the spillover effects of sovereign credit actions," Journal of International Money and Finance, Elsevier, vol. 85(C), pages 40-57.
    19. Kizys, Renatas & Paltalidis, Nikos & Vergos, Konstantinos, 2016. "The quest for banking stability in the euro area: The role of government interventions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 40(C), pages 111-133.
    20. Kluge, Jan & Lappoehn, Sarah & Plank, Kerstin, 2020. "The Determinants of Economic Competitiveness," IHS Working Paper Series 24, Institute for Advanced Studies.
    21. Luitel, Prabesh & Vanpée, Rosanne, 2018. "How do sovereign credit ratings help to financially develop low-developed countries?," ECMI Papers 13956, Centre for European Policy Studies.
    22. António Afonso & Krzysztof Beck & Karen Jackson, 2022. "Determinants of stock market correlations. Accounting for model uncertainty and reverse causality in a large panel setting," Working Papers REM 2022/0246, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    23. Houssam Bouzgarrou & Tarek Chebbi, 2016. "The reaction of sovereign CDS spread volatilities to news announcements," Journal of Asset Management, Palgrave Macmillan, vol. 17(5), pages 347-360, September.
    24. Fathi Nakai & Tarek Chebbi, 2023. "The informational content of sovereign credit rating: another look," Journal of Asset Management, Palgrave Macmillan, vol. 24(5), pages 353-373, September.
    25. Vu, Huong & Alsakka, Rasha & Gwilym, Owain ap, 2015. "The credit signals that matter most for sovereign bond spreads with split rating," Journal of International Money and Finance, Elsevier, vol. 53(C), pages 174-191.
    26. Tran, Yen & Vu, Huong & Klusak, Patrycja & Kraemer, Moritz & Hoang, Tri, 2021. "Sovereign credit ratings during the COVID-19 pandemic," International Review of Financial Analysis, Elsevier, vol. 78(C).

  72. António Afonso & João Tovar Jalles, 2014. "Causalilty for the government budget and economic growth," Working Papers Department of Economics 2014/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. António Afonso & Ana Patricia Montes Caparrós & José M. Domínguez, 2024. "Measuring Tax Burden Efficiency in OECD countries: an International Comparison," Working Papers REM 2024/0339, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Arvin, Mak B. & Pradhan, Rudra P. & Nair, Mahendhiran S., 2021. "Are there links between institutional quality, government expenditure, tax revenue and economic growth? Evidence from low-income and lower middle-income countries," Economic Analysis and Policy, Elsevier, vol. 70(C), pages 468-489.
    3. Livio Di Matteo & Fraser Summerfield, 2018. "The Shifting Scully Curve: International Evidence from 1870 to 2013," Working Paper series 18-01, Rimini Centre for Economic Analysis.
    4. Philip Arestis & Hüseyin Şen & Ayşe Kaya, 2021. "On the linkage between government expenditure and output: empirics of the Keynesian view versus Wagner’s law," Economic Change and Restructuring, Springer, vol. 54(2), pages 265-303, May.
    5. António Afonso, & José Alves, 2016. "Reconsidering Wagner's Law: evidence from the functions of the government," Working Papers Department of Economics 2016/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    6. Ebaid Ali & Bahari Zakaria, 2019. "The Nexus between Government Expenditure and Economic Growth: Evidence of the Wagner’s Law in Kuwait," Review of Middle East Economics and Finance, De Gruyter, vol. 15(1), pages 1-9, April.
    7. Jeyhun A. Abbasov & Khatai Aliyev, 2018. "Testing Wagner's Law and Keynesian Hypothesis in Selected Post-Soviet Countries," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 66(5), pages 1227-1237.
    8. Mega Riandini Arsallya & Azwardi Azward & Yusnaini Yusnaini, 2021. "Analysis of factors affecting capital expenditures and their implications on government financial performance provinces in Indonesia 2011-2019," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 10(5), pages 95-106, July.
    9. Chirwa, Themba G. & Odhiambo, Nicholas M., 2017. "The nexus between key macroeconomic determinants and economic growth in Zambia: A dynamic multivariate granger-causality linkage," Working Papers 23476, University of South Africa, Department of Economics.
    10. António Afonso & Sérgio Gadelha & Agatha Silva, 2020. "Public Debt And Economic Growth In Brazil," Working Papers REM 2020/0148, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    11. Marco Gallegati & Massimo Tamberi, 2020. "Long Swings In The Growth Of Government Expenditure: An International Historical Perspective," Working Papers 447, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    12. António Afonso & Ana Patricia Montes & José M. Domínguez, 2025. "A dynamic efficiency analysis for tax revenues in OECD countries," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 52(2), pages 377-411, May.
    13. Ali Shaddady, 2022. "Is Government Spending an Important Factor in Economic Growth? Nonlinear Cubic Quantile Nexus from Eastern Europe and Central Asia (EECA)," Economies, MDPI, vol. 10(11), pages 1-26, November.

  73. António Afonso & Ana Catarina Ramos Félix, 2014. "Contagion in EU Sovereign Yield Spreads," Working Papers Department of Economics 2014/04, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Moisă Altăr & Alexandru-Adrian Cramer & Adam-Nelu Altăr-Samuel, 2015. "Sovereign Financial Asset Market Linkages across Europe During the Euro Zone Debt Crisis," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 29-49, December.
    2. Ignacio Lozano-Espitia & Fernando Arias-Rodríguez, 2022. "The Relationship between Fiscal and Monetary Policies in Colombia: An Empirical Exploration of the Credit Risk Channel," Borradores de Economia 1196, Banco de la Republica de Colombia.
    3. Lozano-Espitia, Ignacio & Arias-Rodríguez, Fernando, 2022. "The Relationship between Fiscal and Monetary Policies in Colombia: An Empirical Exploration of the Credit Channel," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 3(4).

  74. Afonso, António & Arghyrou, Michael G. & Bagdatoglou, George & Kontonikas, Alexandros, 2013. "On the time-varying relationship between EMU sovereign spreads and their determinants," SIRE Discussion Papers 2013-47, Scottish Institute for Research in Economics (SIRE).

    Cited by:

    1. António Afonso & Michael G. Arghyrou & María Dolores Gadea & Alexandros Kontonikas, 2017. ""Whatever it takes" to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects," Working Papers REM 2017/02, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Membership in the Euro area and fiscal sustainability - Analysis through panel fiscal reaction functions," a/ Working Papers Series 1501, Italian Association for the Study of Economic Asymmetries, Rome (Italy).
    3. Gilles Dufrénot & Karine Gente & Frédia Monsia, 2016. "Macroeconomic imbalances, financial stress and fiscal vulnerability in the euro area before the debt crises: A market view," Post-Print hal-01440301, HAL.
    4. Giulia RIVOLTA, 2014. "An Event Study Analysis of ECB Unconventional Monetary Policy," Departmental Working Papers 2014-02, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    5. António Afonso & José Alves & Sofia Monteiro, 2023. "Beyond Borders: Assessing the Influence of Geopolitical Tensions on Sovereign Risk Dynamics," Working Papers REM 2023/0300, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    6. Théo METZ, 2024. "New fiscal transparency index and public debt borrowing costs," Working Papers of BETA 2024-50, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    7. Angeliki Skoura, 2019. "Detection of Lead-Lag Relationships Using Both Time Domain and Time-Frequency Domain; An Application to Wealth-To-Income Ratio," Economies, MDPI, vol. 7(2), pages 1-27, April.
    8. Agur, Itai & Chan, Melissa & Goswami, Mangal & Sharma, Sunil, 2019. "On international integration of emerging sovereign bond markets," Emerging Markets Review, Elsevier, vol. 38(C), pages 347-363.
    9. Eijffinger, Sylvester C.W. & Pieterse-Bloem, Mary, 2023. "Eurozone government bond spreads: A tale of different ECB policy regimes," Journal of International Money and Finance, Elsevier, vol. 139(C).
    10. Ortmans, Aymeric & Tripier, Fabien, 2021. "COVID-induced sovereign risk in the euro area: When did the ECB stop the spread?," European Economic Review, Elsevier, vol. 137(C).
    11. Jens Klose, 2019. "Measuring Redenomination Risks in the Euro Area - New Evidence from Survey Data," MAGKS Papers on Economics 201903, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    12. Schuster, Florian, 2023. "Spreads auf Staatsanleihezinsen, der EZB-Sicherheitenrahmen und Peripherieprämien in der Eurozone," Papers 277910, Dezernat Zukunft - Institute for Macrofinance, Berlin.
    13. Popescu, Alexandra & Turcu, Camelia, 2017. "Sovereign debt and systemic risk in the eurozone," Economic Modelling, Elsevier, vol. 67(C), pages 275-284.
    14. Patricia Crifo & Marc-Arthur Diaye & Rim Oueghlissi, 2017. "The effect of countries’ ESG ratings on their sovereign borrowing costs," Post-Print hal-02877953, HAL.
    15. Hayette Gatfaoui, 2017. "Equity market information and credit risk signaling: A quantile cointegrating regression approach," Post-Print hal-01745285, HAL.
    16. Piotr Ciżkowicz & Grzegorz Parosa & Andrzej Rzońca, 2022. "Fiscal tensions and risk premium," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(3), pages 833-896, August.
    17. António Afonso & João Tovar Jalles & Mina Kazemi, 2019. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads: an event study from the EMU," EconPol Working Paper 22, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    18. Paniagua, Jordi & Sapena, Juan & Tamarit, Cecilio, 2017. "Sovereign debt spreads in EMU: The time-varying role of fundamentals and market distrust," Journal of Financial Stability, Elsevier, vol. 33(C), pages 187-206.
    19. D. Cornille & H. Godefroid & L. Van Meensel & S. Van Parys, 2019. "How risky is the high public debt in a context of low interest rates ?," Economic Review, National Bank of Belgium, issue ii, pages 70-96, September.
    20. António Afonso & João Tovar Jalles, 2017. "Quantitative Easing and Sovereign Yield Spreads: Euro-Area Time-Varying Evidence," Working Papers REM 2017/20, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    21. Gilles Dufrénot & Fredj Jawadi & Zied Ftiti, 2022. "Sovereign bond market integration in the euro area: a new empirical conceptualization," Post-Print hal-03740521, HAL.
    22. Renaud Beaupain & Alexandre Girard, 2020. "The value of understanding central bank communication," Post-Print hal-02509297, HAL.
    23. Ioannou, Demosthenes & Pagliari, Maria Sole & Stracca, Livio, 2024. "The international impact of a fragile EMU," European Economic Review, Elsevier, vol. 161(C).
    24. Fernández-Rodríguez, Fernando & Gómez-Puig, Marta & Sosvilla-Rivero, Simón, 2016. "Using connectedness analysis to assess financial stress transmission in EMU sovereign bond market volatility," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 43(C), pages 126-145.
    25. Faruk Balli & Hassan Ghassan & Essam H. Jeefri, 2021. "Sukuk and bond spreads," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 45(3), pages 529-543, July.
      • Balli, Faruk & Ghassan, Hassan B. & Al-Jefri, Essam H., 2020. "Sukuk and bond spreads," MPRA Paper 106729, University Library of Munich, Germany, revised 20 Jan 2021.
    26. Atasoy, Burak Sencer & Özkan, İbrahim & Erden, Lütfi, 2024. "The determinants of systemic risk contagion," Economic Modelling, Elsevier, vol. 130(C).
    27. Pattnaik, Debidutta & Kumar, Satish & Burton, Bruce & Lim, Weng Marc, 2022. "Economic Modelling at thirty-five: A retrospective bibliometric survey," Economic Modelling, Elsevier, vol. 107(C).
    28. Filippidis, Michail & Filis, George & Kizys, Renatas, 2020. "Oil price shocks and EMU sovereign yield spreads," Energy Economics, Elsevier, vol. 86(C).
    29. Collender, Sierra & Gan, Baoqing & Nikitopoulos, Christina S. & Richards, Kylie-Anne & Ryan, Laura, 2023. "Climate transition risk in sovereign bond markets," Global Finance Journal, Elsevier, vol. 57(C).
    30. Georgoutsos, Dimitris & Moratis, George, 2017. "Bank-sovereign contagion in the Eurozone: A panel VAR Approach," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 48(C), pages 146-159.
    31. Christina Erlwein-Sayer, 2018. "Macroeconomic News Sentiment: Enhanced Risk Assessment for Sovereign Bonds," Risks, MDPI, vol. 6(4), pages 1-27, December.
    32. Ciżkowicz, Piotr & Ledóchowski, Michał & Rzońca, Andrzej, 2025. "Fiscal policy and government bond yields: New evidence from the EU," Economic Modelling, Elsevier, vol. 147(C).
    33. Samir Kadiric, 2020. "The determinants of sovereign risk premiums in the UK and the European government bond market: The impact of Brexit," EIIW Discussion paper disbei271, Universitätsbibliothek Wuppertal, University Library.
    34. Schuster, Florian, 2023. "Sovereign spreads, central bank collateral frameworks, and periphery premia in the Eurozone," Papers 277915, Dezernat Zukunft - Institute for Macrofinance, Berlin.
    35. Özmen, Erdal & Doğanay Yaşar, Özge, 2016. "Emerging market sovereign bond spreads, credit ratings and global financial crisis," Economic Modelling, Elsevier, vol. 59(C), pages 93-101.
    36. Lozano-Espitia, Ignacio & Arias-Rodríguez, Fernando, 2022. "The Relationship between Fiscal and Monetary Policies in Colombia: An Empirical Exploration of the Credit Channel," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 3(4).

  75. Afonso, António & Toffano, Priscilla, 2013. "Fiscal regimes in the EU," Working Paper Series 1529, European Central Bank.

    Cited by:

    1. Afonso, António & Sousa, Alexandre, 2024. "Monetary and fiscal interplay: Does it work both ways?," Economic Systems, Elsevier, vol. 48(2).
    2. António Afonso & João Tovar Jalles, 2017. "Euro area time‐varying fiscal sustainability," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 22(3), pages 244-254, July.
    3. Pierre Aldama & Jérôme Creel, 2019. "Fiscal policy in the US: Sustainable after all?," Post-Print hal-03384685, HAL.
    4. Betty Daniel & Christos Shiamptanis, 2008. "Fiscal Policy in the European Monetary Union," Discussion Papers 08-11, University at Albany, SUNY, Department of Economics.
    5. Nuno Coimbra, 2020. "Sovereigns at risk: A dynamic model of sovereign debt and banking leverage," Post-Print halshs-02491806, HAL.
    6. Antonio Afonso & Christophe Rault, 2008. "What do we Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic," Post-Print halshs-00363690, HAL.
    7. Gilles Dufrénot & Aurélia Jambois & Laurine Jambois & Guillaume Khayat, 2016. "Regime-Dependent Fiscal Multipliers in the United States," Post-Print hal-01447865, HAL.
    8. Attinasi, Maria Grazia & Palazzo, Alessandra Anna & Pierluigi, Beatrice, 2019. "Fiscal activism in the euro area and in other advanced economies: new evidence," Working Paper Series 2344, European Central Bank.
    9. António Afonso & Raquel Balhote, 2014. "Interactions between Monetary Policy and Fiscal Policy," Working Papers Department of Economics 2014/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    10. R. Golinelli & I. Mammi & A. Musolesi, 2018. "Parameter heterogeneity, persistence and cross-sectional dependence: new insights on fiscal policy reaction functions for the Euro area," Working Papers wp1120, Dipartimento Scienze Economiche, Universita' di Bologna.
    11. Carlos Cuerpo & José Miguel Ramos, 2015. "Spanish Public Debt Sustainability Analysis," Hacienda Pública Española / Review of Public Economics, IEF, vol. 215(4), pages 95-118, December.
    12. Afonso, António & Rault, Christophe, 2015. "Multi-step analysis of public finances sustainability," Economic Modelling, Elsevier, vol. 48(C), pages 199-209.
    13. Ricci-Risquete, Alejandro & Ramajo, Julián & de Castro, Francisco, 2016. "Do Spanish fiscal regimes follow the euro-area trends? Evidence from Markov-Switching fiscal rules," Economic Modelling, Elsevier, vol. 59(C), pages 484-494.
    14. Rathnayake, Anuruddhi Shanika K, 2020. "Sustainability of the fiscal imbalance and public debt under fiscal policy asymmetries in Sri Lanka," Journal of Asian Economics, Elsevier, vol. 66(C).
    15. António Afonso & José Alves & Serena Ionta, 2023. "The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area," Working Papers REM 2023/0281, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    16. MOLTENI, Francesco, PAPPA, Evi, 2017. "The Combination of Monetary and Fiscal Policy Shocks: A TVP-FAVAR Approach," Economics Working Papers MWP 2017/13, European University Institute.
    17. António Afonso & João Jalles, 2017. "Fiscal Reaction Functions Across the World: A Battle of Statistical (In-) Significance," Working Papers REM 2017/16, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  76. António Afonso, & Mohamed Ayadi, & Sourour Ramzi,, 2013. "Assessment of efficiency in basic and secondary education in Tunisia, a regional analysis," Working Papers Department of Economics 2013/06, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Stylianos Gr. Margaritis, 2021. "Evaluation of Upper Secondary Schools on Efficiency and Productivity Change in 2016-2019: Empirical evidence from schools in the region in Central Greece," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 71(3-4), pages 101-121, July-Dece.
    2. Delprato, Marcos & Antequera, Germán, 2021. "School efficiency in low and middle income countries: An analysis based on PISA for development learning survey," International Journal of Educational Development, Elsevier, vol. 80(C).
    3. Touati-Tliba, Mohamed, 2024. "Comparative performance of Algeria's education districts: The Influence of colonial legacy through cultural capital," Socio-Economic Planning Sciences, Elsevier, vol. 91(C).
    4. Arman Canatay & Leonel Prieto & Muhammad Ruhul Amin, 2023. "Integrating “Neoliberal-Turn” and “Social-Turn” Constructs in Examining Sustainable Development and Happiness and Life Satisfaction: A Global-, Country Cluster-, and Country-Level Study," Sustainability, MDPI, vol. 15(13), pages 1-56, June.
    5. Darya Dancaková & Jozef Glova & Alena Andrejovská, 2021. "The Robust Efficiency Estimation in Lower Secondary Education: Cross-Country Evidence," Mathematics, MDPI, vol. 9(24), pages 1-15, December.
    6. Nadia ZRELLI BEN HAMIDA, 2024. "Tunisian Inclusive Education: A Multi-Pronged Regional Approach," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 60, pages 141-171.
    7. Shi, Jiangang & Dai, Xingying & Duan, Kaifeng & Li, Jiajia, 2023. "Exploring the performances and determinants of public service provision in 35 major cities in China from the perspectives of efficiency and effectiveness," Socio-Economic Planning Sciences, Elsevier, vol. 85(C).
    8. Yan Zhang & Wei Yang & Bo Li & Yifan Yang & Liu Chen & Lu Feng, 2025. "Convergence of primary education development in urban and rural China: empirical analysis of historical trends and future projections," Palgrave Communications, Palgrave Macmillan, vol. 12(1), pages 1-18, December.
    9. Ben Yahia, Fatma & Essid, Hédi & Rebai, Sonia, 2018. "Do dropout and environmental factors matter? A directional distance function assessment of tunisian education efficiency," International Journal of Educational Development, Elsevier, vol. 60(C), pages 120-127.
    10. Yahia, F.B. & Essid, H., 2019. "Determinants of Tunisian Schools’ Efficiency: A DEA-Tobit Approach," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 8(1), pages 44-56, February.
    11. Stylianos Gr. Margaritis & Constantinos P. Tsamadias & Elias E. Argyropoulos, 2022. "Investigating the Relative Efficiency and Productivity Change of Upper Secondary Schools: the Case of Schools in the Region of Central Greece," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(1), pages 128-160, March.
    12. Ji, Youmeng & Wu, Xiangli & Wang, Limin, 2024. "Spatial correlation network and influencing factors analysis of supply efficiency of basic public service (SEBPS) in rust belt regions of China: An empirical study from Northeast China," Socio-Economic Planning Sciences, Elsevier, vol. 96(C).
    13. Le, Minh Hanh & Afsharian, Mohsen & Ahn, Heinz, 2021. "Inverse Frontier-based Benchmarking for Investigating the Efficiency and Achieving the Targets in the Vietnamese Education System," Omega, Elsevier, vol. 103(C).

  77. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Lopes, Luís & Antunes, Margarida, 2016. "From budgetary instrument to the budgetary objective: The Portuguese case," IPE Working Papers 79/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    2. António Afonso, & Manish K. Singh, 2016. "Is the supply of long-term debt independent of the term premia? Evidence from Portugal," Working Papers Department of Economics 2016/11, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  78. António Afonso & Alma Romero & Emma Monsalve, 2013. "Public sector efficiency: evidence for Latin America," Working Papers Department of Economics 2013/20, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Hyeri Choi & Min Jae Park, 2019. "Evaluating the Efficiency of Governmental Excellence for Social Progress: Focusing on Low- and Lower-Middle-Income Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 141(1), pages 111-130, January.
    2. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2024. "Fiscal decentralization and public sector efficiency: Do natural disasters matter?," Economic Modelling, Elsevier, vol. 137(C).
    3. Andreas P. Kyriacou & Leonel Muinelo-Gallo & Oriol Roca-Sagalés, 2018. "The efficiency of transport infrastructure investment and the role of institutions: an empirical analysis," Working Papers. Collection B: Regional and sectoral economics 1802, Universidade de Vigo, GEN - Governance and Economics research Network.
    4. World Bank, 2015. "Central America Social Expenditures and Institutional Review," World Bank Publications - Reports 22672, The World Bank Group.
    5. António Afonso & Ana Patricia Montes Caparrós & José M. Domínguez, 2024. "Measuring Tax Burden Efficiency in OECD countries: an International Comparison," Working Papers REM 2024/0339, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    6. António Afonso & Ludger Schuknecht, 2019. "How “Big” Should Government Be?," Working Papers REM 2019/78, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    7. Luis Armando Galvis-Aponte, 2015. "La eficiencia del gasto público en educación en Colombia," Revista Economía y Región, Universidad Tecnológica de Bolívar, vol. 9(2), pages 75-97.
    8. António Afonso & José Alves, 2023. "Are fiscal consolidation episodes helpful for public sector efficiency?," Applied Economics, Taylor & Francis Journals, vol. 55(31), pages 3547-3560, July.
    9. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Government Spending Efficiency, Measurement and Applications: a CrossCountry Efficiency Dataset," EconPol Working Paper 50, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    10. António Afonso & José Alves, 2022. "Does government spending efficiency improve fiscal sustainability?," Working Papers REM 2022/0226, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    11. World Bank Group, 2015. "Central America Social Expenditures and Institutional Review," World Bank Publications - Reports 23607, The World Bank Group.
    12. O. V. Tarasova & S. V. Sedipkova, 2024. "Assessing Public Sector Performance in Regions of the Russian Federation," Regional Research of Russia, Springer, vol. 14(2), pages 296-305, June.
    13. Bernardo Furtado, 2013. "Balancing investments in public service personnel and its healthcare provision output: an efficiency analysis for Brazilian municipalities," ERSA conference papers ersa13p1183, European Regional Science Association.
    14. António Afonso & João Tovar Jalles & Ana Venâncio, 2021. "Taxation and Public Spending Efficiency: An International Comparison," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(3), pages 356-383, September.
    15. Legenzova Renata & Gaigalienė Asta & Rudytė Dalia & Skunčikienė Solveiga & Kazlauskienė Vilma, 2023. "Assessment of public education expenditure efficiency across Lithuanian municipalities," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 19(4), pages 63-79, December.
    16. -, 2014. "Multi-dimensional Review of Uruguay. Volume 1: initial assessment," Coediciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 37080 edited by Cepal.
    17. World Bank, 2015. "Central America Social Expenditures and Institutional Review," World Bank Publications - Reports 22491, The World Bank Group.
    18. Kyriacou, Andreas P. & Muinelo-Gallo, Leonel & Roca-Sagalés, Oriol, 2019. "The efficiency of transport infrastructure investment and the role of government quality: An empirical analysis," Transport Policy, Elsevier, vol. 74(C), pages 93-102.
    19. Furtado, Bernardo Alves & Eberhardt, Isaque Daniel Rocha, 2015. "Modelo espacial simples da economia: uma proposta teórico-metodológica [A simple spatial economic model: a proposal]," MPRA Paper 67005, University Library of Munich, Germany.
    20. Luis Armando Galvis, 2014. "Eficiencia en el uso de los recursos del SGP: los casos de la salud y la educación," Documentos de Trabajo Sobre Economía Regional y Urbana 12064, Banco de la República, Economía Regional.
    21. World Bank, 2014. "Honduras Social Expenditures and Institutional Review," World Bank Publications - Reports 21804, The World Bank Group.
    22. António Afonso & Gabriela Baquero Fraga, 2022. "Government spending efficiency in Latin America," Working Papers REM 2022/0250, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    23. António Afonso & João Tovar Jalles & Ana Venâncio, 2022. "A Tale of Government Spending Efficiency and Trust in the State," CESifo Working Paper Series 10075, CESifo.
    24. António Afonso & João Tovar Jalles & Ana Venâncio, 2023. "Government Spending and Tax Revenue Decentralization and Public Sector Efficiency: Do Natural Disasters matter?," Working Papers REM 2023/0271, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    25. Adriana AnaMaria Davidescu & Oana-Ramona Lobonț & Eduard Mihai Manta & Lavinia Daniela Mihiț & Alexandra-Mădălina Țăran, 2025. "Crossing chasms: A PLS approach to EU public sector performance assessment," PLOS ONE, Public Library of Science, vol. 20(6), pages 1-43, June.
    26. Leke Pula & Florentina Xhelili, 2022. "Government Public Spending Efficiency: A Comparative Analysis between Kosovo and EU Countries, Especially Western Balkan Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 3-17.
    27. Antonio Afonso & Ludger Schuknecht, 2019. "How “big†should government be?," Economics and Business Letters, Oviedo University Press, vol. 8(2), pages 85-96.
    28. Bernardo Alves Furtado & Isaque Daniel Rocha Eberhardt, 2015. "A simple agent-based spatial model of the economy: tools for policy," Papers 1510.04967, arXiv.org, revised Oct 2016.
    29. Azar Dufrechou, Paola, 2016. "The efficiency of public education spending in Latin America: A comparison to high-income countries," International Journal of Educational Development, Elsevier, vol. 49(C), pages 188-203.
    30. Juliana Arias & Alejandro Torres, 2018. "Economic efficiency of public secondary education expenditure: How different are developed and developing countries?," Revista Desarrollo y Sociedad, Universidad de los Andes,Facultad de Economía, CEDE, vol. 80(4), pages 119-154.
    31. MIHAIU Diana Marieta, 2015. "Considerations Regarding Performance Measurement In The Public Sector," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 67(Supplemen), pages 70-86, September.
    32. Kyriacou, Andreas & Muinelo-Gallo, Leonel & Roca-Sagalés, Oriol, 2015. "On the redistributive efficiency of fiscal policy," MPRA Paper 63276, University Library of Munich, Germany.
    33. Marius Sorin Dincă & Gheorghiţa Dincă & Maria Letiţia Andronic & Anna Maria Pasztori, 2021. "Assessment of the European Union’s Educational Efficiency," Sustainability, MDPI, vol. 13(6), pages 1-29, March.
    34. Simona-Gabriela Masca, 2014. "Efficiency of Public Expenditure: Review and Preliminary Results for Romania," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(8), pages 326-345, August.

  79. Afonso, António & Jalles, João Tovar, 2013. "Fiscal composition and long-term growth," Working Paper Series 1518, European Central Bank.

    Cited by:

    1. José Alves, 2018. "The sinful side of taxation: is it possible to satisfy the government hunger for revenues while promoting economic growth?," Working Papers REM 2018/57, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Awaworyi, Sefa & Ugur, Mehmet & Yew, Siew Ling, 2015. "Does government size affect per-capita income growth? A Hierarchical meta-regression analysis," MPRA Paper 68006, University Library of Munich, Germany, revised 18 Nov 2015.
    3. Ibrar Hussain & Jawad Hussain & Arshad Ali & Shabir Ahmad, 2021. "A Dynamic Analysis of the Impact of Fiscal Adjustment on Economic Growth: Evidence From Pakistan," SAGE Open, , vol. 11(2), pages 21582440211, June.
    4. Nazila Alinaghi & W. Robert Reed, 2018. "Taxes and Economic Growth in OECD Countries: A Meta-Analysis," Working Papers in Economics 18/09, University of Canterbury, Department of Economics and Finance.
    5. Churchill, Sefa Awawoyi & Yew, Siew Ling & Ugur, Mehmet, 2015. "Effects of government education and health expenditures on economic growth: a meta-analysis," Greenwich Papers in Political Economy 14072, University of Greenwich, Greenwich Political Economy Research Centre.
    6. Zogjani, Jeton & Kovaçi - Uruçi, Fife & Zogjani, Agon, 2024. "The Impact of Public Education Expenditure on Economic Growth in Kosova: A Quantitative Analysis," MPRA Paper 123020, University Library of Munich, Germany, revised 29 Nov 2024.
    7. Lucas Menescal & José Alves, 2022. "Optimal threshold taxation: an empirical investigation for developing economies," Working Papers REM 2022/0232, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    8. Pierre LESUISSE, 2024. "Education, public expenditure and economic growth under the prism of performance," Working Papers of BETA 2024-10, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    9. Kostarakos, Ilias & Varthalitis, Petros, 2020. "Fiscal Policy and Growth in a panel of EU countries over 1995-2017," Papers WP675, Economic and Social Research Institute (ESRI).
    10. Ramesh Chandra Das, 2025. "Interrelationships Among Government Participation, Population and Growth of per Capita Income: Inquiry on Top Twenty Income-Holding Countries in the World," Economies, MDPI, vol. 13(2), pages 1-29, February.
    11. Simona V?eti?ková, 2017. "The Government Expenditure Structure and Economic growth," Proceedings of Economics and Finance Conferences 4507467, International Institute of Social and Economic Sciences.
    12. Hans Pitlik & Margit Schratzenstaller, 2022. "Kurzexpertise zu Abgabensystem und Ausgabenstrukturen im internationalen Vergleich. Ausgangssituation und Reformbedarf," WIFO Studies, WIFO, number 67988, June.
    13. Federico, Antonio Pietro & Parello, Carmelo Pierpaolo, 2025. "Productive Public Spending, Knowledge Spillovers and Convergence: A Multi-Country Analysis," MPRA Paper 123748, University Library of Munich, Germany.
    14. Norman Gemmell & Richard Kneller & Ismael Sanz, 2016. "Does the Composition of Government Expenditure Matter for Long-Run GDP Levels?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 78(4), pages 522-547, August.
    15. Panagiotis Th. Konstantinou & Andromachi Partheniou & Athanasios Tagkalakis, 2022. "A functional classification analysis of government spending multipliers," Working Papers 298, Bank of Greece.
    16. Lingfu Kong & Emrah Sofuoğlu & Balogun Daud Ishola & Shujaat Abbas & Qingran Guo & Khurshid Khudoykulov, 2024. "Sustainable development through structural transformation: a pathway to economic, social, and environmental progress," Economic Change and Restructuring, Springer, vol. 57(2), pages 1-34, April.
    17. Marta Gómez-Puig & Simón Sosvilla-Rivero & Inmaculada Martínez-Zarzoso, 2019. "Re-examining the debt-growth nexus: A grouped fixed-effect approach," Documentos de Trabajo del ICAE 2019-21, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    18. Victor Barros & Joao Tovar Jalles & Joaquim Miranda Sarmento, 2023. "Drivers of the Tax Effort: Evidence from a Large Panel," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 65(1), pages 96-136, March.
    19. Bação, Pedro & Duarte, Joshua & Simões, Marta, 2024. "Social expenditure composition, inequality and growth in the OECD: Labour market policies are most effective," Journal of Policy Modeling, Elsevier, vol. 46(1), pages 75-89.
    20. Marko Crnogorac & Santiago Lago-Peñas, 2023. "An analysis of COFOG expenditures in former Yugoslavian countries," Public Sector Economics, Institute of Public Finance, vol. 47(2), pages 233-254.
    21. Felbermayr, Gabriel & Boysen-Hogrefe, Jens & Braml, Martin & Mosler, Martin, 2020. "Finanzierungsoptionen für die zusätzliche Staatsverschuldung durch die Corona-Krise: Ist eine Vermögensabgabe zweckmäßig?," Open Access Publications from Kiel Institute for the World Economy 314953, Kiel Institute for the World Economy (IfW Kiel).
    22. Marcelo Santos & Marta Simões, 2021. "Globalisation, Welfare Models and Social Expenditure in OECD Countries," Open Economies Review, Springer, vol. 32(5), pages 1063-1088, November.
    23. Olegs Tkacevs, 2020. "Secular Decline in Public Investment: are National Fiscal Rules to Blame?," Working Papers 2020/04, Latvijas Banka.
    24. Alessandro Crociata & Massimiliano Agovino & Donatella Furia & Giacomo Osmi & Nicola Mattoscio & Massimiliano Cerciello, 2020. "Impulse and time persistence of disaggregate welfare expenditure on growth in the EU," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 37(1), pages 13-38, April.
    25. A. A. Shirov & M. S. Gusev & I. E. Frolov, 2018. "Macroeconomic Effects of Russian Defense Expenditures: Retrospective Analysis and Forecast," Studies on Russian Economic Development, Springer, vol. 29(4), pages 343-351, July.
    26. Sefa Awaworyi & Siew Ling Yew, 2014. "Government Transfers and Growth: Is there Evidence of Genuine Effect?," Monash Economics Working Papers 40-14, Monash University, Department of Economics.
    27. Kudrin, Alexey & Sokolov, Ilya, 2017. "Fiscal maneuver and restructuring of the Russian economy," Russian Journal of Economics, Elsevier, vol. 3(3), pages 221-239.
    28. Tea Kasradze, 2020. "Challenges Facing Financial Inclusion Due to the COVID-19 Pandemic," European Journal of Marketing and Economics Articles, Revistia Research and Publishing, vol. 3, ejme_v3_i.
    29. Mei Song & Yujin Gao & Furong Dong & Yunan Feng, 2023. "Research on the Spatial Spillover Effect of Industrial Agglomeration on the Economic Growth in the Yellow River Basin," Sustainability, MDPI, vol. 15(5), pages 1-20, February.
    30. Marcin Grela & Aleksandra Majchrowska & Tomasz Michałek & Jakub Mućk & Agnieszka Stążka-Gawrysiak & Grzegorz Tchorek & Marcin Wagner, 2017. "Is Central and Eastern Europe converging towards the EU-15?," NBP Working Papers 264, Narodowy Bank Polski.
    31. Irena Szarowská, 2016. "Quality of Public Finance and Economic Growth in the Czech Republic," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 64(4), pages 1373-1381.
    32. Marta Simões & Adelaide Duarte & João Sousa Andrade, 2014. "Assessing the Impact of the Welfare State on Economic Growth: A Survey of Recent Developments," GEMF Working Papers 2014-20, GEMF, Faculty of Economics, University of Coimbra.
    33. Zuzana Machova & Igor Kotlan, 2014. "Expenditures on Collective and Individual Services: Discussion on the Classification of Government Expenditures with Regard to their Inclusion into Growth Models," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 4, pages 287-296, December.
    34. Teixeira, Aurora A.C. & Queirós, Anabela S.S., 2016. "Economic growth, human capital and structural change: A dynamic panel data analysis," Research Policy, Elsevier, vol. 45(8), pages 1636-1648.
    35. Mwamkonko, Mussa Ally, 2021. "Can Governments Enhance Long-run Growth by Reallocating Public Expenditure? Empirical Evidence from Tanzania," African Journal of Economic Review, African Journal of Economic Review, vol. 9(2), April.
    36. Awaworyi Churchill, S. & Yew, S.L., 2017. "Are government transfers harmful to economic growth? A meta-analysis," Economic Modelling, Elsevier, vol. 64(C), pages 270-287.
    37. Marta Rodriguez-Vives, 2019. "The quality of public finances: where do we stand?," Economics and Business Letters, Oviedo University Press, vol. 8(2), pages 97-105.
    38. Pierre Lesuisse, 2022. "Education, public expenditure and economic growth under the prism of performance," Working Papers hal-03685311, HAL.
    39. Arata, Linda & Fabrizi, Enrico & Sckokai, Paolo, 2020. "A worldwide analysis of trend in crop yields and yield variability: Evidence from FAO data," Economic Modelling, Elsevier, vol. 90(C), pages 190-208.
    40. Fatima, Samar & Desouza, Kevin C. & Dawson, Gregory S. & Denford, James S., 2022. "Interpreting national artificial intelligence plans: A screening approach for aspirations and reality," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 378-388.
    41. Zogjani, Jeton & Kovaci-Uruci, Fife & Zogjani, Agon, 2024. "The Impact of Public Education Expenditure on Economic Growth in Kosova: A Quantitative Analysis," MPRA Paper 123140, University Library of Munich, Germany, revised 2024.
    42. Stella Karagianni & Maria Pempetzoglou & Anastasios Saraidaris, 2024. "New Evidence of Causal Relationships Between Government Spending and Economic Growth in the United Kingdom," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 52(4), pages 187-200, December.
    43. Anabela Queirós & Aurora A.C. Teixeira, 2014. "Economic growth, human capital and structural change: an empirical analysis," FEP Working Papers 549, Universidade do Porto, Faculdade de Economia do Porto.
    44. Zuzana Machová & Igor Kotlán, 2015. "Právní jistota - možný problém daňové politiky vyspělých zemí? [Legal Certainty - Possible Problem of Tax Policy in Developed Countries?]," Politická ekonomie, Prague University of Economics and Business, vol. 2015(7), pages 833-846.
    45. Deepti Ahuja & Deepak Pandit, 2020. "Public Expenditure and Economic Growth: Evidence from the Developing Countries," FIIB Business Review, , vol. 9(3), pages 228-236, September.

  80. António Afonso & Ana Sofia Nunes, 2013. "Economic forecasts and sovereign yields," Working Papers Department of Economics 2013/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Gilles Dufrénot & Karine Gente & Frédia Monsia, 2016. "Macroeconomic imbalances, financial stress and fiscal vulnerability in the euro area before the debt crises: A market view," Post-Print hal-01440301, HAL.
    2. Hoang Le Trang Nguyen & Phuong Anh Nguyen, 2022. "The Impacts of Fiscal and Macroeconomic Factors on Vietnam Government Bond Yield," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 14(8), pages 1-23, August.
    3. António Afonso & Jorge Braga Ferreira, 2025. "The ECB's Pandemic Emergency Purchase Programme and Fiscal Policy: Synergies or Conflict?," Working Papers REM 2025/0378, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Carlos Alberto Piscarreta Pinto Ferreira, 2022. "Revisiting The Determinants Of Sovereign Bond Yield Volatility," Working Papers REM 2022/0241, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    5. António Afonso & Rui Carvalho, 2014. "Revenue Forecast Errors in the European Union," Working Papers Department of Economics 2014/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    6. Serhan Cevik & Belma Öztürkkal, 2021. "Contagion of fear: Is the impact of COVID‐19 on sovereign risk really indiscriminate?," International Finance, Wiley Blackwell, vol. 24(2), pages 134-154, August.
    7. Afonso, António & Jalles, João Tovar & Kazemi, Mina, 2020. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads," International Review of Law and Economics, Elsevier, vol. 63(C).
    8. Carlos Alberto Piscarreta Pinto Ferreira, 2022. "Investor Base Dynamics and Sovereign Bond Yield Volatility," Working Papers REM 2022/0234, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    9. Westerlund, Joakim & Thuraisamy, Kannan, 2016. "Panel multi-predictor test procedures with an application to emerging market sovereign risk," Emerging Markets Review, Elsevier, vol. 28(C), pages 44-60.
    10. António Afonso & Nuno Verdial, 2019. "Sovereign debt crisis in Portugal and in Spain," Working Papers REM 2019/0112, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    11. António Afonso & João Tovar Jalles & Mina Kazemi, 2019. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads: an event study from the EMU," EconPol Working Paper 22, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    12. Gilles Dufrénot & Fredj Jawadi & Zied Ftiti, 2022. "Sovereign bond market integration in the euro area: a new empirical conceptualization," Post-Print hal-03740521, HAL.
    13. António Afonso, & Manuel Reis, 2016. "Revisiting Sovereign Bond Spreads’Determinants in the EMU," Working Papers Department of Economics 2016/08, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    14. Fernández-Rodríguez, Fernando & Gómez-Puig, Marta & Sosvilla-Rivero, Simón, 2016. "Using connectedness analysis to assess financial stress transmission in EMU sovereign bond market volatility," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 43(C), pages 126-145.
    15. Cevik, Serhan & Jalles, João Tovar, 2022. "This changes everything: Climate shocks and sovereign bonds⁎," Energy Economics, Elsevier, vol. 107(C).
    16. Cheng, Ruijie & Gupta, Bhavya & Rajan, Ramkishen S., 2023. "Do green financial policies offset the climate transition risk penalty imposed on long-term sovereign bond yields?," Research in International Business and Finance, Elsevier, vol. 65(C).
    17. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  81. António Afonso & Ana Venâncio, 2013. "The relevance of commuting zones for regional spending efficiency," Working Papers Department of Economics 2013/17, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Andrea Batch & Benjamin Bridgman & Abe Dunn & Mahsa Gholizadeh, 2025. "Consumption zones," Journal of Economic Geography, Oxford University Press, vol. 25(2), pages 191-213.
      • Andrea Batch & Benjamin R. Bridgman & Abe C. Dunn & Mahsa Gholizadeh, 2023. "Consumption Zones," BEA Papers 0114, Bureau of Economic Analysis.
    2. António Afonso & Ana Venâncio, 2022. "Local Property Tax Reform and Municipality Spending Efficiency," CESifo Working Paper Series 9538, CESifo.
    3. Schiavone, Ansel, 2023. "Labor market concentration and labor share dynamics for US regional industries," Economic Modelling, Elsevier, vol. 125(C).
    4. Edoardo M. Acabbi & Ettore Panetti & Alessandro Sforza, 2019. "The Financial Channels of Labor Rigidities: Evidence from Portugal," GEE Papers 0138, Gabinete de Estratégia e Estudos, Ministério da Economia, revised Dec 2019.
    5. Javier Díaz Castro & Justo de Jorge Moreno, 2017. "Análisis de la eficiencia y factores explicativos de la gestión de los municipios del Meta, Colombia," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 10(1), pages 211-234.
    6. D'Inverno, Giovanna & Carosi, Laura & Ravagli, Letizia, 2018. "Global public spending efficiency in Tuscan municipalities," Socio-Economic Planning Sciences, Elsevier, vol. 61(C), pages 102-113.
    7. Javier Díaz Castro & Justo de Jorge Moreno, 2018. "Análisis de la eficiencia y factores explicativos de la gestión de los municipios del Meta, Colombia," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 10(1), pages 211-234.

  82. António AFONSO, & Mohamed AYADI, & Sourour RAMZI, 2013. "Assessing productivity performance of basic and secondary education in Tunisia: a Malmquist analysis," Working Papers Department of Economics 2013/19, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Sourour Ramzi, 2019. "Modeling the Education Supply Chain with Network DEA Model: The Case of Tunisia," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 17(3), pages 525-540, September.

  83. António Afonso & João Tovar Jalles, 2012. "The cyclicality of education, health, and social security government spending," Working Papers Department of Economics 2012/30, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Davide Furceri & João Tovar Jalles, 2018. "Determinants and Effects of Fiscal Counter-Cyclicality," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 36(85), pages 137-151, April.
    2. Funashima, Yoshito, 2016. "Governmentally amplified output volatility," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 462(C), pages 469-478.
    3. Heimberger, Philipp, 2023. "The cyclical behaviour of fiscal policy: A meta-analysis," Economic Modelling, Elsevier, vol. 123(C).
    4. Deepak Kumar Behera & Ranjan Kumar Mohanty & Umakant Dash, 2020. "Cyclicality of public health expenditure in India: role of fiscal transfer and domestic revenue mobilization," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 67(1), pages 87-110, March.
    5. João Tovar Jalles & Mr. Youssouf Kiendrebeogo & Mr. Waikei R Lam & Mr. Roberto Piazza, 2023. "Revisiting the Countercyclicality of Fiscal Policy," IMF Working Papers 2023/089, International Monetary Fund.
    6. Afonso, António & Carvalho, Francisco Tiago, 2022. "Time-varying cyclicality of fiscal policy: The case of the Euro area," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    7. Jalles, João Tovar, 2020. "Social expenditure cyclicality: New time-varying evidence in developing economies," Economic Systems, Elsevier, vol. 44(3).
    8. Funashima, Yoshito, 2015. "Governmentally amplified output volatility," MPRA Paper 65330, University Library of Munich, Germany.
    9. Cruz-Castro, Laura & Sanz-Menéndez, Luis, 2016. "The effects of the economic crisis on public research: Spanish budgetary policies and research organizations," Technological Forecasting and Social Change, Elsevier, vol. 113(PB), pages 157-167.
    10. SVETLANA Solyannikova & С. Солянникова П., 2015. "Ответственная Бюджетная Политика В Социальной Сфере: Проблемы Разработки И Реализации // A Responsible Budgetary Policy In The Social Sphere: Problems Of Development And Implementation," Экономика. Налоги. Право // Economics, taxes & law, ФГОБУ "Финансовый университет при Правительстве Российской Федерации" // Financial University under The Government of Russian Federation, issue 5, pages 45-51.
    11. António Afonso & Francisco Tiago Carvalho, 2021. "Euro area time-varying cyclicality of fiscal policy," Working Papers REM 2021/0202, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    12. Sandrine Michel, 2018. "Social spending as a driver of economic growth: has the theoretical consensus of the 1980s led to successful economic policies?," Post-Print hal-01944296, HAL.
    13. Moheddine Younsi & Marwa Bechtini, 2024. "Financing Health Systems in Developing Countries: the Role of Government Spending and Taxation," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 13182-13210, September.
    14. Liang, Li-Lin & Tussing, A. Dale, 2019. "The cyclicality of government health expenditure and its effects on population health," Health Policy, Elsevier, vol. 123(1), pages 96-103.
    15. W Qazizada & Engelbert Stockhammer, 2014. "Government spending multipliers in contraction and expansion," Economics Discussion Papers 2014-2, School of Economics, Kingston University London.
    16. Jalles, João Tovar, 2021. "Dynamics of government spending cyclicality," Economic Modelling, Elsevier, vol. 97(C), pages 411-427.
    17. Funashima, Yoshito & Horiba, Isao & Miyahara, Shoichi, 2015. "Local Government Investments and Ineffectiveness of Fiscal Stimulus during Japan's Lost Decades," MPRA Paper 61333, University Library of Munich, Germany.

  84. Afonso, António & Jalles, João Tovar, 2012. "Revisiting fiscal sustainability: panel cointegration and structural breaks in OECD countries," Working Paper Series 1465, European Central Bank.

    Cited by:

    1. Mişa Ionuț & Kagitci Meral, 2019. "An overview of the influence of some macroeconomic variables on public revenues. A panel approach for a sample of European countries," Management & Marketing, Sciendo, vol. 14(2), pages 249-265, June.
    2. Gabriella Legrenzi & Costas Milas, 2013. "Modelling the Fiscal Reaction Functions of the GIPS based on State-Varying Thresholds," Working Paper series 16_13, Rimini Centre for Economic Analysis.
    3. Piotr Krajewski & Michał Mackiewicz & Agata Szymańska, 2016. "Fiscal Sustainability in Central and Eastern European Countries - A Post-Crisis Assessment," Prague Economic Papers, Prague University of Economics and Business, vol. 2016(2), pages 175-188.
    4. De Santis, Roberto A. & Legrenzi, Gabriella & Milas, Costas, 2015. "Fiscal policy adjustments in the euro area stressed countries: new evidence from non-linear models with state-varying thresholds," Working Paper Series 1858, European Central Bank.
    5. Ferraz Ricardo, 2018. "Have Public Finances in the OECD Area Been Sustainable?," Acta Universitatis Sapientiae, Economics and Business, Sciendo, vol. 32(1), pages 36-50, December.
    6. Ionel Bostan & Carmen Toderașcu & Anca Florentina Gavriluţă (Vatamanu), 2018. "Challenges and Vulnerabilities on Public Finance Sustainability. A Romanian Case Study," JRFM, MDPI, vol. 11(3), pages 1-24, September.
    7. Ioan-Radu PETRARIU & Lucian Constantin VÎLCU & Iulian Cornel LOLEA & Liana VLADU, 2020. "Fiscal sustainability in Romania," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(4(625), W), pages 357-368, Winter.
    8. Mura Petru-Ovidiu, 2015. "Public Finance Sustainability In Romania. Recent Developments," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 757-769, July.
    9. Victor Barros & Joao Tovar Jalles & Joaquim Miranda Sarmento, 2023. "Drivers of the Tax Effort: Evidence from a Large Panel," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 65(1), pages 96-136, March.
    10. Hyunjung Ji & Jeong Ahn & Jeffrey Chapman, 2016. "The role of intergovernmental aid in defining fiscal sustainability at the sub-national level," Urban Studies, Urban Studies Journal Limited, vol. 53(14), pages 3063-3081, November.
    11. António Afonso, & Emanuel Reis Leão, & Dilson Tiny, & Diptes C. P. Bhimjee, 2017. "Fiscal Sustainability Analysis: The Case of PALOP Economies," Working Papers Department of Economics 2017/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    12. Adnan Habib & Jamshaid Rehman & Tasneem Zafar & Haider Mahmood, 2016. "Does sustainability hypothesis hold in developed countries? A panel co-integration analysis," Quality & Quantity: International Journal of Methodology, Springer, vol. 50(1), pages 1-25, January.
    13. Bystrov, Victor & Mackiewicz, Michał, 2020. "Recurrent explosive public debts and the long-run fiscal sustainability," Journal of Policy Modeling, Elsevier, vol. 42(2), pages 437-450.
    14. Sisay Demissew Beyene & Mohammed Seid Ali & Belayneh Taye & Yihenew Wubu Endalew, 2024. "Questioning the democracy–growth debate in countries of the East African region: a political economy perspective," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 26(3), pages 1059-1081, December.
    15. Mackiewicz-Łyziak, Joanna & Łyziak, Tomasz, 2019. "A new test for fiscal sustainability with endogenous sovereign bond yields: Evidence for EU economies," Economic Modelling, Elsevier, vol. 82(C), pages 136-151.
    16. Hui, Hon Chung, 2013. "Fiscal sustainability in Malaysia: a re-examination," MPRA Paper 80018, University Library of Munich, Germany.
    17. Afonso, António & Rault, Christophe, 2015. "Multi-step analysis of public finances sustainability," Economic Modelling, Elsevier, vol. 48(C), pages 199-209.
    18. Carreras, Oriol & Davis, E. Philip & Piggott, Rebecca, 2018. "Assessing macroprudential tools in OECD countries within a cointegration framework," Journal of Financial Stability, Elsevier, vol. 37(C), pages 112-130.
    19. Petar Mitić & Olja Munitlak Ivanović & Aleksandar Zdravković, 2017. "A Cointegration Analysis of Real GDP and CO 2 Emissions in Transitional Countries," Sustainability, MDPI, vol. 9(4), pages 1-18, April.
    20. Shruti SHASTRI & A.K. GIRI & Geetilaxmi MOHAPATRA, 2017. "An empirical assessment of fiscal sustainability for selected South Asian economies," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(1(610), S), pages 163-178, Spring.
    21. Arun, Korhan & Yıldırım, Durmuş Çağrı, 2017. "Effects of Foreign Direct Investment on Intellectual Property, Patents and R&D," MPRA Paper 80470, University Library of Munich, Germany.
    22. Park, Danbee & Sung, Taeyoon, 2020. "Foreign debt, global liquidity, and fiscal sustainability," Japan and the World Economy, Elsevier, vol. 54(C).
    23. Tóth G., Csaba, 2017. "A nemzeti költségvetési szabályok elterjedése és hatása Európában [The spread of national fiscal rules and their effect in Europe]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1119-1147.
    24. Awad, Atif, 2019. "Does economic integration damage or benefit the environment? Africa's experience," Energy Policy, Elsevier, vol. 132(C), pages 991-999.
    25. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  85. António Afonso & João Tovar Jalles, 2012. "Fiscal Volatility, Financial Crises and Growth," Working Papers Department of Economics 2012/06, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Apeti, Ablam Estel & Combes, Jean-Louis & Minea, Alexandru, 2024. "Inflation targeting and fiscal policy volatility: Evidence from developing countries," Journal of International Money and Finance, Elsevier, vol. 141(C).
    2. António Afonso & José Alves, 2014. "The Role of Government Debt in Economic Growth," Working Papers Department of Economics 2014/16, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    3. Lucas Menescal & José Alves, 2022. "Optimal threshold taxation: an empirical investigation for developing economies," Working Papers REM 2022/0232, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Kilic Celik,Sinem & Kose,Ayhan & Ohnsorge,Franziska Lieselotte, 2020. "Subdued Potential Growth : Sources and Remedies," Policy Research Working Paper Series 9177, The World Bank.
    5. M. Ayhan Kose & Franziska Ohnsorge, 2023. "Slowing Growth: More Than a Rough Patch," Koç University-TUSIAD Economic Research Forum Working Papers 2304, Koc University-TUSIAD Economic Research Forum.
    6. Sawadogo, Rayangnewendé Frans, 2024. "Do fiscal rules shape private-sector investment decisions?," Journal of Macroeconomics, Elsevier, vol. 81(C).
    7. Muhsin Ali & Karim Khan, 2020. "Volatility in Discretionary Public Spending and Economic Growth: A Cross Country Analysis," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 59(1), pages 45-68.
    8. Panagodage Janaka Sampath Fernando & Hasthimuni Nadeeka De Silva & Athula Naranpanawa & Chandika Gunasinghe, 2017. "Revisiting the debt-growth nexus: Empirical evidence from Sri Lanka," Discussion Papers in Economics economics:201706, Griffith University, Department of Accounting, Finance and Economics.
    9. Gnangnon, Sèna Kimm, 2023. "Productive capacities, structural economic vulnerability and fiscal space volatility in developing countries," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 45(3), pages 25-48.
    10. Gnangnon, Sèna Kimm, 2021. "Tax reform and public debt instability in developing countries: The trade openness and public revenue instability channels," Economic Analysis and Policy, Elsevier, vol. 69(C), pages 54-67.
    11. António Afonso & João Tovar Jalles, 2011. "Growth and Productivity: the role of Government Debt," Working Papers Department of Economics 2011/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    12. António Afonso & M. Carmen Blanco-Arana, 2024. "The Role of Fiscal Policy Rating Variables on Economic Growth in the LDCs," CESifo Working Paper Series 11208, CESifo.
    13. Li Liu & Yu-Min Liu & Jong-Min Kim & Rui Zhong & Guang-Qian Ren, 2020. "Analysis of Tail Dependence between Sovereign Debt Distress and Bank Non-Performing Loans," Sustainability, MDPI, vol. 12(2), pages 1-20, January.
    14. Eugenia-Ramona Mara, 2012. "Determinants of fiscal budget volatility in old versus new EU member states," Working Papers Department of Economics 2012/31, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    15. Silvapulle, Param & Fenech, Jean Pierre & Thomas, Alice & Brooks, Rob, 2016. "Determinants of sovereign bond yield spreads and contagion in the peripheral EU countries," Economic Modelling, Elsevier, vol. 58(C), pages 83-92.
    16. Adnan Efendic & Naida Trkic-Izmirlija, 2013. "Effects of the global economic crisis and public spending on income distribution in Bosnia and Herzegovina," wiiw Balkan Observatory Working Papers 108, The Vienna Institute for International Economic Studies, wiiw.
    17. Abdulaziz H. Algaeed, 2022. "Government Spending Volatility and Real Economic Growth: Evidence From a Major Oil Producing Country, Saudi Arabia, 1970 to 2018," SAGE Open, , vol. 12(2), pages 21582440221, April.
    18. Narayan, Laxmi, 2017. "Growth of Public Debt in Haryana – Dynamism or Misplaced Priorities," MPRA Paper 79431, University Library of Munich, Germany, revised 05 May 2017.
    19. Shahrzad Ghourchian & Hakan Yilmazkuday, 2020. "Government consumption, government debt and economic growth," Review of Development Economics, Wiley Blackwell, vol. 24(2), pages 589-605, May.
    20. Zuzana Machová & Igor Kotlán, 2015. "Právní jistota - možný problém daňové politiky vyspělých zemí? [Legal Certainty - Possible Problem of Tax Policy in Developed Countries?]," Politická ekonomie, Prague University of Economics and Business, vol. 2015(7), pages 833-846.

  86. António Afonso & Jorge Silva, 2012. "The Fiscal Forecasting Track Record of the European Commission and Portugal," Working Papers Department of Economics 2012/37, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. João Tovar Jalles, 2020. "European commission’s fiscal forecasts in CEE countries: a thorough assessment," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 23(2), pages 161-183, July.
    2. António Afonso & Rui Carvalho, 2014. "Revenue Forecast Errors in the European Union," Working Papers Department of Economics 2014/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    3. Merola, Rossana & Pérez, Javier J., 2014. "Fiscal Forecast Errors: Governments Versus Independent Agencies?," Papers RB2014/1/1, Economic and Social Research Institute (ESRI).
    4. Vasconcelos de Deus, Joseph David Barroso & de Mendonça, Helder Ferreira, 2017. "Fiscal forecasting performance in an emerging economy: An empirical assessment of Brazil," Economic Systems, Elsevier, vol. 41(3), pages 408-419.
    5. Jalles, João Tovar & Karibzhanov, Iskander & Loungani, Prakash, 2015. "Cross-country evidence on the quality of private sector fiscal forecasts," Journal of Macroeconomics, Elsevier, vol. 45(C), pages 186-201.
    6. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  87. António Afonso & João Tovar Jalles, 2012. "Do fiscal rules matter for growth?," Working Papers Department of Economics 2012/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Klaus Gründler & Niklas Potrafke, 2020. "Fiscal Rules: Historical, Modern, and Sub-National Growth Effects," CESifo Working Paper Series 8305, CESifo.
    2. Awaworyi, Sefa & Ugur, Mehmet & Yew, Siew Ling, 2015. "Does government size affect per-capita income growth? A Hierarchical meta-regression analysis," MPRA Paper 68006, University Library of Munich, Germany, revised 18 Nov 2015.
    3. Stanova, Nadja, 2015. "Fiscal discretion, growth and output volatility in new EU member countries," MPRA Paper 63946, University Library of Munich, Germany.
    4. Ray, Nikhil. & Velasquez, Agustin. & Islam, Iyanatul,, 2015. "Fiscal rules, growth and employment : a developing country perspective," ILO Working Papers 994881313402676, International Labour Organization.
    5. Matej Boór, 2020. "Vplyv fiškálnych pravidiel na úroveň ekonomického rastu v monetárnych úniách [Impact of Fiscal Rules on Level of Economic Growth in Monetary Unions]," Politická ekonomie, Prague University of Economics and Business, vol. 2020(6), pages 695-724.
    6. Gladys Awinpoak Abindaw Nabieu & Godfred Alufar Bokpin & Achampong Kofi Osei & Patrick Opoku Asuming, 2021. "Fiscal rules, fiscal performance and economic growth in Sub‐Saharan Africa," African Development Review, African Development Bank, vol. 33(4), pages 607-619, December.
    7. Gazmore Rexhepi & Burim Gashi, 2022. "The Role of Pension Funds on Capital Market Growth in the New EU Member States," Ekonomista, Polskie Towarzystwo Ekonomiczne, issue 4, pages 437-454.
    8. Thomas Brändle & Marc Elsener, 2024. "Do fiscal rules matter? A survey of recent evidence," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 160(1), pages 1-38, December.
    9. Sawadogo, Pegdéwendé Nestor, 2020. "Can fiscal rules improve financial market access for developing countries?," Journal of Macroeconomics, Elsevier, vol. 65(C).
    10. Niklas Potrafke, 2023. "The Economic Consequences of Fiscal Rules," CESifo Working Paper Series 10765, CESifo.
    11. Ablam Estel APETI & Bao-We-Wal BAMBE & Jean Louis COMBES, 2022. "On the Macroeconomic Effects of Fiscal Reforms : Fiscal Rules and Public Expenditure Efficiency," LEO Working Papers / DR LEO 2985, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    12. Carsten Hefeker & Michael Neugart, 2024. "Policy Rules and Political Polarization," CESifo Working Paper Series 11039, CESifo.
    13. Mihaela Tofan & Mihaela Onofrei & Anca-Florentina Vatamanu, 2020. "Fiscal Responsibility Legal Framework—New Paradigm for Fiscal Discipline in the EU," Risks, MDPI, vol. 8(3), pages 1-18, July.
    14. Mihail Petkovski & Jordan Kjosevski & Aleksandar Stojkov & Katerina Bartasek Petkovska, 2024. "Examining Country-specific and Global Factors of Inflation Dynamics: The Curious Case of Baltic States," Politická ekonomie, Prague University of Economics and Business, vol. 2024(6), pages 896-922.
    15. António Afonso, & Emanuel Reis Leão, & Dilson Tiny, & Diptes C. P. Bhimjee, 2017. "Fiscal Sustainability Analysis: The Case of PALOP Economies," Working Papers Department of Economics 2017/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    16. Klaus Schmidt-Hebbel, 2019. "Macroeconomic Institutions: Lessons from World Experience for MENA Countries," Working Papers 1311, Economic Research Forum, revised 21 Aug 2019.
    17. Athanasios Tagkalakis, 2014. "Discretionary fiscal policy and economic activity in Greece," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(4), pages 687-712, November.
    18. Ablam Estel Apeti & Bao-We-Wal Bambe & Aguima Aime Bernard Lompo, 2023. "Determinants of public sector efficiency: a panel database from a stochastic frontier analysis," Post-Print hal-04189811, HAL.
    19. Yang, Sungpil., 2015. "The public employment service in the Republic of Korea," ILO Working Papers 994901023402676, International Labour Organization.
    20. Alin OPREANA & Diana MIHAIU, 2012. "Fiscal policy and the optimal gdp under a budget constrain condition," Anale. Seria Stiinte Economice. Timisoara, Faculty of Economics, Tibiscus University in Timisoara, vol. 0, pages 775-782, May.
    21. Mihaela Onofrei & Tudorel Toader & Anca Florentina Vatamanu & Florin Oprea, 2021. "Impact of Governments’ Fiscal Behaviors on Public Finance Sustainability: A Comparative Study," Sustainability, MDPI, vol. 13(7), pages 1-16, March.
    22. López-Herrera, Carmen & Cordero, José M. & Pedraja-Chaparro, Francisco & Polo, Cristina, 2023. "Fiscal rules and their influence on public sector efficiency," MPRA Paper 119018, University Library of Munich, Germany.

  88. Afonso, António & Gomes, Pedro & Furceri, Davide, 2011. "Sovereign credit ratings and financial markets linkages: application to European data," Working Paper Series 1347, European Central Bank.

    Cited by:

    1. Jamal Bouoiyour, Refk Selmi, 2019. "Brexit and CDS spillovers across UK and Europe," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 16(1), pages 105-124, June.
    2. Drago, Danilo & Gallo, Raffaele, 2017. "The impact of sovereign rating changes on the activity of European banks," Journal of Banking & Finance, Elsevier, vol. 85(C), pages 99-112.
    3. Dähler, Timo, 2020. "Bias or ignorance? The politics and economics behind sovereign credit ratings," MPRA Paper 103965, University Library of Munich, Germany.
    4. Jesus Gonzalez-Garcia, 2024. "Data transparency and sovereign financing conditions," Empirical Economics, Springer, vol. 66(4), pages 1735-1755, April.
    5. Vogel, Heinz-Dieter & Bannier, Christina E. & Heidorn, Thomas, 2013. "Functions and characteristics of corporate and sovereign CDS," Frankfurt School - Working Paper Series 203, Frankfurt School of Finance and Management.
    6. Oliver Takawira & John W. Muteba Mwamba, 2022. "Sovereign Credit Ratings Analysis Using the Logistic Regression Model," Risks, MDPI, vol. 10(4), pages 1-24, March.
    7. Silvia Marchesi & Tania Masi, 2020. "The price of haircuts: private and official default," Development Working Papers 460, Centro Studi Luca d'Agliano, University of Milano, revised 06 Feb 2020.
    8. Nagy, Olivér & Neszveda, Gábor, 2025. "Assessing geopolitical risk: Sovereign CDS insights from the Russo-Ukrainian War," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 1995-2006.
    9. António Afonso & João Tovar Jalles, 2017. "The Price Relevance of Fiscal Developments," International Economic Journal, Taylor & Francis Journals, vol. 31(1), pages 36-50, January.
    10. Montes, Gabriel Caldas & Maia, João Pedro Neves, 2023. "Who speaks louder, financial instruments or credit rating agencies? Analyzing the effects of different sovereign risk measures on interest rates in Brazil," The North American Journal of Economics and Finance, Elsevier, vol. 67(C).
    11. Sergio Consoli & Luca Tiozzo Pezzoli & Elisa Tosetti, 2021. "Emotions in Macroeconomic News and their Impact on the European Bond Market," Papers 2106.15698, arXiv.org.
    12. Ben Hmiden, Oussama & Ben Cheikh, Nidhaleddine, 2016. "Debt-threshold effect in sovereign credit ratings: New evidence from nonlinear panel smooth transition models," Finance Research Letters, Elsevier, vol. 19(C), pages 273-278.
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    3. Venancio Tauringana & Ishmael Tingbani & Godwin Okafor & Widin B. Sha'ven, 2021. "Terrorism and global business performance," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5636-5658, October.
    4. María del Carmen Ramos-Herrera & Simón Sosvilla-Rivero, 2016. "Public debt and economic growth: An empirical evaluation," Working Papers 16-06, Asociación Española de Economía y Finanzas Internacionales.
    5. Mario Coccia, 2018. "National debts and government deficits within European Monetary Union: Statistical evidence of economic issues," Papers 1806.07830, arXiv.org.
    6. Roberto Tamborini & Matteo Tomaselli, 2019. "The determinants of austerity in the European Union 2010-16," DEM Working Papers 2019/6, Department of Economics and Management.
    7. Alam, Md. Samsul & Miah, Mohammad Dulal & Hammoudeh, Shawkat & Tiwari, Aviral Kumar, 2018. "The nexus between access to electricity and labour productivity in developing countries," Energy Policy, Elsevier, vol. 122(C), pages 715-726.
    8. Karayalcin, Cem, 2016. "Property rights and the first great divergence: Europe 1500–1800," International Review of Economics & Finance, Elsevier, vol. 42(C), pages 484-498.
    9. Zhang, Liuzhen & Su, Wunhong, 2025. "Issuance of urban investment bonds and high-quality urban economic development," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 111-130.
    10. António Afonso & M. Carmen Blanco-Arana, 2021. "Unemployment and financial development: evidence for OECD countries," Working Papers REM 2021/0204, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    11. António Afonso, & Marcelo Alcântara, 2016. "Euro Area Sovereign Debt Crisis and Debt Mutualisation," Working Papers Department of Economics 2016/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    12. Muhammad Dawood & Zhao Rui Feng & Muhammad Ilyas & Ghulam Abbas, 2024. "External Debt, Transmission Channels, and Economic Growth: Evidence of Debt Overhang and Crowding-Out Effect," SAGE Open, , vol. 14(3), pages 21582440241, July.
    13. Kurniasih, Erni Panca, 2021. "The Effect of Foreign Debt on the Economic Growth," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 55(3), pages 125-136.
    14. Zhou Ming Matt & Wang Man Cang, 2019. "Predictive Analysis of Fiscal Crises with Deep Learning Time Series Model," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(5), pages 1-21, May.
    15. António Afonso & Jorge Braga Ferreira, 2025. "The ECB's Pandemic Emergency Purchase Programme and Fiscal Policy: Synergies or Conflict?," Working Papers REM 2025/0378, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
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    17. António Afonso & José Alves, 2014. "The Role of Government Debt in Economic Growth," Working Papers Department of Economics 2014/16, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    18. Ugo Panizza & Andrea Filippo Presbitero, 2013. "Public Debt and Economic Growth in Advanced Economies: A Survey," Mo.Fi.R. Working Papers 78, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
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    20. Abiodun Hafeez Akindipe, . "Public Debt Financial Development in Nigeria," Journal of Economic and Sustainable Growth 2, Office Of The Chief Economist, Development Bank of Nigeria.
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    22. Ugo Panizza & Andrew Powell, 2023. "Reducing Public Debt: What Works Best?," IDB Publications (Book Chapters), in: Andrew Powell & Oscar Mauricio Valencia (ed.), Dealing with Debt, edition 1, chapter 9, pages 197-222, Inter-American Development Bank.
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    27. Sokolov, Ilya (Соколов, Илья) & Suchkova, Olga (Сучкова, Ольга) & Repkina, Elena (Репкина, Елена), 2024. "How Much Government Debt Is Now Acceptable for Russia? [Оценка Допустимого Уровня Государственного Долга В Современной России]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, issue 4, pages 6-33.
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    30. Mroczek Teresa & Skica Tomasz & Rodzinka Jacek, 2018. "Application of Probabilistic Inference in Defining Impact of the General Government Sector’s Size on the Economy and Determining the Size of the Sector by the Economy in the EU," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 14(1), pages 1-11, March.
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    2. Castro, Vítor, 2017. "The impact of fiscal consolidations on the functional components of government expenditures," Economic Modelling, Elsevier, vol. 60(C), pages 138-150.
    3. Matej Boór, 2020. "Vplyv fiškálnych pravidiel na úroveň ekonomického rastu v monetárnych úniách [Impact of Fiscal Rules on Level of Economic Growth in Monetary Unions]," Politická ekonomie, Prague University of Economics and Business, vol. 2020(6), pages 695-724.
    4. L, Agnello. & R, M. Sousa., 2012. "How does Fiscal Consolidation Impact on Income Inequality?," Working papers 382, Banque de France.
    5. L. Di Matteo & Tom Barbiero, 2017. "Economic Growth and the Public Sector: A Comparison of Canada and Italy, 1870†2013," Working Papers 069, Toronto Metropolitan University, Department of Economics.
    6. Vitor Castro, 2016. "On the behaviour of the functional components ofgovernment expenditures during fiscal consolidations," NIPE Working Papers 11/2016, NIPE - Universidade do Minho.
    7. Navarrete Gallo, Pamela L. & Ritzen, Jo, 2021. "Do institutions and ideology matter for economic growth in Latin America in the first two decades of the 21st century?," MERIT Working Papers 2021-012, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    8. Jean-Marc Fournier & Åsa Johansson, 2016. "The Effect of the Size and the Mix of Public Spending on Growth and Inequality," OECD Economics Department Working Papers 1344, OECD Publishing.
    9. Luca Agnello & Vítor Castro & Ricardo M. Sousa, 2012. "What determines the duration of a fiscal consolidation program?," NIPE Working Papers 17/2012, NIPE - Universidade do Minho.
    10. Whajah, Jennifer & Bokpin, Godfred A. & Kuttu, Saint, 2019. "Government size, public debt and inclusive growth in Africa," Research in International Business and Finance, Elsevier, vol. 49(C), pages 225-240.
    11. Halkos, George, 2012. "The impact of government expenditure on the environment: An empirical investigation," MPRA Paper 39957, University Library of Munich, Germany.
    12. Pater, Robert & Skica, Tomasz, 2014. "The productivity of public and private sector in Poland," Business and Economic Horizons (BEH), Prague Development Center (PRADEC), vol. 10(2), pages 1-18.
    13. Desislava G. Stoilova, 2023. "The Impact of Tax Structure on Economic Growth: New Empirical Evidence from Central and Eastern Europe," Journal of Tax Reform, Graduate School of Economics and Management, Ural Federal University, vol. 9(2), pages 181-196.
    14. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Government Spending Efficiency, Measurement and Applications: a CrossCountry Efficiency Dataset," EconPol Working Paper 50, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
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    16. Luca Agnello & Vítor Castro & Ricardo M. Sousa, 2012. "Are there change-points in the likelihood of a fiscal consolidation ending?," NIPE Working Papers 18/2012, NIPE - Universidade do Minho.
    17. Wanjuu Zungwe Lazarus & Hlalefang Khobai & Pierre Le Roux, 2017. "Government Size and Economic Growth in Africa and the Organization for Economic Cooperation and Development Countries," International Journal of Economics and Financial Issues, Econjournals, vol. 7(4), pages 628-637.
    18. Halkos, George E. & Paizanos, Epameinondas Α., 2013. "The effect of government expenditure on the environment:An empirical investigation," Ecological Economics, Elsevier, vol. 91(C), pages 48-56.
    19. António Afonso & João Tovar Jalles, 2011. "Growth and Productivity: the role of Government Debt," Working Papers Department of Economics 2011/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    20. Desislava G. Stoilova, 2024. "Tax Structure and Economic Growth: New Empirical Evidence from the European Union," Journal of Tax Reform, Graduate School of Economics and Management, Ural Federal University, vol. 10(2), pages 240-257.
    21. Yaghoob Jafari, Maryam Farhadi, ANDREA Zimmermann, and Masoud Yahoo, 2017. "Economic Liberalization and the Environmental Kuznets Curve: Some Empirical Evidence," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 42(1), pages 1-16, March.
    22. Boris Cournède & Jean-Marc Fournier & Peter Hoeller, 2018. "Public finance structure and inclusive growth," OECD Economic Policy Papers 25, OECD Publishing.
    23. Syed Ali Raza & Nida Shah & Imtiaz Arif, 2021. "Relationship Between FDI and Economic Growth in the Presence of Good Governance System: Evidence from OECD Countries," Global Business Review, International Management Institute, vol. 22(6), pages 1471-1489, December.
    24. Baah Aye Kusi & Joseph Atta Junior Darkwa & Peter Kobati Ayiakwo & Joseph Ato Forson & Michael Awuku & Moses Nanyun Nankpan, 2025. "IMF programme duration and fiscal policy: a path to debt sustainability in Africa," SN Business & Economics, Springer, vol. 5(5), pages 1-23, May.
    25. Javed, Omer, 2013. "Determinants of Institutional Quality: A Case Study of IMF Programme Countries," MPRA Paper 51344, University Library of Munich, Germany.
    26. Rajesh Sharma & Pradeep Kautish & D. Suresh Kumar, 2018. "Impact of Selected Macroeconomic Determinants on Economic Growth in India: An Empirical Study," Vision, , vol. 22(4), pages 405-415, December.
    27. Md. Golam Kibria & M. M. K. Toufique, 2023. "Institutional governance and quality of life: evidence from developing countries," SN Business & Economics, Springer, vol. 3(3), pages 1-20, March.
    28. Kolawole Opeyemi Olawole, Temidayo Oyeyemi Adebayo, Opeoluwa Samuel Idowu, 2018. "Openness, Government Size and Economic Growth in Nigeria," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 3(1), pages 71-84, March.
    29. D'Andrea, Sara, 2022. "A Meta-Analysis on the Debt-Growth Relationship," MPRA Paper 114409, University Library of Munich, Germany.
    30. Jeeban AMGAIN & Nanda Kumar DHAKAL, 2017. "Public revenue, fiscal deficit and economic growth: Evidence from Asian countries," Journal of Economics and Political Economy, KSP Journals, vol. 4(4), pages 329-342, December.
    31. Sáez Marta Pascual & Rodríguez Daniela Castañeda & Álvarez-García Santiago, 2017. "Government expenditure and economic growth in the European Union countries: New evidence," Bulletin of Geography. Socio-economic Series, Sciendo, vol. 36(36), pages 127-133, June.
    32. António Afonso & João Tovar Jalles, 2011. "Linking Investment and Fiscal Policies," Working Papers Department of Economics 2011/16, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    33. Shijaku, Gerti & Gjokuta, Arlind, 2013. "Fiscal policy and economic growth: the case of Albania," MPRA Paper 79090, University Library of Munich, Germany.
    34. Javed, Omer, 2014. "Institutional quality, macroeconomic stabilization and economic growth: a case study of IMF programme countries," MPRA Paper 56370, University Library of Munich, Germany.
    35. Kalaš Branimir & Andrašić Jelena & Pjanić Miloš, 2016. "Aspect of Fiscal Consolidation: Evidence from Serbia," The European Journal of Applied Economics, Sciendo, vol. 13(2), pages 21-29, October.
    36. Cosimo Magazzino, 2014. "Government Size and Economic Growth in Italy: An Empirical Analyses Based On New Data (1861-2008)," International Journal of Empirical Finance, Research Academy of Social Sciences, vol. 3(2), pages 38-54.
    37. Puruweti Siyakiya, 2017. "The Impact of Institutional Quality on Economic Performance: An Empirical Study of European Union 28 and Prospective Member Countries," World Journal of Applied Economics, WERI-World Economic Research Institute, vol. 3(2), pages 3-24, December.
    38. Pawel Gajewski, 2014. "Sovereign spreads and financial market behavior before and during the crisis," Lodz Economics Working Papers 4/2014, University of Lodz, Faculty of Economics and Sociology.
    39. Alessandra Cepparulo & Gilles Mourre, 2020. "How and How Much? The Growth-Friendliness of Public Spending through the Lens," European Economy - Discussion Papers 132, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    40. Agnello, Luca & Castro, Vitor & Tovar Jalles, João & Sousa, Ricardo M., 2014. "Fiscal adjustments, labour market flexibility and unemployment," Economics Letters, Elsevier, vol. 124(2), pages 231-235.
    41. Ho Thuy Ai & Ping, Lin, 2018. "Impacts of fiscal policy on economic growth: Another look from institutional perspective," Economics Discussion Papers 2018-45, Kiel Institute for the World Economy (IfW Kiel).
    42. Bhanu Pratap Singh & Sujit Kumar, 2024. "Public Debt and Economic Growth in India: The New Evidence," Millennial Asia, , vol. 15(3), pages 429-446, September.
    43. D'Andrea, Sara, 2023. "Innovation, Public Debt and Monetization: an Empirical Analysis," MPRA Paper 117520, University Library of Munich, Germany.
    44. E. Tsanana & X. Chapsa & C. Katrakilidis, 2016. "Is growth corrupted or bureaucratic? Panel evidence from the enlarged EU," Applied Economics, Taylor & Francis Journals, vol. 48(33), pages 3131-3147, July.

  91. António Afonso & João Tovar Jalles, 2011. "A Longer-run Perspective on Fiscal Sustainability," Working Papers Department of Economics 2011/17, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Gordon L. Brady & Cosimo Magazzino, 2019. "Government Expenditures and Revenues in Italy in a Long-run Perspective," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 17(2), pages 361-375, June.
    2. António Afonso & José Alves & Sofia Monteiro, 2024. "Sovereign risk dynamics in the EU: the time varying relevance of fiscal and external (im)balances," Working Papers REM 2024/0311, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Gunther Tichy, 2015. "Zum Wandel der Finanzierungsstruktur in der Wohlstandsgesellschaft. WWWforEurope Policy Paper Nr. 20," WIFO Studies, WIFO, number 57889, June.
    4. Pierre Aldama & Jérôme Creel, 2019. "Fiscal policy in the US: Sustainable after all?," Post-Print hal-03384685, HAL.
    5. Cosimo Magazzino & Marco Mele, 2022. "A Dynamic Factor and Neural Networks Analysis of the Co-movement of Public Revenues in the EMU," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 8(2), pages 289-338, July.
    6. Hyejin Ko, 2020. "Measuring fiscal sustainability in the welfare state: fiscal space as fiscal sustainability," International Economics and Economic Policy, Springer, vol. 17(2), pages 531-554, May.
    7. María del Carmen Ramos-Herrera & María A. Prats, 2020. "Fiscal Sustainability in the European Countries: A Panel ARDL Approach and a Dynamic Panel Threshold Model," Sustainability, MDPI, vol. 12(20), pages 1-14, October.
    8. António Afonso & João Tovar Jalles, 2011. "A Longer-run Perspective on Fiscal Sustainability," Working Papers Department of Economics 2011/17, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    9. Cosimo Magazzino & Francesco Forte & Lorenzo Giolli, 2022. "On the Italian public accounts' sustainability: A wavelet approach," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 943-952, January.
    10. Niklas Potrafke & Markus Reischmann, 2012. "Fiscal Equalization Schemes and Fiscal Sustainability," CESifo Working Paper Series 3948, CESifo.
    11. António Afonso & João Tovar Jalles, 2016. "The elusive character of fiscal sustainability," Applied Economics, Taylor & Francis Journals, vol. 48(28), pages 2651-2664, June.
    12. Afonso, António & Alves, José & Jalles, João Tovar, 2022. "To consolidate or not to consolidate? A multi-step analysis to assess needed fiscal sustainability," International Economics, Elsevier, vol. 172(C), pages 106-123.
    13. Ionel Bostan & Carmen Toderașcu & Anca Florentina Gavriluţă (Vatamanu), 2018. "Challenges and Vulnerabilities on Public Finance Sustainability. A Romanian Case Study," JRFM, MDPI, vol. 11(3), pages 1-24, September.
    14. Cosimo Magazzino & Mihai Mutascu, 2019. "A wavelet analysis of Italian fiscal sustainability," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 8(1), pages 1-13, December.
    15. Mihaela Tofan & Mihaela Onofrei & Anca-Florentina Vatamanu, 2020. "Fiscal Responsibility Legal Framework—New Paradigm for Fiscal Discipline in the EU," Risks, MDPI, vol. 8(3), pages 1-18, July.
    16. Mura Petru-Ovidiu, 2015. "Public Finance Sustainability In Romania. Recent Developments," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 757-769, July.
    17. Hyunjung Ji & Jeong Ahn & Jeffrey Chapman, 2016. "The role of intergovernmental aid in defining fiscal sustainability at the sub-national level," Urban Studies, Urban Studies Journal Limited, vol. 53(14), pages 3063-3081, November.
    18. Yutaka Kurihara, 2017. "Are Unconventional Monetary Policy and Large Scale Fiscal Policy Effective?: The Case of Japan," Applied Finance and Accounting, Redfame publishing, vol. 3(2), pages 42-48, August.
    19. António Afonso & João Tovar Jalles, 2011. "Growth and Productivity: the role of Government Debt," Working Papers Department of Economics 2011/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    20. Gordon L. Brady & Cosimo Magazzino, 2018. "Sustainability and comovement of government debt in EMU Countries: A panel data analysis," Southern Economic Journal, John Wiley & Sons, vol. 85(1), pages 189-202, July.
    21. António Afonso & João Tovar Jalles, 2012. "Revisiting fiscal sustainability: panel cointegration and structural breaks in OECD countries," Working Papers Department of Economics 2012/29, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    22. António Afonso & José Alves & Oļegs Matvejevs & Oļegs Tkačevs, 2023. "Fiscal Sustainability and the Role of Inflation," CESifo Working Paper Series 10843, CESifo.
    23. Burret Heiko T. & Feld Lars P. & Köhler Ekkehard A., 2013. "Sustainability of Public Debt in Germany – Historical Considerations and Time Series Evidence," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 233(3), pages 291-335, June.
    24. Magazzino, Cosimo & Brady, Gordon L. & Forte, Francesco, 2019. "A panel data analysis of the fiscal sustainability of G-7 countries," The Journal of Economic Asymmetries, Elsevier, vol. 20(C).
    25. Gunther Tichy, 2014. "Zum Wandel der Finanzierungsstruktur in der Wohlstandsgesellschaft," WIFO Working Papers 488, WIFO.
    26. Olumide Olusegun Olaoye & Phillip A. Olomola, 2023. "Sub‐Saharan Africa's rising public debt stock: Is there a cause for concern?," South African Journal of Economics, Economic Society of South Africa, vol. 91(1), pages 85-115, March.
    27. Jamel Saadaoui & Marco Chi Keung Lau & Yifei Cai, 2022. "Assessing Debt Stationarity and Sustainability in the Longer-Run with Fourier DF Unit Root Tests and Time-Varying Fiscal Reaction Functions," Working Papers 2022.07, International Network for Economic Research - INFER.
    28. Magazzino, Cosimo & Mutascu, Mihai Ioan, 2022. "The Italian fiscal sustainability in a long-run perspective," The Journal of Economic Asymmetries, Elsevier, vol. 26(C).
    29. Golpe, Antonio A. & Sánchez-Fuentes, A. Jesus & Vides, José Carlos, 2023. "Fiscal sustainability, monetary policy and economic growth in the Euro Area: In search of the ultimate causal path," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1026-1045.
    30. Ricardo Ferraz & Joaquim Miranda Sarmento & António Portugal Duarte, 2024. "The Sustainability of Portuguese Fiscal Policy in Democracy, 1974–2020," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 22(3), pages 749-772, September.

  92. António Afonso & João Tovar-Valles, 2011. "Appraising fiscal reaction functions," Working Papers Department of Economics 2011/23, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Taner Turan & Pelin Varol Iyidogan, 2022. "Estimating Fiscal Reaction Functions for Developing and Developed Countries: A Dynamic Panel Threshold Analysis," Journal of Economics / Ekonomicky casopis, Institute of Economic Research, Slovak Academy of Sciences, vol. 70(5), pages 393-410, May.
    2. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Membership in the Euro area and fiscal sustainability - Analysis through panel fiscal reaction functions," a/ Working Papers Series 1501, Italian Association for the Study of Economic Asymmetries, Rome (Italy).
    3. Truong Nguyen, 2013. "Estimating India's Fiscal Reaction Function," ASARC Working Papers 2013-05, The Australian National University, Australia South Asia Research Centre.
    4. Süleyman Bolat & Aviral Kumar Tiwari & Mihai Mutascu, 2014. "The behaviour of US and UK public debt: further evidence based on time varying parameters," Working Papers halshs-01107962, HAL.
    5. Tashevska, Biljana & Trpkova-Nestorovska, Marija & Trenovski, Borce, 2017. "Estimating a fiscal reaction function for the South East European countries," MPRA Paper 91298, University Library of Munich, Germany, revised 2018.
    6. Checherita-Westphal, Cristina & Žďárek, Václav, 2017. "Fiscal reaction function and fiscal fatigue: evidence for the euro area," Working Paper Series 2036, European Central Bank.
    7. Plödt, Martin & Reicher, Claire A., 2015. "Estimating fiscal policy reaction functions: The role of model specification," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 113-128.
    8. António Afonso & José Alves & Oļegs Matvejevs & Oļegs Tkačevs, 2024. "Impact of Sovereign Debt Maturity on Fiscal Sustainability," CESifo Working Paper Series 11499, CESifo.
    9. Karlis Vilerts & Olegs Tkacevs, 2016. "The Impact of Sovereign Bond Yields on Fiscal Discipline," Working Papers 2016/05, Latvijas Banka.
    10. Shijaku, Gerti, 2014. "Fiscal policy, output and financial stress in the case of developing and emerging European economies: a threshold VAR approach," MPRA Paper 79139, University Library of Munich, Germany.
    11. Attinasi, Maria Grazia & Palazzo, Alessandra Anna & Pierluigi, Beatrice, 2019. "Fiscal activism in the euro area and in other advanced economies: new evidence," Working Paper Series 2344, European Central Bank.
    12. António Afonso & João Tovar Jalles, 2012. "Revisiting fiscal sustainability: panel cointegration and structural breaks in OECD countries," Working Papers Department of Economics 2012/29, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    13. Christian Daude & Christine de la Maisonneuve, 2016. "Subnational fiscal sustainability, risk sharing and “fiscal fatigue” in Colombia," Hacienda Pública Española / Review of Public Economics, IEF, vol. 219(4), pages 137-160, December.
    14. António Afonso & José Alves & José Carlos Coelho, 2023. "Determinants of the Degree of Fiscal Sustainability," CESifo Working Paper Series 10225, CESifo.
    15. Olumide Olusegun Olaoye & Phillip A. Olomola, 2023. "Sub‐Saharan Africa's rising public debt stock: Is there a cause for concern?," South African Journal of Economics, Economic Society of South Africa, vol. 91(1), pages 85-115, March.
    16. António Afonso & Catarina Farinha Miranda, 2025. "Compliance with Fiscal Sustainability and the Euro," CESifo Working Paper Series 11749, CESifo.
    17. Shijaku, Gerti, 2012. "Sustainability of fiscal policy: the case of Albania," MPRA Paper 79089, University Library of Munich, Germany.

  93. Afonso, António & Slavík, Michal & Baxa, Jaromír, 2011. "Fiscal developments and financial stress: a threshold VAR analysis," Working Paper Series 1319, European Central Bank.

    Cited by:

    1. Ibrar Hussain & Jawad Hussain & Arshad Ali & Shabir Ahmad, 2021. "A Dynamic Analysis of the Impact of Fiscal Adjustment on Economic Growth: Evidence From Pakistan," SAGE Open, , vol. 11(2), pages 21582440211, June.
    2. Beau Soederhuizen & Rutger Teulings & Rob Luginbuhl, 2023. "Estimating the impact of the financial cycle on fiscal policy," Empirical Economics, Springer, vol. 65(6), pages 2669-2709, December.
    3. Gian Paulo Soave, 2016. "Choques Fiscais E Instabilidade Financeira No Brasil: Uma Abordagem Tvar," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 045, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    4. Harun, Cicilia A. & Taruna, Aditya Anta & Ramdani,, 2021. "Capturing the nonlinear impact in distress state: Enhancing scenario design of stress test," Economic Analysis and Policy, Elsevier, vol. 69(C), pages 265-288.
    5. Hernández de Cos, Pablo & Warmedinger, Thomas & Checherita-Westphal, Cristina, 2015. "Fiscal multipliers and beyond," Occasional Paper Series 162, European Central Bank.
    6. Gerti Shijaku, 2015. "The Macroeconomic Pass-through Effects of Monetary Policy through Sign Restrictions Approach: In the Case of Albania," IHEID Working Papers 11-2015, Economics Section, The Graduate Institute of International Studies.
    7. Frangiamore, Francesco & Matarrese, Marco Maria, 2025. "Government spending multipliers and financial fragility in Italy," Economic Modelling, Elsevier, vol. 145(C).
    8. Matteo Deleidi & Davide Romaniello & Francesca Tosi, 2021. "Quantifying fiscal multipliers in Italy: A Panel SVAR analysis using regional data," Papers in Regional Science, Wiley Blackwell, vol. 100(5), pages 1158-1177, October.
    9. Christian R. Proaño & Christian Schoder & Willi Semmler, 2013. "Financial Stress, Sovereign Debt and Economic Activity in Industrialized Countries: Evidence from Nonlinear Dynamic Panels," Working Papers 1304, New School for Social Research, Department of Economics.
    10. Wenbo Jia & Hao Jiang & Yiqing Lyv & Stavros Sindakis, 2025. "Uncertainty’s Effect on China’s Knowledge-Based Economy: Transformation Beyond Trade," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 4684-4725, March.
    11. Kameda, Keigo, 2014. "What causes changes in the effects of fiscal policy? A case study of Japan," Japan and the World Economy, Elsevier, vol. 31(C), pages 14-31.
    12. Mahjus Ekananda & Tulus Suryanto, 2021. "The Influence of Global Financial Liquidity on the Indonesian Economy: Dynamic Analysis with Threshold VAR," Economies, MDPI, vol. 9(4), pages 1-20, October.
    13. Pablo Hernández de Cos & Enrique Moral-Benito, 2013. "Fiscal multipliers in turbulent times: the case of Spain," Working Papers 1309, Banco de España.
    14. Boufateh, Talel & Saadaoui, Zied & Jiao, Zhilun, 2025. "On the time-varying responses of Fintech stock returns to geopolitical, financial and market sentiment shocks," The Quarterly Review of Economics and Finance, Elsevier, vol. 101(C).
    15. Piotr Krajewski & Agata Szymanska, 2019. "The effectiveness of fiscal policy within business cycle-Ricardians vs. non-Ricardians approach," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 19(2), pages 195-215.
    16. Andisheh Saliminezhad & Pejman Bahramian, 2021. "The role of financial stress in the economic activity: Fresh evidence from a Granger‐causality in quantiles analysis for the UK and Germany," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 1670-1680, April.
    17. Antonio Lemus, 2018. "Dynamic Effects of the Chilean Fiscal Policy," EconomiX Working Papers 2018-33, University of Paris Nanterre, EconomiX.
    18. Fabio Bertolotti & Massimiliano Marcellino, 2019. "Tax shocks with high and low uncertainty," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 34(6), pages 972-993, September.
    19. Sarah Vella, 2025. "Constructing a country-specific indicator for cyclical systemic risk," Economic Change and Restructuring, Springer, vol. 58(3), pages 1-63, June.
    20. Sun, Hang, 2016. "Crisis-Contingent Dynamics of Connectedness: An SVAR-Spatial-Network “Tripod” Model with Thresholds," Research Memorandum 032, Maastricht University, Graduate School of Business and Economics (GSBE).
    21. Seewon Kim, 2018. "Effects of Monetary Policy during Financial Market Crises and Regime Changes: An Empirical Evaluation Using a Nonlinear Vector Autoregression Model," Asian Economic Journal, East Asian Economic Association, vol. 32(2), pages 105-123, June.
    22. Tigran Poghosyan, 2018. "How do financial cycles affect public debt cycles?," Empirical Economics, Springer, vol. 54(2), pages 425-460, March.
    23. Cyn-Young Park & Rogelio V. Mercado, Jr., 2013. "Determinants of Financial Stress in Emerging Market Economies," ADB Economics Working Paper Series 356, Asian Development Bank.
    24. Mirdala, Rajmund & Kameník, Martin, 2017. "Effects of Fiscal Policy Shocks in CE3 Countries (TVAR Approach)," MPRA Paper 79918, University Library of Munich, Germany.
    25. Makrelov, Konstantin & Arndt, Channing & Davies, Rob & Harris, Laurence, 2020. "Balance sheet changes and the impact of financial sector risk-taking on fiscal multipliers," Economic Modelling, Elsevier, vol. 87(C), pages 322-343.
    26. Svetlana Vtyurina & Zulima Leal, 2016. "Fiscal Multipliers and Institutions in Peru: Getting the Largest Bang for the Sol," IMF Working Papers 2016/144, International Monetary Fund.
    27. Belke, Ansgar H. & Dreger, Christian & Dubova, Irina, 2017. "On the Exposure of the BRIC Countries to Global Economic Shocks," IZA Discussion Papers 10634, Institute of Labor Economics (IZA).
    28. Ricco, Giovanni & Callegari, Giovanni & Cimadomo, Jacopo, 2014. "Signals from the Government: Policy Uncertainty and the Transmission of Fiscal Shocks," MPRA Paper 56136, University Library of Munich, Germany.
    29. Evgenidis, Anastasios, 2016. "Do all oil price shocks have the same impact? Evidence from the Euro Area," Economic Letters 07/EL/16, Central Bank of Ireland.
    30. Björn Roye, 2014. "Financial stress and economic activity in Germany," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(1), pages 101-126, February.
    31. Alejandro López-Vera & Andrés D. Pinchao-Rosero & Norberto Rodríguez-Niño, 2018. "Non-Linear Fiscal Multipliers for Public Expenditure and Tax Revenue in Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 36(85), pages 48-64, April.
    32. Christian R. Proaño & Christian Schoder & Willi Semmler, 2014. "Financial Stress, Sovereign Debt and Economic Activity in Industrialized Countries: Evidence from Dynamic Threshold Regressions," Department of Economics Working Papers wuwp167, Vienna University of Economics and Business, Department of Economics.
    33. Kraemer-Eis, Helmut & Botsari, Antonia & Lang, Frank & Pal, Kristian & Pavlova, Elitsa & Signore, Simone & Torfs, Wouter, 2020. "The market sentiment in European private equity and venture capital: Impact of COVID-19," EIF Working Paper Series 2020/64, European Investment Fund (EIF).
    34. Dany, Geraldine, 2016. "The credit channel during times of financial stress: A time varying VAR analysis," VfS Annual Conference 2016 (Augsburg): Demographic Change 145899, Verein für Socialpolitik / German Economic Association.
    35. Christian Proano & Christian Schoder & Willi Semmler, 2013. "The Role of Financial Stress in Debt and Recovery," SCEPA policy note series. 2012-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    36. Jaramillo Rodríguez Jorge & Pech Moreno Luis Alberto & Ramírez Claudia & Sanchez-Amador David, 2019. "Nonlinear Exchange Rate Pass-Through in Mexico," Working Papers 2019-16, Banco de México.
    37. Mencinger, Jernej & Aristovnik, Aleksander & Verbič, Miroslav, 2017. "Asymmetric effects of fiscal policy in EU and OECD countries," Economic Modelling, Elsevier, vol. 61(C), pages 448-461.
    38. Javier Andrés & José Boscá & Francisco Ferri, 2012. "Household leverage and fiscal multipliers," Working Papers 1215, Banco de España.
    39. Javier Andrés & José E. Boscá & Javier Ferri & Cristina Fuentes-Albero, 2018. "Households' balance sheets and the effect of fiscal policy," Working Papers 1831, Banco de España.
    40. Gabriel Temesgen Woldu & Izabella Szakálné Kanó, 2023. "Fiscal multipliers and structural economic characteristics: Evidence from countries in sub‐Saharan Africa," The World Economy, Wiley Blackwell, vol. 46(8), pages 2335-2360, August.
    41. Julius Loermann, 2021. "The impact of CHF/EUR exchange rate uncertainty on Swiss exports to the Eurozone: evidence from a threshold VAR," Empirical Economics, Springer, vol. 60(3), pages 1363-1385, March.
    42. Anca Mihaela COPACIU & Alexandra HOROBET, 2022. "Spillovers in the Presence of Financial Stress – An Application to Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 29-43, April.
    43. Gilles Dufrénot & Aurélia Jambois & Laurine Jambois & Guillaume Khayat, 2016. "Regime-Dependent Fiscal Multipliers in the United States," Post-Print hal-01447865, HAL.
    44. Rozina Shaheen, 2020. "Credit market conditions and impact of monetary policy in a developing economy context," International Economics and Economic Policy, Springer, vol. 17(2), pages 409-425, May.
    45. Brana, Sophie & Prat, Stéphanie, 2016. "The effects of global excess liquidity on emerging stock market returns: Evidence from a panel threshold model," Economic Modelling, Elsevier, vol. 52(PA), pages 26-34.
    46. Jocelyn Boussard & Francisco de Castro & Matteo Salto, 2012. "Fiscal Multipliers and Public Debt Dynamics in Consolidations," European Economy - Economic Papers 2008 - 2015 460, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    47. Jiang, Qisheng & Cheng, Sheng, 2021. "How the fiscal and monetary policy uncertainty of China respond to global oil price volatility: A multi-regime-on-scale approach," Resources Policy, Elsevier, vol. 72(C).
    48. Jos Mauricio Gil Le n & John William Rosso Murillo & Edgar Alonso Ramirez Hern ndez, 2019. "Public Debt and Stability in Economic Growth: Evidence for Latin America," International Journal of Economics and Financial Issues, Econjournals, vol. 9(4), pages 137-147.
    49. Ying Chen & Bo Li & Linlin Niu, 2013. "A Local Vector Autoregressive Framework and its Applications to Multivariate Time Series Monitoring and Forecasting," Working Papers 2013-12-05, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University.
    50. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2020. "European Small Business Finance Outlook 2020: The impact of COVID-19 on SME financing markets," EIF Working Paper Series 2020/67, European Investment Fund (EIF).
    51. António Afonso & João Tovar Jalles, 2011. "Growth and Productivity: the role of Government Debt," Working Papers Department of Economics 2011/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    52. Michal Hlavacek & Ilgar Ismayilov, 2022. "Meta-analysis: Fiscal Multiplier," Working Papers IES 2022/07, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised May 2022.
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    73. Chan, Ying Tung & Zhao, Hong, 2019. "How do credit market frictions affect carbon cycles? an estimated DSGE model approach," MPRA Paper 106987, University Library of Munich, Germany, revised 05 Dec 2020.
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    83. Tommaso Ferraresi & Andrea Roventini & Giorgio Fagiolo, 2015. "Fiscal Policies and Credit Regimes: A TVAR Approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 30(7), pages 1047-1072, November.
    84. Asma Arif & Umaima Arif, 2023. "Institutional Approach to the Budget Deficit: An Empirical Analysis," SAGE Open, , vol. 13(2), pages 21582440231, May.
    85. Konstantin Makrelov & Channing Arndt & Rob Davies & Laurence Harris, 2018. "Fiscal multipliers in South Africa: The importance of financial sector dynamics," WIDER Working Paper Series wp-2018-6, World Institute for Development Economic Research (UNU-WIDER).
    86. Michal Bencik, 2014. "Dual regime fiscal multipliers in converging economies - a simplified STVAR approach," Working and Discussion Papers WP 2/2014, Research Department, National Bank of Slovakia.
    87. Maria Cristina Barbieri Góes & Giovanna Ciaffi & Santiago José Gahn, 2025. "Le grandi Opere Pubbliche: fiscal multipliers of public infrastructure in Italy (1870–1998)," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 42(1), pages 155-180, April.
    88. Agata Szymańska, 2018. "Wpływ polityki fiskalnej na PKB w krajach Unii Europejskiej spoza strefy euro," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 3, pages 49-74.
    89. Pedro Gomis-Porqueras & Romina Ruprecht & Xuan Zhou, 2023. "A Financial Stress Index for a Small Open Economy: The Australian Case," Finance and Economics Discussion Series 2023-029, Board of Governors of the Federal Reserve System (U.S.).
    90. Rant, Vasja & Puc, Anja & Čok, Mitja & Verbič, Miroslav, 2024. "Macroeconomic impacts of monetary and fiscal policy in the euro area in times of shifting policies: A SVAR approach," Finance Research Letters, Elsevier, vol. 64(C).
    91. Evgenidis, Anastasios & Tsagkanos, Athanasios, 2017. "Asymmetric effects of the international transmission of US financial stress. A threshold-VAR approach," International Review of Financial Analysis, Elsevier, vol. 51(C), pages 69-81.
    92. Steven Fazzari & James Morley & Irina Panovska, 2013. "State-Dependent Effects of Fiscal Policy," Discussion Papers 2012-27A, School of Economics, The University of New South Wales.
    93. Tsagkanos, Athanasios & Evgenidis, Anastasios & Vartholomatou, Konstantina, 2018. "Financial and monetary stability across Euro-zone and BRICS: An exogenous threshold VAR approach," Research in International Business and Finance, Elsevier, vol. 44(C), pages 386-393.
    94. Sha Zhu & Fujun Lai & Jie Deng & Qian Wang, 2021. "Do Mutual Funds’ Exposure to Financial Stress Predict Their Future Returns? Evidence From China," SAGE Open, , vol. 11(4), pages 21582440211, October.
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    97. Alfred A. Haug & Tomasz Łyziak & Anna Sznajderska, 2022. "The Role of the Monetary Policy Stance for the Goverment Spending Multiplier in Poland ​," KAE Working Papers 2022-080, Warsaw School of Economics, Collegium of Economic Analysis.
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  94. António Afonso & Ricardo M. Sousa, 2011. "Consumption, Wealth, Stock and Government Bond Returns: International Evidence," Working Papers Department of Economics 2011/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Christou, Christina & Gupta, Rangan & Jawadi, Fredj, 2021. "Does inequality help in forecasting equity premium in a panel of G7 countries?," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    2. Rangan Gupta & Hardik A. Marfatia & Eric Olson, 2019. "Effect of Uncertainty on U.S. Stock Returns and Volatility: Evidence from Over Eighty Years of High-Frequency Data," Working Papers 201942, University of Pretoria, Department of Economics.
    3. Guglielmo Maria Caporale & Ricardo M. Sousa, 2011. "Consumption, Wealth, Stock and Housing Returns: Evidence from Emerging Markets," NIPE Working Papers 32/2011, NIPE - Universidade do Minho.
    4. Goodness C. Aye & Rangan Gupta & Mampho P. Modise, 2015. "Do Stock Prices Impact Consumption and Interest Rate in South Africa? Evidence from a Time-varying Vector Autoregressive Model," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 14(2), pages 176-196, August.
    5. Gabe Jacob de Bondt & Arne Gieseck & Zivile Zekaite, 2020. "Thick modelling income and wealth effects: a forecast application to euro area private consumption," Empirical Economics, Springer, vol. 58(1), pages 257-286, January.
    6. Barrell, Ray & Costantini, Mauro & Meco, Iris, 2015. "Housing wealth, financial wealth, and consumption: New evidence for Italy and the UK," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 316-323.
    7. Mehmet Balcilar & Rangan Gupta & Ricardo M. Sousa & Mark E. Wohar, 2020. "Linking U.S. State-Level Housing Market Returns and the Consumption-(Dis)Aggregate Wealth Ratio," Working Papers 202094, University of Pretoria, Department of Economics.
    8. Oğuzhan Çepni & Rangan Gupta & Mark E. Wohar, 2021. "Variants of consumption‐wealth ratios and predictability of U.S. government bond risk premia," International Review of Finance, International Review of Finance Ltd., vol. 21(2), pages 661-674, June.
    9. Alain Galli, 2016. "How reliable are cointegration-based estimates for wealth effects on consumption? Evidence from Switzerland," Working Papers 2016-03, Swiss National Bank.
    10. Vighneswara Swamy, 2019. "Wealth Effects and Macroeconomic Dynamics," Economics Bulletin, AccessEcon, vol. 39(3), pages 1755-1773.
    11. Balcilar, Mehmet & Gupta, Rangan & Sousa, Ricardo M. & Wohar, Mark E., 2017. "Do cay and cayMS predict stock and housing returns? Evidence from a nonparametric causality test," International Review of Economics & Finance, Elsevier, vol. 48(C), pages 269-279.
    12. Rudan Wang & Bruce Morley & Javier Ordóñez, 2015. "The Taylor Rule, Wealth Effects and the Exchange Rate," Working Papers 2015/08, Economics Department, Universitat Jaume I, Castellón (Spain).
    13. Tsai, I-Chun, 2015. "Dynamic information transfer in the United States housing and stock markets," The North American Journal of Economics and Finance, Elsevier, vol. 34(C), pages 215-230.
    14. Wang, Jingya & Taylor, Alex P., 2024. "Predicting consumption-wealth ratio changes and stock market returns," Research in International Business and Finance, Elsevier, vol. 71(C).
    15. Tsangyao Chang & Rangan Gupta & Anandamayee Majumdar & Christian Pierdzioch, 2017. "Predicting Stock Market Movements with a Time-Varying Consumption-Aggregate Wealth Ratio," Working Papers 201756, University of Pretoria, Department of Economics.
    16. Rocha Armada, Manuel J. & Sousa, Ricardo M. & Wohar, Mark E., 2015. "Consumption growth, preference for smoothing, changes in expectations and risk premium," The Quarterly Review of Economics and Finance, Elsevier, vol. 56(C), pages 80-97.
    17. Mauro Costantini & Ricardo M. Sousa, 2020. "Consumption, asset wealth, equity premium, term spread, and flight to quality," European Financial Management, European Financial Management Association, vol. 26(3), pages 778-807, June.
    18. Xu, Yuan, 2015. "Robustness to model uncertainty and the nominal term premium puzzle," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 124-137.
    19. Oguzhan Cepni & Rangan Gupta & Mark E. Wohar, 2019. "Variants of Consumption-Wealth Ratios and Predictability of U.S. Government Bond Risk Premia: Old is still Gold," Working Papers 201912, University of Pretoria, Department of Economics.
    20. Ren, Yu & Yuan, Yufei & Zhang, Yang, 2014. "Human capital, household capital and asset returns," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 11-22.

  95. António Afonso & João Tovar Jalles, 2011. "Linking Investment and Fiscal Policies," Working Papers Department of Economics 2011/16, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. António Afonso & João Tovar Jalles, 2011. "Growth and Productivity: the role of Government Debt," Working Papers Department of Economics 2011/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    2. Nusrat Akber & Megha Gupta & Kirtti Ranjan Paltasingh, 2020. "The Crowding-in/ out Debate in Investments in India: Fresh Evidence from NARDL Application," South Asian Journal of Macroeconomics and Public Finance, , vol. 9(2), pages 167-189, December.

  96. António Afonso & João Tovar Jalles, 2011. "Assessing fiscal episodes," Working Papers Department of Economics 2011/15, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Castro, Vítor, 2017. "The impact of fiscal consolidations on the functional components of government expenditures," Economic Modelling, Elsevier, vol. 60(C), pages 138-150.
    2. Joao Tovar Jalles & Carlos Mulas‐Granados & José Tavares, 2021. "Fiscal discipline and exchange rates: Does politics matter?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 68(2), pages 155-178, May.
    3. F. Heylen & A. Hoebeeck & T. Buyse, 2011. "Fiscal consolidation, institutions and institutional reform: a multivariate analysis of public debt dynamics," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 11/763, Ghent University, Faculty of Economics and Business Administration.
    4. Giancarlo Corsetti & André Meier & Gernot J. Müller, 2012. "What determines government spending multipliers? [Mafia and public spending: Evidence of the fiscal multiplier from a quasi-experiment’, mimeo]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 27(72), pages 521-565.
    5. Beaton Kimberly & Cevik Serhan & Yousefi Seyed Reza, 2018. "Smooth operator: remittances and household consumption during fiscal shocks," The B.E. Journal of Macroeconomics, De Gruyter, vol. 18(2), pages 1-21, June.
    6. Afonso, António & Alves, José & Jalles, João Tovar, 2022. "To consolidate or not to consolidate? A multi-step analysis to assess needed fiscal sustainability," International Economics, Elsevier, vol. 172(C), pages 106-123.
    7. Ciminelli, Gabriele & Ernst, Ekkehard & Giuliodori, Massimo & Merola, Rossana, 2017. "The Composition Effects of Tax-Based Consolidations on Income Inequality," GLO Discussion Paper Series 25, Global Labor Organization (GLO).
    8. António Afonso & João Tovar Jalles, 2017. "Fiscal Episodes and Market Power," Open Economies Review, Springer, vol. 28(2), pages 233-250, April.
    9. Luís Martins & António Afonso, 2016. "Monetary Developments and Expansionary Fiscal Consolidations: Evidence from the EMU," Working Papers w201602, Banco de Portugal, Economics and Research Department.
    10. António Afonso & Jaromír Baxa & Michal Slavík, 2011. "Fiscal developments and financial stress: a threshold VAR analysis," Working Papers IES 2011/16, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Aug 2011.
    11. João Tovar Jalles, 2021. "Promised Fiscal Expansions and Politics: A European Union Assessment," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(1), pages 84-116, March.
    12. Martin Murín, 2016. "Vplyv spôsobu tvorby fiškálneho deficitu na ekonomický rast [The Influence of Fiscal Deficit Creation on Economic Growth]," Politická ekonomie, Prague University of Economics and Business, vol. 2016(2), pages 176-192.
    13. Amine Lahiani & Ameni Mtibaa & Foued Gabsi, 2022. "Fiscal Consolidation, Social Sector Expenditures and Twin Deficit Hypothesis: Evidence from Emerging and Middle-Income Countries," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 64(4), pages 710-747, December.
    14. António Afonso & Frederico Silva Leal, 2022. "Fiscal episodes in the Economic and Monetary Union: Elasticities and non‐Keynesian effects," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 571-593, January.
    15. Ms. Kimberly Beaton & Mr. Serhan Cevik & Mr. Seyed Reza Yousefi, 2017. "Smooth Operator: Remittances and Fiscal Shocks," IMF Working Papers 2017/165, International Monetary Fund.
    16. António Afonso & José Alves & João Tovar Jalles, 2021. "(Non-)Keynesian Effects of Fiscal Austerity: New Evidence from a Large Sample," EconPol Working Paper 55, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    17. Bi, Huixin & Shen, Wenyi & Yang, Shu-Chun S., 2016. "Debt-dependent effects of fiscal expansions," European Economic Review, Elsevier, vol. 88(C), pages 142-157.
    18. Sanjeev Gupta & João T Jalles & Carlos Mulas-Granados & Michela Schena, 2018. "Planned fiscal adjustments: Do governments fulfil their commitments?," European Union Politics, , vol. 19(3), pages 383-407, September.
    19. Markus Leibrecht & Johann Scharler, 2021. "Veto players, market discipline, and structural fiscal consolidations," Public Choice, Springer, vol. 188(3), pages 361-384, September.
    20. Luca Agnello & Vitor Castro & João Tovar Jalles & Ricardo M. Sousa, 2017. "Income inequality, fiscal stimuli and political (in)stability," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 24(3), pages 484-511, June.
    21. Afonso, António & Morão, Hugo, 2024. "Commonalities and heterogeneity in the Iberian business cycle," The Journal of Economic Asymmetries, Elsevier, vol. 30(C).

  97. António Afonso & João Tovar-Valles, 2011. "Measuring the Success of Fiscal Consolidations," Working Papers Department of Economics 2011/22, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Moulaye Bamba & Jean-Louis Combes & Alexandru Minea, 2019. "The Effects of Fiscal Consolidations on The Composition of Government Spending," Post-Print halshs-02315739, HAL.
    2. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Membership in the Euro area and fiscal sustainability - Analysis through panel fiscal reaction functions," a/ Working Papers Series 1501, Italian Association for the Study of Economic Asymmetries, Rome (Italy).
    3. Jarmila Botev & Annabelle Mourougane, 2017. "Fiscal Consolidation: What Are the Breakeven Fiscal Multipliers?," CESifo Economic Studies, CESifo Group, vol. 63(3), pages 295-316.
    4. Castro, Vítor, 2017. "The impact of fiscal consolidations on the functional components of government expenditures," Economic Modelling, Elsevier, vol. 60(C), pages 138-150.
    5. Vitor Castro, 2016. "On the behaviour of the functional components ofgovernment expenditures during fiscal consolidations," NIPE Working Papers 11/2016, NIPE - Universidade do Minho.
    6. Joao Tovar Jalles & Carlos Mulas‐Granados & José Tavares, 2021. "Fiscal discipline and exchange rates: Does politics matter?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 68(2), pages 155-178, May.
    7. Georgia Kaplanoglou & Vassilis T. Rapanos & Ioanna C. Bardakas, 2015. "Does Fairness Matter for the Success of Fiscal Consolidation?," Kyklos, Wiley Blackwell, vol. 68(2), pages 197-219, May.
    8. Luca Agnello & Vítor Castro & Ricardo M Sousa, 2015. "Is fiscal fatigue a threat to consolidation programmes?," Environment and Planning C, , vol. 33(4), pages 765-779, August.
    9. Luís Martins & António Afonso, 2016. "Monetary Developments and Expansionary Fiscal Consolidations: Evidence from the EMU," Working Papers w201602, Banco de Portugal, Economics and Research Department.
    10. Mr. Julio Escolano & Laura Jaramillo & Mr. Carlos Mulas-Granados & Mr. G. Terrier, 2014. "How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments," IMF Working Papers 2014/179, International Monetary Fund.
    11. Heylen, Freddy & Hoebeeck, Annelies & Buyse, Tim, 2013. "Government efficiency, institutions, and the effects of fiscal consolidation on public debt," European Journal of Political Economy, Elsevier, vol. 31(C), pages 40-59.
    12. Amine Lahiani & Ameni Mtibaa & Foued Gabsi, 2022. "Fiscal Consolidation, Social Sector Expenditures and Twin Deficit Hypothesis: Evidence from Emerging and Middle-Income Countries," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 64(4), pages 710-747, December.
    13. Hüseyin ŞEN & Ayşe KAYA, 2017. "Mali Konsolidasyon Büyüme ve İstihdam için Bir Çıpa mı, Mali Tuzak mı? Teorik ve Ampirik Literatür Temelli Bir Analiz," Sosyoekonomi Journal, Sosyoekonomi Society, issue 25(34).
    14. Wiese, Rasmus & Jong-A-Pin, Richard & de Haan, Jakob, 2018. "Can successful fiscal adjustments only be achieved by spending cuts?," European Journal of Political Economy, Elsevier, vol. 54(C), pages 145-166.
    15. António Martins, 2020. "Investment Home Bias in the European Union," Working Papers REM 2020/0139, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    16. Philip Arestis & Ayşe Kaya & Hüseyin Şen, 2018. "Does fiscal consolidation promote economic growth and employment? Evidence from the PIIGGS countries," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 15(3), pages 289-312, November.
    17. Christoph A. Schaltegger & Martin Weder, 2012. "Are Fiscal Adjustments Contractionary?," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 68(4), pages 335-364, December.

  98. Afonso, António & St. Aubyn, Miguel, 2010. "Public and private inputs in aggregate production and growth: a cross-country efficiency approach," Working Paper Series 1154, European Central Bank.

    Cited by:

    1. Sabrina Auci & Laura Castellucci & Manuela Coromaldi, 2013. "Does cutting back the public sector improve efficiency? Some evidence from 15 European countries," CEIS Research Paper 274, Tor Vergata University, CEIS, revised 30 Apr 2013.
    2. António Afonso & Ana Patricia Montes Caparrós & José M. Domínguez, 2024. "Measuring Tax Burden Efficiency in OECD countries: an International Comparison," Working Papers REM 2024/0339, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Gunther Tichy, 2017. "Mangelnde Effizienz als Erfolgsbremse," WIFO Monatsberichte (monthly reports), WIFO, vol. 90(9), pages 677-699, September.
    4. Ahec Šonje, Amina & Deskar-Škrbić, Milan & Šonje, Velimir, 2018. "Efficiency of public expenditure on education: comparing Croatia with other NMS," MPRA Paper 85152, University Library of Munich, Germany, revised 10 Feb 2018.
    5. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Government Spending Efficiency, Measurement and Applications: a CrossCountry Efficiency Dataset," EconPol Working Paper 50, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    6. Daniel Jacobi & Elizabeth M. King & Claudio Montenegro & Peter F. Orazem, 2025. "Governance, Risks, and Returns to Human Capital," Working Papers wp564, University of Chile, Department of Economics.
    7. António AFONSO, & Mohamed AYADI, & Sourour RAMZI, 2013. "Assessing productivity performance of basic and secondary education in Tunisia: a Malmquist analysis," Working Papers Department of Economics 2013/19, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    8. Md Harun Or Rosid & Zhao Xuefeng & Sujan Chandra Paul & Md Reza Sultanuzzaman, 2020. "The macroeconomic determinants of cross-country efficiency in wealth maximization: A joint analysis through the SFA and GMM models," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 9(6), pages 91-107, October.
    9. Sara Barcenilla-Visús & José-María Gómez-Sancho & Carmen López-Pueyo & María-Jesús Mancebón & Jaime Sanaú, 2013. "Technical Change, Efficiency Change and Institutions: Empirical Evidence for a Sample of OECD Countries," The Economic Record, The Economic Society of Australia, vol. 89(285), pages 207-227, June.
    10. Catarina Moura e Sa Cardoso & Geetha Ravishankar, 2015. "Productivity growth and convergence: a stochastic frontier analysis," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 42(2), pages 224-236, May.
    11. Sabrina Auci & Laura Castellucci & Manuela Coromaldi, 2021. "How does public spending affect technical efficiency? Some evidence from 15 European countries," Bulletin of Economic Research, Wiley Blackwell, vol. 73(1), pages 108-130, January.
    12. Daniel Jacobi & Elizabeth M. King & Claudio Montenegro & Peter F. Orazem, 2025. "Governance, Risks, and Returns to Human Capital," LIS Working papers 898, LIS Cross-National Data Center in Luxembourg.
    13. José Afonso Mendes & Sandra T. Silva & Ester G. Silva, 2014. "Portuguese economic growth revisited: a technology-gap explanation," FEP Working Papers 545, Universidade do Porto, Faculdade de Economia do Porto.
    14. Gunther Tichy, 2019. "Die nachhaltigen Folgen der Finanzkrise," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(1), pages 47-60, January.
    15. Deng, Zhongqi & Song, Shunfeng & Chen, Yongjun, 2016. "Private participation in infrastructure project and its impact on the project cost," China Economic Review, Elsevier, vol. 39(C), pages 63-76.
    16. António Afonso & Ana Patricia Montes & José M. Domínguez, 2025. "A dynamic efficiency analysis for tax revenues in OECD countries," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 52(2), pages 377-411, May.
    17. Xi Qin & Xiaoling Wang & Yusen Xu & Yawen Wei, 2019. "Exploring Driving Forces of Green Growth: Empirical Analysis on China’s Iron and Steel Industry," Sustainability, MDPI, vol. 11(4), pages 1-11, February.

  99. António Afonso & Christophe Rault, 2010. "Long-run Determinants of Sovereign Yields," CESifo Working Paper Series 3155, CESifo.

    Cited by:

    1. Martins, Manuel M.F. & Afonso, António, 2010. "Level, slope, curvature of the sovereign yield curve, and fiscal behaviour," Working Paper Series 1276, European Central Bank.
    2. Leiner-Killinger, Nadine & Holm-Hadulla, Fédéric & de Groot, Oliver, 2012. "Cost of borrowing shocks and fiscal adjustment," Working Paper Series 1503, European Central Bank.
    3. Afonso, António & Nunes, Ana Sofia, 2015. "Economic forecasts and sovereign yields," Economic Modelling, Elsevier, vol. 44(C), pages 319-326.
    4. May Elsayyad & Kai A. Konrad, 2011. "Fighting Multiple Tax Havens," Working Papers fighting_multiple_tax_hav, Max Planck Institute for Tax Law and Public Finance.
    5. Recchioni, Maria Cristina & Tedeschi, Gabriele, 2017. "From bond yield to macroeconomic instability: A parsimonious affine model," European Journal of Operational Research, Elsevier, vol. 262(3), pages 1116-1135.
    6. Olaoye, Olumide Olusegun & Olomola, P.A., 2022. "Empirical analysis of asymmetry phenomenon in the public debt structure of Sub-Saharan Africa's five biggest economies: A Markov-Switching model," The Journal of Economic Asymmetries, Elsevier, vol. 25(C).
    7. Francesco Campigli & Gabriele Tedeschi & Maria Cristina Recchioni, 2021. "The talkative variables of the hybrid Heston model: Yields’ maturity and economic (in)stability," Working Papers 2021/03, Economics Department, Universitat Jaume I, Castellón (Spain).
    8. António Afonso & Davide Furceri & Pedro Gomes, 2011. "Sovereign credit ratings and financial markets linkages: application to European data," Working Papers Department of Economics 2011/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    9. Marta Gómez-Puig & Mary Pieterse-Bloem & Simón Sosvilla-Rivero, 2022. ""Dynamic connectedness between credit and liquidity risks in EMU sovereign debt markets"," IREA Working Papers 202217, University of Barcelona, Research Institute of Applied Economics, revised Oct 2022.
    10. González-Fernández, Marcos & González-Velasco, Carmen, 2016. "Which countries pay more or less for their long term debt? A CART approach || ¿Qué países pagan más o menos por su deuda a largo plazo? Una aproximación a través de la metodología CART," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 21(1), pages 103-116, June.
    11. Maria Cristina Recchioni & Gabriele Tedeschi, 2016. "From bond yield to macroeconomic instability: The effect of negative interest rates," Working Papers 2016/06, Economics Department, Universitat Jaume I, Castellón (Spain).
    12. Sérgio C. Lagoa & Emanuel R. Leão & Diptes P. Bhimjee, 2022. "Dynamics of the public-debt-to-gdp ratio: can it explain the risk premium of treasury bonds?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(4), pages 1089-1122, November.

  100. António Afonso & Ana Sequeira, 2010. "Revisiting business cycle synchronisation in the European Union," Working Papers Department of Economics 2010/22, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Norman Gemmell & Richard Kneller & Danny McGowan & Ismael Sanz & José F. Sanz‐Sanz, 2018. "Corporate Taxation and Productivity Catch‐Up: Evidence from European Firms," Scandinavian Journal of Economics, Wiley Blackwell, vol. 120(2), pages 372-399, April.
    2. Jim Lee, 2013. "Business Cycle Synchronization in Europe: Evidence from a Dynamic Factor Model," International Economic Journal, Taylor & Francis Journals, vol. 27(3), pages 347-364, September.
    3. Ball, Laurence, 2011. "Comment," LSE Research Online Documents on Economics 123248, London School of Economics and Political Science, LSE Library.
    4. Mao, Xuegeng & Yang, Albert C. & Peng, Chung-Kang & Shang, Pengjian, 2020. "Analysis of economic growth fluctuations based on EEMD and causal decomposition," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 553(C).
    5. Wasim Ahmad & N. Bhanumurthy & Sanjay Sehgal, 2015. "Regime dependent dynamics and European stock markets: Is asset allocation really possible?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 42(1), pages 77-107, February.
    6. Valerija Botric & Tanja Broz & Sasa Jaksic, 2019. "Business Cycle Synchronisation with the Euro Area Countries at Times of Crisis: Differences Between SEE and CEE Countries," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 17(2), pages 175-191.
    7. Styliani Christodoulopoulou, 2014. "The effect of currency unions on business cycle correlations: the EMU case," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(2), pages 177-222, May.
    8. Ahlborn, Markus & Wortmann, Marcus, 2018. "The core‒periphery pattern of European business cycles: A fuzzy clustering approach," Journal of Macroeconomics, Elsevier, vol. 55(C), pages 12-27.
    9. Chee-Heong Quah, 2014. "Clustering eurozone cycles," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(6), pages 3447-3462, November.
    10. Lindman, Sebastian & Tuvhag, Tom & Jayasekera, Ranadeva & Uddin, Gazi Salah & Troster, Victor, 2020. "Market Impact on financial market integration: Cross-quantilogram analysis of the global impact of the euro," Journal of Empirical Finance, Elsevier, vol. 56(C), pages 42-73.
    11. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  101. Trabandt, Mathias & Attinasi, Maria Grazia & Stark, Jürgen & Lalouette, Laure & Nickel, Christiane & Valenta, Vilém & van Riet, Ad & Leiner-Killinger, Nadine & Afonso, António & Warmedinger, Thomas & , 2010. "Euro area fiscal policies and the crisis," Occasional Paper Series 109, European Central Bank.

    Cited by:

    1. Luca Arciero & Ronald Heijmans & Richard Heuver & Marco Massarenti & Cristina Picillo & Francesco Vacirca, 2016. "How to Measure the Unsecured Money Market: The Eurosystem’s Implementation and Validation Using TARGET2 Data," International Journal of Central Banking, International Journal of Central Banking, vol. 12(1), pages 247-280, March.
    2. Hernández de Cos, Pablo & Warmedinger, Thomas & Checherita-Westphal, Cristina, 2015. "Fiscal multipliers and beyond," Occasional Paper Series 162, European Central Bank.
    3. Stolz, Stéphanie Marie & Wedow, Michael, 2010. "Extraordinary measures in extraordinary times: Public measures in support of the financial sector in the EU and the United States," Discussion Paper Series 1: Economic Studies 2010,13, Deutsche Bundesbank.
    4. Julia del Amo Valor & Marcos Martín Mateos & Diego Martínez López & Javier J. Pérez, 2023. "Is the European economic governance framework too “complex”? A critical discussion," Working Papers 2023-06, FEDEA.
    5. Schuknecht, Ludger & Moutot, Philippe & Rother, Philipp & Stark, Jürgen, 2011. "The Stability and Growth Pact - crisis and reform," Occasional Paper Series 129, European Central Bank.
    6. Bracke, Thierry & Polgár, Éva Katalin & Buysse, Kristel & Rusinova, Desislava & Francart, Alexandre & Christensen, Jakob Eckholdt & Knobloch, Corinna & Stavrianou, Nikolaos & Diev, Pavel & Cocozza, Em, 2010. "Financial stability challenges in EU candidate countries - Financial systems in the aftermath of the global crisis," Occasional Paper Series 115, European Central Bank.
    7. Holm-Hadulla, Fédéric & Kamath, Kishore & Lamo, Ana & Pérez, Javier J. & Schuknecht, Ludger, 2010. "Public wages in the euro area - towards securing stability and competitiveness," Occasional Paper Series 112, European Central Bank.
    8. E. De Prest & B. Eugène & L. Van Meensel, 2010. "Strategies and measures aimed at consolidating public finances," Economic Review, National Bank of Belgium, issue ii, pages 39-59, September.
    9. Luca Arciero & Ronald Heijmans & Richard Heuver & Marco Massarenti & Cristina Picillo & Francesco Vacirca, 2014. "How to measure the unsecured money market? The Eurosystem�s implementation and validation using TARGET2 data," Questioni di Economia e Finanza (Occasional Papers) 215, Bank of Italy, Economic Research and International Relations Area.
    10. Matthieu Bussière & Emilia Pérez‐Barreiro & Roland Straub & Daria Taglioni, 2011. "Protectionist Responses to the Crisis: Global Trends and Implications," The World Economy, Wiley Blackwell, vol. 34, pages 826-852, May.
    11. Lo Duca, Marco & Koban, Anne & Basten, Marisa & Bengtsson, Elias & Klaus, Benjamin & Kusmierczyk, Piotr & Lang, Jan Hannes & Detken, Carsten & Peltonen, Tuomas, 2017. "A new database for financial crises in European countries," ESRB Occasional Paper Series 13, European Systemic Risk Board.
    12. Slavík, Michal & Rodríguez-Vives, Marta & Hartwig Lojsch, Dagmar, 2011. "The size and composition of government debt in the euro area," Occasional Paper Series 132, European Central Bank.
    13. Schuknecht, Ludger & Hauptmeier, Sebastian & Sanchez Fuéntes, Jésus, 2011. "Towards Expenditure Rules and Fiscal Sanity in the Euro Area," VfS Annual Conference 2011 (Frankfurt, Main): The Order of the World Economy - Lessons from the Crisis 48693, Verein für Socialpolitik / German Economic Association.
    14. Jernej Mencinger Aleksander Aristovnik, 2014. "Fiscal Policy Stance Reaction to the Financial/Economic Crisis in the EMU: The Case of Slovenia," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 17(Special C), pages 17-30, December.
    15. António Afonso & Jaromír Baxa & Michal Slavík, 2011. "Fiscal developments and financial stress: a threshold VAR analysis," Working Papers IES 2011/16, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Aug 2011.
    16. Martin, Reiner & Gardó, Sándor, 2010. "The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise," Occasional Paper Series 114, European Central Bank.
    17. Donoval, Milan & Gautier, Erwan & Nuño, Galo & Nakov, Anton & Jiménez, Noelia & de los Llanos Matea, María & Estrada, Ángel & Zioutou, Pinelopi & Bragoudakis, Zacharias & Weymes, Laura & O'Brien, Derr, 2010. "Energy markets and the euro area macroeconomy," Occasional Paper Series 113, European Central Bank.
    18. Sebastian Hauptmeier & A. Jesús Sánchez Fuentes & Ludger Schuknecht, 2015. "Spending Dynamics in Euro Area Countries: Composition and Determinants," Hacienda Pública Española / Review of Public Economics, IEF, vol. 215(4), pages 119-138, December.
    19. Leiner-Killinger, Nadine & Slavík, Michal & Holm-Hadulla, Fédéric, 2011. "The response of labour taxation to changes in government debt," Working Paper Series 1307, European Central Bank.
    20. Nickel, Christiane & Tudyka, Andreas, 2013. "Fiscal stimulus in times of high debt: reconsidering multipliers and twin deficits," Working Paper Series 1513, European Central Bank.
    21. Sturm, Michael & Sauter, Nicolas, 2010. "The impact of the global financial turmoil and recession on Mediterranean countries' economies," Occasional Paper Series 118, European Central Bank.
    22. Mario Di Serio & Matteo Fragetta & Emanuel Gasteiger & Giovanni Melina, 2024. "The Euro Area Government Spending Multiplier in Demand‐ and Supply‐Driven Recessions," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 86(6), pages 1342-1372, December.
    23. Stéphanie Stolz & Michael Wedow, 2013. "Keeping banks afloat: public lifelines during the financial crisis," International Economics and Economic Policy, Springer, vol. 10(1), pages 81-126, March.
    24. Beirne, John & Tapking, Jens & Sahel, Benjamin & Sušec, Matjaž & Monar, Fernando & Manganelli, Simone & Grothe, Magdalena & Ejsing, Jacob & Dalitz, Lars & Vong, Tana, 2011. "The impact of the Eurosystem's covered bond purchase programme on the primary and secondary markets," Occasional Paper Series 122, European Central Bank.
    25. Brügelmann, Ralph, 2010. "Die Wirkung von Konjunkturprogrammen," IW-Trends – Vierteljahresschrift zur empirischen Wirtschaftsforschung, Institut der deutschen Wirtschaft (IW) / German Economic Institute, vol. 37(4), pages 67-80.
    26. di Mauro, Filippo & Forster, Katrin & Lima, Ana, 2010. "The global downturn and its impact on euro area exports and competitiveness," Occasional Paper Series 119, European Central Bank.
    27. Ca' Zorzi, Michele & Forster, Katrin & Vasardani, Melina A., 2011. "Euro area cross-border financial flows and the global financial crisis," Occasional Paper Series 126, European Central Bank.
    28. Ad Van Riet, 2017. "A New Era For Monetary Policy: Challenges For The European Central Bank," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 62(01), pages 57-86, March.
    29. Szilárd Benk & Zoltán M. Jakab, 2012. "Non-Keynesian Effects of Fiscal Consolidation: An Analysis with an Estimated DSGE Model for the Hungarian Economy," OECD Economics Department Working Papers 945, OECD Publishing.
    30. Sławomir Bukowski, 2011. "Economic and Monetary Union – Current Fiscal Disturbances and the Future," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 17(3), pages 274-287, August.
    31. Ureche-Rangau, Loredana & Burietz, Aurore, 2013. "One crisis, two crises…the subprime crisis and the European sovereign debt problems," Economic Modelling, Elsevier, vol. 35(C), pages 35-44.
    32. Bodea, Cristina & Huemer, Stefan, 2010. "Dancing together at arm's length? - the interaction of central banks with governments in the G7," Occasional Paper Series 120, European Central Bank.
    33. Mencinger, Jernej & Verbic, Miroslav & Aristovnik, Aleksander, 2015. "Revisiting the role of public debt in economic growth: The case of OECD countries," MPRA Paper 67704, University Library of Munich, Germany.
    34. Hess, Patrick, 2010. "Securities clearing and settlement in China: markets, infrastructures and policy-making," Occasional Paper Series 116, European Central Bank.
    35. Căpraru, Bogdan & Georgescu, George & Sprincean, Nicu, 2022. "Do independent fiscal institutions cause better fiscal outcomes in the European Union?," Economic Systems, Elsevier, vol. 46(2).
    36. Paulo T. Pereira, & Lara Wemans,, 2012. "Portugal and the Global Financial Crisis – short-sighted politics, deteriorating public finances and the bailout imperative," Working Papers Department of Economics 2012/26, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  102. Martins, Manuel M.F. & Afonso, António, 2010. "Level, slope, curvature of the sovereign yield curve, and fiscal behaviour," Working Paper Series 1276, European Central Bank.

    Cited by:

    1. Di Iorio, Francesca & Fachin, Stefano, 2021. "Evaluating restricted common factor models for non-stationary data," Econometrics and Statistics, Elsevier, vol. 17(C), pages 64-75.
    2. Jamie Cross & Lennart Hoogerheide & Paul Labonne & Herman K. van Dijk, 2023. "Bayesian Mode Inference for Discrete Distributions in Economics and Finance," Tinbergen Institute Discussion Papers 23-038/III, Tinbergen Institute.
    3. Huseyin Ozturk, 2020. "The shape of sovereign yield curve in an emerging economy: Do macroeconomic or external factors matter?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(1), pages 83-112, February.
    4. Hylton Hollander, 2024. "Debt-financed fiscal stimulus in South Africa," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 48(1), pages 87-112, January.
    5. Löchel, H. & Packham, N. & Walisch, F., 2016. "Determinants of the onshore and offshore Chinese government yield curves," Pacific-Basin Finance Journal, Elsevier, vol. 36(C), pages 77-93.
    6. Bank for International Settlements, 2012. "Threat of fiscal dominance?," BIS Papers, Bank for International Settlements, number 65, July.
    7. Wellmann, Dennis & Trück, Stefan, 2018. "Factors of the term structure of sovereign yield spreads," Journal of International Money and Finance, Elsevier, vol. 81(C), pages 56-75.
    8. Ioannis A. Venetis & Avgoustinos Ladas, 2023. "Co-movement and global factors in sovereign bond yields," Bulletin of Applied Economics, Risk Market Journals, vol. 10(2), pages 17-45.
    9. Francis Breedon & Jagjit S. Chadha & Alex Waters, 2012. "The financial market impact of UK quantitative easing," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 28(4), pages 702-728, WINTER.
    10. Baek, Seungho & Bilson, John F.O., 2015. "Size and value risk in financial firms," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 295-326.
    11. Recchioni, Maria Cristina & Tedeschi, Gabriele, 2017. "From bond yield to macroeconomic instability: A parsimonious affine model," European Journal of Operational Research, Elsevier, vol. 262(3), pages 1116-1135.
    12. Chadha, Jagjit S. & Waters, Alex, 2014. "Applying a macro-finance yield curve to UK quantitative Easing," Journal of Banking & Finance, Elsevier, vol. 39(C), pages 68-86.
    13. Lakshmanan L & R Kausaliya, 2015. "Public Debt Management in India and Related Issues," Working Papers id:7255, eSocialSciences.
    14. Josué Thélissaint, 2024. "Assessing Cryptomarket Risks: Macroeconomic Forces, Market Shocks and Behavioural Dynamics," Economics Working Paper Archive (University of Rennes & University of Caen) 2024-14, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    15. Umar, Zaghum & Riaz, Yasir & Aharon, David Y., 2022. "Network connectedness dynamics of the yield curve of G7 countries," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 275-288.
    16. Carlos David Ardila-Dueñas & Hernán Rincón-Castro, 2019. "¿Cómo y qué tanto impacta la deuda pública a las tasas de interés de mercado?," Borradores de Economia 1077, Banco de la Republica de Colombia.
    17. Alessia Paccagnini, 2016. "The Macroeconomic Determinants of the US Term-Structure During The Great Moderation," Open Access publications 10197/7324, School of Economics, University College Dublin.
    18. Cavaca, Igor Bastos & Meurer, Roberto, 2021. "International monetary policy spillovers: Linkages between U.S. and South American yield curves," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 737-754.
    19. Jose E. Gomez-Gonzalez & Jorge M. Uribe & Oscar M. Valencia, 2023. "Sovereign Risk and Economic Complexity: Machine Learning Insights on Causality and Prediction," IREA Working Papers 202315, University of Barcelona, Research Institute of Applied Economics, revised Nov 2023.
    20. Bayaa, Yasmeen & Qadan, Mahmoud, 2024. "The shape of the Treasury yield curve and commodity prices," International Review of Financial Analysis, Elsevier, vol. 94(C).
    21. Gomez-Gonzalez, Jose E. & Uribe, Jorge M. & Valencia, Oscar M., 2025. "Sovereign debt cost and economic complexity," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 99(C).
    22. Mr. Calixte Ahokpossi & Pilar Garcia Martinez & Laurent Kemoe, 2016. "Monetary and Fiscal Policies and the Dynamics of the Yield Curve in Morocco," IMF Working Papers 2016/103, International Monetary Fund.
    23. Anastasios Demertzidis & Vahidin Jeleskovic, 2021. "Empirical Estimation of Intraday Yield Curves on the Italian Interbank Credit Market e-MID," JRFM, MDPI, vol. 14(5), pages 1-23, May.
    24. Umar, Zaghum & Aharon, David Y. & Esparcia, Carlos & AlWahedi, Wafa, 2022. "Spillovers between sovereign yield curve components and oil price shocks," Energy Economics, Elsevier, vol. 109(C).
    25. Céline Gimet & Marie-Hélène Gagnon, 2013. "The impacts of standard monetary and budgetary policies on liquidity and financial markets: International evidence from the credit freeze crisis," Post-Print halshs-00976740, HAL.
    26. Dana Kiseľáková & Paulina Filip & Erika Onuferová & Tomáš Valentiny, 2020. "The Impact of Monetary Policies on the Sustainable Economic and Financial Development in the Euro Area Countries," Sustainability, MDPI, vol. 12(22), pages 1-21, November.
    27. António Afonso & João Tovar Jalles, 2017. "Quantitative Easing and Sovereign Yield Spreads: Euro-Area Time-Varying Evidence," Working Papers REM 2017/20, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    28. Onur POLAT, 2018. "The Interaction between Oil Price and Financial Stress: Evidence from the U.S. Data," Fiscaoeconomia, Tubitak Ulakbim JournalPark (Dergipark), issue 3.
    29. Koziol, Philipp, 2014. "Inflation and interest rate derivatives for FX risk management: Implications for exporting firms under real wealth," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(4), pages 459-472.
    30. Emrah Ahi & Vedat Akgiray & Emrah Sener, 2018. "Robust term structure estimation in developed and emerging markets," Annals of Operations Research, Springer, vol. 260(1), pages 23-49, January.
    31. Sowmya, Subramaniam & Prasanna, Krishna, 2018. "Yield curve interactions with the macroeconomic factors during global financial crisis among Asian markets," International Review of Economics & Finance, Elsevier, vol. 54(C), pages 178-192.
    32. Blattner, Tobias Sebastian & Joyce, Michael A. S., 2016. "Net debt supply shocks in the euro area and the implications for QE," Working Paper Series 1957, European Central Bank.
    33. Ioannidis, Christos & Ka, Kook, 2018. "The impact of oil price shocks on the term structure of interest rates," Energy Economics, Elsevier, vol. 72(C), pages 601-620.
    34. Fayssal Jamhamed & Franck Martin & Fabien Rondeau & Josué Thélissaint & Stéphane Tufféry, 2024. "Regime-Specific Dynamics and Informational Efficiency in Cryptomarkets: Evidence from Gaussian Mixture Models," Economics Working Paper Archive (University of Rennes & University of Caen) 2024-13, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    35. Marius Acatrinei, 2017. "Macroeconomic fundamentals and latent factor of the EU yield curve," EIOPA Financial Stability Report - Thematic Articles 11, EIOPA, Risks and Financial Stability Department.
    36. Yifeng Yan & Ju'e Guo, 2015. "The Sovereign Yield Curve and the Macroeconomy in China," Pacific Economic Review, Wiley Blackwell, vol. 20(3), pages 415-441, August.
    37. Anshul Kumar & Agnirup Sarkar & Bodhisattva Sengupta, 2024. "Monetary and Fiscal Policy Impacts on the Indian Sovereign Bond Market: A VAR Approach," South Asian Journal of Macroeconomics and Public Finance, , vol. 13(2), pages 143-168, December.
    38. Gabauer, David & Stenfors, Alexis, 2024. "Quantile-on-quantile connectedness measures: Evidence from the US treasury yield curve," Finance Research Letters, Elsevier, vol. 60(C).
    39. Gebka, Bartosz & Wohar, Mark E., 2018. "The predictive power of the yield spread for future economic expansions: Evidence from a new approach," Economic Modelling, Elsevier, vol. 75(C), pages 181-195.
    40. Yoshiyuki Suimon & Hiroki Sakaji & Kiyoshi Izumi & Hiroyasu Matsushima, 2020. "Autoencoder-Based Three-Factor Model for the Yield Curve of Japanese Government Bonds and a Trading Strategy," JRFM, MDPI, vol. 13(4), pages 1-21, April.
    41. Murè, Pina & Paccione, Cosimo & Marzioni, Stefano & Giorgio, Saverio, 2024. "How electricity and natural gas prices affect banking systemic risk," Research in International Business and Finance, Elsevier, vol. 72(PA).
    42. Ronald Ravinesh Kumar & Peter Josef Stauvermann & Hang Thi Thu Vu, 2021. "The Relationship between Yield Curve and Economic Activity: An Analysis of G7 Countries," JRFM, MDPI, vol. 14(2), pages 1-23, February.
    43. Grochola, Nicolaus, 2023. "The influence of negative interest rates on life insurance companies," ICIR Working Paper Series 53/23, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).
    44. Loechel, Horst & Packham, Natalie & Walisch, Fabian, 2013. "Determinants of the onshore and offshore Chinese Government yield curves," Frankfurt School - Working Paper Series 202, Frankfurt School of Finance and Management.
    45. Yasir Riaz & Choudhry T. Shehzad & Zaghum Umar, 2021. "The sovereign yield curve and credit ratings in GIIPS," International Review of Finance, International Review of Finance Ltd., vol. 21(3), pages 895-916, September.
    46. Sheunesu Zhou, 2021. "Examining the Sources of Sovereign Risk for South Africa: A Time Varying Flexible Least Squares Approach," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 9(1), pages 29-45.
    47. Seungho Baek & Jeong Wan Lee & Kyong Joo Oh & Myoungji Lee, 2020. "Yield curve risks in currency carry forwards," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(4), pages 651-670, April.
    48. Polat, Onur & Ozkan, Ibrahim, 2019. "Transmission mechanisms of financial stress into economic activity in Turkey," Journal of Policy Modeling, Elsevier, vol. 41(2), pages 395-415.
    49. Frank J. Fabozzi & Francesco A. Fabozzi & Diana Tunaru, 2023. "A comparison of multi-factor term structure models for interbank rates," Review of Quantitative Finance and Accounting, Springer, vol. 61(1), pages 323-356, July.
    50. Maria Cristina Recchioni & Gabriele Tedeschi, 2016. "From bond yield to macroeconomic instability: The effect of negative interest rates," Working Papers 2016/06, Economics Department, Universitat Jaume I, Castellón (Spain).
    51. Eric McCoy, 2019. "A Calibration of the Term Premia to the Euro Area," European Economy - Discussion Papers 110, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    52. Vahidin Jeleskovic & Anastasios Demertzidis, 2018. "Comparing different methods for the estimation of interbank intraday yield curves," MAGKS Papers on Economics 201839, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).

  103. António Afonso & Christophe Rault, 2010. "Short and Long-run Behaviour of Long-term Sovereign Bond Yields," CESifo Working Paper Series 3249, CESifo.

    Cited by:

    1. Laura Jaramillo & Ms. Yuanyan S Zhang, 2013. "Real Money Investors and Sovereign Bond Yields," IMF Working Papers 2013/254, International Monetary Fund.
    2. Tamai, Toshiki, 2016. "Public investment, the rate of return, and optimal fiscal policy in a stochastically growing economy," Journal of Macroeconomics, Elsevier, vol. 49(C), pages 1-17.
    3. António Afonso & José Alves & Sofia Monteiro, 2024. "Echoes of Instability: How Geopolitical Risks Shape Government Debt Holdings," Working Papers REM 2024/0333, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Kontonikas, Alexandros & Arghyrou, Michael G. & Afonso, António, 2012. "The determinants of sovereign bond yield spreads in the EMU," SIRE Discussion Papers 2012-88, Scottish Institute for Research in Economics (SIRE).
    5. Théo METZ, 2024. "New fiscal transparency index and public debt borrowing costs," Working Papers of BETA 2024-50, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    6. Utsav . & Suresh Kumar Patra & Pramod Kumar Naik, 2024. "Assessing Macroeconomic Influences on Indian Sovereign Bond Yields: An Insight from the ARDL Bound Test Approach," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 4, pages 93-114.
    7. Michał Brzozowski & Joanna Siwińska-Gorzelak, 2016. "The Interplay Between Public and Private External Debt Stocks," International Finance, Wiley Blackwell, vol. 19(3), pages 311-332, December.
    8. Pedro R.D. Bom & Jenny E. Ligthart, 2014. "What Have We Learned From Three Decades Of Research On The Productivity Of Public Capital?," Journal of Economic Surveys, Wiley Blackwell, vol. 28(5), pages 889-916, December.
    9. Anastasios Pappas & Ioannis Kostakis, 2020. "The Driving Factors of EMU Government Bond Yields: The Role of Debt, Liquidity and Fiscal Councils," IJFS, MDPI, vol. 8(3), pages 1-13, September.
    10. António Afonso & João Tovar Jalles, 2017. "Quantitative Easing and Sovereign Yield Spreads: Euro-Area Time-Varying Evidence," Working Papers REM 2017/20, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    11. Mackiewicz-Łyziak, Joanna & Łyziak, Tomasz, 2019. "A new test for fiscal sustainability with endogenous sovereign bond yields: Evidence for EU economies," Economic Modelling, Elsevier, vol. 82(C), pages 136-151.
    12. António Afonso, & Manuel Reis, 2016. "Revisiting Sovereign Bond Spreads’Determinants in the EMU," Working Papers Department of Economics 2016/08, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    13. António Afonso & João Tovar Jalles, 2020. "Economic volatility and sovereign yields’ determinants: a time-varying approach," Empirical Economics, Springer, vol. 58(2), pages 427-451, February.
    14. Wenjing Zhang & Hengzhou Xu, 2017. "Exploring the causal relationship between carbon emissions and land urbanization quality in China using a panel data analysis," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 19(4), pages 1445-1462, August.
    15. Malešević Perović, Lena, 2015. "The impact of fiscal positions on government bond yields in CEE countries," Economic Systems, Elsevier, vol. 39(2), pages 301-316.
    16. J. Beleza Sousa & Manuel L. Esquível & Raquel M. Gaspar, 2019. "Pulled-to-Par Returns for Zero Coupon Bonds Historical Simulation Value at Risk," Working Papers REM 2019/93, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    17. Christopher Findlay & Silvia Sorescu & Camilo Umana Dajud, 2016. "Markets are Smart! Structural Reforms and Country Risk," Working Papers 2016-23, CEPII research center.
    18. Ciżkowicz, Piotr & Ledóchowski, Michał & Rzońca, Andrzej, 2025. "Fiscal policy and government bond yields: New evidence from the EU," Economic Modelling, Elsevier, vol. 147(C).
    19. Martijn (M.I.) Droes & Ryan van Lamoen & Simona Mattheussens, 2017. "Quantitative Easing and Exuberance in Government Bond Markets: Evidence from the ECB's Expanded Assets Purchase Program," Tinbergen Institute Discussion Papers 17-080/IV, Tinbergen Institute.
    20. António Afonso & Frederico Silva Leal, 2017. "Sovereign yield spreads in the EMU: crisis and structural determinants," Working Papers Department of Economics 2017/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    21. Dogan, Eyup & Seker, Fahri, 2016. "Determinants of CO2 emissions in the European Union: The role of renewable and non-renewable energy," Renewable Energy, Elsevier, vol. 94(C), pages 429-439.

  104. Grüner, Hans Peter & Afonso, António & Kolerus, Christina, 2010. "Fiscal policy and growth: do financial crises make a difference?," Working Paper Series 1217, European Central Bank.

    Cited by:

    1. Awaworyi, Sefa & Ugur, Mehmet & Yew, Siew Ling, 2015. "Does government size affect per-capita income growth? A Hierarchical meta-regression analysis," MPRA Paper 68006, University Library of Munich, Germany, revised 18 Nov 2015.
    2. Bruno Martorano, 2015. "Lessons from the recent economic crisis: the Australian household stimulus package," International Review of Applied Economics, Taylor & Francis Journals, vol. 29(3), pages 309-327, May.
    3. Hans-Werner Sinn & Niklas Potrafke, 2012. "Zur Debatte »Sparen oder Wachstum«," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 65(10), pages 07-08, May.
    4. Mr. Emanuele Baldacci & Mr. Sanjeev Gupta & Mr. Carlos Mulas-Granados, 2013. "Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies," IMF Working Papers 2013/238, International Monetary Fund.
    5. Bruno Martorano, 2013. "The Australian Household Stimulus Package: Lessons from the recent economic crisis," Papers inwopa697, Innocenti Working Papers.
    6. António Afonso & Jaromír Baxa & Michal Slavík, 2011. "Fiscal developments and financial stress: a threshold VAR analysis," Working Papers IES 2011/16, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Aug 2011.
    7. Cwik, Tobias & Wieland, Volker, 2010. "Keynesian government spending multipliers and spillovers in the euro area," Working Paper Series 1267, European Central Bank.
    8. António Afonso & João Tovar Jalles, 2011. "Growth and Productivity: the role of Government Debt," Working Papers Department of Economics 2011/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    9. Constantinos Alexiou & Joseph G. Nellis, 2017. "Cyclical Multiplier and Zero Low Bound Effects of Government Expenditure on Economic Growth: Evidence for Greece," Australian Economic Papers, Wiley Blackwell, vol. 56(2), pages 119-133, June.
    10. Sebastian Gechert, 2015. "What fiscal policy is most effective? A meta-regression analysis," Oxford Economic Papers, Oxford University Press, vol. 67(3), pages 553-580.
    11. Sebastian Gechert & Ansgar Rannenberg, 2014. "Are Fiscal Multipliers Regime-Dependent? A Meta Regression Analysis," IMK Working Paper 139-2014, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    12. Mirdala, Rajmund, 2016. "Effects of Fiscal Policy Shocks in the Euro Area (Lessons Learned from Fiscal Consolidation)," MPRA Paper 79920, University Library of Munich, Germany.
    13. Engelbert Stockhammer & Walid Qazizada & Sebastian Gechert, 2016. "Demand effects of fiscal policy since 2008," Working Papers PKWP1607, Post Keynesian Economics Society (PKES).
    14. Sebastian Gechert, 2017. "On theories and estimation techniques of fiscal multipliers," FMM Working Paper 11-2017, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    15. W Qazizada & Engelbert Stockhammer, 2014. "Government spending multipliers in contraction and expansion," Economics Discussion Papers 2014-2, School of Economics, Kingston University London.
    16. Aeggarchat Sirisankanan, 2014. "Rethinking Thailand¡¯S Growth Policies," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 39(2), pages 51-73, June.

  105. Afonso, António & Costa, Luís F., 2010. "Market power and fiscal policy in OECD countries," Working Paper Series 1173, European Central Bank.

    Cited by:

    1. António Afonso & João Tovar Jalles, 2015. "Fiscal Episodes, Technological Progress and Market Power," Working Papers Department of Economics 2015/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    2. Carlos D Santos & Luís F Costa & Paulo B Brito, 2022. "Demand, Supply and Markup Fluctuations," The Economic Journal, Royal Economic Society, vol. 132(644), pages 1620-1645.
    3. Chrysovalantis Amountzias, 2018. "The Effects of Competition, Liquidity and Exports on Markups: Evidence from the UK Food and Beverages Sector," Journal of Industry, Competition and Trade, Springer, vol. 18(2), pages 187-208, June.
    4. Juessen, Falko & Linnemann, Ludger, 2012. "Markups and fiscal transmission in a panel of OECD countries," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 674-686.
    5. Rui Faustino, 2019. "Deep Habits in New Keynesian model with durable goods," Working Papers REM 2019/0106, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    6. Chrysovalantis Amountzias, 2024. "Market power and income disparities: How can firms influence the gap between capital and labor earnings," Bulletin of Economic Research, Wiley Blackwell, vol. 76(3), pages 861-888, July.
    7. António Afonso & João Tovar Jalles, 2017. "Fiscal Episodes and Market Power," Open Economies Review, Springer, vol. 28(2), pages 233-250, April.
    8. Ali Abcha, 2014. "Imperfect competition, government spending and estimated markup," EconomiX Working Papers 2014-11, University of Paris Nanterre, EconomiX.
    9. Peter Claeys & Luis Costa, 2012. "“A Note on the Relationship Between the Cyclicality of Markups and Fiscal Policy”," IREA Working Papers 201215, University of Barcelona, Research Institute of Applied Economics, revised Sep 2012.
    10. Chrysovalantis Amountzias, 2021. "Markup cyclicality, competition and liquidity constraints: Evidence from a panel VAR analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3696-3718, July.
    11. Ant�nio Afonso & Jalles, 2016. "Markups' cyclical behaviour: the role of demand and supply shocks," Applied Economics Letters, Taylor & Francis Journals, vol. 23(1), pages 1-5, January.
    12. Luís F. Costa & Huw Dixon, 2009. "Fiscal Policy under Imperfect Competition: A Survey," Working Papers Department of Economics 2009/25, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    13. Chrysovalantis Amountzias, 2019. "Pricing Decisions and Competitive Conduct Across Manufacturing Sectors: Evidence from 19 European Union Manufacturing Industries," Journal of Industry, Competition and Trade, Springer, vol. 19(3), pages 413-440, September.
    14. Rui Faustino, 2019. "Endogenous Quality and Firm Entry," Working Papers REM 2019/0107, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  106. António Afonso & Pedro Gomes, 2010. "Do fiscal imbalances deteriorate sovereign debt ratings?," Working Papers Department of Economics 2010/24, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Afonso, António & Nunes, Ana Sofia, 2015. "Economic forecasts and sovereign yields," Economic Modelling, Elsevier, vol. 44(C), pages 319-326.
    2. Nicolas Jannone Bellot, MaLuisa Marti Selva, Leandro Garcia Menendez, 2017. "Herding Behaviour among Credit Rating Agencies," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 2(1), pages 56-83, March.
    3. Emilian C. Miricescu & Lucian Ţâţu & Delia Cornea, 2016. "The Determinants of the Sovereign Debt Rating: Evidence for the European Union Countries," ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Faculty of Economic Cybernetics, Statistics and Informatics, vol. 50(1), pages 175-188.
    4. António Afonso & Davide Furceri & Pedro Gomes, 2011. "Sovereign credit ratings and financial markets linkages: application to European data," Working Papers Department of Economics 2011/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    5. Duygun, Meryem & Ozturk, Huseyin & Shaban, Mohamed, 2016. "The role of sovereign credit ratings in fiscal discipline," Emerging Markets Review, Elsevier, vol. 27(C), pages 197-216.
    6. Cordero, Alvaro & Villena, Mauricio, 2020. "Política y Sostentabilidad Fiscal en tiempos de Covid-19: El Caso de Chile [Fiscal Policy in Covid-19 Times: The Case of Chile]," MPRA Paper 100791, University Library of Munich, Germany, revised 20 May 2020.
    7. Merve Kırkıl, 2021. "Sovereign Credit Risk Rating: Examining the Relations between Domestic Economy Data and the Probability of Default," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 8(1), pages 57-74, January.
    8. Simona VINEREAN, 2013. "From Liquidity Crisis to Sovereign Debt Crisis," Expert Journal of Finance, Sprint Investify, vol. 1(1), pages 19-27, December.
    9. Huseyin Ozturk*, 2014. "The origin of bias in sovereign credit ratings: reconciling agency views with institutional quality," Journal of Developing Areas, Tennessee State University, College of Business, vol. 48(4), pages 161-188, October-D.
    10. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  107. António Afonso & Peter Claeys & Ricardo M. Sousa, 2009. "Fiscal Regime Shifts in Portugal," IREA Working Papers 200921, University of Barcelona, Research Institute of Applied Economics, revised Oct 2009.

    Cited by:

    1. Joan Calzada & Fernando Martínez, 2013. "“Broadband prices in the European Union: competition and commercial strategies”," IREA Working Papers 201309, University of Barcelona, Research Institute of Applied Economics, revised May 2013.
    2. Javier Campos & Juan Luis Jiménez & Ancor Suárez-Alemán, 2012. "“Not always sunny in paradise: prices and brand diversity in touristic areas supermarkets”," IREA Working Papers 201211, University of Barcelona, Research Institute of Applied Economics, revised May 2012.
    3. Erika Badillo & Rosina Moreno, 2012. "“What Drives the Choice of Partners in R&D Cooperation? Heterogeneity across Sectors”," AQR Working Papers 201206, University of Barcelona, Regional Quantitative Analysis Group, revised Jul 2012.
    4. Maravalle, Alessandro & Claeys, Peter, 2012. "Boom–bust cycles and procyclical fiscal policy in a small open economy," Journal of Policy Modeling, Elsevier, vol. 34(5), pages 735-754.
    5. Nuno Coimbra, 2020. "Sovereigns at risk: A dynamic model of sovereign debt and banking leverage," Post-Print halshs-02491806, HAL.
    6. Michael Artis & Ernest Miguélez & Rosina Moreno, 2009. "Assessing Agglomeration Economies in a Spatial Framework with Endogenous Regressors," SERC Discussion Papers 0023, Centre for Economic Performance, LSE.
    7. Juan Luis Jiménez & Jordi Perdiguero & Ancor Suárez, 2011. "Debating as a classroom tool for adapting learning outcomes to the European higher education area," IREA Working Papers 201109, University of Barcelona, Research Institute of Applied Economics, revised Jun 2011.
    8. Alessandro Maravalle & Peter Claeys, 2010. "Fiscal policy and economic stability: does PIGS stand for Procyclicality In Government Spending?," IREA Working Papers 201015, University of Barcelona, Research Institute of Applied Economics, revised 2010.
    9. Daniel Albalate & Germà Bel, 2011. "Privatization and PPPS in transportation infrastructure: Network effects of increasing user fees," IREA Working Papers 201110, University of Barcelona, Research Institute of Applied Economics, revised Jun 2011.
    10. Ana María Osorio & Catalina Bolancé & Manuela Alcañiz, 2011. "Measuring early childhood health: a composite index comparing Colombian departments," IREA Working Papers 201122, University of Barcelona, Research Institute of Applied Economics, revised Oct 2011.
    11. Juan Luis Jiménez & Jordi Perdiguero, 2012. "“Mergers and difference-in-difference estimator: why firms do not increase prices?”," IREA Working Papers 201205, University of Barcelona, Research Institute of Applied Economics, revised Feb 2012.
    12. Jordi Perdiguero, 2011. "Vertical relations and local competition: an empirical approach," IREA Working Papers 201124, University of Barcelona, Research Institute of Applied Economics, revised Dec 2011.
    13. Lluís Bermúdez & Antoni Ferri & Montserrat Guillén, 2011. "A correlation sensitivity analysis of non-life underwriting risk in solvency capital requirement estimation," Working Papers XREAP2011-12, Xarxa de Referència en Economia Aplicada (XREAP), revised Sep 2011.
    14. Jaume Belles-Sampera & José M. Merigó & Montserrat Guillén & Miguel Santolino, 2012. "The connection between distortion risk measures and ordered weighted averaging operators," IREA Working Papers 201201, University of Barcelona, Research Institute of Applied Economics, revised Jan 2012.
    15. Juan Luis Jiménez & Carmen García, 2012. "“Corruption and local politics: does it pay to be a crook?”," IREA Working Papers 201212, University of Barcelona, Research Institute of Applied Economics, revised Jun 2012.
    16. Esther Goya & Esther Vayá & Jordi Suriñach, 2012. "“Do intra- and inter-industry spillovers matter? CDM model estimates for Spain”," AQR Working Papers 201207, University of Barcelona, Regional Quantitative Analysis Group, revised Sep 2012.
    17. Tianbao Zhou & Zhixin Liu & Yingying Xu, 2024. "How do financial variables impact public debt growth in China? An empirical study based on Markov regime-switching model," Papers 2407.02183, arXiv.org.
    18. Juan Jiménez & Jordi Perdiguero, 2012. "Does Rigidity of Prices Hide Collusion?," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 41(3), pages 223-248, November.
    19. Miguel Santolino & Catalina Bolancé & Manuela Alcañiz, 2011. "Factors affecting hospital admission and recovery stay duration of in-patient motor victims in Spain," IREA Working Papers 201119, University of Barcelona, Research Institute of Applied Economics, revised Oct 2011.
    20. Jordi Perdiguero & Juan Luis Jiménez, 2012. "“Policy options for the promotion of electric vehicles: a review”," IREA Working Papers 201208, University of Barcelona, Research Institute of Applied Economics, revised Mar 2012.
    21. Ernest Miguélez & Rorina Moreno, 2012. "“What attracts knowledge workers? The role of space, social connections, institutions, jobs and amenities”," IREA Working Papers 201204, University of Barcelona, Research Institute of Applied Economics, revised Feb 2012.
    22. Peter Claeys & Luis Costa, 2012. "“A Note on the Relationship Between the Cyclicality of Markups and Fiscal Policy”," IREA Working Papers 201215, University of Barcelona, Research Institute of Applied Economics, revised Sep 2012.
    23. Mar𨁌orena Mar𑁥l Cristo & Marta G -Puig, 2013. "Pass-through in dollarized countries: should Ecuador abandon the US dollar?," Applied Economics, Taylor & Francis Journals, vol. 45(31), pages 4395-4411, November.
    24. Germà Bel & Xavier Fageda & Melania Mur, 2011. "Why do municipalities cooperate to provide local public services? An empirical analysis," IREA Working Papers 201118, University of Barcelona, Research Institute of Applied Economics, revised Oct 2011.
    25. David Castells-Quintana & Vicente Royuela, 2014. "Agglomeration, inequality and economic growth," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 52(2), pages 343-366, March.
    26. Manuela Alcañiz & Montserrat Guillén & Daniel Sánchez-Moscona & Miguel Santolino & Oscar Llatje & Lluís Ramon, 2013. "Prevalence of alcohol-impaired drivers based on random breath tests in a roadside survey," Working Papers XREAP2013-05, Xarxa de Referència en Economia Aplicada (XREAP), revised Jul 2013.
    27. Germà Bel, 2011. "Infrastructure and nation building: The regulation and financing of network transportation infrastructures in Spain (1720--2010)," Business History, Taylor & Francis Journals, vol. 53(5), pages 688-705, August.
    28. Vitor Castro, 2015. "The Portuguese business cycle: chronology and duration dependence," Empirical Economics, Springer, vol. 49(1), pages 325-342, August.
    29. Jordi López-Tamayo & Vicente Royuela & Jordi Suriñach, 2012. "“Building a “quality in work” index in Spain”," AQR Working Papers 201204, University of Barcelona, Regional Quantitative Analysis Group, revised Feb 2012.
    30. Jaume Belles-Sampera & Montserrat Guillén & José M. Merigó & Miguel Santolino, 2013. "“Indicators for the characterization of discrete Choquet integrals”," IREA Working Papers 201311, University of Barcelona, Research Institute of Applied Economics, revised May 2013.
    31. Xavier Fageda & Marta Gonzalez-Aregall, 2012. "“Regulation of Port Charges in Spain: Global versus Local Competition”," IREA Working Papers 201217, University of Barcelona, Research Institute of Applied Economics, revised Oct 2012.
    32. Daniel Albalate, 2012. "“The Institutional, Economic and Social Determinants of Local Government Transparency”," IREA Working Papers 201210, University of Barcelona, Research Institute of Applied Economics, revised May 2012.
    33. Vitor Castro, 2011. "The Portuguese Stock Market Cycle: Chronology and Duration Dependence," GEMF Working Papers 2011-17, GEMF, Faculty of Economics, University of Coimbra.
    34. Ricci-Risquete, Alejandro & Ramajo, Julián & de Castro, Francisco, 2016. "Do Spanish fiscal regimes follow the euro-area trends? Evidence from Markov-Switching fiscal rules," Economic Modelling, Elsevier, vol. 59(C), pages 484-494.
    35. António AFONSO & Priscilla TOFFANO, 2013. "Fiscal regimes in the EU," Working Papers of Department of Economics, Leuven ces13.06, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
    36. Xavier Fageda & Rafael Rubio & Montserrat Termes, 2013. "“Determinants of Broadband Access: Is Platform Competition always the Key Variable to Success?”," IREA Working Papers 201303, University of Barcelona, Research Institute of Applied Economics, revised Mar 2013.
    37. Joan Calzada & Anton Costas, 2013. "“La liberalización de las telecomunicaciones en España: control de la inflación y universalización del servicio”," IREA Working Papers 201310, University of Barcelona, Research Institute of Applied Economics, revised May 2013.
    38. Philippe Burger & Krige Siebrits & Estian Calitz, 2015. "The public sector balance sheet and fiscal consolidation in South Africa," Working Papers 11/2015, Stellenbosch University, Department of Economics.
    39. María Lorena Marí del Cristo & Marta Gómez-Puig, 2013. "“Fiscal sustainability and fiscal shocks in a dollarized and oil-exporting country: Ecuador”," IREA Working Papers 201306, University of Barcelona, Research Institute of Applied Economics, revised Apr 2013.
    40. Jordi Perdiguero-García, 2010. "“Symmetric or asymmetric gasoline prices? A metaanalysis approach”," IREA Working Papers 201013, University of Barcelona, Research Institute of Applied Economics, revised Nov 2010.
    41. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    42. Daniel Albalate & Germà Bel & R. Richard Geddes, 2012. "“The determinants of contractual choice for private involvement in infrastructure projects in the United States”," IREA Working Papers 201220, University of Barcelona, Research Institute of Applied Economics, revised Dec 2012.

  108. António Afonso & Christophe Rault, 2009. "Spend-and-tax: A Panel Data Investigation for the EU," CESifo Working Paper Series 2705, CESifo.

    Cited by:

    1. José Alves, 2018. "A DSGE Model to Evaluate the Macroeconomic Impacts of Taxation," Working Papers REM 2018/62, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Manuchehr Irandoust, 2018. "Government spending and revenues in Sweden 1722–2011: evidence from hidden cointegration," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 45(3), pages 543-557, August.
    3. Yu-Fu Chen & Michael Funke, 2009. "Booms, Recessions and Financial Turmoil: A Fresh Look at Investment Decisions under Cyclical Uncertainty," CESifo Working Paper Series 2759, CESifo.
    4. Najia Maraoui & Thouraya Hadj Amor & Islem Khefacha & Christophe Rault, 2022. "How Economic, Political and Institutional Factors Influence the Choice of Exchange Rate Regimes? New Evidence from Selected Countries of the MENA Region," CESifo Working Paper Series 9709, CESifo.
    5. Fateh Belaid & Christophe Rault, 2020. "Energy Expenditure in Egypt: Empirical Evidence Based on A Quantile Regression Approach," Working Papers 1446, Economic Research Forum, revised 20 Dec 2020.
    6. Sabrine Ferjani & Sami Saafi & Ridha Nouira & Christophe Rault, 2022. "The Impacts of the Dollar-Renminbi Exchange Rate Misalignment on the China-United States Commodity Trade: An Asymmetric Analysis," CESifo Working Paper Series 9706, CESifo.
    7. Belaïd, Fateh & Rault, Christophe & Massié, Camille, 2021. "A Life-Cycle Theory Analysis of French Household Electricity Demand," IZA Discussion Papers 14010, Institute of Labor Economics (IZA).
    8. Saunoris, James W. & Payne, James E., 2010. "Tax more or spend less? Asymmetries in the UK revenue-expenditure nexus," Journal of Policy Modeling, Elsevier, vol. 32(4), pages 478-487, July.
    9. Fateh Belaïd & Christophe Rault & Camille Massié, 2021. "A Life-Cycle Analysis of French Household Electricity Demand," CESifo Working Paper Series 8814, CESifo.
    10. Mihaela Simionescu & Javier Cifuentes-Faura, 2024. "Analyzing the causality between revenues and expenditures in Spanish municipalities and its policy implications," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 41(1), pages 25-45, April.
    11. Trachanas, Emmanouil & Katrakilidis, Constantinos, 2013. "Fiscal deficits under financial pressure and insolvency: Evidence for Italy, Greece and Spain," Journal of Policy Modeling, Elsevier, vol. 35(5), pages 730-749.
    12. Fabricio Linhares & Glauber Nojosa, 2020. "Changes in the tax-spend nexus: Evidence from selected European countries," Economics Bulletin, AccessEcon, vol. 40(4), pages 3077-3087.
    13. Cagri Esener & Brigitte Granville & Roman Matousek, 2022. "Choosing the Optimal Tool for Fiscal Adjustment or Living under Fiscal Constraints: Panel Evidence from Selected OECD Countries," Economic Research Guardian, Mutascu Publishing, vol. 12(1), pages 2-29, June.
    14. Mihai Mutascu, 2015. "Government revenues and expenditures in the EU ex-communist countries: a bootstrap panel Granger causality approach," Working Papers halshs-01109233, HAL.
    15. Natalia Krasnopeeva, 2023. "Revenues and expenditures of Russian regional budgets: Granger causality analysis," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 70, pages 5-33.
    16. Athanasios Athanasenas & Constantinos Katrakilidis & Emmanouil Trachanas, 2014. "Government spending and revenues in the Greek economy: evidence from nonlinear cointegration," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(2), pages 365-376, May.
    17. Golpe, Antonio A. & Sánchez-Fuentes, A. Jesus & Vides, José Carlos, 2023. "Fiscal sustainability, monetary policy and economic growth in the Euro Area: In search of the ultimate causal path," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1026-1045.

  109. Afonso, António & Sousa, Ricardo M., 2009. "The macroeconomic effects of fiscal policy," Working Paper Series 991, European Central Bank.

    Cited by:

    1. Agnello, Luca & Castro, Vítor & Sousa, Ricardo M., 2012. "How does fiscal policy react to wealth composition and asset prices?," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 874-890.
    2. António Afonso & Peter Claeys & Ricardo M. Sousa, 2009. "Fiscal Regime Shifts in Portugal," IREA Working Papers 200921, University of Barcelona, Research Institute of Applied Economics, revised Oct 2009.
    3. Christophe Andre & Petre Caraiani & Rangan Gupta, 2023. "Fiscal Policy and Stock Markets at the Effective Lower Bound," Working Papers 202309, University of Pretoria, Department of Economics.
    4. Kamal, Mona, 2011. "Bayesian Estimation of Dynamic Stochastic General Equilibrium Model Using UK Data," MPRA Paper 28988, University Library of Munich, Germany.
    5. António Afonso & João Tovar Jalles, 2017. "Fiscal Activism and Price Volatility: Evidence from Advanced and Emerging Economies," Working Papers Department of Economics 2017/04, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    6. Martin Boileau & Michel Normandin, 2008. "Do Tax Cuts Generate Twin Deficits? A Multi-Country Analysis," Cahiers de recherche 0832, CIRPEE.
    7. Fredj Jawadi & Ricardo M. Sousa, 2012. "Modelling Money Demand: Further Evidence from an International Comparison," NIPE Working Papers 23/2012, NIPE - Universidade do Minho.
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    133. Konstantin Makrelov & Channing Arndt & Rob Davies & Laurence Harris, 2018. "Fiscal multipliers in South Africa: The importance of financial sector dynamics," WIDER Working Paper Series wp-2018-6, World Institute for Development Economic Research (UNU-WIDER).
    134. Gnegne, Yacouba & Jawadi, Fredj, 2013. "Boundedness and nonlinearities in public debt dynamics: A TAR assessment," Economic Modelling, Elsevier, vol. 34(C), pages 154-160.
    135. Onyemachi Maxwell Ogbulu & Lezaasi Lenee Torbira & Chizoba Lynda Umezinwa, 2015. "Assessment of the Impact of Fiscal Policy Operations on Stock Price Performance: Empirical Evidence from Nigeria," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 6(2), pages 190-202, April.
    136. Reda, Cherif & Fuad, Hasanov, 2010. "Public Debt Dynamics and Debt Feedback," MPRA Paper 27918, University Library of Munich, Germany.
    137. Somé Juste & Konaté Aniwar, 2025. "Estimating the Size of Fiscal Multipliers in the WAEMU Area," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 19(1), pages 1-16.
    138. Cristian - Marian Barbu, 2018. "Romania Shows More and More Red Flags, With Values Significantly Beyond the Balanced Trends," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 4(1), pages 40-49, March.
    139. Amela HUBIC & Francisco DE CASTRO, 2010. "The Effects of Inflation on General Government Accounts," EcoMod2010 259600077, EcoMod.
    140. Rafael Ravnik & Ivan Zilic, 2011. "The use of SVAR analysis in determining the effects of ?scal shocks in Croatia," Financial Theory and Practice, Institute of Public Finance, vol. 35(1), pages 25-58.
    141. Raffaella Basile & Bruno Chiarini & Giovanni Luca & Elisabetta Marzano, 2016. "Fiscal multipliers and unreported production: evidence for Italy," Empirical Economics, Springer, vol. 51(3), pages 877-896, November.
    142. Thomas Habanabakize & Paul-Francois Muzindutsi, 2017. "Analysis of Government Expenditure and Sectoral Employment in the Post-apartheid South Africa: Application of ARDL Model," Journal of Economics and Behavioral Studies, AMH International, vol. 9(2), pages 224-233.
    143. Kamal, Mona, 2010. "Empirical Investigation of Fiscal Policy Shocks in the UK," MPRA Paper 26473, University Library of Munich, Germany.
    144. Antonio Afonso & Ricardo Sousa, 2011. "Assessing long-term fiscal developments: evidence from Portugal," Applied Economics Letters, Taylor & Francis Journals, vol. 18(1), pages 1-5.
    145. Paweł Radwański, 2024. "Impact of tax changes on the risk premium of the WIG index," Bank i Kredyt, Narodowy Bank Polski, vol. 55(3), pages 333-356.
    146. Syed M. Hussain & Lin Liu, 2024. "Macroeconomic effects of discretionary tax changes in Canada: Evidence from a new narrative measure of tax shocks," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 57(1), pages 78-107, February.
    147. Goran Petrevski & Jane Bogoev & Dragan Tevdovski, 2016. "Fiscal and monetary policy effects in three South Eastern European economies," Empirical Economics, Springer, vol. 50(2), pages 415-441, March.
    148. Muhammad Ali Nasir & Alaa M. Soliman, 2014. "Aspects of Macroeconomic Policy Combinations and Their Effects on Financial Markets," Economic Issues Journal Articles, Economic Issues, vol. 19(1), pages 95-118, March.
    149. Gonzalez-Hernandez, Ramon A. & Karayalcin, Cem, 2013. "Habit formation, adjustment costs, and international transmission of fiscal policy," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 341-359.
    150. Davide Furceri & Ricardo M. Sousa, 2009. "The Impact of Government Spending on the Private Sector: Crowding-out versus Crowding-in Effects"," NIPE Working Papers 6/2009, NIPE - Universidade do Minho.
    151. F Chorley & C Liu, 2021. "Does UK social housing affect housing prices and economic growth? An application of the ARDL model," Economic Issues Journal Articles, Economic Issues, vol. 26(1), pages 21-43, March.
    152. Hiroyuki Taguchi & Namjil Enkhbaatar, 2019. "Stock Market and Macroeconomic Policies in Mongolia," Bulletin of Applied Economics, Risk Market Journals, vol. 6(1), pages 21-39.
    153. Aref Emamian, 2021. "Monetary-Fiscal policies and stock market performance: Evidence from linear ARDL framework," GATR Journals jber201, Global Academy of Training and Research (GATR) Enterprise.
    154. Berger, Johannes & Graf, Nikolaus & Strohner, Ludwig & Schuh, Ulrich, 2014. "Auswirkungen von ausgaben- und einnahmenseitigen Konsolidierungen," Research Papers 2, EcoAustria – Institute for Economic Research.

  110. António Afonso & Ricardo M. Sousa, 2009. "Assessing Long-Term Fiscal Developments: Evidence from Portugal," Working Papers Department of Economics 2009/03, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Paulo Bastos & Natália P. Monteiro, 2011. "Managers and Wage Policies," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 20(4), pages 957-984, December.
    2. António Afonso, & Jorge Caiado, & Miguel St. Aubyn, 2015. "The macro impact of the Portuguese Constitutional Court decisions regarding the budgetary proposals of the Portuguese Budget Law (2012, 2013, 2014)," Working Papers Department of Economics 2015/06, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    3. Priesmeier, Christoph & Koester, Gerrit B., 2012. "Does Wagner's law ruin the sustainability of German public finances?," Discussion Papers 08/2012, Deutsche Bundesbank.
    4. Adnan Habib & Jamshaid Rehman & Tasneem Zafar & Haider Mahmood, 2016. "Does sustainability hypothesis hold in developed countries? A panel co-integration analysis," Quality & Quantity: International Journal of Methodology, Springer, vol. 50(1), pages 1-25, January.
    5. Umoh, O. J. & Onye, Kenneth U. & Atan, Johnson A., 2018. "Political and Institutional Determinants of Fiscal Policy Persistence in West Africa," MPRA Paper 88452, University Library of Munich, Germany.
    6. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  111. Afonso, António & Hauptmeier, Sebastian, 2009. "Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness," Working Paper Series 1054, European Central Bank.

    Cited by:

    1. Aleksander Aristovnik & Matevž Meze, 2017. "The impact of supranational fiscal rules on public finance: the case of EMU member states," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 19(1), pages 38-53.
    2. David Bartolini & Agnese Sacchi & Simone Salotti & Raffaella Santolini, 2018. "Fiscal Decentralization in Times of Financial Crises," CESifo Economic Studies, CESifo Group, vol. 64(3), pages 456-488.
    3. Sokolovska, Olena & Sokolovskyi, Dmytro, 2015. "Analysis of dependence of tax behavior on macroeconomic factors: the case of OECD countries," MPRA Paper 69059, University Library of Munich, Germany, revised Jan 2016.
    4. Yu HSING, 2017. "Is more government debt or currency depreciation expansionary? The case of Poland," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(3(612), A), pages 63-70, Autumn.
    5. Amélie Barbier-Gauchard & Kea Baret & Alexandru Minea, 2021. "National fiscal rules and fiscal discipline in the European Union," Applied Economics, Taylor & Francis Journals, vol. 53(20), pages 2337-2359, April.
    6. Reuter, Wolf Heinrich, 2019. "When and why do countries break their national fiscal rules?," European Journal of Political Economy, Elsevier, vol. 57(C), pages 125-141.
    7. Juan Antonio Cerón Cruz, 2011. "¿Qué preocupa a los gobiernos, la brecha de producción o el PIB?," Revista de Economia Critica, Universidad Pablo de Olavide y Asociacion de Economia Critica, vol. 12, pages 199-205.
    8. Christos Chrysanthakopoulos & Athanasios Tagkalakis, 2024. "The medium-term effects of fiscal policy rules," Working Papers 325, Bank of Greece.
    9. Truong Nguyen, 2013. "Estimating India's Fiscal Reaction Function," ASARC Working Papers 2013-05, The Australian National University, Australia South Asia Research Centre.
    10. Campos, Eduardo Lima & Cysne, Rubens Penha, 2017. "A time-varying fiscal reaction function for Brazil," FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) 795, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil).
    11. Tóth, Csaba G., 2017. "Own or inherited? The effect of national fiscal rules after changes of government," MPRA Paper 81178, University Library of Munich, Germany.
    12. António Afonso & José Alves & João Tovar Jalles & Sofia Monteiro, 2024. "Beyond the Centre: Tracing Decentralization’s Influence on Time-varying Fiscal Sustainability," CESifo Working Paper Series 11132, CESifo.
    13. Ahmad Saleem Tarwneh, 2019. "The Impact of Decentralization Dimensions on Subsidiaries Performance," International Review of Management and Marketing, Econjournals, vol. 9(1), pages 62-71.
    14. Nerlich, Carolin & Reuter, Wolf Heinrich, 2013. "The design of national fiscal frameworks and their budgetary impact," Working Paper Series 1588, European Central Bank.
    15. Mr. Luc Eyraud & Ms. Marialuz Moreno Badia, 2013. "Too Small to Fail? Subnational Spending Pressures in Europe," IMF Working Papers 2013/046, International Monetary Fund.
    16. Jorge Martinez-Vazquez & Violeta Vulovic, 2016. "How Well Do Subnational Borrowing Regulations Work?," ADBI Working Papers 563, Asian Development Bank Institute.
    17. Cezara Vinturis, 2019. "A multi-speed fiscal Europe? Fiscal Rules and Fiscal Performance in the EU Former Communist Countries," Working Papers hal-03097483, HAL.
    18. Gorčák Martin & Šaroch Stanislav, 2021. "Impact of fiscal institutions on public finances in the European Union: Review of evidence in the empirical literature," Review of Economic Perspectives, Sciendo, vol. 21(2), pages 215-232, June.
    19. Balázs Égert, 2012. "Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-cyclical?," EconomiX Working Papers 2012-12, University of Paris Nanterre, EconomiX.
    20. Benos, Christos & Angelopoulou, Ioanna & Metaxas, Theodore, 2017. "“Decentralization” of income per capita and its relationship to administrative decentralization in the context of European Union members," MPRA Paper 78777, University Library of Munich, Germany.
    21. Santiago Lago-Peñas & Agnese Sacchi & Pablo Simon-Cosano, 2014. "Who honor the rules of federalism? Party system nationalization and fiscal performance," Working Papers. Collection A: Public economics, governance and decentralization 1409, Universidade de Vigo, GEN - Governance and Economics research Network.
    22. Plödt, Martin & Reicher, Claire A., 2015. "Estimating fiscal policy reaction functions: The role of model specification," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 113-128.
    23. António Afonso & Ana Sofia Guimarães, 2014. "The relevance of fiscal rules for fiscal and yield developments," Working Papers Department of Economics 2014/05, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    24. Tagkalakis, Athanasios, 2013. "The effects of financial crisis on fiscal positions," European Journal of Political Economy, Elsevier, vol. 29(C), pages 197-213.
    25. Heinemann, Friedrich & Moessinger, Marc-Daniel & Yeter, Mustafa, 2018. "Do fiscal rules constrain fiscal policy? A meta-regression-analysis," European Journal of Political Economy, Elsevier, vol. 51(C), pages 69-92.
    26. Ciprian ROTARU & Raluca GEORGESCU & Dumitru-Alexandru BODISLAV, 2017. "The evolution of corruption and its current state – A case study on Romania," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(1(610), S), pages 99-108, Spring.
    27. Vasvári, Tamás & Pocsai, Erzsébet, 2024. "Kontrollok az önkormányzati hitelezésben - az elmúlt évtized tanulságai [Controls in municipal borrowing in Hungary - A decade of experience]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 881-914.
    28. Sami Kallal & Imène Guetat, 2020. "Fiscal stance, election year and 2007 crisis, evidence from OECD countries (1980–2017)," Post-Print hal-04097392, HAL.
    29. António Afonso & João Jalles, 2017. "Do Fiscal Rules Lower Government Financing Costs?," Working Papers REM 2017/15, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    30. Agnese Sacchi & Simone Salotti, 2017. "The influence of decentralized taxes and intergovernmental grants on local spending volatility," Regional Studies, Taylor & Francis Journals, vol. 51(4), pages 507-522, April.
    31. Plödt, Martin & Reicher, Claire, 2014. "Estimating simple fiscal policy reaction functions for the euro area countries," Kiel Working Papers 1899, Kiel Institute for the World Economy (IfW Kiel).
    32. Shijaku, Gerti, 2014. "Fiscal policy, output and financial stress in the case of developing and emerging European economies: a threshold VAR approach," MPRA Paper 79139, University Library of Munich, Germany.
    33. Mr. Luc Eyraud & Ms. Anita Tuladhar & Mr. Julio Escolano & Ms. Marialuz Moreno Badia & Ms. Juliane Sarnes, 2012. "Fiscal Performance, Institutional Design and Decentralization in European Union Countries," IMF Working Papers 2012/045, International Monetary Fund.
    34. Albuquerque, Bruno, 2011. "Fiscal institutions and public spending volatility in Europe," Economic Modelling, Elsevier, vol. 28(6), pages 2544-2559.
    35. Aura Gabriela SOCOL & Roxana Mirela FERARU, 2017. "The role of fiscal policy in the financial crisis. Challenges and solutions," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(611), S), pages 5-20, Summer.
    36. Hans Pitlik & Michael Klien & Stefan Schiman-Vukan, 2017. "Stabilitätskonforme Berücksichtigung nachhaltiger öffentlicher Investitionen," WIFO Studies, WIFO, number 60595, June.
    37. Badiu Cazacu Cristina Elena & Bărbută-Mişu Nicoleta, 2023. "The Relationship between the Budgetary Fiscal Policy and Macroeconomic Indicators, a Comparative Study of Germany-France versus Romania-Bulgaria," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 17(1), pages 948-958, July.
    38. António Afonso & João Tovar Jalles, 2012. "Do fiscal rules matter for growth?," Working Papers Department of Economics 2012/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    39. Hauptmeier, Sebastian & Rother, Philipp & Holm-Hadulla, Fédéric, 2010. "The impact of numerical expenditure rules on budgetary discipline over the cycle," Working Paper Series 1169, European Central Bank.
    40. Lenka Maličká, 2017. "The Role of Immovable Property Taxes in the EU Countries - Taxes on Land, Buildings and Other Structure in Sub-national Tax Revenues under the Conditions of Tax Decentralization," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 65(4), pages 1383-1392.
    41. Csaba G. Tóth & Dávid Berta, 2017. "Fiscal Rules," MNB Handbook, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 2(14), pages 1-60.
    42. Plödt, Martin & Reicher, Claire, 2014. "Primary surplus and debt projections based on estimated fiscal reaction functions for euro area countries," Kiel Working Papers 1900, Kiel Institute for the World Economy (IfW Kiel).
    43. Csaba G. Tóth, 2019. "Valuable legacy? The effect of inherited fiscal rules," Public Choice, Springer, vol. 178(1), pages 3-30, January.
    44. Tagkalakis, Athanasios, 2011. "Fiscal policy and financial market movements," Journal of Banking & Finance, Elsevier, vol. 35(1), pages 231-251, January.
    45. Sokolovskyi, Dmytro, 2019. "Cumulative analysis of dependence government tax behaviour on economy’s efficiency factors for totality the world countries," MPRA Paper 95827, University Library of Munich, Germany.
    46. Fédéric Holm-Hadulla & Sebastian Hauptmeier & Philipp Rother, 2011. "The impact of expenditure rules on budgetary discipline over the cycle," Post-Print hal-00711446, HAL.
    47. Sokolovskyi, Dmytro, 2018. "Macroeconomic indicators of determination on tax behaviour of OECD countries," MPRA Paper 84002, University Library of Munich, Germany.
    48. Fran Brahimi & Mariel Frroku & Monika Brahimi, 2024. "Fiscal Decentralization Level In Albania," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 18(1), pages 273-288.
    49. Oronde Small & Leanora Brown & Gustavo Canavire‐Bacarreza, 2020. "The Fiscal Policy Response To Public Debt In Developing Countries," Contemporary Economic Policy, Western Economic Association International, vol. 38(1), pages 155-165, January.
    50. Sacchi, Agnese & Salotti, Simone, 2014. "The asymmetric nature of fiscal decentralization: theory and practice," MPRA Paper 54506, University Library of Munich, Germany.
    51. Zsóka Kóczán, 2016. "Fiscal policy, business cycles and discretion: evidence from the Western Balkans," Post-Communist Economies, Taylor & Francis Journals, vol. 28(4), pages 468-486, October.
    52. Hans Pitlik, 2010. "Fiscal Governance and Government Investment in Europe since the 1990s," WIFO Working Papers 370, WIFO.
    53. Mihaela Onofrei & Tudorel Toader & Anca Florentina Vatamanu & Florin Oprea, 2021. "Impact of Governments’ Fiscal Behaviors on Public Finance Sustainability: A Comparative Study," Sustainability, MDPI, vol. 13(7), pages 1-16, March.
    54. Stracca, Livio & Ioannou, Demosthenes, 2011. "Have euro area and EU economic governance worked? Just the facts," Working Paper Series 1344, European Central Bank.
    55. Makreshanska, Suzana & Petrevski, Goran, 2015. "Fiscal Decentralization and Inflation in Central and Eastern Europe," MPRA Paper 77596, University Library of Munich, Germany, revised 16 Mar 2017.
    56. Tóth G., Csaba, 2017. "A nemzeti költségvetési szabályok elterjedése és hatása Európában [The spread of national fiscal rules and their effect in Europe]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1119-1147.
    57. Rilind Kabashi, 2016. "The cyclical character of fiscal policy in transition countries," Working Papers 2016-03, National Bank of the Republic of North Macedonia.
    58. Mihaela Onofrei & Anca Gavriluţă (Vatamanu) & Ionel Bostan & Florin Oprea & Gigel Paraschiv & Cristina Mihaela Lazăr, 2020. "The Implication of Fiscal Principles and Rules on Promoting Sustainable Public Finances in the EU Countries," Sustainability, MDPI, vol. 12(7), pages 1-21, April.
    59. Nataliya Trusova, 2019. "Development of the Fiscal Consolidation of Local Budgets of Regional Level," Oblik i finansi, Institute of Accounting and Finance, issue 1, pages 105-113, March.
    60. Bergman, U. Michael & Hutchison, Michael M. & Jensen, Svend E. Hougaard, 2016. "Promoting sustainable public finances in the European Union: The role of fiscal rules and government efficiency," European Journal of Political Economy, Elsevier, vol. 44(C), pages 1-19.
    61. Ioannou, Demosthenes & Stracca, Livio, 2014. "Have the euro area and EU governance worked? Just the facts," European Journal of Political Economy, Elsevier, vol. 34(C), pages 1-17.

  112. António Afonso & Christophe Rault, 2009. "Budgetary and External Imbalances Relationship: A Panel Data Diagnostic," CESifo Working Paper Series 2559, CESifo.

    Cited by:

    1. Antonio Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2018. "Assessing the sustainability of external imbalances in the European Union," Post-Print hal-01914597, HAL.
    2. Yoichi Matsubayashi, 2010. "Budget Deficits and Current Account in Japan and the U.S.: An Empirical Evidence on the Twin Deficits Hypothesis," Discussion Papers 1010, Graduate School of Economics, Kobe University.
    3. Jude C. Eggoh & Chrysost Bangaké & Christophe Rault, 2011. "Energy Consumption and Economic Growth Revisited in African Countries," CESifo Working Paper Series 3590, CESifo.
    4. Arouri, Mohamed & Teulon, Frédéric & Rault, Christophe, 2013. "Equity risk premium and regional integration," International Review of Financial Analysis, Elsevier, vol. 28(C), pages 79-85.
    5. Xie, Zixiong & Chen, Shyh-Wei, 2014. "Untangling the causal relationship between government budget and current account deficits in OECD countries: Evidence from bootstrap panel Granger causality," International Review of Economics & Finance, Elsevier, vol. 31(C), pages 95-104.
    6. António Afonso & Christophe Rault, 2009. "Bootstrap Panel Granger-Causality Between Government Budget and External Deficits for the EU," Working Papers Department of Economics 2009/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    7. Gervais, Olivier & Schembri, Lawrence & Suchanek, Lena, 2016. "Current account dynamics, real exchange rate adjustment, and the exchange rate regime in emerging-market economies," Journal of Development Economics, Elsevier, vol. 119(C), pages 86-99.
    8. Francisco Serranito & Jean-Baptiste Gossé, 2014. "Long-run determinants of current accounts in OECD countries: Lessons for intra-European imbalances," Post-Print hal-01384673, HAL.
    9. Sophocles Brissimis & George Hondroyiannis & Christos Papazoglou & Nicholas Tsaveas & Melina Vasardani, 2013. "The determinants of current account imbalances in the euro area: a panel estimation approach," Economic Change and Restructuring, Springer, vol. 46(3), pages 299-319, August.
    10. Aristovnik, Aleksander & Djurić, Sandra, 2010. "Twin deficits and the Feldstein-Horioka puzzle: a comparison of the EU member states and candidate countries," MPRA Paper 24149, University Library of Munich, Germany.
    11. Vesna Stojcevska & Mite Miteski, 2016. "Assessment of the Impact of Fiscal Policy on the Current Account – the Twin Deficit Hypothesis in the Case of Macedonian Economy," Working Papers 2016-01, National Bank of the Republic of North Macedonia.
    12. Ant Afonso & Christophe Rault, 2015. "Short- and long-run behaviour of long-term sovereign bond yields," Applied Economics, Taylor & Francis Journals, vol. 47(37), pages 3971-3993, August.
    13. Olivier Gervais & Lawrence L. Schembri & Lena Suchanek, 2011. "External Stability, Real Exchange Rate Adjustment and the Exchange Rate Regime in Emerging-Market Economies," Discussion Papers 11-5, Bank of Canada.
    14. António Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2018. "Twin Deficits Revisited: a role for fiscal institutions?," Working Papers REM 2018/31, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    15. Umaima Arif & Maryam Latif & Asma Arif, 2024. "Assessing the triple deficit hypothesis in G-7 and D-8 countries: an evidence from heterogeneous panel methods," International Journal of Economic Policy Studies, Springer, vol. 18(2), pages 497-527, August.
    16. Trachanas, Emmanouil & Katrakilidis, Constantinos, 2013. "The dynamic linkages of fiscal and current account deficits: New evidence from five highly indebted European countries accounting for regime shifts and asymmetries," Economic Modelling, Elsevier, vol. 31(C), pages 502-510.
    17. António Afonso & Philemon Kwame Opoku, 2018. "The Relationship between Fiscal and Current Account Imbalances in OECD Economies," Working Papers REM 2018/61, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    18. Guglielmo Maria Caporale & Thouraya Hadj Amor & Christophe Rault, 2011. "Sources of Real Exchange Rate Volatility and International Financial Integration: A Dynamic GMM Panel Approach," CESifo Working Paper Series 3645, CESifo.
    19. Jorge Silva, 2017. "Are external accounts sustainable in Portugal?," Working Papers REM 2017/21, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  113. Ant??nio Afonso & Christophe Rault, 2009. "Bootstrap panel Granger-causality between government spending and revenue in the EU," William Davidson Institute Working Papers Series wp944, William Davidson Institute at the University of Michigan.

    Cited by:

    1. Phiri, Andrew, 2018. "How sustainable are fiscal budgets in the Kingdom of Swaziland?," MPRA Paper 85149, University Library of Munich, Germany.
    2. Algieri, Bernardina, 2013. "An empirical analysis of the nexus between external balance and government budget balance: The case of the GIIPS countries," Economic Systems, Elsevier, vol. 37(2), pages 233-253.
    3. Arouri, Mohamed El Hedi & Caporale, Guglielmo Maria & Rault, Christophe & Sova, Robert & Sova, Anamaria, 2012. "Environmental Regulation and Competitiveness: Evidence from Romania," Ecological Economics, Elsevier, vol. 81(C), pages 130-139.
    4. A. Phiri, 2019. "Asymmetries in the revenue–expenditure nexus: new evidence from South Africa," Empirical Economics, Springer, vol. 56(5), pages 1515-1547, May.
    5. Afonso, António & Coelho, José Carlos, 2022. "The role of fiscal policies for external imbalances: Evidence from the European Union," Economic Systems, Elsevier, vol. 46(2).
    6. Salebu, Jefry Batara, 2014. "Pengaruh Penanaman Modal Asing Terhadap Pertumbuhan Ekonomi Di Indonesia: Analisis Data Panel Periode 1994-2013 [The Impact of Foreign Direct Investment on Indonesian Economic Growth: Panel Data an," MPRA Paper 72830, University Library of Munich, Germany.
    7. Mouna Ben Abdeljelil & Christophe Rault & Fateh Belaïd, 2023. "Economic growth and pollutant emissions: new panel evidence from the union for the Mediterranean countries," Economic Change and Restructuring, Springer, vol. 56(3), pages 1537-1566, June.
    8. Dizaji, Sajjad Faraji, 2014. "The effects of oil shocks on government expenditures and government revenues nexus (with an application to Iran's sanctions)," Economic Modelling, Elsevier, vol. 40(C), pages 299-313.
    9. Fuad M.M Kreishan & Mohamed Sayed Abou Elseoud & Mohammad Selim, 2018. "Oil Revenue and State Budget Dynamic Relationship: Evidence from Bahrain," International Journal of Energy Economics and Policy, Econjournals, vol. 8(6), pages 174-179.
    10. Khalid Khan & Chi-Wei Su & Ran Tao & Lin-Na Hao, 2020. "Urbanization and carbon emission: causality evidence from the new industrialized economies," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 22(8), pages 7193-7213, December.
    11. Omoshoro-Jones, Oyeyinka Sunday, 2020. "Investigating the Government Revenue–Expenditure Nexus: Empirical Evidence for the Free State Province in a Multivariate Model," MPRA Paper 101349, University Library of Munich, Germany.
    12. Temel Gurdal & Mucahit Aydin & Veysel Inal, 2021. "The relationship between tax revenue, government expenditure, and economic growth in G7 countries: new evidence from time and frequency domain approaches," Economic Change and Restructuring, Springer, vol. 54(2), pages 305-337, May.
    13. Takumah, Wisdom, 2014. "The Dynamic Causal Relationship between Government Revenue and Government Expenditure Nexus in Ghana," MPRA Paper 58579, University Library of Munich, Germany.
    14. Tosun, M. Umur & Iyidogan, Pelin Varol & Telatar, Erdinç, 2014. "The Twin Deficits in Selected Central and Eastern European Economies: Bounds Testing Approach with Causality Analysis," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 141-160, June.
    15. Alina Klonowska & Barbara Pawełek, 2022. "What we know and what we do not know about social security finance and macroeconomic stabilization? Evidence from EU countries," Ekonomista, Polskie Towarzystwo Ekonomiczne, issue 4, pages 455-483.
    16. Sarah El-Khishin & Jailan El-Saeed, 2021. "The Twin Deficit Hypothesis in the MENA Region: Do Geopolitics Matter?," Economies, MDPI, vol. 9(3), pages 1-17, September.
    17. Yousef Elyasi & Mohammad Rahimi, 2012. "The Causality between Government Revenue and Government Expenditure in Iran," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 5(1), pages 129-145, April.
    18. Guglielmo Maria Caporale & Thouraya Hadj Amor & Christophe Rault, 2011. "Sources of Real Exchange Rate Volatility and International Financial Integration: A Dynamic GMM Panel Approach," CESifo Working Paper Series 3645, CESifo.
    19. Cagri Esener & Brigitte Granville & Roman Matousek, 2022. "Choosing the Optimal Tool for Fiscal Adjustment or Living under Fiscal Constraints: Panel Evidence from Selected OECD Countries," Economic Research Guardian, Mutascu Publishing, vol. 12(1), pages 2-29, June.
    20. Obeng, Samuel, 2015. "A Causality Test of the Revenue-Expenditure Nexus in Ghana," MPRA Paper 63735, University Library of Munich, Germany, revised 25 Feb 2015.
    21. Olumuyiwa Ganiyu Yinusa & Olalekan Bashir Aworinde & Isiaq Olasunkanmi Oseni, 2017. "The Revenue-Expenditure Nexus in Nigeria: Assymetric Cointegration Approach," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 15(1), pages 47-61.

  114. Afonso, António & Sousa, Ricardo M., 2009. "Fiscal policy, housing and stock prices," Working Paper Series 990, European Central Bank.

    Cited by:

    1. Paulo Bastos & Natália P. Monteiro, 2011. "Managers and Wage Policies," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 20(4), pages 957-984, December.
    2. Galloppo, Giuseppe & Paimanova, Viktoriia, 2017. "The impact of monetary policy on BRIC markets asset prices during global financial crises," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 21-49.
    3. António Afonso & Ricardo M. Sousa, 2009. "The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis," Working Papers Department of Economics 2009/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    4. António Afonso, 2011. "The Macroeconomic Effects of Fiscal Policy," Post-Print hal-00719484, HAL.
    5. Konstantin A. Kholodilin, 2025. "The Impact of Governmental Regulations on Housing Market: Findings of a Meta-Study of Empirical Literature," Discussion Papers of DIW Berlin 2113, DIW Berlin, German Institute for Economic Research.
    6. Wong, Chi Shing, 2012. "A Quantitative Study of Hong Kong's Fiscal Policy," MPRA Paper 41431, University Library of Munich, Germany.
    7. António Afonso & Ricardo M. Sousa, 2008. "The Macroeconomic Effects of Fiscal Policy," Working Papers Department of Economics 2008/56, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    8. Miyazaki, Tomomi & Hiraga, Kazuki & Kozuka, Masafumi, 2024. "Stock market response to public investment under the zero lower bound: Cross-industry evidence from Japan," Journal of the Japanese and International Economies, Elsevier, vol. 71(C).
    9. Gabriela-Victoria Anghelache & Stela Jakova & Dumitru-Cristian Oanea, 2016. "Fiscal Policy and Capital Market Performance: Evidence from EU Countries from Central and Eastern Europe," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 6(2), pages 34-43, April.
    10. Centinaio, Alessandra & Pacicco, Fausto & Serati, Massimiliano & Venegoni, Andrea, 2024. "Government decisions and macroeconomic stability: Fiscal policies and financial market fluctuations," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    11. António Afonso & Jaromír Baxa & Michal Slavík, 2011. "Fiscal developments and financial stress: a threshold VAR analysis," Working Papers IES 2011/16, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Aug 2011.
    12. Subhani, Muhammad Imtiaz, 2010. "Impact of Fiscal Policy on the Economy of Pakistan," MPRA Paper 36172, University Library of Munich, Germany.
    13. Pasquale Foresti & Oreste Napolitano, 2016. "On the Stock Markets’ Reactions to Taxation and Public Expenditure," LEQS – LSE 'Europe in Question' Discussion Paper Series 115, European Institute, LSE.
    14. Chatziantoniou, Ioannis & Duffy, David & Filis, George, 2013. "Stock market response to monetary and fiscal policy shocks: Multi-country evidence," Economic Modelling, Elsevier, vol. 30(C), pages 754-769.
    15. Pamfili Antipa & Schalck, C., 2009. "Impact of Fiscal Policy on Residential Investment in France," Working papers 270, Banque de France.
    16. Hashmat Khan & Abeer Reza, 2017. "House Prices and Government Spending Shocks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(6), pages 1247-1271, September.
    17. Javier Ferri & Francisca Herranz-Baez, 2023. "Building on fiscal policy: government consumption and the residential sector. When helping hurts," Working Papers 2023-01, FEDEA.
    18. Tagkalakis, Athanasios, 2011. "Fiscal adjustments and asset price changes," Journal of Macroeconomics, Elsevier, vol. 33(2), pages 206-223, June.
    19. Moayedi, Vafa & Aminfard, Matin, 2011. "The Impact of Policy Shocks on Financial Structure: Empirical Results from Japan," MPRA Paper 39185, University Library of Munich, Germany.

  115. António Afonso & Ricardo M. Sousa, 2009. "The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis," Working Papers Department of Economics 2009/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Agnello, Luca & Castro, Vítor & Sousa, Ricardo M., 2012. "How does fiscal policy react to wealth composition and asset prices?," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 874-890.
    2. António Afonso & Peter Claeys & Ricardo M. Sousa, 2009. "Fiscal Regime Shifts in Portugal," IREA Working Papers 200921, University of Barcelona, Research Institute of Applied Economics, revised Oct 2009.
    3. Zakariae Belmkaddem, 2019. "The different forms of crowding-out effects in Morocco: an empirical study (1980-2018) [Les différentes formes des effets d’éviction au Maroc : une étude empirique (1980-2018)]," Post-Print hal-02867583, HAL.
    4. Emilia Mioara CAMPEANU, 2012. "How can be investigated the fiscal policy effects on the Romanian economy?," Anale. Seria Stiinte Economice. Timisoara, Faculty of Economics, Tibiscus University in Timisoara, vol. 0, pages 80-87, May.
    5. Stephen T. Onifade & Savaş Çevik & Savaş Erdoğan & Simplice A. Asongu & Festus Victor Bekun, 2019. "An Empirical Retrospect of the Impacts of Government Expenditures on Economic Growth: New Evidence from the Nigerian Economy," Research Africa Network Working Papers 19/096, Research Africa Network (RAN).
    6. Cimadomo, Jacopo & Bénassy-Quéré, Agnès, 2012. "Changing patterns of fiscal policy multipliers in Germany, the UK and the US," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 845-873.
    7. Abid, Mehdi & Alotaibi, Mohammed Naif, 2020. "Crude oil price and private sector of Saudi Arabia: Do globalization and financial development matter? New evidence from combined cointegration test," Resources Policy, Elsevier, vol. 69(C).
    8. Ghassan, Hassan & Alhajhoj, Hassan, 2010. "الارتباط الحركي بين الاستثمار في مؤسسات القطاع الحكومي والاستثمار الخاص عبر نموذج التقهقر الذاتي البنيوي: حالة الاقتصاد السعودي [The Dynamic Relationship between the Investment in Public and Privat," MPRA Paper 54398, University Library of Munich, Germany.
    9. Alexandru Minea & Lavinia Teodora Mustea, 2015. "A fresh look at fiscal multipliers: one size fits it all? Evidence from the Mediterranean area," Post-Print halshs-01152806, HAL.
    10. Olivier Cardi & Gernot J. Muller, 2010. "Habit Formation and Fiscal Transmission in Open Economies," Working Papers hal-00544484, HAL.
    11. António Afonso, & Jorge Caiado, & Miguel St. Aubyn, 2015. "The macro impact of the Portuguese Constitutional Court decisions regarding the budgetary proposals of the Portuguese Budget Law (2012, 2013, 2014)," Working Papers Department of Economics 2015/06, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    12. Vdovychenko, Artem & Zubrytskyi, Artur, 2016. "Effects of fiscal consolidation on exports in Ukraine," MPRA Paper 70722, University Library of Munich, Germany, revised Feb 2016.
    13. Jesús Crespo Cuaresma & Markus Eller & Aaron Mehrotra, 2011. "The Economic Transmission of Fiscal Policy Shocks from Western to Eastern Europe," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 44-68.
    14. Lara Wemans & Manuel Coutinho Pereira, 2013. "Output effects of fiscal policy in Portugal: a structural VAR approach," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
    15. Kumwenda, Thomson Nelson, 2022. "Fiscal Multipliers and Evidence on Effectiveness of Fiscal Policy in Malawi," Dynare Working Papers 73, CEPREMAP.
    16. Mihaela MITROI, 2018. "Repercursions Of The Implementation Of Fiscal Policy’S Objectives On Economic Growth," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 12(1), pages 495-504, November.
    17. Athanasios O. Tagkalakis, 2013. "The output effects of systematic and non-systematic fiscal policy changes in Greece," Working Papers 167, Bank of Greece.
    18. Luca Agnello & Davide Furceri & Ricardo M. Sousa, 2011. "Fiscal Policy Discretion, Private Spending, and Crisis Episodes," NIPE Working Papers 31/2011, NIPE - Universidade do Minho.
    19. Raffaella Basile & Bruno Chiarini & Elisabetta Marzano, 2011. "Can we Rely upon Fiscal Policy Estimates in Countries with Unreported Production of 15 Per Cent (or more) of GDP?," CESifo Working Paper Series 3521, CESifo.
    20. Cristina Badarau-Semenescu & Cheikh Tidiane Ndiaye, 2010. "Politique économique et transmission des chocs dans la zone euro," L'Actualité Economique, Société Canadienne de Science Economique, vol. 86(1), pages 35-77.
    21. Elva Bova & Violeta Klyviene, 2019. "Macroeconomic Responses to Fiscal Shocks in Portugal," European Economy - Discussion Papers 096, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    22. Marto, Ricardo, 2013. "Assessing the Impacts of Non-Ricardian Households in an Estimated New Keynesian DSGE Model," MPRA Paper 55647, University Library of Munich, Germany.
    23. Kasselaki, Maria Th. & Tagkalakis, Athanasios O., 2016. "Fiscal policy and private investment in Greece," International Economics, Elsevier, vol. 147(C), pages 53-106.
    24. OSENI Isiaq Olasunkanmi, 2015. "Fiscal Policy Shocks and Private Consumption in Nigeria: Blanchard-Perotti (2002) Approach," Journal of Economics and Behavioral Studies, AMH International, vol. 7(6), pages 42-60.
    25. Adama Diaw & Mamadou Diop, 2015. "Bilan de la dévaluation du Franc CFA et du Pacte de convergence dans l’UEMOA," Economics Working Paper Archive (University of Rennes & University of Caen) 201505, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    26. Luís Martins & António Afonso, 2016. "Monetary Developments and Expansionary Fiscal Consolidations: Evidence from the EMU," Working Papers w201602, Banco de Portugal, Economics and Research Department.
    27. Mallick, Hrushikesh & Mahalik, Mantu Kumar & Sahoo, Manoranjan, 2018. "Is crude oil price detrimental to domestic private investment for an emerging economy? The role of public sector investment and financial sector development in an era of globalization," Energy Economics, Elsevier, vol. 69(C), pages 307-324.
    28. Roccazzella, Francesco, 2019. "Credit market frictions and rational agents' myopia: Modeling financial frictions and shock to expectations in a DSGE setting estimated on Slovenian data," LIDAM Discussion Papers LFIN 2019004, Université catholique de Louvain, Louvain Finance (LFIN).
    29. Francisco de Castro & Laura Fernández-Caballero, 2011. "The effects of fiscal shocks on the exchange rate in Spain," Working Papers 1121, Banco de España.
    30. Gregory de Walque & Juha Kilponen & Massimiliano Pisani & Sebastian Schmidt & Vesna Corbo & Tibor Hledik & Josef Hollmayr & Samuel Hurtado & Paulo Júlio & Dmitry Kulikov & Matthieu Lemoine & Matija Lo, 2015. "Comparing fiscal multipliers across models and countries in Europe," Working Paper Research 278, National Bank of Belgium.
    31. Reda Cherif & Fuad Hasanov, 2018. "Public debt dynamics: the effects of austerity, inflation, and growth shocks," Empirical Economics, Springer, vol. 54(3), pages 1087-1105, May.
    32. Mats Wilhelmsson & Jianyu Zhao, 2018. "Risk Assessment of Housing Market Segments: The Lender’s Perspective," JRFM, MDPI, vol. 11(4), pages 1-22, October.
    33. Delavari, Majid & Mohammadali, Hanieh & Naderi, Esmaeil & Gandali Alikhani, Nadiya, 2011. "The sources of Iran's Business Cycles," MPRA Paper 46756, University Library of Munich, Germany.
    34. Zoë Venter, 2020. "The Interaction Between Conventional Monetary Policy and Financial Stability: Chile, Colombia, Japan, Portugal and the UK," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 62(3), pages 521-554, September.
    35. Petrevski, Goran & Exterkate, Peter & Tevdovski, Dragan & Bogoev, Jane, 2015. "The transmission of foreign shocks to South Eastern European economies: A Bayesian VAR approach," Economic Systems, Elsevier, vol. 39(4), pages 632-643.
    36. Badru, Ruth & Calef, Andrea & Ilori, Ayobami E. & Omoju, Oluwasola E., 2025. "Fiscal consolidation and asymmetric macroeconomic effects: Evidence from Sub-Saharan African countries," Economic Modelling, Elsevier, vol. 147(C).
    37. Liu, Chunping & Ou, Zhirong, 2024. "Has fiscal expansion inflated house prices in China? Evidence from an estimated DSGE model," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    38. Dragan Tevdovski & Goran Petrevski & Jane Bogoev, 2019. "The effects of macroeconomic policies under fixed exchange rates: A Bayesian VAR analysis," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 32(1), pages 2138-2160, January.
    39. Şen, Hüseyin & Kaya, Ayşe, 2015. "Growth enhancing effect of discretionary fiscal policy shocks: Keynesian, Weak Keynesian or Non-Keynesian?," MPRA Paper 65976, University Library of Munich, Germany, revised 05 Aug 2015.
    40. Francisco Castro & Daniel Garrote, 2015. "The effects of fiscal shocks on the exchange rate in the EMU and differences with the USA," Empirical Economics, Springer, vol. 49(4), pages 1341-1365, December.
    41. Davide Furceri & Ricardo M. Sousa, 2011. "Does Government Spending Crowd Out Private Consumption and Investment?," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 12(4), pages 153-170, October.
    42. Mihai Ioan Mutaşcu & Dan Constantin Dănuleţiu, 2011. "Taxes And Economic Growth In Romania. A Var Approach," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(13), pages 1-10.
    43. Carine Bouthevillain & John Caruana & Cristina Checherita & Jorge Cunha & Esther Gordo & Stephan Haroutunian & Geert Langenus & Amela Hubic & Bernhard Manzke & Javier J. Pérez & Pietro Tommasino, 2009. "Pros and cons of various fiscal measures to stimulate the economy," Economic Bulletin, Banco de España, issue JUL, pages 123-144, July.
    44. Luca Agnello & Ricardo M. Sousa, 2011. "Fiscal Consolidation and Income Inequality," NIPE Working Papers 34/2011, NIPE - Universidade do Minho.
    45. Luca Agnello & Vitor Castro & Ricardo M. Sousa, 2015. "Booms, Busts, and Normal Times in the Housing Market," Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 33(1), pages 25-45, January.
    46. Nadri , Kamran & Ebrahimi , Sajad & Fadaie , Abbas, 2018. "An Investigation of Co-Movement of Financial Stability Index with Macro-Prudential Indicator through Wavelet Analysis," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 13(2), pages 125-151, April.
    47. Burriel, Pablo & de Castro Fernández, Francisco & Garrote, Daniel & Gordo, Esther & Paredes, Joan & Pérez, Javier J., 2009. "Fiscal policy shocks in the euro area and the US: an empirical assessment," Working Paper Series 1133, European Central Bank.
    48. Gnangnon, Sèna Kimm, 2023. "Export Product Quality and Inclusivity in Developing Countries," EconStor Preprints 274651, ZBW - Leibniz Information Centre for Economics.
    49. Paredes, Joan & Pedregal, Diego J. & Pérez, Javier J., 2014. "Fiscal policy analysis in the euro area: Expanding the toolkit," Journal of Policy Modeling, Elsevier, vol. 36(5), pages 800-823.
    50. Mthokozisi Mlilo & Umakrishnan Kollamparambi, 2016. "Fiscal policy, employment, and output in South Africa: An open economy analysis," Journal of Economic and Financial Studies (JEFS), LAR Center Press, vol. 4(3), pages 11-23, June.
    51. Ioana BOICIUC, 2014. "The Macroeconomic Effects Of Fiscal Policy. A Bvar Approach," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 14, pages 163-169, December.
    52. Sharnit S. Gosai & Ashna Devi, 2023. "Analysing Fiji’s Budget amid COVID-19 – A Fiscal Overdrive without Hope," Journal of Social Science Studies, Macrothink Institute, vol. 10(1), pages 223-223, June.
    53. Jorge Silva, 2018. "Impact of public and private sector external debt on economic growth," Working Papers REM 2018/24, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    54. Reda, Cherif & Fuad, Hasanov, 2010. "Public Debt Dynamics and Debt Feedback," MPRA Paper 27918, University Library of Munich, Germany.
    55. Chun-Ping Chang & Chien-Chiang Lee & GenFu Feng & Shao-Lin Ning, 2016. "Does higher government debt link to higher social expenditure? New method, new evidence," Applied Economics, Taylor & Francis Journals, vol. 48(16), pages 1429-1451, April.
    56. Mathias A. Chuba, 2021. "Crowding-Out and Crowding-In Effects of Public Borrowing on Private Domestic Investment in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 5(11), pages 439-448, November.
    57. Iszan Hana Kaharudin & Mohammad Syuhaimi Ab-Rahman, 2022. "Fiscal Policy Effects on Private Expenditure for Sustainable Economic Growth: A Panel VAR Study from Selected Developing Countries," Sustainability, MDPI, vol. 14(17), pages 1-21, August.
    58. Rafael Ravnik & Ivan Zilic, 2011. "The use of SVAR analysis in determining the effects of ?scal shocks in Croatia," Financial Theory and Practice, Institute of Public Finance, vol. 35(1), pages 25-58.
    59. Afonso, António & Morão, Hugo, 2024. "Commonalities and heterogeneity in the Iberian business cycle," The Journal of Economic Asymmetries, Elsevier, vol. 30(C).
    60. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    61. Gonzalez-Hernandez, Ramon A. & Karayalcin, Cem, 2013. "Habit formation, adjustment costs, and international transmission of fiscal policy," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 341-359.
    62. Davide Furceri & Ricardo M. Sousa, 2009. "The Impact of Government Spending on the Private Sector: Crowding-out versus Crowding-in Effects"," NIPE Working Papers 6/2009, NIPE - Universidade do Minho.
    63. Berger, Johannes & Graf, Nikolaus & Strohner, Ludwig & Schuh, Ulrich, 2014. "Auswirkungen von ausgaben- und einnahmenseitigen Konsolidierungen," Research Papers 2, EcoAustria – Institute for Economic Research.

  116. António Afonso & Christophe Rault, 2009. "Bootstrap Panel Granger-Causality between Government Budget and External Deficits for the EU," CESifo Working Paper Series 2581, CESifo.

    Cited by:

    1. Algieri, Bernardina, 2013. "An empirical analysis of the nexus between external balance and government budget balance: The case of the GIIPS countries," Economic Systems, Elsevier, vol. 37(2), pages 233-253.
    2. A. Phiri, 2019. "Asymmetries in the revenue–expenditure nexus: new evidence from South Africa," Empirical Economics, Springer, vol. 56(5), pages 1515-1547, May.
    3. Arouri, Mohamed El Hedi & Caporale, Guglielmo Maria & Rault, Christophe & Sova, Robert & Sova, Anamaria, 2012. "Environmental Regulation and Competitiveness: Evidence from Romania," Ecological Economics, Elsevier, vol. 81(C), pages 130-139.
    4. Afonso, António & Coelho, José Carlos, 2022. "The role of fiscal policies for external imbalances: Evidence from the European Union," Economic Systems, Elsevier, vol. 46(2).
    5. Mohamed El Hedi Arouri & Adel Ben Youssef & Hatem M'Henni & Christophe Rault, 2012. "Energy Consumption, Economic Growth and CO2 Emissions in Middle East and North African Countries," CESifo Working Paper Series 3726, CESifo.
    6. Mouna Ben Abdeljelil & Christophe Rault & Fateh Belaïd, 2023. "Economic growth and pollutant emissions: new panel evidence from the union for the Mediterranean countries," Economic Change and Restructuring, Springer, vol. 56(3), pages 1537-1566, June.
    7. Khalid Khan & Chi-Wei Su & Ran Tao & Lin-Na Hao, 2020. "Urbanization and carbon emission: causality evidence from the new industrialized economies," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 22(8), pages 7193-7213, December.
    8. Tosun, M. Umur & Iyidogan, Pelin Varol & Telatar, Erdinç, 2014. "The Twin Deficits in Selected Central and Eastern European Economies: Bounds Testing Approach with Causality Analysis," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 141-160, June.
    9. Alina Klonowska & Barbara Pawełek, 2022. "What we know and what we do not know about social security finance and macroeconomic stabilization? Evidence from EU countries," Ekonomista, Polskie Towarzystwo Ekonomiczne, issue 4, pages 455-483.
    10. Sarah El-Khishin & Jailan El-Saeed, 2021. "The Twin Deficit Hypothesis in the MENA Region: Do Geopolitics Matter?," Economies, MDPI, vol. 9(3), pages 1-17, September.
    11. Guglielmo Maria Caporale & Thouraya Hadj Amor & Christophe Rault, 2011. "Sources of Real Exchange Rate Volatility and International Financial Integration: A Dynamic GMM Panel Approach," CESifo Working Paper Series 3645, CESifo.
    12. Cagri Esener & Brigitte Granville & Roman Matousek, 2022. "Choosing the Optimal Tool for Fiscal Adjustment or Living under Fiscal Constraints: Panel Evidence from Selected OECD Countries," Economic Research Guardian, Mutascu Publishing, vol. 12(1), pages 2-29, June.
    13. Obeng, Samuel, 2015. "A Causality Test of the Revenue-Expenditure Nexus in Ghana," MPRA Paper 63735, University Library of Munich, Germany, revised 25 Feb 2015.
    14. José Carlos Coelho, 2020. "The relationship between budget deficit and external deficit: the case of Portugal," Working Papers REM 2020/0116, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  117. António Afonso, 2009. "Long-term Government Bond Yields and Economic Forecasts: Evidence for the EU," Working Papers Department of Economics 2009/38, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Martins, Manuel M.F. & Afonso, António, 2010. "Level, slope, curvature of the sovereign yield curve, and fiscal behaviour," Working Paper Series 1276, European Central Bank.
    2. Afonso, António & Nunes, Ana Sofia, 2015. "Economic forecasts and sovereign yields," Economic Modelling, Elsevier, vol. 44(C), pages 319-326.
    3. Gerhard Reitschuler & Rupert Sendlhofer, 2011. "Fiscal policy, trigger points and interest rates: Additional evidence from the U.S," Working Papers 2011-23, Faculty of Economics and Statistics, Universität Innsbruck.
    4. Benedict Clements & Sanjeev Gupta & João Jalles & Bernat Adrogue, 2023. "Climate Change and Government Borrowing Costs: A Triple Whammy for Emerging Market Economies," Working Papers REM 2023/0294, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    5. Kontonikas, Alexandros & Arghyrou, Michael G. & Afonso, António, 2012. "The determinants of sovereign bond yield spreads in the EMU," SIRE Discussion Papers 2012-88, Scottish Institute for Research in Economics (SIRE).
    6. Théo METZ, 2024. "New fiscal transparency index and public debt borrowing costs," Working Papers of BETA 2024-50, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    7. António Afonso & Jorge Silva, 2012. "The Fiscal Forecasting Track Record of the European Commission and Portugal," Working Papers Department of Economics 2012/37, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    8. Shivam Sehgal & Jaspal Singh, 2025. "Impact of Global and Domestic Factors on Indian Government Bond Yields," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 32(2), pages 465-488, June.
    9. Panagiotis Petrakis & Emmanuel Papadakis & Nikoleta Daniilopoulou, 2012. "Public Statements on Sovereign Yield Spreads:The Greek Case," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 6(2), pages 5-16, December.
    10. Serhan Cevik & Belma Öztürkkal, 2021. "Contagion of fear: Is the impact of COVID‐19 on sovereign risk really indiscriminate?," International Finance, Wiley Blackwell, vol. 24(2), pages 134-154, August.
    11. Carlos David Ardila-Dueñas & Hernán Rincón-Castro, 2019. "¿Cómo y qué tanto impacta la deuda pública a las tasas de interés de mercado?," Borradores de Economia 1077, Banco de la Republica de Colombia.
    12. António Afonso & João Tovar Jalles & Mina Kazemi, 2019. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads: an event study from the EMU," EconPol Working Paper 22, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    13. Ant Afonso & Christophe Rault, 2015. "Short- and long-run behaviour of long-term sovereign bond yields," Applied Economics, Taylor & Francis Journals, vol. 47(37), pages 3971-3993, August.
    14. António Afonso & João Tovar Jalles, 2020. "Economic volatility and sovereign yields’ determinants: a time-varying approach," Empirical Economics, Springer, vol. 58(2), pages 427-451, February.
    15. Antonakakis, Nikolaos & Vergos, Konstantinos, 2012. "Sovereign Bond Yield Spillovers in the Euro Zone During the Financial and Debt Crisis," MPRA Paper 43284, University Library of Munich, Germany.
    16. Salvatore Dell’Erba & Sergio Sola, 2011. "Expected fiscal policy and interest rates in open economy," IHEID Working Papers 07-2011, Economics Section, The Graduate Institute of International Studies.
    17. Serhan Cevik & João Tovar Jalles, 2020. "This Changes Everything: Climate Shocks and Sovereign Bonds," Working Papers REM 2020/0132, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    18. Mr. Salvatore Dell'Erba & Mr. Sergio Sola, 2013. "Does Fiscal Policy Affect Interest Rates? Evidence from a Factor-Augmented Panel," IMF Working Papers 2013/159, International Monetary Fund.
    19. Cevik, Serhan & Jalles, João Tovar, 2022. "This changes everything: Climate shocks and sovereign bonds⁎," Energy Economics, Elsevier, vol. 107(C).
    20. Salvatore Dell'Erba & Sergio Sola, 2013. "Fiscal Policy, Interest Rates and Risk Premia in Open Economy," IHEID Working Papers 05-2013, Economics Section, The Graduate Institute of International Studies.
    21. António Afonso & Jorge Silva, 2015. "The track record of fiscal forecasting in the EU," Economics Bulletin, AccessEcon, vol. 35(2), pages 1318-1329.
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  118. Afonso, António & Furceri, Davide & Agnello, Luca & Sousa, Ricardo M., 2009. "Assessing long-term fiscal developments - a new approach," Working Paper Series 1032, European Central Bank.

    Cited by:

    1. Martins, Manuel M.F. & Afonso, António, 2010. "Level, slope, curvature of the sovereign yield curve, and fiscal behaviour," Working Paper Series 1276, European Central Bank.
    2. António Afonso & Luca Agnello & Davide Furceri, 2010. "Fiscal policy responsiveness, persistence, and discretion," Public Choice, Springer, vol. 145(3), pages 503-530, December.
    3. Stoian, Andreea & Obreja Brasoveanu, Laura & Dumitrescu, Bogdan & Brasoveanu, Iulian, 2015. "A new framework for detecting the short term fiscal vulnerability for the European Union countries," MPRA Paper 63537, University Library of Munich, Germany.
    4. Luca Agnello & Vítor Castro & Ricardo M. Sousa, 2012. "What determines the duration of a fiscal consolidation program?," NIPE Working Papers 17/2012, NIPE - Universidade do Minho.
    5. Mirko Abbritti & Salvatore Dell’Erba & Antonio Moreno & Sergio Sola, 2018. "Global Factors in the Term Structure of Interest Rates," International Journal of Central Banking, International Journal of Central Banking, vol. 14(2), pages 301-340, March.
    6. Priesmeier, Christoph & Koester, Gerrit B., 2012. "Does Wagner's law ruin the sustainability of German public finances?," Discussion Papers 08/2012, Deutsche Bundesbank.
    7. Niklas Potrafke & Markus Reischmann, 2012. "Fiscal Equalization Schemes and Fiscal Sustainability," CESifo Working Paper Series 3948, CESifo.
    8. Andreea STOIAN, 2011. "A Retrospective Approach on Assessing Fiscal Vulnerability: Empirical Evidence for Overindebted European Countries," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 4(3(15)), pages 183-188.
    9. Emilia Câmpeanu & Andreea Stoian, 2010. "Fiscal Policy Reaction in the Short Term for Assessing Fiscal Sustainability in the Long Runin Central and Eastern European Countries," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 60(6), pages 501-518, December.
    10. Mariam Camarero & Josep Lluís Carrion-i-Silvestre & Cecilio Tamarit, 2013. "“The relationship between debt level and fiscal sustainability in OECD countries”," IREA Working Papers 201315, University of Barcelona, Research Institute of Applied Economics, revised Sep 2013.
    11. Adnan Habib & Jamshaid Rehman & Tasneem Zafar & Haider Mahmood, 2016. "Does sustainability hypothesis hold in developed countries? A panel co-integration analysis," Quality & Quantity: International Journal of Methodology, Springer, vol. 50(1), pages 1-25, January.
    12. Umoh, O. J. & Onye, Kenneth U. & Atan, Johnson A., 2018. "Political and Institutional Determinants of Fiscal Policy Persistence in West Africa," MPRA Paper 88452, University Library of Munich, Germany.
    13. Afonso, António & Carvalho, Francisco Tiago, 2022. "Time-varying cyclicality of fiscal policy: The case of the Euro area," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    14. Carine Bouthevillain & John Caruana & Cristina Checherita & Jorge Cunha & Esther Gordo & Stephan Haroutunian & Geert Langenus & Amela Hubic & Bernhard Manzke & Javier J. Pérez & Pietro Tommasino, 2009. "Pros and cons of various fiscal measures to stimulate the economy," Economic Bulletin, Banco de España, issue JUL, pages 123-144, July.
    15. António Afonso & Francisco Tiago Carvalho, 2021. "Euro area time-varying cyclicality of fiscal policy," Working Papers REM 2021/0202, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    16. Andreea Stoian & Laura Obreja Brașoveanu & Iulian Viorel Brașoveanu & Bogdan Dumitrescu, 2018. "A Framework to Assess Fiscal Vulnerability: Empirical Evidence for European Union Countries," Sustainability, MDPI, vol. 10(7), pages 1-20, July.
    17. Golpe, Antonio A. & Sánchez-Fuentes, A. Jesus & Vides, José Carlos, 2023. "Fiscal sustainability, monetary policy and economic growth in the Euro Area: In search of the ultimate causal path," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1026-1045.
    18. Kurniawan, Rudi, 2012. "Sustainability of Fiscal Policy and Government Revenue-Expenditure Nexus: The Experience of Indonesia," MPRA Paper 65883, University Library of Munich, Germany.
    19. Antonio Afonso & Ricardo Sousa, 2011. "Assessing long-term fiscal developments: evidence from Portugal," Applied Economics Letters, Taylor & Francis Journals, vol. 18(1), pages 1-5.
    20. Stoian, Andreea & Alves, Rui Henrique, 2014. "High public debt in the euro area: still a fact," MPRA Paper 63679, University Library of Munich, Germany.

  119. Afonso, António & Schuknecht, Ludger & Tanzi, Vito, 2008. "Income distribution determinants and public spending efficiency," Working Paper Series 861, European Central Bank.

    Cited by:

    1. Malgorzata Szczepaniak, 2020. "Redistribution and the alleviation of income inequalities: the case of the European Union," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 19(1), pages 149-161, March.
    2. Rodriguez-Alvarez, Ana & Llorca, Manuel & Jamasb, Tooraj, 2021. "Alleviating energy poverty in Europe: Front-runners and laggards," Energy Economics, Elsevier, vol. 103(C).
    3. Andreas P. Kyriacou & Leonel Muinelo-Gallo & Oriol Roca-Sagalés, 2018. "The efficiency of transport infrastructure investment and the role of institutions: an empirical analysis," Working Papers. Collection B: Regional and sectoral economics 1802, Universidade de Vigo, GEN - Governance and Economics research Network.
    4. Almanzar, Miguel & Torero, Maximo, 2017. "Distributional Effects of Growth and Public Expenditures in Africa: Estimates for Tanzania and Rwanda," World Development, Elsevier, vol. 95(C), pages 177-195.
    5. Sima Siami‐Namini & Conrad Lyford & A. Alexandre Trindade, 2020. "The Effects of Monetary Policy Shocks on Income Inequality Across U.S. States," Economic Papers, The Economic Society of Australia, vol. 39(3), pages 204-221, September.
    6. Cecilia García-Peñalosa, 2010. "Income distribution, economic growth and European integration," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 8(3), pages 277-292, September.
    7. Cosmin Eugen ENACHE, 2012. "The efficiency of expenditure-related redistributive policies in the European countries," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 5(18), pages 380-394.
    8. Kim, Hyoungjong & Rhee, Dong-Eun, 2022. "The effects of asset prices on income inequality: Redistribution policy does matter," Economic Modelling, Elsevier, vol. 113(C).
    9. Abdulaleem Isiaka & Alexander Mihailov & Giovanni Razzi, 2022. "Distributional Effects of Public Spending and Tax Shocks in Middle-Income Countries: A Panel VAR Approach," Economics Discussion Papers em-dp2022-09, Department of Economics, University of Reading.
    10. Emanuele, Canegrati, 2008. "Analysis of Intergenerational Inequality: the Role of Public Expenditure and Taxation," MPRA Paper 10926, University Library of Munich, Germany.
    11. Mursit Recepoglu, 2022. "Public Expenditures, Economic Growth and Income Inequality: Empirical Evidence from the Commonwealth of Independent States," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 9(2), pages 293-314, July.
    12. Hyungsun Chloe Cho & Miguel Ramirez, 2015. "Foreign Direct Investment And Income Inequality In Southeast Asia: A Panel Unit Root And Panel Cointegration Analysis, 1990-2013," Working Papers 1505, Trinity College, Department of Economics.
    13. António Afonso & Ludger Schuknecht, 2019. "How “Big” Should Government Be?," Working Papers REM 2019/78, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    14. Leonel Muinelo-Gallo & Oriol Roca-Sagalés, 2017. "Long-term effects of fiscal policy in Uruguay," Documentos de Trabajo (working papers) 17-02, Instituto de Economía - IECON.
    15. Lagravinese, Raffaele & Liberati, Paolo & Resce, Giuliano, 2020. "The impact of economic, social and cultural conditions on educational attainments," Journal of Policy Modeling, Elsevier, vol. 42(1), pages 112-132.
    16. Afonso, António & Jalles, João Tovar, 2011. "Economic performance and government size," Working Paper Series 1399, European Central Bank.
    17. Miguel Viegas & Ana Paula Ribeiro, 2011. "Welfare-improving Government Behaviour and Inequality - Inspection Using a Heterogeneous-agent Model," CEF.UP Working Papers 1103, Universidade do Porto, Faculdade de Economia do Porto.
    18. Hans Pitlik & Margit Schratzenstaller, 2022. "Kurzexpertise zu Abgabensystem und Ausgabenstrukturen im internationalen Vergleich. Ausgangssituation und Reformbedarf," WIFO Studies, WIFO, number 67988, June.
    19. de Andrés Sánchez, Jorge & Belzunegui Eraso, Ángel Gabriel & Valls Fonayet, Francesc, 2020. "Evaluación de la eficiencia del gasto social en los países EU15 con análisis envolvente de datos y métodos cluster borrosos || Evaluation of the efficiency of social spending in EU15 countries with da," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 30(1), pages 97-116, December.
    20. Gonzales, Ivonne & Martner Fanta, Ricardo & Podestá, Andrea, 2013. "Políticas fiscales para el crecimiento y la igualdad," Macroeconomía del Desarrollo 5372, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    21. Christina Steinbacher, 2024. "The pursuit of welfare efficiency: when institutional structures turn ‘less’ into ‘more’," Policy Sciences, Springer;Society of Policy Sciences, vol. 57(2), pages 353-378, June.
    22. António Afonso & Ludger Schuknecht & Vito Tanzi, 2020. "The Size of Government," EconPol Working Paper 46, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    23. Simone Salotti & Carmine Trecroci, 2018. "Cross-country evidence on the distributional impact of fiscal policy," Applied Economics, Taylor & Francis Journals, vol. 50(51), pages 5521-5542, November.
    24. Goodness C. Aye & Matthew W. Clance & Rangan Gupta, 2017. "The Effectiveness of Monetary and Fiscal Policy Shocks on U.S. Inequality: The Role of Uncertainty," Working Papers 201782, University of Pretoria, Department of Economics.
    25. José Alves & Tomás Silva, 2020. "An Empirical Assessment of Monetary Policy Channels on Income and Wealth Disparities," Working Papers REM 2020/0144, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    26. Roberta MONTEBELLO & Jonathan SPITERI & Philip VON BROCKDORFF, 2023. "Trade unions and income inequality: Evidence from a panel of European countries," International Labour Review, International Labour Organization, vol. 162(3), pages 481-503, September.
    27. Renata Halaskova & Pavel Bednar, 2020. "Relationship of Social Protection Expenditures and Socio-economic Indicators: A Panel Data Analysis of the EU Countries," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 16(2), pages 19-31.
    28. Kimaro, Edmund Lawrence & Keong, Choong Chee & Sea, Lau Lin, 2017. "Government Expenditure, Efficiency and Economic Growth: A Panel Analysis of Sub Saharan African Low Income Countries," African Journal of Economic Review, African Journal of Economic Review, vol. 5(2), July.
    29. González, Ivonne & Martner Fanta, Ricardo, 2012. "Overcoming the empty box syndrome": eterminants of income distribution in Latin America"," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    30. -, 2010. "Time for equality: closing gaps, opening trails. Thirty-third session of ECLAC. Summary," Libros y Documentos Institucionales, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 3190 edited by Eclac.
    31. Anup Kumar Yadava & Yadawananda Neog, 2022. "Public Sector Performance and Efficiency Assessment of Indian States," Global Business Review, International Management Institute, vol. 23(2), pages 493-511, April.
    32. Dong Jin Shin & Byung Sub Cha & Brian H.S. Kim, 2020. "Efficient Expenditure Allocation for Sustainable Public Services?—Comparative Cases of Korea and OECD Countries," Sustainability, MDPI, vol. 12(22), pages 1-19, November.
    33. Andrea Salustri & Maria Alessandra Antonelli & Angelo Castaldo, 2023. "Uno studio dei sistemi di protezione sociale europei tramite l’analisi delle componenti principali," Public Finance Research Papers 59, Istituto di Economia e Finanza, DSGE, Sapienza University of Rome.
    34. José Fernández-Serrano & Vanessa Berbegal & Francisco Velasco & Alfonso Expósito, 2018. "Efficient entrepreneurial culture: a cross-country analysis of developed countries," International Entrepreneurship and Management Journal, Springer, vol. 14(1), pages 105-127, March.
    35. Aleksander Aristovnik, 2013. "Relative Efficiency of Education Expenditures in Eastern Europe: A Non-parametric Approach," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 3(3), pages 1-4, June.
    36. Kyriacou, Andreas P. & Muinelo-Gallo, Leonel & Roca-Sagalés, Oriol, 2019. "The efficiency of transport infrastructure investment and the role of government quality: An empirical analysis," Transport Policy, Elsevier, vol. 74(C), pages 93-102.
    37. Muhammad Zakaria & Bashir Ahmed Fida, 2016. "Trade openness and income inequality in China and the SAARC Region," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 30(2), pages 33-44, November.
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    40. Aristovnik, Aleksander & Obadić, Alka, 2014. "Measuring relative efficiency of secondary education in selected EU and OECD countries: the case of Slovenia and Croatia," MPRA Paper 63936, University Library of Munich, Germany.
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    42. Luca Romagnoli & Paola Di Renzo & Luigi Mastronardi, 2022. "Modelling Income Drivers in Peripheral Municipalities: The Case of Italian Inner Areas," Sustainability, MDPI, vol. 14(22), pages 1-16, November.
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    44. Raymond Kofi Adjei & Veronika Kajurová, 2021. "What Affects Income in Sub-Saharan Africa?," European Journal of Business Science and Technology, Mendel University in Brno, Faculty of Business and Economics, vol. 7(2), pages 223-237.
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    47. María del Rocío Moreno-Enguix & Laura Vanesa Lorente-Bayona & Ester Gras-Gil, 2019. "Social and Political Factors Affect the Index of Public Management Efficiency: A Cross-Country Panel Data Study," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 144(1), pages 299-313, July.
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    98. Marinko Škare & Saša Stjepanovic, 2014. "Income Distribution Determinants and Inequality – International Comparison," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 16(37), pages 980-980, August.
    99. Simona-Gabriela Masca, 2014. "Efficiency of Public Expenditure: Review and Preliminary Results for Romania," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(8), pages 326-345, August.
    100. Lucas Menescal, 2024. "Breaking down inequality: Can taxes be the great equalizer?," Working Papers REM 2024/0328, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    101. Pullman, Ashley & Gauly, Britta & Lechner, Clemens M., 2021. "Short-term earnings mobility in the Canadian and German context: the role of cognitive skills," Journal for Labour Market Research, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany], vol. 55, pages 1-10.
    102. Evans, Olaniyi, 2018. "Digital Government: ICT and Public Sector Management in Africa," MPRA Paper 91628, University Library of Munich, Germany.

  120. António Afonso & Sónia Fernandes, 2008. "Assessing Hospital Efficiency: Non-parametric Evidence for Portugal," Working Papers Department of Economics 2008/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Alexander Karmann & Felix Roesel, 2017. "Hospital Policy and Productivity – Evidence from German States," Health Economics, John Wiley & Sons, Ltd., vol. 26(12), pages 1548-1565, December.
    2. Pereira, Miguel Alves & Figueira, José Rui & Marques, Rui Cunha, 2020. "Using a Choquet integral-based approach for incorporating decision-maker’s preference judgments in a Data Envelopment Analysis model," European Journal of Operational Research, Elsevier, vol. 284(3), pages 1016-1030.
    3. António Afonso & Ricardo M. Sousa, 2009. "The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis," Working Papers Department of Economics 2009/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    4. Diogo Ferreira & Rui Marques, 2015. "Did the corporatization of Portuguese hospitals significantly change their productivity?," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 16(3), pages 289-303, April.
    5. António AFONSO, & Mohamed AYADI, & Sourour RAMZI, 2013. "Assessing productivity performance of basic and secondary education in Tunisia: a Malmquist analysis," Working Papers Department of Economics 2013/19, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    6. Claudio PINTO, 2013. "Complexity of Treatment, and Changes in Efficiency and Productivity for Directly Managed Italian Hospitals," CELPE Discussion Papers 124, CELPE - CEnter for Labor and Political Economics, University of Salerno, Italy.
    7. Touqeer Abbas & Muhammad Amir Aslam & Muhammad Waqas, 2011. "Analyzing the Efficiency Differences among Basic Health Units in Sargodha District," Journal of Economics and Behavioral Studies, AMH International, vol. 3(1), pages 42-50.
    8. Agovino, Massimiliano & Musella, Gaetano & Scaletti, Alessandro, 2022. "Equilibrium and efficiency in the first aid services market: The case of the emergency department of Sorrento," Socio-Economic Planning Sciences, Elsevier, vol. 82(PB).
    9. Dickens S Omondi Aduda & Collins Ouma & Rosebella Onyango & Mathews Onyango & Jane Bertrand, 2015. "Voluntary Medical Male Circumcision Scale-Up in Nyanza, Kenya: Evaluating Technical Efficiency and Productivity of Service Delivery," PLOS ONE, Public Library of Science, vol. 10(2), pages 1-17, February.

  121. Afonso, António & González Alegre, Juan, 2008. "Economic growth and budgetary components: a panel assessment for the EU," Working Paper Series 848, European Central Bank.

    Cited by:

    1. Nazila Alinaghi & W. Robert Reed, 2018. "Taxes and Economic Growth in OECD Countries: A Meta-Analysis," Working Papers in Economics 18/09, University of Canterbury, Department of Economics and Finance.
    2. Steiner, Viktor, 2010. "Konsolidierung der Staatsfinanzen," Discussion Papers 2010/9, Free University Berlin, School of Business & Economics.
    3. Ant Afonso & João Tovar Jalles, 2014. "Fiscal composition and long-term growth," Applied Economics, Taylor & Francis Journals, vol. 46(3), pages 349-358, January.
    4. Projektgruppe Gemeinschaftsdiagnose, 2009. "Gemeinschaftsdiagnose Herbst 2009:Zögerliche Belebung – steigende Staatsschulden," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 62(20), pages 03-64, October.
    5. Benos, Nikos, 2009. "Fiscal policy and economic growth: empirical evidence from EU countries," MPRA Paper 19174, University Library of Munich, Germany.
    6. Dackehag, Margareta & Hansson, Åsa, 2015. "Taxation of Dividend Income and Economic Growth: The Case of Europe," Working Papers 2015:24, Lund University, Department of Economics.
    7. Jesús Ferreiro & M. Teresa García-del-Valle & Carmen Gómez, 2013. "An Analysis of the Convergence of the Composition of Public Expenditures in European Union Countries," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(4), pages 799-825, October.
    8. Lucas Menescal & José Alves, 2022. "Optimal threshold taxation: an empirical investigation for developing economies," Working Papers REM 2022/0232, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    9. Pérez, Javier J. & Rodríguez-Vives, Marta & Depalo, Domenico & Papapetrou, Evangelia & Aouriri, Marie & Campos, Maria M. & Celov, Dmitrij & Pesliakaitė, Jurga & Ramos, Roberto, 2016. "The fiscal and macroeconomic effects of government wages and employment reform," Occasional Paper Series 176, European Central Bank.
    10. Gladys Awinpoak Abindaw Nabieu & Godfred Alufar Bokpin & Achampong Kofi Osei & Patrick Opoku Asuming, 2021. "Fiscal rules, fiscal performance and economic growth in Sub‐Saharan Africa," African Development Review, African Development Bank, vol. 33(4), pages 607-619, December.
    11. Hasan DUDU & Zuzana Smeets Kristkova, 2017. "Impact of CAP Pillar II Payments on Agricultural Productivity," JRC Research Reports JRC106591, Joint Research Centre.
    12. Katja Rietzler, 2014. "Anhaltender Verfall der Infrastruktur," IMK Report 94-2014, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    13. Afonso, António & González Alegre, Juan, 2008. "Economic growth and budgetary components: a panel assessment for the EU," Working Paper Series 848, European Central Bank.
    14. Kostarakos, Ilias & Varthalitis, Petros, 2020. "Fiscal Policy and Growth in a panel of EU countries over 1995-2017," Papers WP675, Economic and Social Research Institute (ESRI).
    15. António Afonso & João Tovar Jalles, 2012. "The Fiscal-Growth Nexus," Working Papers Department of Economics 2012/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    16. Zaman, Gheorghe & Georgescu, George, 2014. "Absorbţia fondurilor structurale şi de coeziune în Romania: bilanţul perioadei 2007-2013 şi lecţii pentru exerciţiul financiar curent [The absorption of structural and cohesion funds in Romania: ba," MPRA Paper 56144, University Library of Munich, Germany.
    17. Alfredo Marvão Pereira & Jorge M. Andraz, 2014. "On The Long-Term Macroeconomic Effects Of Social Security Spending:Evidence For 12 Eu Countries," Working Papers 150, Department of Economics, College of William and Mary.
    18. Vratislav Izák, 2011. "The Welfare State and Economic Growth," Prague Economic Papers, Prague University of Economics and Business, vol. 2011(4), pages 291-308.
    19. aus dem Moore, Nils & Beimann, Boris & Gebhardt, Heinz & Kambeck, Rainer, 2011. "Der Weg zu nachhaltigen Finanzen: Weniger Soziales, mehr Investitionen," RWI Positionen 46, RWI - Leibniz-Institut für Wirtschaftsforschung.
    20. MARINESCU, Ada Cristina, 2018. "Investment And The Golden Rule In The European Union," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 22(1), pages 53-63.
    21. Eleftherios Goulas & Athina Zervoyianni, 2012. "Growth, Deficits and Uncertainty in a Panel of 28 Countries," Working Paper series 52_12, Rimini Centre for Economic Analysis.
    22. Projektgruppe Gemeinschaftsdiagnose, 2011. "Gemeinschaftsdiagnose Frühjahr 2011: Aufschwung setzt sich fort - Europäische Schuldenkrise noch ungelöst," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 64(08), pages 03-63, April.
    23. Syed Ammad & Sabihuddin Butt & Shaista Alam, 2012. "Fiscal Responsiveness, Persistence and Discretion: A Case Study of Pakistan," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 15(45), pages 227-244, September.
    24. António Afonso & Huseyin Sen & Ayse Kaya, 2018. "Government Size, Unemployment, and Inflation Nexus in Eight Large Emerging Market Economies," Working Papers REM 2018/38, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    25. Dimitrios PAPARAS & Christian RICHTER & Alexandros PAPARAS, 2015. "Fiscal Policy and Economic Growth, Empirical Evidence in European Union," Turkish Economic Review, KSP Journals, vol. 2(4), pages 239-268, December.
    26. Eleftherios Goulas & Athina Zervoyianni, 2013. "Growth, Deficits and Uncertainty: Theoretical Aspects and Empirical Evidence," Working Paper series 53_13, Rimini Centre for Economic Analysis.
    27. Barabas, György & Kitlinski, Tobias & Schmidt, Christoph M. & Schmidt, Torsten & Siemers, Lars-H. & Brilon, Werner, 2010. "Verkehrsinfrastrukturinvestitionen: Wachstumsaspekte im Rahmen einer gestaltenden Finanzpolitik. Endbericht - Januar 2010. Forschungsprojekt im Auftrag des Bundesministeriums der Finanzen. Projektnumm," RWI Projektberichte, RWI - Leibniz-Institut für Wirtschaftsforschung, number 72601, October.
    28. Döhrn, Roland & Barabas, György & Gebhardt, Heinz & Kitlinski, Tobias & Micheli, Martin & Schmidt, Torsten & Vosen, Simeon & Zwick, Lina, 2012. "Die wirtschaftliche Entwicklung im Inland: Gedämpfte Expansion bei hohen Risiken," RWI Konjunkturberichte, RWI - Leibniz-Institut für Wirtschaftsforschung, vol. 63(2), pages 41-97.
    29. Umoh, O. J. & Onye, Kenneth U. & Atan, Johnson A., 2018. "Political and Institutional Determinants of Fiscal Policy Persistence in West Africa," MPRA Paper 88452, University Library of Munich, Germany.
    30. Nihal Bayraktar & Blanca Moreno-Dodson, 2018. "Public Expenditures And Growth In A Monetary Union: The Case Of Waemu," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 6(1), pages 107-132.
    31. Dimitrios Paparas & Christian Richter, 2015. "Fiscal policy and economic growth: Empirical evidence from the European Union," Working Papers 2015.06, International Network for Economic Research - INFER.
    32. Luca Romagnoli & Paola Di Renzo & Luigi Mastronardi, 2022. "Modelling Income Drivers in Peripheral Municipalities: The Case of Italian Inner Areas," Sustainability, MDPI, vol. 14(22), pages 1-16, November.
    33. Martin Murín, 2016. "Vplyv spôsobu tvorby fiškálneho deficitu na ekonomický rast [The Influence of Fiscal Deficit Creation on Economic Growth]," Politická ekonomie, Prague University of Economics and Business, vol. 2016(2), pages 176-192.
    34. Gustav A. Horn & Alexander Herzog-Stein & Ansgar Rannenberg & Katja Rietzler & Silke Tober & Peter Hohlfeld & Fabian Lindner & Sabine Stephan, 2013. "Krise überwunden? Prognose der wirtschaftlichen Entwicklung 2013/2014," IMK Report 86-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    35. Gilbert Deinde Ifarajimi & Kehinde Oluwole Ola, 2017. "Government Expenditure and Economic Growth in Nigeria: An Analysis with Dynamic Ordinary Least Squares," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(5), pages 8-26, May.
    36. María del Rocío Moreno-Enguix & Laura Vanesa Lorente-Bayona & Ester Gras-Gil, 2019. "Social and Political Factors Affect the Index of Public Management Efficiency: A Cross-Country Panel Data Study," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 144(1), pages 299-313, July.
    37. Köppl-Turyna, Monika & Lorenz, Hanno, 2016. "Demand-side economics in times of high debt: The case of the European Union," Working Papers 02, Agenda Austria.
    38. Alessandro Crociata & Massimiliano Agovino & Donatella Furia & Giacomo Osmi & Nicola Mattoscio & Massimiliano Cerciello, 2020. "Impulse and time persistence of disaggregate welfare expenditure on growth in the EU," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 37(1), pages 13-38, April.
    39. Cabral Torres René & Alvarado Jorge, 2019. "Manufacturing Exports Determinants across Mexican States, 2007-2015," Working Papers 2019-11, Banco de México.
    40. Paula Faria & Francisco Vitorino da Silva Martins & Elísio Fernando Moreira Brandão, 2011. "How R&D and tax incentives influence economic growth: Econometric study for the period between 1995 and 2008 of EU-15," FEP Working Papers 442, Universidade do Porto, Faculdade de Economia do Porto.
    41. Hardt, Ulrike & Schiller, Daniel, 2009. "Wirtschaftsentwicklung und kommunale Aufgabenerfüllung in Niedersachsen," Forschungs- und Sitzungsberichte der ARL: Aufsätze, in: Mäding, Heinrich (ed.), Öffentliche Finanzströme und räumliche Entwicklung, volume 127, pages 265-292, ARL – Akademie für Raumentwicklung in der Leibniz-Gemeinschaft.
    42. R.A.Susantha Kumara Ranasinghe & Ichihashi Masaru, 2014. "The Composition of Government Expenditure and Economic Growth : The Case of Sri Lanka," IDEC DP2 Series 4-7, Hiroshima University, Graduate School for International Development and Cooperation (IDEC).
    43. René Cabral & Jorge Alberto Alvarado, 2021. "The Role of FDI on Exports Performance: Evidence from the Mexican States," International Regional Science Review, , vol. 44(6), pages 684-708, November.
    44. Arawatari, Ryo & Hori, Takeo & Mino, Kazuo, 2023. "Government expenditure and economic growth: A heterogeneous-agents approach," Journal of Macroeconomics, Elsevier, vol. 75(C).
    45. Hans Pitlik & Margit Schratzenstaller-Altzinger, 2011. "Growth Implications of Structure and Size of Public Sectors," WIFO Working Papers 404, WIFO.
    46. Vratislav Izák, 2011. "Vliv vládních výdajů a daní na ekonomický růst (empirická analýza) [Government Expenditures and Taxes Influence on the Economic Growth (Empirical Analysis)]," Politická ekonomie, Prague University of Economics and Business, vol. 2011(2), pages 147-163.
    47. Olayeni, Olaolu Richard, 2009. "A Bayesian analysis of government expenditure in Nigeria," MPRA Paper 18244, University Library of Munich, Germany.
    48. Agata Drobiszová & Zuzana Machová, 2015. "Vliv fiskální politiky na ekonomický růst v zemích OECD [The Impact of Fiscal Policy on Economic Growth in the OECD Countries]," Politická ekonomie, Prague University of Economics and Business, vol. 2015(3), pages 300-316.
    49. Juan González Alegre, 2017. "The Efficiency of Active Labour Market Policies in the European Union: Does It Make Sense Increasing the Bill?," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 67(3), pages 333-357, September.
    50. Shijaku, Gerti & Gjokuta, Arlind, 2013. "Fiscal policy and economic growth: the case of Albania," MPRA Paper 79090, University Library of Munich, Germany.
    51. Merica Pletikosić & Majda Tafra Vlahović, 2016. "Public Opinion on the Role of Committees in Environmental Impact Assessment Studies," European Journal of Social Sciences Education and Research Articles, Revistia Research and Publishing, vol. 3, ejser_v3_.
    52. Cosmin Enache, 2009. "Fiscal Policy And Economic Growth In Romania," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-50.
    53. Alfredo Pereira & Jorge Andraz, 2012. "Social security and economic performance in Portugal: after all that has been said and done how much has actually changed?," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 11(2), pages 83-100, August.
    54. Alfredo Marvão Pereira & Jorge M. Andraz, 2014. "On The Long-Term Macroeconomic Effects Of Social Spending In The United States," Working Papers 151, Department of Economics, College of William and Mary.
    55. Marta Simões & Adelaide Duarte & João Sousa Andrade, 2014. "Assessing the Impact of the Welfare State on Economic Growth: A Survey of Recent Developments," GEMF Working Papers 2014-20, GEMF, Faculty of Economics, University of Coimbra.
    56. Blanca Moreno-Dodson & Nihal Bayraktar, 2015. "Public Spending and Growth in an Economic and Monetary Union," World Bank Publications - Reports 22928, The World Bank Group.
    57. Alessandra Cepparulo & Gilles Mourre, 2020. "How and How Much? The Growth-Friendliness of Public Spending through the Lens," European Economy - Discussion Papers 132, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    58. Junhua Chen & Na Liu, 2022. "The impact of fiscal decentralization on the efficiency in social housing provision: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(8), pages 3404-3418, December.
    59. Gebhardt, Heinz & Kambeck, Rainer & Rappen, Hermann, 2011. "Gesetz über die Festsetzung des Steuersatzes für die Grunderwerbsteuer: Gesetzentwurf der Fraktionen der SPD, BÜNDNIS 90/DIE GRÜNEN und DIE LINKE. Drucksache 15/1924 (Neudruck)," RWI Projektberichte, RWI - Leibniz-Institut für Wirtschaftsforschung, number 69916, October.
    60. Goulas, Eleftherios & Zervoyianni, Athina, 2013. "Growth, deficits and uncertainty: Theoretical aspects and empirical evidence from a panel of 27 countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 53(4), pages 380-392.
    61. W Qazizada & Engelbert Stockhammer, 2014. "Government spending multipliers in contraction and expansion," Economics Discussion Papers 2014-2, School of Economics, Kingston University London.
    62. Tünde-Ilona KELE & Florica ȘTEFĂNESCU, 2024. "New Perspectives On Economic Development," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 33(1), pages 84-92, July.
    63. Tuan T. Chu & Jens Hölscher & Dermot McCarthy, 2020. "The impact of productive and non-productive government expenditure on economic growth: an empirical analysis in high-income versus low- to middle-income economies," Empirical Economics, Springer, vol. 58(5), pages 2403-2430, May.
    64. Chiara DEL BO, 2009. "Recent advances in public investment, fiscal policy and growth," Departmental Working Papers 2009-25, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    65. Hakki Hakan Yilmaz & Ali Sertaç Kanaci, 2021. "Redistribution, Growth and Productivity Relationship in Fiscal Policy in Core and Peripheral Countries," Hacienda Pública Española / Review of Public Economics, IEF, vol. 238(3), pages 61-79, September.
    66. Pedro Bação & Marta Simões, 2020. "Is the Welfare State Relevant for Economic Growth? Evidence for Portugal," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 62(3), pages 494-520, September.
    67. Ryo Arawatari & Takeo Hori & Kazuo Mino, 2020. "Productive government expenditure and economic growth in a heterogeneous-agents model," KIER Working Papers 1044, Kyoto University, Institute of Economic Research.

  122. António Afonso & Christophe Rault, 2008. "What do we really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic," CESifo Working Paper Series 2226, CESifo.

    Cited by:

    1. Asongu Simplice, 2012. "Are Proposed African Monetary Unions Optimal Currency Areas? Real, Monetary and Fiscal Policy Convergence Analysis," Working Papers of the African Governance and Development Institute. 12/006, African Governance and Development Institute..
    2. Yoshinori Nakagawa & Real Arai & Koji Kotani & Masanobu Nagano & Tatsuyoshi Saijo, 2018. "Is an intergenerational retrospective viewpoint effective in forming policy preferences for financial sustainability in local and national economies? A deliberative experimental approach," Working Papers SDES-2018-6, Kochi University of Technology, School of Economics and Management, revised Sep 2018.
    3. Ant Afonso & João Tovar Jalles, 2014. "Fiscal composition and long-term growth," Applied Economics, Taylor & Francis Journals, vol. 46(3), pages 349-358, January.
    4. Bystrov, Victor & Mackewicz, Michał, 2016. "Recurrent explosive behaviour of debt-to-GDP ratio," MPRA Paper 75203, University Library of Munich, Germany.
    5. António Afonso & José Alves, 2014. "The Role of Government Debt in Economic Growth," Working Papers Department of Economics 2014/16, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    6. Benjamin Owusu & Bettina Bökemeier & Alfred Greiner, 2023. "Assessing nonlinearities and heterogeneity in debt sustainability analysis: a panel spline approach," Empirical Economics, Springer, vol. 64(3), pages 1315-1346, March.
    7. Lopez, Claude & Papell, David, 2010. "Testing for Group-Wise Convergence with an Application to Euro Area Inflation," MPRA Paper 20585, University Library of Munich, Germany.
    8. Stoian, Andreea & Obreja Brasoveanu, Laura & Dumitrescu, Bogdan & Brasoveanu, Iulian, 2015. "A new framework for detecting the short term fiscal vulnerability for the European Union countries," MPRA Paper 63537, University Library of Munich, Germany.
    9. Bo Zhao & David Coyne, 2017. "Walking a Tightrope: Are U.S. State and Local Governments on a Fiscally Sustainable Path?," Public Budgeting & Finance, Wiley Blackwell, vol. 37(3), pages 3-23, September.
    10. António Afonso & Christophe Rault, 2008. "3-Step Analysis of Public Finances Sustainability: the Case of the European Union," Working Papers hal-00322086, HAL.
    11. Baumöhl, Eduard & Výrost, Tomáš & Lyócsa, Štefan, 2011. "Are we able to capture the EU debt crisis? Evidence from PIIGGS countries in panel unit root framework," MPRA Paper 30334, University Library of Munich, Germany.
    12. Cosimo Magazzino & Marco Mele, 2022. "A Dynamic Factor and Neural Networks Analysis of the Co-movement of Public Revenues in the EMU," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 8(2), pages 289-338, July.
    13. Afonso, António & Furceri, Davide & Agnello, Luca & Sousa, Ricardo M., 2009. "Assessing long-term fiscal developments - a new approach," Working Paper Series 1032, European Central Bank.
    14. Piotr Krajewski & Michał Mackiewicz & Agata Szymańska, 2016. "Fiscal Sustainability in Central and Eastern European Countries - A Post-Crisis Assessment," Prague Economic Papers, Prague University of Economics and Business, vol. 2016(2), pages 175-188.
    15. Afonso, António & Coelho, José Carlos, 2024. "Drivers of fiscal sustainability: A time-varying analysis for Portugal," International Economics, Elsevier, vol. 178(C).
    16. María del Carmen Ramos-Herrera & María A. Prats, 2020. "Fiscal Sustainability in the European Countries: A Panel ARDL Approach and a Dynamic Panel Threshold Model," Sustainability, MDPI, vol. 12(20), pages 1-14, October.
    17. Ant??nio Afonso & Christophe Rault, 2009. "Bootstrap panel Granger-causality between government spending and revenue in the EU," William Davidson Institute Working Papers Series wp944, William Davidson Institute at the University of Michigan.
    18. De Santis, Roberto A. & Legrenzi, Gabriella & Milas, Costas, 2015. "Fiscal policy adjustments in the euro area stressed countries: new evidence from non-linear models with state-varying thresholds," Working Paper Series 1858, European Central Bank.
    19. António Afonso & João Tovar Jalles, 2011. "A Longer-run Perspective on Fiscal Sustainability," Working Papers Department of Economics 2011/17, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    20. Massimo Antonini & Kevin Lee & Jacinta Pires, 2013. "Public Sector Debt Dynamics: The Persistence and Sources of Shocks to Debt in 10 EU Countries," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(2-3), pages 277-298, March.
    21. António Afonso & João Tovar Jalles, 2012. "The Fiscal-Growth Nexus," Working Papers Department of Economics 2012/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    22. António AFONSO & Christophe RAULT, 2010. "Budgetary and External Imbalances Relationship: a Panel Data Diagnostic," LEO Working Papers / DR LEO 283, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    23. Jacobo Campo-Robledo & Luis Melo-Velandia, 2015. "Sustainability of Latin American fiscal deficits: a panel data approach," Empirical Economics, Springer, vol. 49(3), pages 889-907, November.
    24. Antonio Afonso & Christophe Rault, 2008. "What do we Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic," Post-Print halshs-00363690, HAL.
    25. Jordi Paniagua & Juan Sapena & Cecilio Tamarit, 2016. "Fiscal Sustainability in EMU contries: A continued Fiscal commitment?," Working Papers 1608, Department of Applied Economics II, Universidad de Valencia.
    26. Abderrahim Chibi & Sidi Mohamed Chekouri & Mohamed Benbouziane, 2019. "The dynamics of fiscal policy in Algeria: sustainability and structural change," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 8(1), pages 1-27, December.
    27. Lyócsa, Štefan & Výrost, Tomáš & Baumöhl, Eduard, 2011. "Unit-root and stationarity testing with empirical application on industrial production of CEE-4 countries," MPRA Paper 29648, University Library of Munich, Germany.
    28. Qiongzhi Liu & Bang Cui & Chan Luo, 2022. "A Study on the Fiscal Sustainability of China’s Provinces," Sustainability, MDPI, vol. 14(23), pages 1-17, November.
    29. Niklas Potrafke & Markus Reischmann, 2012. "Fiscal Equalization Schemes and Fiscal Sustainability," CESifo Working Paper Series 3948, CESifo.
    30. Courage Mlambo, 2022. "China in Africa: An Examination of the Impact of China’s Loans on Growth in Selected African States," Economies, MDPI, vol. 10(7), pages 1-27, June.
    31. António Afonso & João Tovar Jalles, 2016. "The elusive character of fiscal sustainability," Applied Economics, Taylor & Francis Journals, vol. 48(28), pages 2651-2664, June.
    32. Afonso, António & Alves, José & Jalles, João Tovar, 2022. "To consolidate or not to consolidate? A multi-step analysis to assess needed fiscal sustainability," International Economics, Elsevier, vol. 172(C), pages 106-123.
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    5. Stanova, Nadja, 2015. "Fiscal discretion, growth and output volatility in new EU member countries," MPRA Paper 63946, University Library of Munich, Germany.
    6. Wang, Shu-Ling, 2021. "Fiscal stimulus in a high-debt economy? A DSGE analysis," Economic Modelling, Elsevier, vol. 98(C), pages 118-135.
    7. Apeti, Ablam Estel & Combes, Jean-Louis & Minea, Alexandru, 2024. "Inflation targeting and fiscal policy volatility: Evidence from developing countries," Journal of International Money and Finance, Elsevier, vol. 141(C).
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    33. Steven P. Cassou & Hedieh Shadmani & Jesús Vázquez, 2017. "Fiscal policy asymmetries and the sustainability of US government debt revisited," Empirical Economics, Springer, vol. 53(3), pages 1193-1215, November.
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    36. Fabrizio Coricelli & Riccardo Fiorito, 2013. "Myths and Facts about Fiscal Discretion: A New Measure of Discretionary Expenditure," Post-Print halshs-00820820, HAL.
    37. Ernesto Crivelli, 2012. "Local Governments’ Fiscal Balance, Privatization, and Banking Sector Reform in Transition Countries," IMF Working Papers 2012/146, International Monetary Fund.
    38. Athanasios Tagkalakis, 2014. "Discretionary fiscal policy and economic activity in Greece," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(4), pages 687-712, November.
    39. Jesús Rodríguez-López & Mario Solís-García, 2020. "On the Magnitude of the Expenditure Multiplier," Working Papers 20.05, Universidad Pablo de Olavide, Department of Economics.
    40. Chakrabarty, Himadri Shekhar & Roy, Rudra Prosad, 2021. "Pandemic uncertainties and fiscal procyclicality: A dynamic non-linear approach," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 664-671.
    41. Maritta Paloviita, 2017. "Real time uncertainty in fiscal planning and debt accumulation in the euro area," International Economics and Economic Policy, Springer, vol. 14(1), pages 43-59, January.
    42. Umoh, O. J. & Onye, Kenneth U. & Atan, Johnson A., 2018. "Political and Institutional Determinants of Fiscal Policy Persistence in West Africa," MPRA Paper 88452, University Library of Munich, Germany.
    43. Xavier Debrun & Radhicka Kapoor, 2010. "Fiscal Policy and Macroeconomic Stability: New Evidence and Policy Implications," Revista de Economía y Estadística, Universidad Nacional de Córdoba, Facultad de Ciencias Económicas, Instituto de Economía y Finanzas, vol. 48(2), pages 69-101, Diciembre.
    44. Luca Agnello & Davide Furceri & Ricardo Sousa, 2013. "Discretionary Government Consumption, Private Domestic Demand, and Crisis Episodes," Open Economies Review, Springer, vol. 24(1), pages 79-100, February.
    45. Luca Agnello & Ricardo M. Sousa, 2013. "Political, Institutional, and Economic Factors Underlying Deficit Volatility," Review of International Economics, Wiley Blackwell, vol. 21(4), pages 719-732, September.
    46. Afonso, António & Carvalho, Francisco Tiago, 2022. "Time-varying cyclicality of fiscal policy: The case of the Euro area," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    47. Marcelo Santos & Marta Simões, 2021. "Globalisation, Welfare Models and Social Expenditure in OECD Countries," Open Economies Review, Springer, vol. 32(5), pages 1063-1088, November.
    48. Davide Furceri & Aleksandra Zdzienicka-Durand, 2010. "Banking Crises and Short and Medium Term Output Losses in Developing Countries: The Role of Structural and Policy Variables," Post-Print halshs-00491089, HAL.
    49. Ambrosius, Christian, 2017. "What explains the speed of recovery from banking crises?," Journal of International Money and Finance, Elsevier, vol. 70(C), pages 257-287.
    50. Albuquerque, Bruno, 2011. "Fiscal institutions and public spending volatility in Europe," Economic Modelling, Elsevier, vol. 28(6), pages 2544-2559.
    51. Baldi, Guido & Staehr, Karsten, 2016. "The European debt crisis and fiscal reactions in Europe 2000-2014," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 13(2), pages 297-317.
    52. Andersson, Jens, 2018. "Tax Stabilisation, Trade and Political Transitions in Francophone West Africa over 120 Years," African Economic History Working Paper 41/2018, African Economic History Network.
    53. Urbain Thierry Yogo, 2016. "The Curse of Conflict: understanding the effect of terrorism on fiscal volatility," EconomiX Working Papers 2016-20, University of Paris Nanterre, EconomiX.
    54. Wolf Heinrich Reuter & Olegs Tkacevs & Karlis Vilerts, 2018. "On the design of stabilising fiscal rules," Working Papers 2018/05, Latvijas Banka.
    55. Matthias Bauer, 2013. "Political Aversion To a Multilateral Fiscal Rule: The Dynamic Commitment Problem in European Fiscal Governance," Global Financial Markets Working Paper Series 44-2013, Friedrich-Schiller-University Jena.
    56. Furceri, Davide & Sacchi, Agnese & Salotti, Simone, 2014. "Can fiscal decentralization alleviate government consumption volatility?," MPRA Paper 54513, University Library of Munich, Germany.
    57. Guido Baldi & Karsten Staehr, 2013. "The European Debt Crisis and Fiscal Reaction Functions in Europe 2000-2012," Discussion Papers of DIW Berlin 1295, DIW Berlin, German Institute for Economic Research.
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    60. Garnov & A. & Zvyagin & L. & Sviridova & O., 2019. "System Data Analysis: Innovative Technologies, Methods and Techniques," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 1), pages 26-39.
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    70. Wang Yufeng & Liu Shulin, 2014. "Fiscal Behavior Volatility, Economic Growth, and Urban-Rural Income Disparity," Journal of Systems Science and Information, De Gruyter, vol. 2(3), pages 217-225, June.
    71. Paloviita, Maritta & Ikonen, Pasi, 2016. "How to explain errors in budget balance forecasts in euro area countries? Empirical evidence based on real-time data," Bank of Finland Research Discussion Papers 17/2016, Bank of Finland.
    72. Ebell, Monique. & O'Higgins, Niall., 2015. "Fiscal policy and the youth labour market," ILO Working Papers 994898963402676, International Labour Organization.
    73. Robert Ambrisko & Vitezslav Augusta & Dana Hajkova & Petr Kral & Pavla Netusilova & Milan Rikovsky & Pavel Soukup, 2012. "Fiscal Discretion in the Czech Republic in 2001-2011: Has It Been Stabilizing?," Research and Policy Notes 2012/01, Czech National Bank, Research and Statistics Department.
    74. Zsoka Koczan, 2015. "Fiscal Deficit and Public Debt in the Western Balkans: 15 Years of Economic Transition," IMF Working Papers 2015/172, International Monetary Fund.
    75. Ho Thuy Ai & Ping, Lin, 2018. "Impacts of fiscal policy on economic growth: Another look from institutional perspective," Economics Discussion Papers 2018-45, Kiel Institute for the World Economy (IfW Kiel).
    76. Furceri, Davide & Zdzienicka, Aleksandra, 2012. "Banking Crises and Short and Medium Term Output Losses in Emerging and Developing Countries: The Role of Structural and Policy Variables," World Development, Elsevier, vol. 40(12), pages 2369-2378.
    77. Agnello, Luca & Furceri, Davide & Sousa, Ricardo M., 2013. "How best to measure discretionary fiscal policy? Assessing its impact on private spending," Economic Modelling, Elsevier, vol. 34(C), pages 15-24.
    78. Antonio Afonso & Ricardo Sousa, 2011. "Assessing long-term fiscal developments: evidence from Portugal," Applied Economics Letters, Taylor & Francis Journals, vol. 18(1), pages 1-5.
    79. Eva Lajtkepová, 2016. "Differences And Similarities In The Indebtedness Of Eu Member States After Last Financial Crisis," Oeconomia Copernicana, Institute of Economic Research, vol. 7(4), pages 551-563, December.
    80. Luca Agnello & Ricardo M. Sousa, 2014. "The Determinants of the Volatility of Fiscal Policy Discretion," Fiscal Studies, Institute for Fiscal Studies, vol. 35, pages 91-115, March.
    81. Francisco de Castro & Francisco Martí & Antonio Montesinos & Javier J. Pérez & A. Jesús Sánchez-Fuentes, 2014. "Fiscal policies in Spain: Main stylises facts revisited," Working Papers 1408, Banco de España.
    82. Paloviita, Maritta, 2012. "Fiscal planning and implementation: euro area analysis based on real time data," Bank of Finland Research Discussion Papers 34/2012, Bank of Finland.

  124. Afonso, António & St. Aubyn, Miguel, 2008. "Macroeconomic rates of return of public and private investment: crowding-in and crowding-out effects," Working Paper Series 864, European Central Bank.

    Cited by:

    1. Onil Banerjee, 2015. "Investing in recovering water for the environment in Australia's Murray-Darling Basin," International Journal of Water Resources Development, Taylor & Francis Journals, vol. 31(4), pages 701-717, December.
    2. Ant Afonso & João Tovar Jalles, 2014. "Fiscal composition and long-term growth," Applied Economics, Taylor & Francis Journals, vol. 46(3), pages 349-358, January.
    3. Funashima, Yoshito & Ohtsuka, Yoshihiro, 2019. "Spatial crowding-out and crowding-in effects of government spending on the private sector in Japan," Regional Science and Urban Economics, Elsevier, vol. 75(C), pages 35-48.
    4. Olegs Matvejevs & Olegs Tkacevs, 2022. "Public investment crowds in private investment - with ifs and buts," Working Papers 2022/04, Latvijas Banka.
    5. Ghassan, Hassan & Alhajhoj, Hassan, 2010. "الارتباط الحركي بين الاستثمار في مؤسسات القطاع الحكومي والاستثمار الخاص عبر نموذج التقهقر الذاتي البنيوي: حالة الاقتصاد السعودي [The Dynamic Relationship between the Investment in Public and Privat," MPRA Paper 54398, University Library of Munich, Germany.
    6. António Afonso, & Jorge Caiado, & Miguel St. Aubyn, 2015. "The macro impact of the Portuguese Constitutional Court decisions regarding the budgetary proposals of the Portuguese Budget Law (2012, 2013, 2014)," Working Papers Department of Economics 2015/06, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    7. Gianni Carvelli, 2023. "The long-run effects of government expenditure on private investments: a panel CS-ARDL approach," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 47(3), pages 620-645, September.
    8. Nishija Unnikrishnan & Thomas Paul Kattookaran, 2020. "Impact of Public and Private Infrastructure Investment on Economic Growth: Evidence from India," Journal of Infrastructure Development, India Development Foundation, vol. 12(2), pages 119-138, December.
    9. João Sousa Andrade & Adelaide Duarte, 2011. "The Fundamentals of the Portuguese Crisis," GEMF Working Papers 2011-16, GEMF, Faculty of Economics, University of Coimbra.
    10. Antonio Afonso & Miguel St. Aubyn, 2007. "Macroeconomic Rates of Return of Public and Private Investment: Crowding-in and Crowding-out Effects," EcoMod2007 23900000, EcoMod.
    11. Sosvilla-Rivero, Simón & Rubio-Guerrero, Juan J., 2022. "The economic effects of fiscal policy: Further evidence for Spain," The Quarterly Review of Economics and Finance, Elsevier, vol. 86(C), pages 305-313.
    12. Ant Afonso & Miguel St. Aubyn, 2013. "Public and private inputs in aggregate production and growth: a cross-country efficiency approach," Applied Economics, Taylor & Francis Journals, vol. 45(32), pages 4487-4502, November.
    13. Afonso, António & González Alegre, Juan, 2008. "Economic growth and budgetary components: a panel assessment for the EU," Working Paper Series 848, European Central Bank.
    14. Carvelli, Gianni, 2024. "The dynamic effects of public investments on private capital formation: Modelling a heterogeneous asymmetric cointegration with unobserved global factors," International Economics, Elsevier, vol. 177(C).
    15. Nikolaos Apostolopoulos & Marios Psychalis & Panagiotis Liargovas, 2022. "Discussing EU Policies and Mechanisms towards the COVID-19 Pandemic Crisis: A Case Study of Greece," World, MDPI, vol. 3(4), pages 1-11, October.
    16. Marta Simões & João Sousa Andrade & Adelaide Duarte, 2013. "A Regional Perspective on Inequality and Growth in Portugal Using Panel Cointegration Analysis," GEMF Working Papers 2013-13, GEMF, Faculty of Economics, University of Coimbra.
    17. António Afonso & João Tovar Jalles, 2012. "The Fiscal-Growth Nexus," Working Papers Department of Economics 2012/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    18. Abbas Assari Arani & Raziyeh Mohammadi Saber & Lotfali Agheli, 2017. "Effects of Government Investment in Energy Sector on Growth, Employment and Private Investment in Iran," International Journal of Energy Economics and Policy, Econjournals, vol. 7(6), pages 103-111.
    19. Eslon Ngeendepi & Andrew Phiri, 2021. "Do FDI and Public Investment Crowd in/out Domestic Private Investment in the SADC Region?," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 19(1 (Spring), pages 3-25.
    20. António Afonso & Eduardo Rodrigues, 2024. "Is public investment in construction and in R&D, growth enhancing? A PVAR approach," Applied Economics, Taylor & Francis Journals, vol. 56(24), pages 2875-2899, May.
    21. Honoré S. Houngbedji & Nassibou Bassongui, 2021. "Investissement Public et Investissement Privé en Afrique Subsaharienne: Rôle de la Qualité Institutionnelle," African Development Review, African Development Bank, vol. 33(3), pages 466-478, September.
    22. Steffen Elstner & Henrike Michaelis & Christoph M. Schmidt, 2016. "Das leere Versprechen der aktiven Konjunktursteuerung [The Empty Promises of Active Economic Fine-Tuning]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 96(8), pages 534-540, August.
    23. Abiad (ADB), Abdul & Furceri (IMF and University of Palermo), Davide & Topalova (IMF), Petia, 2016. "The macroeconomic effects of public investment: Evidence from advanced economies," Journal of Macroeconomics, Elsevier, vol. 50(C), pages 224-240.
    24. Mathilde Le Moigne & Francesco Saraceno & Sébastien Villemot, 2016. "Probably Too Little, Certainly Too Late. An Assessment of the Juncker Investment Plan," PSE Working Papers hal-03459360, HAL.
    25. Jose Alves, 2019. "The impact of tax structure on investment: an empirical assessment for OECD countries," Public Sector Economics, Institute of Public Finance, vol. 43(3), pages 291-309.
    26. Viegas, Miguel & Ribeiro, Ana Paula, 2013. "The Dutch experience: Assessing the welfare impacts of two consolidation strategies using a heterogeneous-agent framework," Economic Modelling, Elsevier, vol. 32(C), pages 351-360.
    27. Miyazaki, Tomomi & Hiraga, Kazuki & Kozuka, Masafumi, 2024. "Stock market response to public investment under the zero lower bound: Cross-industry evidence from Japan," Journal of the Japanese and International Economies, Elsevier, vol. 71(C).
    28. Mallick, Hrushikesh & Mahalik, Mantu Kumar & Sahoo, Manoranjan, 2018. "Is crude oil price detrimental to domestic private investment for an emerging economy? The role of public sector investment and financial sector development in an era of globalization," Energy Economics, Elsevier, vol. 69(C), pages 307-324.
    29. Miguel Viegas & Ana Ribeiro, 2014. "The Economic Adjustment Program for Portugal: assessing welfare impact in a heterogeneous-agent framework," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 13(1), pages 53-70, April.
    30. Fiorenza Venturini, 2016. "Are Estimates of Fiscal Multipliers Truly Reliable? Some Observations Starting from the Case of Japan," Centro Sraffa Working Papers CSWP23, Centro di Ricerche e Documentazione "Piero Sraffa".
    31. Basil Dalamagas & Stefanos Tantos, 2016. "Optimal Versus Actual Maturity of Government Debt: The Case of Greece," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 66(3), pages 25-52, July-Sept.
    32. Nelson Modeste, 2024. "The Relative Effects of Public and Private Capital on Guyana's Economic Performance, 1980 to 2018: A Cointegration Analysis," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 77(3), pages 463-482.
    33. Agénor, Pierre-Richard & Lim, King Yoong, 2018. "Unemployment, growth and welfare effects of labor market reforms," Journal of Macroeconomics, Elsevier, vol. 58(C), pages 19-38.
    34. Diogo Barbosa & Vitor M. Carvalho & Paulo J. Pereira, 2013. "The interaction between firms and Government in the context of investment decisions: a real options approach," FEP Working Papers 507, Universidade do Porto, Faculdade de Economia do Porto.
    35. Ms. Anita Tuladhar & Markus Bruckner, 2010. "Public Investment as a Fiscal Stimulus: Evidence from Japan’s Regional Spending During the 1990s," IMF Working Papers 2010/110, International Monetary Fund.
    36. Välilä, Timo, 2020. "Infrastructure and growth: A survey of macro-econometric research," Structural Change and Economic Dynamics, Elsevier, vol. 53(C), pages 39-49.
    37. Joao Tovar Jalles, 2015. "How Quickly is News Incorporated in Fiscal Forecasts?," Economics Bulletin, AccessEcon, vol. 35(4), pages 2802-2812.
    38. Naoyuki Yoshino & Umid Abidhadjaev, 2015. "An Impact Evaluation of Investment in Infrastructure: The Case of the Railway Connection in Uzbekistan," ADBI Working Papers 548, Asian Development Bank Institute.
    39. Oberholzer, Basil, 2023. "Post-growth transition, working time reduction, and the question of profits," Ecological Economics, Elsevier, vol. 206(C).
    40. Krichene, H. & Geiger, T. & Frieler, K. & Willner, S.N. & Sauer, I. & Otto, C., 2021. "Long-term impacts of tropical cyclones and fluvial floods on economic growth – Empirical evidence on transmission channels at different levels of development," World Development, Elsevier, vol. 144(C).
    41. Riccardo Fiorentini & Guido Montani, 2013. "Beyond Austerity A European Recovery Policy Is Feasible," Working Papers 06/2013, University of Verona, Department of Economics.
    42. Afonso, António & Furceri, Davide, 2008. "Government size, composition, volatility and economic growth," Working Paper Series 849, European Central Bank.
    43. Dreger, Christian & Reimers, Hans-Eggert, 2016. "Does public investment stimulate private investment? Evidence for the euro area," Economic Modelling, Elsevier, vol. 58(C), pages 154-158.
    44. Rouhollah Shahnazi & Maryam Lashani Afrasiabi, 2018. "Effect of Exogenous Oil Revenue Shocks on Reallocation of Public and Private Investments in Iran," International Journal of Energy Economics and Policy, Econjournals, vol. 8(1), pages 27-37.
    45. Jagannath Mallick, 2019. "The effects of government investment shocks on private investment: Empirical evidence from the developing economy," Indian Economic Review, Springer, vol. 54(2), pages 291-316, December.
    46. Ramesh Chandra Das & Amaresh Das & Kamal Ray, 2018. "Examining Forward and Backward Linkages between Public and Private Investments," Review of Market Integration, India Development Foundation, vol. 10(1), pages 45-75, April.
    47. Hans Pitlik & Michael Klien & Stefan Schiman-Vukan, 2017. "Stabilitätskonforme Berücksichtigung nachhaltiger öffentlicher Investitionen," WIFO Studies, WIFO, number 60595, June.
    48. Bom, Pedro R.D., 2017. "Factor-biased public capital and private capital crowding out," Journal of Macroeconomics, Elsevier, vol. 52(C), pages 100-117.
    49. Augustin Ntembe & Aloysius Ajab Amin & Regina Tawah, 2018. "Analysis of public investments and economic growth in Cameroon," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 42(3), pages 591-614, July.
    50. Tomomi Miyazaki, 2018. "Interactions between regional public and private investment: evidence from Japanese prefectures," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 60(1), pages 195-211, January.
    51. Pedro R. D. Bom & Aitor Goti, 2018. "Public Capital and the Labor Income Share," Sustainability, MDPI, vol. 10(11), pages 1-17, October.
    52. Amir Kia, 2020. "Impact of Public Debt, Deficit and Debt Financing on Private Investment in a Large Country: Evidence from the United States," World Journal of Applied Economics, WERI-World Economic Research Institute, vol. 6(2), pages 139-161, December.
    53. Sebastian Gechert & Ansgar Rannenberg, 2014. "Are Fiscal Multipliers Regime-Dependent? A Meta Regression Analysis," IMK Working Paper 139-2014, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    54. Alexie ALUPOAIEI & Matei KUBINSCHI & Eugen RĂDULESCU & Alina ZAHARIA-ROTARU, 2024. "Crowding-out, home bias and financial stability in the aftermath of the sovereign debt crisis," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(639), S), pages 107-128, Summer.
    55. Garikai MAKUYANA & Nicholas M. ODHIAMBO, 2018. "Public and Private Investment and Economic Growth in Zambia: A Dynamic Approach," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 71(4), pages 503-526.
    56. Christian Dreger & Hans-Eggert Reimers, 2014. "On the Relationship between Public and Private Investment in the Euro Area," Discussion Papers of DIW Berlin 1365, DIW Berlin, German Institute for Economic Research.
    57. Sajad Ahmad Bhat & Javed Ahmad Bhat & Taufeeq Ajaz, 2020. "The Public–Private Investment Nexus In India: Evidence From A Policy Simulation Approach," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 65(224), pages 101-128, January –.
    58. Ghassan, Hassan B. & Alhajhoj, Hassan R., 2009. "اختبار أثر مزاحمة الإنفاق الحكومي للإستثمار الخاص في الاقتصاد السعودي عبر المعاينة المعادة [Crowding out Test of Government Expenditures to Private Investment in Saudi Arabia using Bootstrapping]," MPRA Paper 54453, University Library of Munich, Germany, revised 2009.
    59. Baussola, Maurizio & Carvelli, Gianni, 2023. "Public and private investments: Long-run asymmetric effects in France and the US," Finance Research Letters, Elsevier, vol. 58(PA).
    60. Basil Dalamagas & Stefanos Tantos, 2017. "Optimal Sovereign Debt for an Overdebted Country," Australian Economic Papers, Wiley Blackwell, vol. 56(2), pages 95-118, June.
    61. António Afonso & João Tovar Jalles, 2011. "Linking Investment and Fiscal Policies," Working Papers Department of Economics 2011/16, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    62. Ghassan, Hassan B. & Alhajhoj, Hassan R., 2008. "ما هي طبيعة العلاقة بين الإنفاق الحكومي والإستثمار الخاص في الإقتصاد السعودي؟ [What is the Nature of the Relationship between Government Spending and Private Investment in Saudi Arabia?]," MPRA Paper 56377, University Library of Munich, Germany, revised 11 Jan 2009.
    63. João Sousa Andrade & António Portugal Duarte, 2014. "Crowding-in and Crowding-out Effects of Public Investments in the Portuguese Economy," GEMF Working Papers 2014-24, GEMF, Faculty of Economics, University of Coimbra.
    64. Fan, Xia & Li, Chuanju, 2025. "“To be unfolding” or “be on its last legs”—Preferential tax policies between supply and demand and the development of the new energy vehicle industry based on an ABM model," Energy Policy, Elsevier, vol. 200(C).
    65. Ahmed, Qazi Masood & Ali, Syed Ammad, 2014. "Public investment efficiency and sectoral economic growth in Pakistan," PSSP working papers 22, International Food Policy Research Institute (IFPRI).
    66. Syed Ammad & Qazi Masood Ahmed, 2014. "Dynamic Effects of Energy Sector Public Investment on Sectoral Economic Growth: Experience from Pakistan Economy," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 53(4), pages 403-421.
    67. Sofia São Marcos & Sofia Vale, 2024. "Is there a nonlinear relationship between public investment and private investment? Evidence from 21 Organization for Economic Cooperation and Development countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 887-902, January.
    68. Rafiq Sohrab, 2012. "Is Discretionary Fiscal Policy in Japan Effective?," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-49, August.
    69. Eduardo de Sá Fortes Leitão Rodrigues, 2020. "Uncertainty And The Effectiveness Of Fiscal Policy In The United States And Brazil: Svar Approach," Working Papers REM 2020/0150, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    70. Barbosa, Diogo & Carvalho, Vitor M. & Pereira, Paulo J., 2016. "Public stimulus for private investment: An extended real options model," Economic Modelling, Elsevier, vol. 52(PB), pages 742-748.
    71. Sylvain Leduc & Daniel J. Wilson, 2012. "Should transportation spending be included in a stimulus program? a review of the literature," Working Paper Series 2012-15, Federal Reserve Bank of San Francisco.
    72. Viegas, Miguel & Ribeiro, Ana Paula, 2013. "Welfare-improving government behavior and inequality in a heterogeneous agents model," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 146-160.
    73. Alessandra Cepparulo & Gilles Mourre, 2020. "How and How Much? The Growth-Friendliness of Public Spending through the Lens," European Economy - Discussion Papers 132, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    74. António Afonso & Miguel St. Aubyn, 2019. "Economic growth, public, and private investment returns in 17 OECD economies," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 18(1), pages 47-65, February.
    75. Przekota Grzegorz & Lisowska Agnieszka, 2016. "The Reaction of Private Spending and Market Interest Rates to the Changes in Public Spending," Foundations of Management, Sciendo, vol. 8(1), pages 203-210, January.
    76. F. De Sloover & K. Burggraeve & L. Dresse, 2012. "Belgian business investment in the context of the crisis," Economic Review, National Bank of Belgium, issue ii, pages 29-44, September.
    77. Alfredo Marvão Pereira & Jorge M. Andraz, 2010. "On The Economic Effects Of Investment In Railroad Infrastructures In Portugal," Working Papers 96, Department of Economics, College of William and Mary, revised 03 Apr 2012.
    78. Inácia Pimentel & Miguel St.Aubyn & Nuno Ribeiro, 2017. "The impact of investment in Public Private Partnerships on Public, Private investment and GDP in Portugal," Working Papers Department of Economics 2017/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    79. Manal M. Alghamdi & Fatimah M. Alshamry, 2025. "Navigating Economic Growth in Saudi Arabia: A Comparative Study of Public and Private Investment Over Four Decades," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 17(5), pages 1-26, May.
    80. Brasili, Andrea & Brasili, Cristina & Musto, Giorgio & Tueske, Annamaria, 2023. "Complementarities between local public and private investment in EU regions," EIB Working Papers 2023/04, European Investment Bank (EIB).
    81. Cavalcanti, Carlos B. & Marrero, Gustavo A. & Le, Tuan Minh, 2014. "Measuring the impact of debt-financed public investment," Policy Research Working Paper Series 6766, The World Bank.
    82. Rawat, Amna Sohail & Khan, Lubna, 2020. "Exploring the link between Public Investment and Long Run Economic Growth — A Case of a Developing Country," Public Finance Quarterly, Corvinus University of Budapest, vol. 65(2), pages 151-167.
    83. Ricardo Silva & Vitor Manuel Carvalho & Ana Paula Ribeiro, 2013. "How large are fiscal multipliers? A panel-data VAR approach for the Euro area," FEP Working Papers 500, Universidade do Porto, Faculdade de Economia do Porto.
    84. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    85. António Afonso & Miguel St. Aubyn, 2016. "Economic Growth and Public and Private Investment Returns," Working Papers Department of Economics 2016/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    86. Cevik, Emrah Ismail & Dibooglu, Sel & Kutan, Ali M., 2014. "Monetary and fiscal policy interactions: Evidence from emerging European economies," Journal of Comparative Economics, Elsevier, vol. 42(4), pages 1079-1091.
    87. Trofimov, Ivan D., 2020. "Public capital and productive economy profits: evidence from OECD economies," MPRA Paper 106848, University Library of Munich, Germany.

  125. António Afonso & Cristophe Rault, 2008. "Bootstrap Panel Granger-Causality Between Government Spending and Revenue," Working Papers Department of Economics 2008/39, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Salebu, Jefry Batara, 2014. "Pengaruh Penanaman Modal Asing Terhadap Pertumbuhan Ekonomi Di Indonesia: Analisis Data Panel Periode 1994-2013 [The Impact of Foreign Direct Investment on Indonesian Economic Growth: Panel Data an," MPRA Paper 72830, University Library of Munich, Germany.
    2. Georgeta VINTILA & Ioana Laura TIBULCA, 2014. "Can the Corporate Tax Burden be used to predict the Evolution of Business Confidence?," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 62(1), pages 143-150, January.
    3. Yousef Elyasi & Mohammad Rahimi, 2012. "The Causality between Government Revenue and Government Expenditure in Iran," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 5(1), pages 129-145, April.

  126. António Afonso, 2008. "Euler Testing Ricardo and Barro in the EUs," Working Papers Department of Economics 2008/23, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Cosimo Magazzino, 2012. "Fiscal Policy, Consumption and Current Account in the European Countries," Economics Bulletin, AccessEcon, vol. 32(2), pages 1330-1344.
    2. António Afonso & Ricardo M. Sousa, 2008. "The Macroeconomic Effects of Fiscal Policy," Working Papers Department of Economics 2008/56, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    3. Konstantinos P. Panousis & Minoas Koukouritakis, 2020. "Twin Deficits: Evidence From Portugal, Italy, Spain and Greece," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(5), pages 332-338, September.
    4. Francesco Forte & Cosimo Magazzino, 2013. "Twin Deficits in the European Countries," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 19(3), pages 289-310, August.
    5. Waqas, Muhamad & Awan, Masood Sarwar & Aslam, Muhammad Amir, 2011. "We are living on the cost of our children," MPRA Paper 32044, University Library of Munich, Germany.

  127. António Afonso & Christophe Rault, 2008. "3-Step Analysis of Public Finances Sustainability: the Case of the European Union," CESifo Working Paper Series 2393, CESifo.

    Cited by:

    1. Susanu, Monica, 2009. "Convergence to EMU through the Test of the Public Finance –Romania’s Budgetary Deficit and Public Debt," MPRA Paper 20480, University Library of Munich, Germany.
    2. Baumöhl, Eduard & Výrost, Tomáš & Lyócsa, Štefan, 2011. "Are we able to capture the EU debt crisis? Evidence from PIIGGS countries in panel unit root framework," MPRA Paper 30334, University Library of Munich, Germany.
    3. Afonso, António & Furceri, Davide & Agnello, Luca & Sousa, Ricardo M., 2009. "Assessing long-term fiscal developments - a new approach," Working Paper Series 1032, European Central Bank.
    4. Piotr Krajewski & Michał Mackiewicz & Agata Szymańska, 2016. "Fiscal Sustainability in Central and Eastern European Countries - A Post-Crisis Assessment," Prague Economic Papers, Prague University of Economics and Business, vol. 2016(2), pages 175-188.
    5. Ionel Bostan & Carmen Toderașcu & Anca Florentina Gavriluţă (Vatamanu), 2018. "Challenges and Vulnerabilities on Public Finance Sustainability. A Romanian Case Study," JRFM, MDPI, vol. 11(3), pages 1-24, September.
    6. Andreea STOIAN, 2011. "A Retrospective Approach on Assessing Fiscal Vulnerability: Empirical Evidence for Overindebted European Countries," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 4(3(15)), pages 183-188.
    7. Emilia Câmpeanu & Andreea Stoian, 2010. "Fiscal Policy Reaction in the Short Term for Assessing Fiscal Sustainability in the Long Runin Central and Eastern European Countries," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 60(6), pages 501-518, December.
    8. Juan Carlos Cuestas & Karsten Staehr, 2011. "Fiscal shocks and budget balance persistence in the EU countries from Central and Eastern Europe," Bank of Estonia Working Papers wp2011-08, Bank of Estonia, revised 13 Jul 2011.
    9. Miyazaki, Tomomi, 2014. "Fiscal reform and fiscal sustainability: Evidence from Australia and Sweden," International Review of Economics & Finance, Elsevier, vol. 33(C), pages 141-151.
    10. Bogdan Dima & Oana Lobonţ & Cristina Nicolescu, 2009. "The Fiscal Revenues And Public Expenditures: Is Their Evolution Sustenable? The Romanian Case," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-42.
    11. António Afonso, 2009. "Neck, R. and Sturm, J.-E. (eds.): Sustainability of public debt," Journal of Economics, Springer, vol. 97(1), pages 95-96, May.

  128. Afonso, António & Gomes, Pedro, 2008. "Interactions between private and public sector wages," Working Paper Series 971, European Central Bank.

    Cited by:

    1. António Afonso & João Tovar Jalles, 2017. "Fiscal Activism and Price Volatility: Evidence from Advanced and Emerging Economies," Working Papers Department of Economics 2017/04, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    2. Idriss Fontaine & Ismael Galvez-Iniesta & Pedro Gomes & Diego Vila-Martin, 2019. "Labour market flows : Accounting for the public sector," Working Papers hal-02334064, HAL.
    3. Stähler, Nikolai, 2019. "Who benefits from using property taxes to finance a labor tax wedge reduction?," Discussion Papers 03/2019, Deutsche Bundesbank.
    4. Arghyrou, Michael G, 2014. "Is Greece turning the corner? A theory-based assessment of recent Greek macro-policy," Cardiff Economics Working Papers E2014/16, Cardiff University, Cardiff Business School, Economics Section.
    5. Juin-Jen Chang & Hsieh-Yu Lin & Ms. Nora Traum & Susan Yang Shu-Chun, 2019. "Fiscal Consolidation and Public Wages," IMF Working Papers 2019/125, International Monetary Fund.
    6. Stähler, Nikolai & Gadatsch, Niklas & Hauzenberger, Klemens, 2014. "Getting into GEAR: German and the Rest of Euro Area Fiscal Policy During the Crisis," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100460, Verein für Socialpolitik / German Economic Association.
    7. António Afonso & Pedro Gomes, 2008. "Interactions between Private and Public Sector Wages," Working Papers Department of Economics 2008/55, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    8. Ana Lamo & Javier J. Pérez & Ludger Schuknecht, 2012. "Public or Private Sector Wage Leadership? An International Perspective," Scandinavian Journal of Economics, Wiley Blackwell, vol. 114(1), pages 228-244, March.
    9. Javier Pérez & A. Sánchez, 2011. "Is there a signalling role for public wages? Evidence for the euro area based on macro data," Empirical Economics, Springer, vol. 41(2), pages 421-445, October.
    10. Gomes, Pedro Maia, 2017. "Heterogeneity and the Public Sector Wage Policy," IZA Discussion Papers 11091, Institute of Labor Economics (IZA).
    11. Stähler, Nikolai & Thomas, Carlos, 2012. "FiMod — A DSGE model for fiscal policy simulations," Economic Modelling, Elsevier, vol. 29(2), pages 239-261.
    12. Claire Boeing-Reicher & Vincenzo Caponi, 2024. "Public wages, public employment, and business cycle volatility: Evidence from U.S. metro areas," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 54, October.
    13. Minford, Patrick & Wang, Yi & Zhou, Peng, 2017. "Resolving the Public Sector Wage Premium Puzzle by Indirect Inference," Cardiff Economics Working Papers E2017/13, Cardiff University, Cardiff Business School, Economics Section.
    14. Gadatsch, Niklas & Stähler, Nikolai & Weigert, Benjamin, 2016. "German labor market and fiscal reforms 1999–2008: Can they be blamed for intra-euro area imbalances?," Journal of Macroeconomics, Elsevier, vol. 50(C), pages 307-324.
    15. Andri Chassamboulli & Pedro Gomes, 2021. "Jumping the queue: nepotism and public-sector pay," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 39, pages 344-366, January.
    16. Pérez, Javier J. & Rodríguez-Vives, Marta & Depalo, Domenico & Papapetrou, Evangelia & Aouriri, Marie & Campos, Maria M. & Celov, Dmitrij & Pesliakaitė, Jurga & Ramos, Roberto, 2016. "The fiscal and macroeconomic effects of government wages and employment reform," Occasional Paper Series 176, European Central Bank.
    17. Bettoni, Luis G. & Santos, Marcelo R., 2022. "Public sector employment and aggregate fluctuations," Journal of Macroeconomics, Elsevier, vol. 72(C).
    18. Kamila Sławińska, 2021. "Public–private sector wage gap in a group of European countries: an empirical perspective," Empirical Economics, Springer, vol. 60(4), pages 1747-1775, April.
    19. Vitor M. Carvalho & Manuel M. F. Martins, 2011. "Macroeconomic effects of fiscal consolidations in a DSGE model for the Euro Area: does composition matter?," FEP Working Papers 421, Universidade do Porto, Faculdade de Economia do Porto.
    20. T. Buyse & F. Heylen, 2012. "Leaving the empirical (battle)ground: Output and welfare effects of fiscal consolidation in general equilibrium," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/826, Ghent University, Faculty of Economics and Business Administration.
    21. Tryphon Kollintzas & Dimitris Papageorgiou & Efthymios Tsionas & Vanghelis Vassilatos, 2018. "Market and political power interactions in Greece: an empirical investigation," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 7(1), pages 1-43, December.
    22. Fernàndez-de-Córdoba, Gonzalo & Pérez, Javier J. & Torres, José L., 2009. "Public and private sector wages interactions in a general equilibrium model," Working Paper Series 1099, European Central Bank.
    23. Andreas Wrgtter & Sihle Nomdebevana, 2018. "Aggregate publicprivate remuneration patterns in South Africa," Working Papers 8620, South African Reserve Bank.
    24. Thierry Betti & Thomas Coudert, 2022. "How harmful are cuts in public employment and wage in times of high unemployment?," Post-Print hal-03982745, HAL.
    25. Thierry Betti & Thomas Coudert, 2015. "How can the labor market accounts for the effectiveness of fiscal policy over the business cycle?," Working Papers of BETA 2015-16, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    26. Jacquinot, Pascal & Lozej, Matija & Pisani, Massimiliano, 2018. "Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area: A structural model-based approach," Research Technical Papers 2/RT/18, Central Bank of Ireland.
    27. Jacquinot, Pascal & Lozej, Matija & Pisani, Massimiliano, 2020. "Macroeconomic effects of tariffs shocks: the role of the effective lower bound and the labour market," Working Paper Series 2434, European Central Bank.
    28. Alexander Pacek & Benjamin Radcliff & Mark Brockway, 2019. "Well-Being and the Democratic State: How the Public Sector Promotes Human Happiness," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 143(3), pages 1147-1159, June.
    29. Javier J. Perez & Ana Lamo & Enrique Moral-Benito, 2015. "Does Slack Influence Public and Private Labor Market," EcoMod2015 8792, EcoMod.
    30. Gadatsch, Niklas & Hauzenberger, Klemens & Stähler, Nikolai, 2015. "German and the rest of euro area fiscal policy during the crisis," Discussion Papers 05/2015, Deutsche Bundesbank.
    31. Peter Dolton & Arno Hantzsche, 2024. "Follow the leader? The long‐run interaction between public and private sector wage growth in the UK," Economica, London School of Economics and Political Science, vol. 91(363), pages 837-879, July.
    32. Ana Lamo & Javier J. P�rez & A. Jesús S�nchez-Fuentes, 2013. "Institutional determinants of public--private sector wages' linkages," Applied Economics Letters, Taylor & Francis Journals, vol. 20(12), pages 1165-1169, August.
    33. Huang, Jiayi & Zhou, Peng, 2024. "Causes and effects of social media engagement in luxury fashion marketing: A comparative study over the COVID pandemic," Cardiff Economics Working Papers E2024/16, Cardiff University, Cardiff Business School, Economics Section.
    34. Bernadeta Baran, 2011. "Geneza i skutki kryzysu finansów publicznych w Grecji," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 5-6, pages 49-67.
    35. Gabriele Cardullo, 2017. "The Welfare and Employment Effects of Centralized Public Sector Wage Bargaining," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 19(2), pages 490-510, April.
    36. Goran Vukšić, 2012. "Sectoral wage dynamics and intersectoral linkages in the context of export competitiveness: the case of Croatia," wiiw Balkan Observatory Working Papers 99, The Vienna Institute for International Economic Studies, wiiw.
    37. Céline Antonin & Christophe Blot & Sabine Le Bayon & Catherine Mathieu, 2013. "La quête de la compétitivité ouvre la voie de la déflation," SciencePo Working papers Main hal-03470596, HAL.
    38. Robert Davidson & Alexander Pacek & Benjamin Radcliff, 2021. "Public Sector Employment, Quality of Government, and Well-Being: A Global Analysis," International Area Studies Review, Center for International Area Studies, Hankuk University of Foreign Studies, vol. 24(3), pages 193-204, September.
    39. Checherita-Westphal, Cristina & Domingues Semeano, João & Ahonen, Elena & Stinglhamber, Pierrick & Van Parys, Stefan & Clemens, Johannes & Urke, Katri & Soosaar, Orsolya & Vergou, Maria & Flevotomou, , 2022. "Public wage and pension indexation in the euro area: an overview," Occasional Paper Series 299, European Central Bank.
    40. Chassamboulli, Andri & Gomes, Pedro, 2023. "Public-sector employment, wages and education decisions," Labour Economics, Elsevier, vol. 82(C).
    41. Eduardo Garzón Espinosa & Bibiana Medialdea García & Esteban Cruz Hidalgo, 2021. "Fiscal Policy Approaches: An Inquiring Look From The Modern Monetary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 999-1022, October.
    42. Ahmed SALAMA, 2017. "Daily Wages Comparison For Wage Employees In The Public And Private Sectors In Palestine," Network Intelligence Studies, Romanian Foundation for Business Intelligence, Editorial Department, issue 10, pages 97-105, December.
    43. Cristina Checherita-Westphal & Nadine Leiner-Killinger & Teresa Schildmann, 2025. "Euro area inflation differentials: the role of fiscal policies revisited," Empirical Economics, Springer, vol. 68(2), pages 803-854, February.
    44. Sven Langedijk & Aurélien Poissonnier & Edouard Turkisch, 2023. "The impact of macroeconomic developments and imbalances on fiscal outcomes," SN Business & Economics, Springer, vol. 3(6), pages 1-29, June.
    45. Dai, Tiantian & He, Chao & Jiang, Shenyi, 2023. "Talent in the public sector: The role of migration and housing policies," Economic Modelling, Elsevier, vol. 129(C).
    46. Kollintzas, Tryphon & Vassilatos, Vanghelis & Papageorgiou, Dimitris, 2013. "A Neoclassical Growth Model for the Insiders ? Outsiders Society," CEPR Discussion Papers 9640, C.E.P.R. Discussion Papers.
    47. Baran, Bernadeta, 2011. "Geneza i skutki kryzysu finansów publicznych w Grecji," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2011(5-6), June.
    48. Galanakis, Yannis, 2020. "Female Human Capital Mismatch: An extension for the British public sector," GLO Discussion Paper Series 669, Global Labor Organization (GLO).
    49. Vitor Carvalho & Manuel M. F. Martins, 2011. "Investment and output effects of fiscal consolidations in a new-Keynesian DSGE model for the Euro Area: composition matters?," EcoMod2011 3246, EcoMod.
    50. Gonzalo F De córdoba & Javier J Pérez & José L Torres, 2012. "On the substitutability between public and private employment," Economics Bulletin, AccessEcon, vol. 32(3), pages 2700-2709.
    51. Michael G. Arghyrou, 2015. "The Greek Crisis and Financial Assistance Programmes: An Evaluation," CESifo Working Paper Series 5591, CESifo.
    52. Lu, Zhenkun & Kameda, Keigo, 2024. "Impact of fiscal policies on the labor market with search friction: An estimated DSGE model for Japan," Journal of the Japanese and International Economies, Elsevier, vol. 72(C).
    53. Marzinotto, Benedicta & Turrini, Alessandro, 2016. "Co-movements between Public and Private Wages in the EU: Which Factors Play a Role?," IZA Discussion Papers 9964, Institute of Labor Economics (IZA).
    54. Adam, Antonis, 2020. "Under economic adjustment programs, do private sector wages respond to changes in public wages and employment?," Journal of Policy Modeling, Elsevier, vol. 42(6), pages 1334-1351.
    55. Lozej, Matija, 2019. "Economic migration and business cycles in a small open economy with matching frictions," Economic Modelling, Elsevier, vol. 81(C), pages 604-620.
    56. Benedicta Marzinotto & Alessandro Turrini, 2017. "Co-movements between public and private wages in the EU: what factors and with what policy implications?," IZA Journal of European Labor Studies, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 6(1), pages 1-16, December.
    57. Gadatsch, Niklas & Hauzenberger, Klemens & Stähler, Nikolai, 2016. "Fiscal policy during the crisis: A look on Germany and the Euro area with GEAR," Economic Modelling, Elsevier, vol. 52(PB), pages 997-1016.
    58. Nalban, Valeriu & Smădu, Andra, 2021. "The interaction between private sector and public sector labor markets: Evidence from Romania," Economic Modelling, Elsevier, vol. 94(C), pages 804-821.
    59. Goran Vukšić, 2018. "Pre-Crisis Wage Leadership in Croatia in the Context of Export Competitiveness: Any Lessons for the Future?," Prague Economic Papers, Prague University of Economics and Business, vol. 2018(3), pages 306-330.
    60. Maria-Grazia Attinasi & Doris Prammer & Nikolai Stähler & Martino Tasso & Stefan van Parys, 2019. "Budget-Neutral Labor Tax Wedge Reductions: A Sumulation-Based Analysis for the Euro Area," International Journal of Central Banking, International Journal of Central Banking, vol. 15(4), pages 1-54, October.
    61. Michael, Maria & Christofides, Louis N., 2020. "The impact of austerity measures on the public - private sector wage gap in Europe," Labour Economics, Elsevier, vol. 63(C).
    62. Attinasi, Maria Grazia & Berardini, Francesco & Palazzo, Alessandra Anna, 2019. "Do public wages in the euro area explain private wage developments? An empirical investigation," Working Paper Series 2231, European Central Bank.

  129. Afonso, António & Furceri, Davide, 2008. "Government size, composition, volatility and economic growth," Working Paper Series 849, European Central Bank.

    Cited by:

    1. José Alves, 2018. "The sinful side of taxation: is it possible to satisfy the government hunger for revenues while promoting economic growth?," Working Papers REM 2018/57, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Kubin, Ingrid & Zörner, Thomas O., 2021. "Credit cycles, human capital and the distribution of income," Journal of Economic Behavior & Organization, Elsevier, vol. 183(C), pages 954-975.
    3. Rockey, James, 2012. "Reconsidering the fiscal effects of constitutions," European Journal of Political Economy, Elsevier, vol. 28(3), pages 313-323.
    4. Fabiana Rocha & Veronica Orellano, Karina Bugarin, 2016. "Local public finances in Brazil: are mayoral characteristics important?," Working Papers, Department of Economics 2016_04, University of São Paulo (FEA-USP).
    5. Awaworyi, Sefa & Ugur, Mehmet & Yew, Siew Ling, 2015. "Does government size affect per-capita income growth? A Hierarchical meta-regression analysis," MPRA Paper 68006, University Library of Munich, Germany, revised 18 Nov 2015.
    6. Nazim Belhocine & La-Bhus Fah Jirasavetakul, 2020. "Lessons from Two Public Sector Reforms in Italy," IMF Working Papers 2020/040, International Monetary Fund.
    7. Makkonen, Teemu, 2013. "Government science and technology budgets in times of crisis," Research Policy, Elsevier, vol. 42(3), pages 817-822.
    8. Nazila Alinaghi & W. Robert Reed, 2018. "Taxes and Economic Growth in OECD Countries: A Meta-Analysis," Working Papers in Economics 18/09, University of Canterbury, Department of Economics and Finance.
    9. Moller, Lars Christian & Wacker, Konstantin M., 2017. "Explaining Ethiopia’s Growth Acceleration—The Role of Infrastructure and Macroeconomic Policy," World Development, Elsevier, vol. 96(C), pages 198-215.
    10. Aisyah Nurrul Jannah & Khoirunurrofik, 2022. "The Impact of COVID-19 Pandemic on Local Fiscal Revenue: Empirical Evidence from the Regions with Dominant Tertiary Sectors," Economics and Finance in Indonesia, Faculty of Economics and Business, University of Indonesia, vol. 68, pages 87-101, Desember.
    11. The Anh Pham, 2018. "Policy volatility and growth," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 17(2), pages 87-97, July.
    12. Bergh, Andreas & Bjørnskov, Christian, 2016. "Burying the Bumblebee Once and for All:," Working Paper Series 1119, Research Institute of Industrial Economics.
    13. Andros Kourtellos & Charalambos G. Tsangarides, 2015. "Robust Correlates of Growth Spells: Do Inequality and Redistribution Matter?," Working Paper series 15-20, Rimini Centre for Economic Analysis.
    14. Eleftherios Spyromitros, 2023. "Determinants of Green Innovation: The Role of Monetary Policy and Central Bank Characteristics," Sustainability, MDPI, vol. 15(10), pages 1-23, May.
    15. Bernd Hayo & Florian Neumeier, 2014. "Public Preferences for Government Spending Priorities: Survey Evidence from Germany," MAGKS Papers on Economics 201457, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    16. Beyer,Robert Carl Michael & Wacker,Konstantin M., 2022. "Good Enough for Outstanding Growth : The Experience of Bangladesh in Comparative Perspective," Policy Research Working Paper Series 10150, The World Bank.
    17. Ant Afonso & João Tovar Jalles, 2014. "Fiscal composition and long-term growth," Applied Economics, Taylor & Francis Journals, vol. 46(3), pages 349-358, January.
    18. Kathavate, Jay, 2013. "Direct & Indirect Effects of Aid Volatility on Growth: Do Stronger Institutions Play a Role?," MPRA Paper 45187, University Library of Munich, Germany.
    19. Canavire-Bacarreza, Gustavo & Martínez-Vázquez, Jorge & Vulovic, Violeta, 2013. "Taxation and Economic Growth in Latin America," IDB Publications (Working Papers) 4583, Inter-American Development Bank.
    20. François Facchini & Mickaël Melki, 2013. "Efficient government size: France in the 20 th century," Post-Print hal-01286723, HAL.
    21. Niclas Berggren & Christian Bjørnskov & David Lipka, 2015. "Legitimacy and the cost of government," Public Choice, Springer, vol. 162(3), pages 307-328, March.
    22. Joel Cariolle & Michaël Goujon, 2015. "Measuring macroeconomic instability: a critical survey illustrated with exports series," Post-Print halshs-01273229, HAL.
    23. Eduardo de Sá Fortes Leitão Rodrigues, 2021. "Citizens' Confidence in Government and Inefficient Public Spending. Is there a Trust Trap?," Working Papers REM 2021/0199, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    24. António Afonso & Eduardo de Sá Fortes Leitão Rodrigues, 2021. "Corruption and economic growth: does the size of the government matter?," Working Papers REM 2021/0164, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    25. Rodríguez-Pose, Andrés & Vidal-Bover, MIquel, 2022. "Unfunded mandates and the economic impact of decentralisation. When finance does not follow function," CEPR Discussion Papers 17613, C.E.P.R. Discussion Papers.
    26. Christoph Priesmeier & Nikolai Stähler, 2011. "Long Dark Shadows Or Innovative Spirits? The Effects Of (Smoothing) Business Cycles On Economic Growth: A Survey Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 25(5), pages 898-912, December.
    27. Roshaiza Taha & Nanthakumar Loganathan, 2014. "Long-Run Nexus between Tax Revenue on Economic Performance: Empirical Evidence from Malaysia," International Journal of Economics and Empirical Research (IJEER), The Economics and Social Development Organization (TESDO), vol. 2(6), pages 238-245, June.
    28. L. Di Matteo & Tom Barbiero, 2017. "Economic Growth and the Public Sector: A Comparison of Canada and Italy, 1870†2013," Working Papers 069, Toronto Metropolitan University, Department of Economics.
    29. Donatella Saccone & Matteo Migheli, 2022. "Free to escape? Economic freedoms, growth and poverty traps," Review of Development Economics, Wiley Blackwell, vol. 26(3), pages 1518-1554, August.
    30. Ibrahim Ayoade Adekunle & Sheriffdeen Adewale Tella & Oluwaseyi Adedayo Adelowokan, 2021. "Macroeconomic policy volatility and household consumption in Africa," SN Business & Economics, Springer, vol. 1(3), pages 1-22, March.
    31. Lucas Menescal & José Alves, 2022. "Optimal threshold taxation: an empirical investigation for developing economies," Working Papers REM 2022/0232, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    32. Jaroslaw Kantorowicz, 2014. "Judges as Fiscal Activists: Can Constitutional Review Shape Public Finance?," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 2, pages 79-104, June.
    33. Maran Marimuthu & Hanana Khan & Romana Bangash, 2021. "Is the Fiscal Deficit of ASEAN Alarming? Evidence from Fiscal Deficit Consequences and Contribution towards Sustainable Economic Growth," Sustainability, MDPI, vol. 13(18), pages 1-19, September.
    34. Mihai MutaÅŸcu & Marius MiloÅŸ, 2009. "Optimal Size Of Government Spending. The Case Of European Union Member States," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-45.
    35. Ding, Chengri & Niu, Yi & Lichtenberg, Erik, 2014. "Spending preferences of local officials with off-budget land revenues of Chinese cities," China Economic Review, Elsevier, vol. 31(C), pages 265-276.
    36. Thien Vu Tran & Joseph Drew & Masayoshi Noguchi, 2018. "The Role of Revenue Volatility in Local Expenditure Volatility: A Comparison of Tokyo Metropolitan Local Governments," Economic Papers, The Economic Society of Australia, vol. 37(4), pages 443-455, December.
    37. Sacchi, Agnese & Salotti, Simone, 2015. "The impact of national fiscal rules on the stabilisation function of fiscal policy," European Journal of Political Economy, Elsevier, vol. 37(C), pages 1-20.
    38. Davide Furceri & Ernesto Crivelli & Mr. Joël Toujas-Bernate, 2012. "Can Policies Affect Employment Intensity of Growth? A Cross-Country Analysis," IMF Working Papers 2012/218, International Monetary Fund.
    39. Gladys Awinpoak Abindaw Nabieu & Godfred Alufar Bokpin & Achampong Kofi Osei & Patrick Opoku Asuming, 2021. "Fiscal rules, fiscal performance and economic growth in Sub‐Saharan Africa," African Development Review, African Development Bank, vol. 33(4), pages 607-619, December.
    40. Simón Sosvilla-Rivero & María del Carmen Ramos-Herrera & Juan J. Rubio-Guerrero, 2025. "Public Expenditure and Economic Growth: Further Evidence for the European Union," Economies, MDPI, vol. 13(3), pages 1-25, February.
    41. Akeem A. Tijani & Olumemino Oluwasola & Olayinka I. Baruwa, 2015. "Public sector expenditure in agriculture and economic growth in Nigeria: An empirical investigation," Agrekon, Taylor & Francis Journals, vol. 54(2), pages 76-92, June.
    42. Antonakakis, Nikolaos & Chatziantoniou, Ioannis & Filis, George, 2017. "Oil shocks and stock markets: Dynamic connectedness under the prism of recent geopolitical and economic unrest," International Review of Financial Analysis, Elsevier, vol. 50(C), pages 1-26.
    43. Bougharriou, Nouha & Benayed, Walid & Gabsi, Foued Badr, 2019. "The democracy and economic growth nexus: Do FDI and government spending matter? Evidence from the Arab world," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 13, pages 1-29.
    44. Livio Di Matteo & Fraser Summerfield, 2018. "The Shifting Scully Curve: International Evidence from 1870 to 2013," Working Paper series 18-01, Rimini Centre for Economic Analysis.
    45. Hongyun Han & Shuang Lin, 2019. "Government Size and Regional Capital Flows in China," Sustainability, MDPI, vol. 11(23), pages 1-19, November.
    46. Teresa Famulska & Jan Kaczmarzyk & Malgorzata Grzaba, 2020. "The Relationship Between Tax Revenue and Public Social Expenditure in the EU Member States," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 1136-1156.
    47. Sangyup Choi & Davide Furceri & João Tovar Jalles, 2020. "Heterogenous Gains from Countercyclical Fiscal Policy: New Evidence from International Industry-level Data," Working papers 2020rwp-176, Yonsei University, Yonsei Economics Research Institute.
    48. Eric M. Leeper, 2010. "Monetary science, fiscal alchemy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 361-434.
    49. Philip Arestis & Hüseyin Şen & Ayşe Kaya, 2021. "On the linkage between government expenditure and output: empirics of the Keynesian view versus Wagner’s law," Economic Change and Restructuring, Springer, vol. 54(2), pages 265-303, May.
    50. Halkos, George, 2012. "The impact of government expenditure on the environment: An empirical investigation," MPRA Paper 39957, University Library of Munich, Germany.
    51. Jason E. Taylor & Ronald L. Klingler, 2016. "Fiscal Contraction and Economic Expansion: The 2013 Sequester and Post–World War II Spending Cuts," Cato Journal, Cato Journal, Cato Institute, vol. 36(1), pages 69-88, Winter.
    52. Halkos, George & Paizanos, Epameinondas, 2015. "Environmental Macroeconomics: A critical literature review and future empirical research directions," MPRA Paper 67432, University Library of Munich, Germany.
    53. J. Stephen Ferris & Marcel-Cristian Voia, 2014. "The Effect of Federal Government Size on Private Economic Performance in Canada: 1870–2011," Carleton Economic Papers 14-01, Carleton University, Department of Economics.
    54. Rodríguez-Arana, Alejandro, 2014. "Política fiscal, expectativas y transición dinámica en el modelo simple de crecimiento endógeno," Panorama Económico, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 0(18), pages 7-32, primer se.
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    56. Ramesh Chandra Das, 2025. "Interrelationships Among Government Participation, Population and Growth of per Capita Income: Inquiry on Top Twenty Income-Holding Countries in the World," Economies, MDPI, vol. 13(2), pages 1-29, February.
    57. Miguel Viegas & Ana Paula Ribeiro, 2011. "Welfare-improving Government Behaviour and Inequality - Inspection Using a Heterogeneous-agent Model," CEF.UP Working Papers 1103, Universidade do Porto, Faculdade de Economia do Porto.
    58. Carmignani, Fabrizio & Colombo, Emilio & Tirelli, Patrizio, 2011. "Macroeconomic risk and the (de)stabilising role of government size," European Journal of Political Economy, Elsevier, vol. 27(4), pages 781-790.
    59. Lei, Qiu & Huang, Weiyun & Zhao, Fang & Sarwar, Saima & Chaudhary, Muhammad Gulzaib, 2023. "The importance of public sector size and resources volatility in carbon emissions: Empirical evidence from OECD countries," Resources Policy, Elsevier, vol. 85(PA).
    60. António Afonso & João Tovar Jalles, 2012. "The Fiscal-Growth Nexus," Working Papers Department of Economics 2012/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    61. Sangyup Choi & David Furceri & Prakash Loungani & Myungkyu shim, 2021. "Inflation Anchoring and Growth: The Role of Credit Constraints," Working papers 2021rwp-188, Yonsei University, Yonsei Economics Research Institute.
    62. Sangyup Choi & Davide Furceri & Prakash Loungani, 2019. "Inflation Anchoring, Real Borrowing Costs, and Growth: Evidence from Sectoral Data," Working papers 2019rwp-143, Yonsei University, Yonsei Economics Research Institute.
    63. Sena Kimm Gnangnon, 2021. "Poverty volatility and poverty in developing countries," Economic Affairs, Wiley Blackwell, vol. 41(1), pages 84-95, February.
    64. Barbaros Güneri & A. Yasemin Yalta, 2021. "Does economic complexity reduce output volatility in developing countries?," Bulletin of Economic Research, Wiley Blackwell, vol. 73(3), pages 411-431, July.
    65. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Government Spending Efficiency, Measurement and Applications: a CrossCountry Efficiency Dataset," EconPol Working Paper 50, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    66. Gordon L. Brady, 2020. "Modern Monetary Theory: Some Additional Dimensions," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 48(1), pages 1-9, March.
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  130. Afonso, António & Furceri, Davide, 2007. "Business cycle synchronization and insurance mechanisms in the EU," Working Paper Series 844, European Central Bank.

    Cited by:

    1. Dobrescu, Emilian, 2012. "Restatement of the I-O Coefficient Stability Problem," MPRA Paper 48567, University Library of Munich, Germany.
    2. Faruk Balli & Syed Abul Basher & Hatice Ozer Balli, 2013. "International Income Risk-Sharing and the Global Financial Crisis of 2008- 2009," CAMA Working Papers 2013-02, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    3. Balli, Faruk & Basher, Syed Abul & Balli, Hatice Ozer, 2011. "Income insurance and the determinants of income insurance via foreign asset revenues and foreign liability payments," Economic Modelling, Elsevier, vol. 28(5), pages 2296-2306, September.
    4. Andrzej Toroj, 2009. "Macroeconomic adjustment and heterogeneity in the euro area," NBP Working Papers 54, Narodowy Bank Polski.
    5. Afonso, António & Furceri, Davide, 2008. "Government size, composition, volatility and economic growth," Working Paper Series 849, European Central Bank.
    6. Jean-Baptiste Gossé & Camille Jehle & Yann Perdereau & Roger Vicquéry, 2022. "European unemployment insurance and macroeconomic stabilisation: are permanent fiscal transfers between States needed? [La stabilisation macroéconomique par une assurance chômage européenne impliqu," Bulletin de la Banque de France, Banque de France, issue 240.
    7. Dinu. Marin & Marinas, Marius Corneliu & Socol Cristian & Socol, Aura Gabriela, 2012. "Clusterization, Persistence, Dependency and Volatility of Business Cycles in an Enlarged Euro Area," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 5-23, June.

  131. António Afonso & Davide Furceri, 2007. "Sectoral Business Cycle Synchronization in the European Union," Working Papers Department of Economics 2007/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Monica Karina Anastasia & Pahmi Utamaraja Ginting & Risqia Fadhilah Syahrir & Oki Hermansyah & Muhamad Shiroth, 2023. "The Dynamic Of Indonesi Amic Of Indonesia’S Sectoral Economic Cy Oral Economic Cycles," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 26(2), pages 361-394, May.
    2. Luis J. Álvarez & M.ª Dolores Gadea & Ana Gómez Loscos, 2021. "La evolución cíclica de la economía española en el contexto europeo," Occasional Papers 2103, Banco de España.
    3. Skikiewicz Robert & Garczarczyk Józef, 2018. "Cyclical Fluctuations in the Banking Services Market and the Changes in the Situation of Entities from the Financial Services Sector," Central European Economic Journal, Sciendo, vol. 5(52), pages 118-129, January.
    4. Werner Hölzl & Serguei Kaniovski & Andreas Reinstaller, 2015. "The exposure of technology and knowledge intense sectors to the business cycle," Bulletin of Applied Economics, Risk Market Journals, vol. 2(1), pages 1-19.
    5. Chang Liu & Bowen Deng, 2023. "Is it really paid for sustainable development? The economic significance of firms' green practice," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(2), pages 908-925, April.
    6. Bojeşteanu, Elena & Manu, Ana Simona, 2011. "Analiza empirică a sincronizării ciclului de afaceri şi a similarităţii şocurilor între România şi zona euro [Empirical analysis of business cycle synchronization and shock similarity between Roman," MPRA Paper 31295, University Library of Munich, Germany.
    7. Jürgen Janger & Werner Hölzl & Serguei Kaniovski & Johannes Kutsam & Michael Peneder & Andreas Reinstaller & Susanne Bärenthaler-Sieber & Isabel Stadler & Fabian Unterlass, 2011. "Structural Change and the Competitiveness of EU Member States," WIFO Studies, WIFO, number 42956, June.
    8. Paolo Guarda & Abdelaziz Rouabah, 2015. "Is the financial sector Luxembourg?s engine of growth?," BCL working papers 97, Central Bank of Luxembourg.
    9. Dan IVÃNESCU & Laura IVÃNESCU, 2016. "Estimating The Business Cycle Synchronization Between Romania And The Euro Area," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 6(1), pages 36-42, March.
    10. Zapodeanu Daniela, 2012. "Real And Nominal Convergence, The Syncronization Of Business Cycles Between The New Eurozone Members (Nem) Slovenia, Slovakia, Cyprus , Estonia And The Core Eurozone," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 629-634, December.
    11. Dilip M. Nachane & Amlendu Dubey, 2021. "The Spectral Envelope: An Application to the Decoupling Problem in Economics," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 19(1), pages 287-308, December.
    12. Davide Furceri & Georgios Karras, 2008. "Is the Middle East an Optimum Currency Area? A Comparison of Costs and Benefits," Open Economies Review, Springer, vol. 19(4), pages 479-491, September.
    13. Tatomir, Cristina F. & Popovici, Oana, 2011. "Eyes on Romania: what to look when investing here?," MPRA Paper 36140, University Library of Munich, Germany.
    14. Stelios Bekiros & Duc Khuong Nguyen & Gazi Salah Uddin & Bo Sjö, 2014. "Business Cycle (De)Synchronization in the Aftermath of the Global Financial Crisis: Implications for the Euro Area," Working Papers 2014-437, Department of Research, Ipag Business School.
    15. Reade, J. James & Volz, Ulrich, 2011. "Leader of the pack? German monetary dominance in Europe prior to EMU," Economic Modelling, Elsevier, vol. 28(1), pages 239-250.
    16. Ioannis Tsamourgelis & Persa Paflioti & Thomas Vitsounis, 2013. "Seaports Activity (A)synchronicity, Trade Intensity and Business Cycle Convergence: A Panel Data Analysis," International Journal of Maritime, Trade & Economic Issues (IJMTEI), International Journal of Maritime, Trade & Economic Issues (IJMTEI), vol. 0(1), pages 67-92.
    17. Jürgen Bierbaumer & Werner Hölzl, 2015. "Business Cycle Dynamics and Firm Heterogeneity. Evidence for Austria Using Survey Data," WIFO Working Papers 504, WIFO.
    18. Alexandra Ferreira-Lopes & Tiago Neves Sequeira, 2012. "Business Cycles Association in a Small Monetary Union: The Case of Switzerland," Spatial Economic Analysis, Taylor & Francis Journals, vol. 7(1), pages 9-30, March.
    19. Lindman, Sebastian & Tuvhag, Tom & Jayasekera, Ranadeva & Uddin, Gazi Salah & Troster, Victor, 2020. "Market Impact on financial market integration: Cross-quantilogram analysis of the global impact of the euro," Journal of Empirical Finance, Elsevier, vol. 56(C), pages 42-73.
    20. Liow, Kim Hiang, 2015. "Volatility spillover dynamics and relationship across G7 financial markets," The North American Journal of Economics and Finance, Elsevier, vol. 33(C), pages 328-365.
    21. Ozdemir, Dicle, 2019. "Sectoral Business Cycle Asymmetries and Regime Shifts: Evidence from Turkey," Asian Journal of Applied Economics, Kasetsart University, Center for Applied Economics Research, vol. 26(2), December.
    22. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  132. António Afonso, 2007. "Public finances in Portugal: a brief longrun view," Working Papers Department of Economics 2007/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. António Afonso & Ricardo M. Sousa, 2009. "The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis," Working Papers Department of Economics 2009/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    2. Eduardo Garzón Espinosa & Bibiana Medialdea García & Esteban Cruz Hidalgo, 2021. "Fiscal Policy Approaches: An Inquiring Look From The Modern Monetary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 999-1022, October.

  133. Antonio Afonso & Christophe Rault, 2007. "Should we Care for Structural Breaks when Assessing Fiscal Sustainability?," Post-Print halshs-00202656, HAL.

    Cited by:

    1. António Afonso & Christophe Rault, 2008. "3-Step Analysis of Public Finances Sustainability: the Case of the European Union," Working Papers hal-00322086, HAL.
    2. Jacobo Campo-Robledo & Luis Melo-Velandia, 2015. "Sustainability of Latin American fiscal deficits: a panel data approach," Empirical Economics, Springer, vol. 49(3), pages 889-907, November.
    3. Niklas Potrafke & Markus Reischmann, 2012. "Fiscal Equalization Schemes and Fiscal Sustainability," CESifo Working Paper Series 3948, CESifo.
    4. António Afonso & João Tovar Jalles, 2016. "The elusive character of fiscal sustainability," Applied Economics, Taylor & Francis Journals, vol. 48(28), pages 2651-2664, June.
    5. Afonso, António & Rault, Christophe, 2015. "Multi-step analysis of public finances sustainability," Economic Modelling, Elsevier, vol. 48(C), pages 199-209.
    6. Bogdan Dima & Oana Lobonţ & Cristina Nicolescu, 2009. "The Fiscal Revenues And Public Expenditures: Is Their Evolution Sustenable? The Romanian Case," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-42.
    7. Kurniawan, Rudi, 2012. "Sustainability of Fiscal Policy and Government Revenue-Expenditure Nexus: The Experience of Indonesia," MPRA Paper 65883, University Library of Munich, Germany.

  134. Afonso, António & Claeys, Peter, 2007. "The dynamic behaviour of budget components and output," Working Paper Series 775, European Central Bank.

    Cited by:

    1. António Afonso & Peter Claeys & Ricardo M. Sousa, 2009. "Fiscal Regime Shifts in Portugal," IREA Working Papers 200921, University of Barcelona, Research Institute of Applied Economics, revised Oct 2009.
    2. Stanova, Nadja, 2015. "Fiscal discretion, growth and output volatility in new EU member countries," MPRA Paper 63946, University Library of Munich, Germany.
    3. Emilia Mioara CAMPEANU, 2012. "How can be investigated the fiscal policy effects on the Romanian economy?," Anale. Seria Stiinte Economice. Timisoara, Faculty of Economics, Tibiscus University in Timisoara, vol. 0, pages 80-87, May.
    4. Ibrahim A. Adekunle & Tolulope O. Williams & Olatunde J. Omokanmi & Serifat O. Onayemi, 2020. "Mediating roles of institutions in the remittance-growth relationship: evidence from Nigeria," Research Africa Network Working Papers 20/063, Research Africa Network (RAN).
    5. António Afonso, & Jorge Caiado, & Miguel St. Aubyn, 2015. "The macro impact of the Portuguese Constitutional Court decisions regarding the budgetary proposals of the Portuguese Budget Law (2012, 2013, 2014)," Working Papers Department of Economics 2015/06, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    6. Rafał Chmura, 2023. "Stabilizing, neutral or destabilizing? The impact of fiscal rules on the GDP volatility in the EU countries," Bank i Kredyt, Narodowy Bank Polski, vol. 54(5), pages 475-498.
    7. António Afonso & Ricardo M. Sousa, 2009. "The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis," Working Papers Department of Economics 2009/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    8. Afonso, António & Furceri, Davide & Agnello, Luca & Sousa, Ricardo M., 2009. "Assessing long-term fiscal developments - a new approach," Working Paper Series 1032, European Central Bank.
    9. Carnazza, Giovanni & Liberati, Paolo & Sacchi, Agnese, 2020. "The cyclically-adjusted primary balance: A novel approach for the euro area," Journal of Policy Modeling, Elsevier, vol. 42(5), pages 1123-1145.
    10. António Afonso, 2011. "The Macroeconomic Effects of Fiscal Policy," Post-Print hal-00719484, HAL.
    11. Ibrahim A. Adekunle & Tolulope O. Williams & Olatunde J. Omokanmi & Serifat O. Onayemi, 2020. "Mediating roles of institutions in the remittance-growth relationship: evidence from Nigeria," Working Papers of the African Governance and Development Institute. 20/063, African Governance and Development Institute..
    12. António Afonso & Ricardo M. Sousa, 2008. "The Macroeconomic Effects of Fiscal Policy," Working Papers Department of Economics 2008/56, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    13. Wasniewski, Krzysztof, 2016. "The economic power of veto players – the connection between fiscal policies, and political systems," MPRA Paper 69849, University Library of Munich, Germany.
    14. Ibrahim A. Adekunle & Tolulope O. Williams & Olatunde J. Omokanmi & Serifat O. Onayemi, 2020. "Mediating roles of institutions in the remittance-growth relationship: evidence from Nigeria," Working Papers 20/063, European Xtramile Centre of African Studies (EXCAS).
    15. Afonso, António & Sousa, Ricardo M., 2011. "What are the effects of fiscal policy on asset markets?," Economic Modelling, Elsevier, vol. 28(4), pages 1871-1890, July.
    16. Fukuda, Kosei, 2009. "Measuring major and minor cycles in univariate economic time series," Economic Modelling, Elsevier, vol. 26(5), pages 1093-1100, September.
    17. Anton Gerunov, 2016. "Cyclical dynamics of key fiscal aggregates in Bulgaria over the period 1998-2014," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 56-73,74-89.
    18. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    19. Ibrahim Ayoade Adekunle & Tolulope Oyakhilome Williams & Olatunde Julius Omokanmi & Serifat Olukorede Onayemi, 2020. "The Mediating Role Of Institutions In The Remittance–Growth Relationship: Evidence From Nigeria," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 65(227), pages 7-30, October –.

  135. Afonso, António & Gomes, Pedro & Rother, Philipp, 2007. "What “hides” behind sovereign debt ratings?," Working Paper Series 711, European Central Bank.

    Cited by:

    1. Portes, Richard & Delatte, Anne-Laure, 2014. "Nonlinearities in Sovereign Risk Pricing: The Role of CDS Index Contracts," CEPR Discussion Papers 9898, C.E.P.R. Discussion Papers.
    2. Serafeim Tsoukas & Marina-Eliza Spaliara, 2014. "Market Implied Ratings and Financing Constraints: Evidence from US Firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(1-2), pages 242-269, January.
    3. Eduardo Cavallo & Andrew Powell & Roberto Rigobon, 2008. "Do Credit Rating Agencies Add Value? Evidence from the Sovereign Rating Business Institutions," Research Department Publications 4601, Inter-American Development Bank, Research Department.
    4. Otaviano Canuto & Pablo F. Pereira Dos Santos & Paulo C. De Sá Porto, 2012. "Macroeconomics And Sovereign Risk Ratings," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 3(02), pages 1-25.
    5. Prati, Alessandro & Schindler, Martin & Valenzuela, Patricio, 2012. "Who benefits from capital account liberalization? Evidence from firm-level credit ratings data," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1649-1673.
    6. Schuknecht, Ludger & von Hagen, Jürgen & Wolswijk, Guido, 2009. "Government risk premiums in the bond market: EMU and Canada," European Journal of Political Economy, Elsevier, vol. 25(3), pages 371-384, September.
    7. Ioana Alexopoulou & Irina Bunda & Annalisa Ferrando, 2010. "Determinants of Government Bond Spreads in New EU Countries," Eastern European Economics, Taylor & Francis Journals, vol. 48(5), pages 5-37, September.
    8. Julian Caballero & Ugo Panizza & Andrew Powell, 2015. "The second wave of global liquidity: Why are firms acting like financial intermediaries?," IHEID Working Papers 21-2015, Economics Section, The Graduate Institute of International Studies.
    9. Fratzscher, Marcel & Beirne, John, 2012. "The Pricing of Sovereign Risk and Contagion during the European Sovereign Debt Crisis," CEPR Discussion Papers 9249, C.E.P.R. Discussion Papers.
    10. Celasun, Oya & Harms, Philipp, 2008. "Boon or Burden? The Effect of Private Sector Debt on the Risk of Sovereign Default in Developing Countries," Proceedings of the German Development Economics Conference, Zurich 2008 16, Verein für Socialpolitik, Research Committee Development Economics.
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    12. Antonio Afonso & Christophe Rault, 2008. "What do we Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic," Post-Print halshs-00363690, HAL.
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    17. Bruneau, Catherine & Delatte, Anne-Laure & Fouquau, Julien, 2014. "Was the European sovereign crisis self-fulfilling? Empirical evidence about the drivers of market sentiments," Journal of Macroeconomics, Elsevier, vol. 42(C), pages 38-51.
    18. Pragyan Deb & Mark Manning & Gareth Murphy & Adrian Penalver & Aron Toth, 2011. "Financial Stability Paper No 9: Whither the Credit Ratings Industry?," Bank of England Financial Stability Papers 9, Bank of England.
    19. Johannes Karremans, 2021. "This Time Wasn't Different: Responsiveness and Responsibility in the Eurozone between 2007 and 2019," Journal of Common Market Studies, Wiley Blackwell, vol. 59(6), pages 1536-1554, November.
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    21. Arogundade, Sodiq & Biyase, Mduduzi & Eita, Joel Hinaunye, 2022. "Do Sovereign Credit Ratings Matter for Foreign Direct Investment: Evidence from Sub-Sahara African Countries," MPRA Paper 115404, University Library of Munich, Germany.
    22. António Afonso & Nuno Verdial, 2019. "Sovereign debt crisis in Portugal and in Spain," Working Papers REM 2019/0112, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    23. Magdalena Adamczyk, 2020. "The impact of ratings and other information on the fluctuation of Polish stock indexes," Bank i Kredyt, Narodowy Bank Polski, vol. 51(3), pages 239-262.
    24. Ant Afonso & Christophe Rault, 2015. "Short- and long-run behaviour of long-term sovereign bond yields," Applied Economics, Taylor & Francis Journals, vol. 47(37), pages 3971-3993, August.
    25. Steffen Nauhaus, 2015. "The Power of Opinion: More Evidence of a GIPS-Markup in Sovereign Ratings During the Euro Crisis," Discussion Papers of DIW Berlin 1501, DIW Berlin, German Institute for Economic Research.
    26. Gärtner, Manfred & Griesbach, Bjoern & Jung, Florian, 2011. "PIGS or Lambs? The European Sovereign Debt Crisis and the Role of Rating Agencies," Economics Working Paper Series 1106, University of St. Gallen, School of Economics and Political Science.
    27. António Afonso, 2007. "Public finances in Portugal: a brief longrun view," Working Papers Department of Economics 2007/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    28. Greenidge, Kevin & Drakes, Lisa & Craigwell, Roland, 2011. "A Note on Causality between Debt and Sovereign Credit Ratings using Panel Tests," MPRA Paper 40931, University Library of Munich, Germany.
    29. MIRICESCU, Emilian - Constantin, 2014. "Investigating The Determinants Of Long-Run Sovereign Rating," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 18(3), pages 25-32.
    30. Andrew Powell, 2013. "On sovereign ratings: observations and implications," BIS Papers chapters, in: Bank for International Settlements (ed.), Sovereign risk: a world without risk-free assets?, volume 72, pages 39-49, Bank for International Settlements.
    31. Dilek Teker & Aynur Pala & Oya Kent, 2013. "Determination of Sovereign Rating: Factor Based Ordered Probit Models for Panel Data Analysis Modelling Framework," International Journal of Economics and Financial Issues, Econjournals, vol. 3(1), pages 122-132.
    32. Boonlert Jitmaneeroj & John Ogwang, 2016. "An Empirical Analysis of Sovereign Credit Risk Co-movement between Japan and ASEAN Countries," Journal of Economics and Behavioral Studies, AMH International, vol. 8(4), pages 6-16.
    33. Andrew Powell & Juan F. Martinez S., 2008. "Sobre los diferenciales y clasificaciones soberanos de economías emergentes," Research Department Publications 4566, Inter-American Development Bank, Research Department.
    34. Lennart Freitag, 2015. "Procyclicality and Path Dependence of Sovereign Credit Ratings: The Example of Europe," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 44(2), pages 309-332, July.
    35. von Landesberger, Julian, 2007. "Sectoral money demand models for the euro area based on a common set of determinants," Working Paper Series 741, European Central Bank.
    36. Amaresh Samantaraya & Jeanne Verrier, 2009. "Do Macroeconomic Indicators Explain India's Sovereign Ratings? An Empirical Analysis," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 3(3), pages 193-221, July.
    37. Aktug, R. Erdem & Nayar, Nandkumar (Nandu) & Vasconcellos, Geraldo M., 2013. "Is sovereign risk related to the banking sector?," Global Finance Journal, Elsevier, vol. 24(3), pages 222-249.
    38. Powell, Andrew & Martínez, Juan Francisco, 2008. "On Emerging Economy Sovereign Spreads and Ratings," IDB Publications (Working Papers) 1611, Inter-American Development Bank.
    39. Manfred G?rtner & Bj?rn Griesbach, 2017. "Rating Agencies, Self-Fulfilling Prophecy and Multiple Equilibria? An Empirical Model of the European Sovereign Debt Crisis 2009-2011," Business and Economic Research, Macrothink Institute, vol. 7(1), pages 199-226, June.
    40. Jens Hilscher & Yves Nosbusch, 2010. "Determinants of Sovereign Risk: Macroeconomic Fundamentals and the Pricing of Sovereign Debt," Review of Finance, European Finance Association, vol. 14(2), pages 235-262.
    41. Zeaiter, Hussein & El-Khalil, Raed, 2016. "Extreme bounds of sovereign defaults: Evidence from the MENA region," International Review of Economics & Finance, Elsevier, vol. 41(C), pages 391-410.
    42. Bernal, Oscar & Girard, Alexandre & Gnabo, Jean-Yves, 2016. "The importance of conflicts of interest in attributing sovereign credit ratings," International Review of Law and Economics, Elsevier, vol. 47(C), pages 48-66.
    43. Srđan Jelinek & Pavle Milošević & Aleksandar Rakićević & Ana Poledica & Bratislav Petrović, 2022. "A Novel IBA-DE Hybrid Approach for Modeling Sovereign Credit Ratings," Mathematics, MDPI, vol. 10(15), pages 1-21, July.
    44. Chakrabarti, Avik & Zeaiter, Hussein, 2014. "The determinants of sovereign default: A sensitivity analysis," International Review of Economics & Finance, Elsevier, vol. 33(C), pages 300-318.
    45. Jinho Choi & Alexander den Ruijter & Kimi Xu Jiang & Edmund Moshammer, 2022. "Japan’s sovereign rating in the post-pandemic era," Working Papers 52, European Stability Mechanism.
    46. Laura Jaramillo, 2010. "Determinants of Investment Grade Status in Emerging Markets," IMF Working Papers 2010/117, International Monetary Fund.
    47. Matthias Bauer & Martin Zenker, 2012. "Market Discipline Under A Politicised Multilateral Fiscal Rule - Lessons from the Stability and Growth Pact Debate," Global Financial Markets Working Paper Series 2012-35, Friedrich-Schiller-University Jena.
    48. Mr. Sanjeev Gupta & Mr. Amine Mati & Mr. Emanuele Baldacci, 2008. "Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets," IMF Working Papers 2008/259, International Monetary Fund.
    49. Hussein Zeaiter Zeaiter, 2013. "Sovereign Debt Defaults: Evidence using Extreme bounds Analysis," Working Papers 32/2013, Universidade Portucalense, Centro de Investigação em Gestão e Economia (CIGE).
    50. Yilmaz Bayar, 2014. "Recent Financial Crises and Regulations on the Credit Rating Agencies," Research in World Economy, Research in World Economy, Sciedu Press, vol. 5(1), pages 49-58, March.
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    53. Panos Gavras & Sofoklis D. Vogiazas & Maria Koura, 2016. "An Empirical Assessment of Sovereign Country Risk in the Black Sea Region," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 22(1), pages 77-93, February.
    54. Meryem Duygun & Huseyin Ozturk & Mohamed Shaban & Emili Tortosa-Ausina, 2014. "Quo Vadis, raters? A frontier approach to identify misratings in sovereign credit risk," Working Papers 2014/10, Economics Department, Universitat Jaume I, Castellón (Spain).
    55. Jennifer Martínez-Ferrero & Isabel-María García-Sánchez, 2018. "The Level of Sustainability Assurance: The Effects of Brand Reputation and Industry Specialisation of Assurance Providers," Journal of Business Ethics, Springer, vol. 150(4), pages 971-990, July.
    56. Yalta, A. Talha & Yalta, A. Yasemin, 2018. "Are credit rating agencies regionally biased?," Economic Systems, Elsevier, vol. 42(4), pages 682-694.
    57. Patrycja Chodnicka-Jaworska, 2018. "Banks credit ratings – is the size of the credit rating agency important?," Faculty of Management Working Paper Series 32018, University of Warsaw, Faculty of Management.

  136. António Afonso & Miguel St. Aubyn, 2006. "Relative Efficiency of Health Provision: a DEA Approach with Non-discretionary Inputs," Working Papers Department of Economics 2006/33, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Barra, Cristian & Lagravinese, Raffaele & Zotti, Roberto, 2020. "Exploring Hospital Efficiency within and between Italian Regions: New Empirical Evidence," Department of Economics and Statistics Cognetti de Martiis. Working Papers 202024, University of Turin.
    2. L. Di Matteo & Tom Barbiero, 2019. "Spend Less, Get More? Explaining Health Spending and Outcome Differences Between Canada and Italy," Working Papers 077, Toronto Metropolitan University, Department of Economics.
    3. Núria Bosch Roca & Marta Espasa Queralt & Antoni Mora Corral, 2010. "Citizens' control and the efficiency of local public services," Working Papers 2010/23, Institut d'Economia de Barcelona (IEB).
    4. Asandului Laura & Popescu Cristian & Fătulescu Ionuț Puiu, 2015. "Identifying and Explaining the Efficiency of the Public Health Systems in European Countries," Scientific Annals of Economics and Business, Sciendo, vol. 62(3), pages 357-368, November.
    5. Marthinus C. Breitenbach & Victor Ngobeni & Goodness C. Aye, 2021. "Efficiency of Healthcare Systems in the First Wave of COVID-19 – A Technical Efficiency Analysis," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 3-21.
    6. Dar, Khursheed Hussain & Raina, Shahid Hamid, 2024. "Public healthcare efficiency in India: Estimates and determinants using two stage DEA approach," Evaluation and Program Planning, Elsevier, vol. 106(C).
    7. Mihai MutaÅŸcu & Marius MiloÅŸ, 2009. "Optimal Size Of Government Spending. The Case Of European Union Member States," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-45.
    8. Gunther Tichy, 2017. "Mangelnde Effizienz als Erfolgsbremse," WIFO Monatsberichte (monthly reports), WIFO, vol. 90(9), pages 677-699, September.
    9. Ana Pocas & Elias Soukiazis, 2011. "Health Status Determinants in the OECD Countries. A Panel Data Approach with Endogenous Regressors," ERSA conference papers ersa10p749, European Regional Science Association.
    10. Thöne, Michael & Dobroschke, Stephan, 2010. "Qualität der öffentlichen Finanzen – Anwendung des Ansatzes der EU-Kommission auf Deutschland [The Quality of Public Finances – Assessment and exemplary application of the proposed approach by the ," FiFo Reports - FiFo-Berichte 12, University of Cologne, FiFo Institute for Public Economics.
    11. Yasar A. Ozcan & Jaya Khushalani, 2017. "Assessing efficiency of public health and medical care provision in OECD countries after a decade of reform," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 25(2), pages 325-343, June.
    12. Breitenbach, Marthinus C & Ngobeni, Victor & Ayte, Goodness, 2020. "The first 100 days of COVID-19 coronavirus – How efficient did country health systems perform to flatten the curve in the first wave?," MPRA Paper 8872, University Library of Munich, Germany.
    13. Anton Sorin Gabriel, 2013. "Technical Efficiency in the Use of Health Care Resources: A Cross-Country Analysis," Scientific Annals of Economics and Business, Sciendo, vol. 60(1), pages 1-12, July.
    14. Antonio Afonso & Miguel St. Aubyn, 2011. "Assessing health efficiency across countries with a two-step and bootstrap analysis," Applied Economics Letters, Taylor & Francis Journals, vol. 18(15), pages 1427-1430.
    15. Herwartz, Helmut & Schley, Katharina, 2018. "Improving health care service provision by adapting to regional diversity: An efficiency analysis for the case of Germany," Health Policy, Elsevier, vol. 122(3), pages 293-300.
    16. Asem Alshami, 2016. "Theoretical Evidences Regarding Methodologies Of Calculating Efficiency Of Public Sector," Management Strategies Journal, Constantin Brancoveanu University, vol. 34(4), pages 88-94.
    17. Francesco Porcelli, 2014. "Electoral accountability and local government efficiency: quasi-experimental evidence from the Italian health care sector reforms," Economics of Governance, Springer, vol. 15(3), pages 221-251, August.
    18. Constantin Ogloblin, 2023. "Health care financing and productivity of health care in OECD countries: a stochastic frontier analysis," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 13(2), pages 259-283, June.
    19. Andreas Behr & Katja Theune, 2017. "Health System Efficiency: A Fragmented Picture Based on OECD Data," PharmacoEconomics - Open, Springer, vol. 1(3), pages 203-221, September.
    20. Aleksander Aristovnik, 2013. "Relative Efficiency of Education Expenditures in Eastern Europe: A Non-parametric Approach," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 3(3), pages 1-4, June.
    21. António Afonso & Ludger Schuknecht & Vito Tanzi, 2010. "Income distribution determinants and public spending efficiency," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 8(3), pages 367-389, September.
    22. Aristovnik, Aleksander & Obadić, Alka, 2014. "Measuring relative efficiency of secondary education in selected EU and OECD countries: the case of Slovenia and Croatia," MPRA Paper 63936, University Library of Munich, Germany.
    23. María del Rocío Moreno-Enguix & Laura Vanesa Lorente-Bayona & Ester Gras-Gil, 2019. "Social and Political Factors Affect the Index of Public Management Efficiency: A Cross-Country Panel Data Study," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 144(1), pages 299-313, July.
    24. Puertas, Rosa & Marti, Luisa & Guaita-Martinez, José M., 2020. "Innovation, lifestyle, policy and socioeconomic factors: An analysis of European quality of life," Technological Forecasting and Social Change, Elsevier, vol. 160(C).
    25. Aleksander Aristovnik, 2014. "Relative Efficiency Of Primary Education: An International Comparison," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 8(1), pages 17-24.
    26. Brijesh C. Purohit, 2015. "Efficiency in Elementary Education in Urban India: An exploratory Analysis using DEA," Working Papers 2015-113, Madras School of Economics,Chennai,India.
    27. Iyad Dhaoui, 2019. "Healthcare system efficiency and its determinants: A two-stage Data Envelopment Analysis (DEA) from MENA countries," Working Papers 1320, Economic Research Forum, revised 21 Aug 2019.
    28. Aristovnik, Aleksander, 2012. "The impact of ICT on educational performance and its efficiency in selected EU and OECD countries: a non-parametric analysis," MPRA Paper 39805, University Library of Munich, Germany.
    29. Breitenbach, Marthinus C & Ngobeni, Victor & Aye, Goodness C, 2020. "Global Healthcare Resource Efficiency in the Management of COVID-19 Death and Infection Prevalence Rates," MPRA Paper 104814, University Library of Munich, Germany.
    30. Angela Stefania Bergantino & Claudia Capozza & Francesco Porcelli, 2015. "Hotelling competition and teaching efficiency of Italian university faculties. A semi-parametric analysis," Working papers 26, Società Italiana di Economia Pubblica.
    31. Angela Stefania Bergantino & Enrico Musso, 2011. "The role of external factors versus managerial ability in determining seaports’ relative efficiency: An input-by-input analysis through a multi-step approach on a panel of Southern European ports," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 13(2), pages 121-141, June.
    32. Bruno Eugène, 2008. "The efficiency frontier as a method for gauging the performance of public expenditure : a Belgian case study," Working Paper Research 138, National Bank of Belgium.
    33. Maria Cristina Gramani, 2014. "Inter-Regional Performance of the Public Health System in a High-Inequality Country," PLOS ONE, Public Library of Science, vol. 9(1), pages 1-8, January.
    34. Francesc Valls Fonayet & Ángel Belzunegui Eraso & Jorge De Andrés Sánchez, 2020. "Efficiency of Social Expenditure Levels in Reducing Poverty Risk in the EU‐28," Poverty & Public Policy, John Wiley & Sons, vol. 12(1), pages 43-62, March.
    35. Rouven Edgar Haschka & Katharina Schley & Helmut Herwartz, 2020. "Provision of health care services and regional diversity in Germany: insights from a Bayesian health frontier analysis with spatial dependencies," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 21(1), pages 55-71, February.
    36. Heungsuk Choi & Seungjoo Han & Hyosook Yim, 2017. "How is public health service performance related to institutional arrangements in OECD countries?," International Review of Public Administration, Taylor & Francis Journals, vol. 22(2), pages 93-106, April.
    37. Saba Madaeen & Mohammad Adeinat, 2018. "The Health Sector in Jordan: Effectiveness and Efficiency," Modern Applied Science, Canadian Center of Science and Education, vol. 12(12), pages 234-234, December.
    38. Eric Nauenberg, 2014. "Changing healthcare capital-to-labor ratios: evidence and implications for bending the cost curve in Canada and beyond," International Journal of Health Economics and Management, Springer, vol. 14(4), pages 339-353, December.
    39. Eric Nauenberg, 2014. "Changing Healthcare Capital-To-Labor Ratios: Evidence and Implications for Bending the Cost Curve in Canada and Beyond," Working Papers 140002, Canadian Centre for Health Economics, revised Jul 2014.
    40. Péter Halmai & Viktória Vásáry, 2012. "Convergence crisis: economic crisis and convergence in the European Union," International Economics and Economic Policy, Springer, vol. 9(3), pages 297-322, September.
    41. Aleksander Aristovnik, 2011. "The relative efficiency of education and R&D expenditures in the new EU member states," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 13(5), pages 832-848, August.
    42. Victor Ngobeni & Marthinus C. Breitenbach & Goodness C. Aye, 2020. "Technical Efficiency of Provincial Public Healthcare in South Africa," Working Papers 202013, University of Pretoria, Department of Economics.

  137. Afonso, António, 2006. "Expansionary fiscal consolidations in Europe: new evidence," Working Paper Series 675, European Central Bank.

    Cited by:

    1. António Afonso & João Tovar Jalles, 2015. "Fiscal Episodes, Technological Progress and Market Power," Working Papers Department of Economics 2015/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    2. Afonso, António, 2007. "An avenue for expansionary fiscal contractions," MPRA Paper 4593, University Library of Munich, Germany.
    3. Vybhavi Balasundharam & Olivier Basdevant & Dalmacio Benicio & Andrew Ceber & Yujin Kim & Luca Mazzone & Hoda Selim & Yongzheng Yang, 2023. "Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design," IMF Working Papers 2023/063, International Monetary Fund.
    4. Eugene Msizi Buthelezi & Phocenah Nyatanga, 2023. "Time-Varying Elasticity of Cyclically Adjusted Primary Balance and Effect of Fiscal Consolidation on Domestic Government Debt in South Africa," Economies, MDPI, vol. 11(5), pages 1-27, May.
    5. Afonso, António & Jalles, João Tovar, 2014. "Assessing fiscal episodes," Economic Modelling, Elsevier, vol. 37(C), pages 255-270.
    6. António Afonso & Frederico Silva Leal, 2019. "Fiscal Episodes in the EMU: Elasticities and Non-Keynesian Effects," EconPol Working Paper 30, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    7. António Afonso & Peter Claeys, 2006. "The dynamic behaviour of budget components and output – the cases of France, Germany, Portugal, and Spain," Working Papers Department of Economics 2006/26, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    8. João Tovar Jalles & André Teixeira, 2025. "Austerity And Banking: The Impact Of Fiscal Consolidation On Bank Efficiency And Stability," Working Papers REM 2025/0370, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    9. Lucia Mihokova, 2017. "Fiscal Consolidation Start and its Determinants Analysis Within European Member Countries," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 13(3), pages 135-148.
    10. António Afonso & Ricardo M. Sousa, 2009. "The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis," Working Papers Department of Economics 2009/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    11. António Afonso, 2006. "Expansionary fiscal consolidations in Europe: new evidence," Working Papers Department of Economics 2006/18, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    12. Wissem Khanfir, 2019. "Keynesian or Non-keynesian Effects of Fiscal Policy Changes: the Case of Tunisia," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(1), pages 335-347, March.
    13. Fabio Canova & Evi Pappa, 2011. "Fiscal policy, pricing frictions and monetary accommodation," Economics Working Papers 1268, Department of Economics and Business, Universitat Pompeu Fabra.
    14. António Afonso, 2011. "The Macroeconomic Effects of Fiscal Policy," Post-Print hal-00719484, HAL.
    15. António Afonso & João Tovar Jalles, 2011. "A Longer-run Perspective on Fiscal Sustainability," Working Papers Department of Economics 2011/17, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    16. António Afonso & João Tovar-Valles, 2011. "Measuring the Success of Fiscal Consolidations," Working Papers Department of Economics 2011/22, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    17. Gradzewicz, Michal & Jędrzejowicz, Tomasz & Żółkiewski, Zbigniew, 2007. "The cost of fiscal tightening in Poland on the road to the Euro: does the labour market matter? (CGE model simulations)," MPRA Paper 28146, University Library of Munich, Germany.
    18. Joaquim Sarmento, 2016. "The Determinants Of Value Added Tax Revenues In The European Union," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 21(2), pages 79-99.
    19. David Lodge & Marta Rodriguez-Vives, 2013. "How long can austerity persist? The factors that sustain fiscal consolidations," European Journal of Government and Economics, Europa Grande, vol. 2(1), pages 5-24, June.
    20. Cimadomo, Jacopo & Hauptmeier, Sebastian & Sola, Sergio, 2011. "Identifying the effects of government spending shocks with and without expected reversal: an approach based on U.S. real-time data," Working Paper Series 1361, European Central Bank.
    21. Yang, Weonho & Fidrmuc, Jan & Ghosh, Sugata, 2015. "Macroeconomic effects of fiscal adjustment: A tale of two approaches," Journal of International Money and Finance, Elsevier, vol. 57(C), pages 31-60.
    22. António Afonso & Ricardo M. Sousa, 2008. "The Macroeconomic Effects of Fiscal Policy," Working Papers Department of Economics 2008/56, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    23. Afonso, António & Alves, José & Jalles, João Tovar, 2022. "To consolidate or not to consolidate? A multi-step analysis to assess needed fiscal sustainability," International Economics, Elsevier, vol. 172(C), pages 106-123.
    24. Roumeen Islam, 2017. "Growth after Crisis in Europe: An Interdependence of Macroeconomic and Structural Policies," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 11(2), pages 19-62, December.
    25. António Afonso & João Tovar Jalles, 2017. "Fiscal Episodes and Market Power," Open Economies Review, Springer, vol. 28(2), pages 233-250, April.
    26. Dante Cardoso & Laura Carvalho, 2022. "Effects of fiscal consolidation on income inequality: narrative evidence from South America," Working Papers, Department of Economics 2022_15, University of São Paulo (FEA-USP).
    27. Luís Martins & António Afonso, 2016. "Monetary Developments and Expansionary Fiscal Consolidations: Evidence from the EMU," Working Papers w201602, Banco de Portugal, Economics and Research Department.
    28. António Afonso & Jaromír Baxa & Michal Slavík, 2011. "Fiscal developments and financial stress: a threshold VAR analysis," Working Papers IES 2011/16, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Aug 2011.
    29. Georgios Georgantas & Maria Kasselaki & Athanasios Tagkalakis, 2022. "The short-run effects of fiscal adjustment in OECD countries," Working Papers 308, Bank of Greece.
    30. Woldu, Gabriel Temesgen & Szakálné Kanó, Izabella, 2023. "Macroeconomic effects of fiscal consolidation on economic activity in SSA countries," The Journal of Economic Asymmetries, Elsevier, vol. 28(C).
    31. Philipp Heimberger, 2020. "The dynamic effects of fiscal consolidation episodes on income inequality: evidence for 17 OECD countries over 1978–2013," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(1), pages 53-81, February.
    32. António Afonso & João Tovar Jalles, 2011. "Growth and Productivity: the role of Government Debt," Working Papers Department of Economics 2011/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    33. Philipp Heimberger, 2018. "The Dynamic Effects of Fiscal Consolidation Episodes on Income Inequality," wiiw Working Papers 147, The Vienna Institute for International Economic Studies, wiiw.
    34. Christophe Blot & Marion Cochard & Jérôme Creel & Bruno Ducoudre & Danielle Schweisguth & Xavier Timbeau, 2014. "Fiscal consolidation in times of crisis: is the sooner really the better?," SciencePo Working papers Main hal-00980392, HAL.
    35. António Afonso, 2007. "Public finances in Portugal: a brief longrun view," Working Papers Department of Economics 2007/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    36. Nikolaos Antonakakis & Nikolaos Antonakakis & Alan Collins, 2014. "Does Fiscal Consolidation Really Get You Down? Evidence from Suicide Mortality," Department of Economics Working Papers wuwp182, Vienna University of Economics and Business, Department of Economics.
    37. António Afonso & João Tovar Jalles, 2012. "Revisiting fiscal sustainability: panel cointegration and structural breaks in OECD countries," Working Papers Department of Economics 2012/29, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    38. António Afonso & Frederico Silva Leal, 2022. "Fiscal episodes in the Economic and Monetary Union: Elasticities and non‐Keynesian effects," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 571-593, January.
    39. Christoph A. Schaltegger & Martin Weder, 2010. "Are Fiscal Adjustments Bad for Investment?," CREMA Working Paper Series 2010-17, Center for Research in Economics, Management and the Arts (CREMA).
    40. Schnatz, Bernd, 2006. "Is reversion to PPP in euro exchange rates non-linear?," Working Paper Series 682, European Central Bank.
    41. António Afonso & José Alves & João Tovar Jalles, 2021. "(Non-)Keynesian Effects of Fiscal Austerity: New Evidence from a Large Sample," EconPol Working Paper 55, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    42. Hüseyin ŞEN & Ayşe KAYA, 2017. "Mali Konsolidasyon Büyüme ve İstihdam için Bir Çıpa mı, Mali Tuzak mı? Teorik ve Ampirik Literatür Temelli Bir Analiz," Sosyoekonomi Journal, Sosyoekonomi Society, issue 25(34).
    43. Engelbert Stockhammer & Walid Qazizada & Sebastian Gechert, 2016. "Demand effects of fiscal policy since 2008," Working Papers PKWP1607, Post Keynesian Economics Society (PKES).
    44. Georgantas, Georgios & Kasselaki, Maria & Tagkalakis, Athanasios, 2023. "Τhe effects of fiscal consolidation in OECD countries," Economic Modelling, Elsevier, vol. 118(C).
    45. Alfredo Arahuetes García & Gonzalo Gómez Bengoechea, 2022. "Back to the Future: Lessons from the 2009–2012 austerity policies for the aftermath of the COVID crisis," Global Policy, London School of Economics and Political Science, vol. 13(5), pages 751-766, November.
    46. Antonakakis, Nikolaos & Collins, Alan, 2015. "The impact of fiscal austerity on suicide mortality: Evidence across the ‘Eurozone periphery’," Social Science & Medicine, Elsevier, vol. 145(C), pages 63-78.
    47. Eduardo Garzón Espinosa & Bibiana Medialdea García & Esteban Cruz Hidalgo, 2021. "Fiscal Policy Approaches: An Inquiring Look From The Modern Monetary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 999-1022, October.
    48. Nina Hetzer & Andreas Peichl, 2010. "Steuerstrukturreform trotz leerer Kassen?!," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 63(01), pages 28-35, January.
    49. Dolls, Mathias & Peichl, Andreas & Zimmermann, Klaus F., 2011. "Eine Herausforderung für die G20: Global vereinbarte Schuldenbremsen und transnationale fiskalpolitische Aufsichtsgremien," IZA Standpunkte 45, Institute of Labor Economics (IZA).
    50. António AFONSO & Priscilla TOFFANO, 2013. "Fiscal regimes in the EU," Working Papers of Department of Economics, Leuven ces13.06, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
    51. Anton Burger & Martin Zagler, 2008. "US growth and budget consolidation in the 1990s: was there a non-Keynesian effect?," International Economics and Economic Policy, Springer, vol. 5(1), pages 225-235, July.
    52. Eugene Msizi Buthelezi & Phocenah Nyatanga, 2023. "Threshold of the CAPB That Can Be Attributed to Fiscal Consolidation Episodes in South Africa," Economies, MDPI, vol. 11(6), pages 1-26, May.
    53. Gilles Dufr not & Laurent Paul, 2010. "Fiscal developments in the euro area beyond the crisis: some lessons drawn from fiscal reaction functions," Working papers 292, Banque de France.
    54. Martina Dalic, 2013. "Cyclical properties of fiscal policy in new member states of the EU," Post-Communist Economies, Taylor & Francis Journals, vol. 25(3), pages 289-308, September.
    55. Fabio Canova & Evi Pappa, "undated". "Fiscal Policy, Pricing Frictions and Monetary Accommodation," Working Papers 549, Barcelona School of Economics.
    56. Jan Hagemejer & Tomasz Jedrzejowicz & Zbigniew Zolkiewski, 2011. "Fiscal tightening after the crisis. A scenario analysis for Poland," Bank i Kredyt, Narodowy Bank Polski, vol. 42(3), pages 33-66.
    57. Hubert Gabrisch & Doris Hanzl-Weiss & Esther Linton-Kubelka & Leon Podkaminer & Roman Stöllinger, 2022. "Monthly Report No. 12/2022," wiiw Monthly Reports 2022-12, The Vienna Institute for International Economic Studies, wiiw.
    58. Colombier, Carsten, 2011. "How to consolidate government budgets in view of external imbalances in the Euro area? Evaluating the risk of a savings paradox," MPRA Paper 104741, University Library of Munich, Germany.
    59. Szilárd Benk & Zoltán M. Jakab, 2012. "Non-Keynesian Effects of Fiscal Consolidation: An Analysis with an Estimated DSGE Model for the Hungarian Economy," OECD Economics Department Working Papers 945, OECD Publishing.
    60. Robert Ambrisko & Vitezslav Augusta & Dana Hajkova & Petr Kral & Pavla Netusilova & Milan Rikovsky & Pavel Soukup, 2012. "Fiscal Discretion in the Czech Republic in 2001-2011: Has It Been Stabilizing?," Research and Policy Notes 2012/01, Czech National Bank, Research and Statistics Department.
    61. Karl Aiginger & Margit Schratzenstaller-Altzinger, 2010. "Budget Consolidation in a Difficult Environment – Ten Guidelines Plus a Preliminary Reality Check," WIFO Working Papers 381, WIFO.
    62. Martin Larch & João Nogueira Martins, 2007. "Fiscal indicators - Proceedings of the the Directorate-General for Economic and Financial Affairs Workshop held on 22 September 2006 in Brussels," European Economy - Economic Papers 2008 - 2015 297, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    63. Christoph A. Schaltegger & Martin Weder, 2012. "Are Fiscal Adjustments Contractionary?," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 68(4), pages 335-364, December.
    64. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  138. António Afonso & Peter Claeys, 2006. "The dynamic behaviour of budget components and output – the cases of France, Germany, Portugal, and Spain," Working Papers Department of Economics 2006/26, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. António Afonso, 2007. "Public finances in Portugal: a brief longrun view," Working Papers Department of Economics 2007/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  139. Antonio Afonso & Carla Scaglioni, 2006. "An Assessment of Telecommunications Regulation Performance in the European Union," Working Papers Department of Economics 2006/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Paolo Lupi & Fabio M. Manenti & Antonio Scialˆ & Cristiano Varin, 2009. "On the Assessment of Regulators' Efficiency. An Application to European Telecommunications," "Marco Fanno" Working Papers 0098, Dipartimento di Scienze Economiche "Marco Fanno".
    2. Paolo Piselli & Carla Scaglioni, 2014. "Regulation Performance and Investment in Telecommunications in the European Union: a policy evaluation approach," Working Papers Department of Economics 2014/19, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    3. Camelia Burja, 2012. "Determinants Of The Agricultural Productivity Growth Among Romanian Regions," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(14), pages 1-18.
    4. Alaimo, Leonardo Salvatore & Galli, Emma & Rizzo, Ilde & Scaglioni, Carla, 2023. "A new index of transparency: Evidence for the Italian municipalities," Socio-Economic Planning Sciences, Elsevier, vol. 89(C).

  140. António Afonso & Pedro Gomes & Philipp Rother, 2006. "Ordered Response Models for Sovereign Debt Ratings," Working Papers Department of Economics 2006/34, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Rosati, Nicoletta & Bellia, Mario & Matos, Pedro Verga & Oliviera, Vasco, 2019. "Ratings matter: announcements in times of crisis and the dynamics of stock markets," JRC Working Papers in Economics and Finance 2019-08, Joint Research Centre, European Commission.
    2. Athari, Seyed Alireza & Kondoz, Mehmet & Kirikkaleli, Dervis, 2021. "Dependency between sovereign credit ratings and economic risk: Insight from Balkan countries," Journal of Economics and Business, Elsevier, vol. 116(C).
    3. Jan Bruha & Moritz Karber & Beatrice Pierluigi & Ralph Setzer, 2017. "Understanding Rating Movements in Euro Area Countries," Working Papers 2017/06, Czech National Bank, Research and Statistics Department.
    4. Maria Iannario & Maria Kateri & Claudia Tarantola, 2024. "Modelling scale effects in rating data: a Bayesian approach," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(5), pages 4053-4071, October.
    5. Nicolas Jannone Bellot, MaLuisa Marti Selva, Leandro Garcia Menendez, 2017. "Herding Behaviour among Credit Rating Agencies," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 2(1), pages 56-83, March.
    6. Regina Stéphanie Seri, 2021. "How giant discoveries of natural resources impact sovereign debt ratings in developing and emerging countries ?," CERDI Working papers hal-03144330, HAL.
    7. Pastor Monsálvez José Manuel & Fernández de Guevara Radoselovics Juan & Salvador Muñoz Carlos, 2012. "Impact of the Subprime Crisis on Bank Ratings: The Effect of the Hardening of Rating Policies and Worsening of Solvency," Working Papers 2012120, Fundacion BBVA / BBVA Foundation.
    8. Zwart, Sanne, 2022. "How much is too much? Assessing the non-linear relationship between debt and sovereign creditworthiness," EIB Working Papers 2022/05, European Investment Bank (EIB).
    9. Reusens, Peter & Croux, Christophe, 2017. "Sovereign credit rating determinants: A comparison before and after the European debt crisis," Journal of Banking & Finance, Elsevier, vol. 77(C), pages 108-121.
    10. Hanen Sdiri & Mohamed Ayadi, 2022. "Does Innovation Foster or Mitigate the Corruption Obstacle? Firm-Level Evidence from Tunisia," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(1), pages 367-386, March.
    11. Patrycja Klusak & Matthew Agarwala & Matt Burke & Moritz Kraemer & Kamiar Mohaddes, 2023. "Rising Temperatures, Falling Ratings: The Effect of Climate Change on Sovereign Creditworthiness," Management Science, INFORMS, vol. 69(12), pages 7468-7491, December.
    12. Peter Claeys & Borek Vašícek, 2012. "“Measuring Sovereign Bond Spillover in Europe and the Impact of Rating News”," AQR Working Papers 201209, University of Barcelona, Regional Quantitative Analysis Group, revised Nov 2012.
    13. Huseyin Ozturk & Ersin Namli & Halil Ibrahim Erdal, 2016. "Reducing Overreliance on Sovereign Credit Ratings: Which Model Serves Better?," Computational Economics, Springer;Society for Computational Economics, vol. 48(1), pages 59-81, June.
    14. Alessandro Melcarne & Benjamin Monnery & François-Charles Wolff, 2022. "Prosecutors, judges and sentencing disparities: Evidence from traffic offenses in France," Post-Print hal-03913071, HAL.
    15. Santiago José Pérez-Balsalobre & Carlos Llano-Verduras, 2021. "Modelling sovereign debt ratings for sub-national governments: the case of Spain before and after the crisis," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 48(2), pages 373-395, May.
    16. Gabriel Caldas Montes & Diego Silveira Pacheco Oliveira, 2019. "Central bank transparency and sovereign risk ratings: a panel data approach," International Economics and Economic Policy, Springer, vol. 16(2), pages 417-433, April.
    17. Cuadros-Solas, Pedro Jesús & Salvador Muñoz, Carlos, 2022. "Disentangling the sources of sovereign rating adjustments: An examination of changes in rating policies following the GFC," Research in International Business and Finance, Elsevier, vol. 59(C).
    18. Tennant, David F. & Tracey, Marlon R. & King, Damien W., 2020. "Sovereign credit rating: Evidence of bias against poor countries," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    19. Richard Saundry & Valerie Antcliff & Alison Hollinrake, 2017. "Union learning representatives in the UK: activity, impact and organization," Work, Employment & Society, British Sociological Association, vol. 31(2), pages 265-283, April.
    20. Ozturk, Huseyin & Namli, Ersin & Erdal, Halil Ibrahim, 2016. "Modelling sovereign credit ratings: The accuracy of models in a heterogeneous sample," Economic Modelling, Elsevier, vol. 54(C), pages 469-478.
    21. António Afonso & Davide Furceri & Pedro Gomes, 2011. "Sovereign credit ratings and financial markets linkages: application to European data," Working Papers Department of Economics 2011/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    22. Robert V. Breunig & Tse Chern Chia, 2015. "Sovereign Ratings and Oil-Exporting Countries: The Effect of High Oil Prices on Ratings," International Review of Finance, International Review of Finance Ltd., vol. 15(1), pages 113-138, March.
    23. Xudong An & Larry Cordell & Joseph B. Nichols, 2020. "Reputation, Information, and Herding in Credit Ratings: Evidence from CMBS," The Journal of Real Estate Finance and Economics, Springer, vol. 61(3), pages 476-504, October.
    24. Broto, Carmen & Molina, Luis, 2016. "Sovereign ratings and their asymmetric response to fundamentals," Journal of Economic Behavior & Organization, Elsevier, vol. 130(C), pages 206-224.
    25. Ant Afonso & Christophe Rault, 2015. "Short- and long-run behaviour of long-term sovereign bond yields," Applied Economics, Taylor & Francis Journals, vol. 47(37), pages 3971-3993, August.
    26. William H. Greene & Mark N. Harris & Rachel J. Knott & Nigel Rice, 2021. "Specification and testing of hierarchical ordered response models with anchoring vignettes," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 184(1), pages 31-64, January.
    27. Zamira Oskonbaeva, 2020. "Determinants of credit ratings: evidence from panel discrete model," Economics and Business Letters, Oviedo University Press, vol. 9(3), pages 240-247.
    28. Gärtner, Manfred & Griesbach, Bjoern & Jung, Florian, 2011. "PIGS or Lambs? The European Sovereign Debt Crisis and the Role of Rating Agencies," Economics Working Paper Series 1106, University of St. Gallen, School of Economics and Political Science.
    29. Zhang, Zhaohui & Paudel, Krishna P., 2019. "Policy improvements and farmers' willingness to participate: Insights from the new round of China's Sloping Land Conversion Program," Ecological Economics, Elsevier, vol. 162(C), pages 121-132.
    30. Mutascu, Mihai & Strango, Cristina & Turcu, Camelia, 2025. "Online social media and populism in Europe," European Journal of Political Economy, Elsevier, vol. 86(C).
    31. Emawtee Bissoondoyal-Bheenick & Robert Brooks & Samantha Hum & Sirimon Treepongkaruna, 2011. "Sovereign rating changes and realized volatility in Asian foreign exchange markets during the Asian crisis," Applied Financial Economics, Taylor & Francis Journals, vol. 21(13), pages 997-1003.
    32. Slapnik, Ursula & Lončarski, Igor, 2021. "On the information content of sovereign credit rating reports: Improving the predictability of rating transitions☆," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
    33. Teixeira, João C.A. & Silva, Francisco J.F. & Ferreira, Manuel B.S. & Vieira, José A.C., 2018. "Sovereign credit rating determinants under financial crises," Global Finance Journal, Elsevier, vol. 36(C), pages 1-13.
    34. Rui Pedro Brito & Pedro Alarcão Judice, 2020. "Asset classification under the IFRS 9 framework for the construction of a banking investment portfolio," CeBER Working Papers 2020-06, Centre for Business and Economics Research (CeBER), University of Coimbra.
    35. Dilek Teker & Aynur Pala & Oya Kent, 2013. "Determination of Sovereign Rating: Factor Based Ordered Probit Models for Panel Data Analysis Modelling Framework," International Journal of Economics and Financial Issues, Econjournals, vol. 3(1), pages 122-132.
    36. Christopher P Barrington-Leigh, 2018. "The econometrics of happiness: Are we underestimating the returns to education and income?," Papers 1807.11835, arXiv.org, revised Jan 2024.
    37. Slapnik, Ursula & Lončarski, Igor, 2023. "Understanding sovereign credit ratings: Text-based evidence from the credit rating reports," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    38. Davor Kunovac & Rafael Ravnik, 2017. "Are Sovereign Credit Ratings Overrated?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 59(2), pages 210-242, June.
    39. Alsakka, Rasha & ap Gwilym, Owain, 2010. "A random effects ordered probit model for rating migrations," Finance Research Letters, Elsevier, vol. 7(3), pages 140-147, September.
    40. Lennart Freitag, 2015. "Procyclicality and Path Dependence of Sovereign Credit Ratings: The Example of Europe," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 44(2), pages 309-332, July.
    41. Poulton, David W. & Kaplinsky, Eran S., 2022. "Unfinished business: Market-based instruments under the Alberta Land Stewardship Act," Land Use Policy, Elsevier, vol. 123(C).
    42. Sayed Alim Samim & Zhiquan Hu & Sebastian Stepien & Sayed Younus Amini & Ramin Rayee & Kunyu Niu & George Mgendi, 2021. "Food Insecurity and Related Factors among Farming Families in Takhar Region, Afghanistan," Sustainability, MDPI, vol. 13(18), pages 1-17, September.
    43. Pierluigi, Beatrice & Brůha, Jan & Setzer, Ralph & Karber, Moritz, 2017. "Understanding sovereign rating movements in euro area countries," Working Paper Series 2011, European Central Bank.
    44. Basu, Kaushik & De, Supriyo & Ratha, Dilip & Timmer, Hans, 2013. "Sovereign ratings in the post-crisis world : an analysis of actual, shadow and relative risk ratings," Policy Research Working Paper Series 6641, The World Bank.
    45. Srđan Jelinek & Pavle Milošević & Aleksandar Rakićević & Ana Poledica & Bratislav Petrović, 2022. "A Novel IBA-DE Hybrid Approach for Modeling Sovereign Credit Ratings," Mathematics, MDPI, vol. 10(15), pages 1-21, July.
    46. Yang, Daecheon & Song, Jeongseok, 2018. "Impact of wage rigidity on sovereign credit rating," Emerging Markets Review, Elsevier, vol. 34(C), pages 25-41.
    47. Lyubov Doroshenko & Brunero Liseo, 2023. "Generalized linear mixed model with bayesian rank likelihood," Statistical Methods & Applications, Springer;Società Italiana di Statistica, vol. 32(2), pages 425-446, June.
    48. Michael Lechner & Gabriel Okasa, 2019. "Random Forest Estimation of the Ordered Choice Model," Papers 1907.02436, arXiv.org, revised Sep 2022.
    49. De Moor, Lieven & Luitel, Prabesh & Sercu, Piet & Vanpée, Rosanne, 2018. "Subjectivity in sovereign credit ratings," Journal of Banking & Finance, Elsevier, vol. 88(C), pages 366-392.
    50. Cuadros-Solas, Pedro J. & Salvador, Carlos & Suárez, Nuria, 2021. "Am I riskier if I rescue my banks? Beyond the effects of bailouts," Journal of Financial Stability, Elsevier, vol. 56(C).
    51. Regina Stéphanie Seri, 2021. "How giant discoveries of natural resources impact sovereign debt ratings in developing and emerging countries ?," Working Papers hal-03144330, HAL.
    52. Cuixia Jiang & Tingting Zhao & Qifa Xu & Dan Hu, 2024. "An unrestricted MIDAS ordered logit model with applications to credit ratings," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 2722-2739, July.
    53. Unver, Mustafa & Dogru, Bulent, 2015. "The Determinants of Economic Fragility: Case of the Fragile Five Countries," MPRA Paper 68734, University Library of Munich, Germany, revised 2015.
    54. Zoran Ivanovic & Sinisa Bogdan & Suzana Baresa, 2015. "Modeling and Estimating Shadow Sovereign Ratings," Contemporary Economics, Vizja University, vol. 9(3), September.
    55. T. Lakshmanasamy, 2022. "Money and Happiness in India: Is Relative Comparison Cardinal or Ordinal and Same for All?," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 20(4), pages 931-957, December.
    56. Andrés Leal Marcos & Julio López Laborda, 2009. "Efectos externos del endeudamiento sobre la calificación crediticia de las Comunidades Autónomas," Hacienda Pública Española / Review of Public Economics, IEF, vol. 189(2), pages 81-106, June.
    57. Šergo Zdravko & Gržinić Jasmina, 2018. "Does the International Tourism Industry Relax Sovereign Credit Ratings: The Case of Countries Most Reliant on Tourism," South East European Journal of Economics and Business, Sciendo, vol. 13(2), pages 100-111, December.
    58. Abdulkerim Karaaslan & Kürşat Özgür Özden, 2017. "Forecasting Turkey’s Credit Ratings with Multivariate Grey Model and Grey Relational Analysis," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 15(3), pages 583-610, September.
    59. Xi Wang & Songnian Chen, 2022. "Partial Identification and Estimation of Semiparametric Ordered Response Models with Interval Regressor Data," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 84(4), pages 830-849, August.
    60. Faisal, Asif & Yigitcanlar, Tan & Paz, Alexander, 2023. "Understanding driverless car adoption: Random parameters ordered probit model for Brisbane, Melbourne and Sydney," Journal of Transport Geography, Elsevier, vol. 110(C).
    61. Hirk, Rainer & Vana, Laura & Hornik, Kurt, 2022. "A corporate credit rating model with autoregressive errors," Journal of Empirical Finance, Elsevier, vol. 69(C), pages 224-240.

  141. Gaspar, Ví­tor & Afonso, António, 2006. "Excess burden and the cost of inefficiency in public services provision," Working Paper Series 601, European Central Bank.

    Cited by:

    1. Vitale, Paolo, 2006. "A Market Microstructure Analysis of Foreign Exchange Intervention," CEPR Discussion Papers 5468, C.E.P.R. Discussion Papers.
    2. António Afonso & Ludger Schuknecht & Vito Tanzi, 2006. "Public Sector Efficiency: Evidence for New EU Member States and Emerging Markets," Working Papers Department of Economics 2006/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    3. Daniel Dias, 2006. "Measuring the Importance of the Uniform Nonsynchronization Hypothesis," Working Papers w200603, Banco de Portugal, Economics and Research Department.

  142. Schuknecht, Ludger & Tanzi, Vito & Afonso, António, 2006. "Public sector efficiency: evidence for new EU member states and emerging markets," Working Paper Series 581, European Central Bank.

    Cited by:

    1. Alin Vasile Străchinaru, 2023. "The impact of macroeconomic indicators of economic growth: an empirical analysis of Central and Eastern European countries," Journal of Financial Studies, Institute of Financial Studies, vol. 15(8), pages 155-176, December.
    2. Mbaye Diene & Bity Diene & Théophile Azomahou, 2015. "Human capital productivity and uncertainty," CERDI Working papers halshs-01144990, HAL.
    3. Ribeiro, Marcio Bruno, 2008. "Eficiência do gasto público na América Latina: uma análise comparativa a partir do modelo semi-paramétrico com estimativa em dois estágios," Gestión Pública 7329, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    4. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2024. "Fiscal decentralization and public sector efficiency: Do natural disasters matter?," Economic Modelling, Elsevier, vol. 137(C).
    5. Francesco Grigoli & Eduardo Ley, 2012. "Quality of Government and Living Standards," World Bank Publications - Reports 17093, The World Bank Group.
    6. Pierre Pestieau, 2007. "Assessing the performance of the public sector," CREPP Working Papers 0703, Centre de Recherche en Economie Publique et de la Population (CREPP) (Research Center on Public and Population Economics) HEC-Management School, University of Liège.
    7. Matei, Ani & Savulescu, Carmen, 2009. "The Impact of Reducing the Administrative Costs on the Efficiency in the Public Sector," MPRA Paper 19018, University Library of Munich, Germany, revised 15 Nov 2009.
    8. Victor Fedosov & Tetiana Paientko, 2017. "Ukrainian Government Bureaucracy: Benefits and Costs for the Society," Business and Management Studies, Redfame publishing, vol. 3(2), pages 8-19, June.
    9. Jérôme Creel & Paola Veroni & Francesco Saraceno, 2007. "Has the Golden Rule of Public Finance Made a difference in the UK," Working Papers hal-00972843, HAL.
    10. Živilė Tunčikienė & Rolandas Drejeris, 2015. "Entrepreneurship ecosystem: methodological approaches to functions’ review of public sector institutions," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 2(3), pages 118-132, March.
    11. Bonasia, Mariangela & Kounetas, Konstantinos & Oreste, Napolitano, 2020. "Assessment of regional productive performance of European health systems under a metatechnology framework," Economic Modelling, Elsevier, vol. 84(C), pages 234-248.
    12. Beck, Thorsten & Poelhekke, Steven, 2023. "Follow the money: Does the financial sector intermediate natural resource windfalls?," Journal of International Money and Finance, Elsevier, vol. 130(C).
    13. Cosmin Eugen ENACHE, 2012. "The efficiency of expenditure-related redistributive policies in the European countries," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 5(18), pages 380-394.
    14. Gisela Di Meglio & Metka Stare & Andrés Maroto & Luis Rubalcaba, 2015. "Public Services Performance: An Extended Framework and Empirical Assessment across the Enlarged EU," Environment and Planning C, , vol. 33(2), pages 321-341, April.
    15. Asandului Laura & Popescu Cristian & Fătulescu Ionuț Puiu, 2015. "Identifying and Explaining the Efficiency of the Public Health Systems in European Countries," Scientific Annals of Economics and Business, Sciendo, vol. 62(3), pages 357-368, November.
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    1. Afonso, António & Sousa, Alexandre, 2024. "Monetary and fiscal interplay: Does it work both ways?," Economic Systems, Elsevier, vol. 48(2).
    2. António Afonso & João Tovar Jalles, 2017. "The Price Relevance of Fiscal Developments," International Economic Journal, Taylor & Francis Journals, vol. 31(1), pages 36-50, January.
    3. Antoine Cazals & Pierre Mandon, 2016. "Political Budget Cycles: Manipulation from Leaders or Manipulation from Researchers? Evidence from a Meta-Regression Analysis," Working Papers halshs-01320586, HAL.
    4. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Membership in the Euro area and fiscal sustainability - Analysis through panel fiscal reaction functions," a/ Working Papers Series 1501, Italian Association for the Study of Economic Asymmetries, Rome (Italy).
    5. António Afonso & João Tovar-Valles, 2011. "Appraising fiscal reaction functions," Working Papers Department of Economics 2011/23, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    6. António Afonso & José Alves, 2014. "The Role of Government Debt in Economic Growth," Working Papers Department of Economics 2014/16, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    7. Süleyman Bolat & Aviral Kumar Tiwari & Mihai Mutascu, 2014. "The behaviour of US and UK public debt: further evidence based on time varying parameters," Working Papers halshs-01107962, HAL.
    8. António Afonso & Luca Agnello & Davide Furceri, 2010. "Fiscal policy responsiveness, persistence, and discretion," Public Choice, Springer, vol. 145(3), pages 503-530, December.
    9. Betty Daniel & Christos Shiamptanis, 2008. "Fiscal Policy in the European Monetary Union," Discussion Papers 08-11, University at Albany, SUNY, Department of Economics.
    10. António Afonso & Ricardo M. Sousa, 2009. "The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis," Working Papers Department of Economics 2009/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    11. Bajo-Rubio, Oscar & Díaz-Roldán, Carmen & Esteve, Vicente, 2009. "Deficit sustainability and inflation in EMU: An analysis from the Fiscal Theory of the Price Level," European Journal of Political Economy, Elsevier, vol. 25(4), pages 525-539, December.
    12. António Afonso, 2006. "Expansionary fiscal consolidations in Europe: new evidence," Working Papers Department of Economics 2006/18, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    13. Afonso, António & Furceri, Davide & Agnello, Luca & Sousa, Ricardo M., 2009. "Assessing long-term fiscal developments - a new approach," Working Paper Series 1032, European Central Bank.
    14. Afonso, António & Coelho, José Carlos, 2024. "Drivers of fiscal sustainability: A time-varying analysis for Portugal," International Economics, Elsevier, vol. 178(C).
    15. António Afonso, 2011. "The Macroeconomic Effects of Fiscal Policy," Post-Print hal-00719484, HAL.
    16. António Afonso & João Tovar Jalles, 2011. "A Longer-run Perspective on Fiscal Sustainability," Working Papers Department of Economics 2011/17, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    17. Eliza Lis & Christiane Nickel, 2010. "The impact of extreme weather events on budget balances," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 17(4), pages 378-399, August.
    18. Serena Ionta & António Afonso & José Alves, 2025. "Monetary policy surprises and fiscal sustainability: the case of the Euro Area," Economic Change and Restructuring, Springer, vol. 58(3), pages 1-20, June.
    19. Betty Daniel & Christos Shiamptanis, 2012. "Pushing the Limit? Fiscal Policy in the European Monetary Union," Working Papers 033, Toronto Metropolitan University, Department of Economics.
    20. Antonio Afonso & Christophe Rault, 2008. "What do we Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic," Post-Print halshs-00363690, HAL.
    21. Qiongzhi Liu & Bang Cui & Chan Luo, 2022. "A Study on the Fiscal Sustainability of China’s Provinces," Sustainability, MDPI, vol. 14(23), pages 1-17, November.
    22. Niklas Potrafke & Markus Reischmann, 2012. "Fiscal Equalization Schemes and Fiscal Sustainability," CESifo Working Paper Series 3948, CESifo.
    23. António Afonso & Ricardo M. Sousa, 2008. "The Macroeconomic Effects of Fiscal Policy," Working Papers Department of Economics 2008/56, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    24. António Afonso & João Tovar Jalles, 2016. "The elusive character of fiscal sustainability," Applied Economics, Taylor & Francis Journals, vol. 48(28), pages 2651-2664, June.
    25. António Afonso & João Tovar Jalles, 2019. "Sovereign Indebtedness and Financial and Fiscal Conditions," Working Papers REM 2019/0111, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    26. Cândida Ferreira, 2009. "Fiscal Behaviour in the European Union: Rules, Fiscal Decentralization and Government Indebtedness," Working Papers Department of Economics 2009/23, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    27. António Afonso & Luís Gonçalves, 2018. "The Policy Mix in the US and EMU: Evidence from a SVAR Analysis," Working Papers REM 2018/28, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    28. Jerome Creel & Etienne Farvaque, 2008. "Détermination du niveau des prix et finances publiques : le cas du Liban, 1965-2005," Documents de Travail de l'OFCE 2008-14, Observatoire Francais des Conjonctures Economiques (OFCE).
    29. Syed Ammad & Sabihuddin Butt & Shaista Alam, 2012. "Fiscal Responsiveness, Persistence and Discretion: A Case Study of Pakistan," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 15(45), pages 227-244, September.
    30. Afonso, António & Tovar Jalles, João, 2017. "Sovereign debt composition and time-varying public finance sustainability," The North American Journal of Economics and Finance, Elsevier, vol. 42(C), pages 144-155.
    31. Ignacio Lozano & Jorge Toro, 2007. "Fiscal policy throughout the business cycle: the Colombian experience," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 25(55), pages 12-39, December.
    32. Ant Afonso & Christophe Rault, 2015. "Short- and long-run behaviour of long-term sovereign bond yields," Applied Economics, Taylor & Francis Journals, vol. 47(37), pages 3971-3993, August.
    33. Gordon L. Brady & Cosimo Magazzino, 2018. "Sustainability and comovement of government debt in EMU Countries: A panel data analysis," Southern Economic Journal, John Wiley & Sons, vol. 85(1), pages 189-202, July.
    34. Arata Ito & Tsutomu Watanabe & Tomoyoshi Yabu, 2010. "Fiscal Policy Switching in Japan, the US, and the UK," NBER Chapters, in: Fiscal Policy and Crisis, National Bureau of Economic Research, Inc.
    35. Umoh, O. J. & Onye, Kenneth U. & Atan, Johnson A., 2018. "Political and Institutional Determinants of Fiscal Policy Persistence in West Africa," MPRA Paper 88452, University Library of Munich, Germany.
    36. Said Imane & Chibi Abderrahim, 2024. "Fiscal Reaction Function in Algeria: Nonlinear ARDL Approach," HOLISTICA – Journal of Business and Public Administration, Sciendo, vol. 15(2), pages 81-106.
    37. Afonso, António, 2005. "Ricardian fiscal regimes in the European Union," Working Paper Series 558, European Central Bank.
    38. Sergey E. Pekarski, 2015. "Tight Money and the Sustainability of Public Debt," HSE Working papers WP BRP 95/EC/2015, National Research University Higher School of Economics.
    39. António Afonso & José Alves & José Carlos Coelho & Jamel Saadaoui, 2025. "Fiscal and External Sustainability: A Two-Step Time-Varying Granger Causality Assessment," CESifo Working Paper Series 11694, CESifo.
    40. Afonso, António & Carvalho, Francisco Tiago, 2022. "Time-varying cyclicality of fiscal policy: The case of the Euro area," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    41. António Afonso & Sérgio Gadelha & Agatha Silva, 2020. "Public Debt And Economic Growth In Brazil," Working Papers REM 2020/0148, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    42. António Afonso & João Tovar Jalles, 2012. "Revisiting fiscal sustainability: panel cointegration and structural breaks in OECD countries," Working Papers Department of Economics 2012/29, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    43. Rozina Shaheen, 2019. "Impact of Fiscal Policy on Consumption and Labor Supply under a Time-Varying Structural VAR Model," Economies, MDPI, vol. 7(2), pages 1-15, June.
    44. António Afonso & Raquel Balhote, 2014. "Interactions between Monetary Policy and Fiscal Policy," Working Papers Department of Economics 2014/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    45. Lis, Eliza & Nickel, Christiane, 2009. "The impact of extreme weather events on budget balances and implications for fiscal policy," Working Paper Series 1055, European Central Bank.
    46. António Afonso, 2007. "Expansionary fiscal consolidations in Europe: part of conventional wisdom?," Money Macro and Finance (MMF) Research Group Conference 2006 50, Money Macro and Finance Research Group.
    47. António Afonso & José Carlos Coelho, 2022. "Fiscal Sustainability, Fiscal Reactions, Pitfalls and Determinants," CESifo Working Paper Series 9635, CESifo.
    48. Alfred Greiner, 2011. "Sustainability of public debt: Some theoretical considerations," Economics Bulletin, AccessEcon, vol. 31(4), pages 3311-3319.
    49. Greiner, Alfred & Kauermann, Göran, 2008. "Debt policy in euro area countries: Evidence for Germany and Italy using penalized spline smoothing," Economic Modelling, Elsevier, vol. 25(6), pages 1144-1154, November.
    50. Afonso, António & Rault, Christophe, 2015. "Multi-step analysis of public finances sustainability," Economic Modelling, Elsevier, vol. 48(C), pages 199-209.
    51. António Afonso & Francisco Tiago Carvalho, 2021. "Euro area time-varying cyclicality of fiscal policy," Working Papers REM 2021/0202, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    52. Ricci-Risquete, Alejandro & Ramajo, Julián & de Castro, Francisco, 2016. "Do Spanish fiscal regimes follow the euro-area trends? Evidence from Markov-Switching fiscal rules," Economic Modelling, Elsevier, vol. 59(C), pages 484-494.
    53. António Afonso & José Alves & Serena Ionta, 2023. "The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area," Working Papers REM 2023/0281, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    54. António Afonso & João Tovar Jalles, 2017. "Sovereign Debt Effects and Composition: Evidence from Time-Varying Estimates," Working Papers Department of Economics 2017/03, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    55. Gulcin Guresci PEHLIVAN & Esra BALLI, 2016. "Testing the Existence of Ricardian or Non-Ricardian Regimes for CIS Countries," Expert Journal of Economics, Sprint Investify, vol. 4(1), pages 9-13.
    56. Piergallini, Alessandro & Postigliola, Michele, 2020. "Evaluating the sustainability of Italian public finances," The North American Journal of Economics and Finance, Elsevier, vol. 53(C).
    57. António Afonso & Catarina Farinha Miranda, 2025. "Compliance with Fiscal Sustainability and the Euro," CESifo Working Paper Series 11749, CESifo.
    58. Antoine Cazals & Pierre Mandon, 2015. "Political Budget Cycles: Manipulation of Leaders or Bias from Research? A Meta-Regression Analysis," Working Papers halshs-01238883, HAL.
    59. António Afonso & José Carlos Coelho, 2024. "Budgetary constrained governments: drivers of time varying fiscal sustainability in OECD countries," Working Papers REM 2024/0325, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    60. Antoine CAZALS & Pierre MANDON, 2016. "Political Budget Cycles: Manipulation from Leaders or Manipulation from Researchers? Evidence from a Meta-Regression Analysis," Working Papers 201609, CERDI.
    61. Antoine Cazals & Pierre Mandon, 2015. "Political Budget Cycles: Manipulation of Leaders or Bias from Research? A Meta-Regression Analysis," CERDI Working papers halshs-01238883, HAL.
    62. Mihaela Onofrei & Anca Gavriluţă (Vatamanu) & Ionel Bostan & Florin Oprea & Gigel Paraschiv & Cristina Mihaela Lazăr, 2020. "The Implication of Fiscal Principles and Rules on Promoting Sustainable Public Finances in the EU Countries," Sustainability, MDPI, vol. 12(7), pages 1-21, April.
    63. Mr. Marcos Poplawski Ribeiro & Jan-Christoph Rülke, 2011. "Fiscal Expectations Under the Stability and Growth Pact: Evidence from Survey Data," IMF Working Papers 2011/048, International Monetary Fund.
    64. Stéphane Goutte & David Guerreiro & Bilel Sanhaji & Sophie Saglio & Julien Chevallier, 2019. "International Financial Markets," Post-Print halshs-02183053, HAL.
    65. Siniša Mali & Lenka MaliCká, 2023. "Impact of Fiscal Decentralization on Fiscal Stance in EU: Real Deal or Econometric Illusion?," Hacienda Pública Española / Review of Public Economics, IEF, vol. 246(3), pages 71-99, September.

  144. Antonio Afonso & Carla Scaglioni, 2005. "Public Services Efficiency Provision in Italian Regions: a Non-Parametric Analysis," Working Papers Department of Economics 2005/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

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    1. Clara Busana & Antonio Salera, 2013. "Le riforme della pubblica amministrazione. Perch? cos? poco soddisfacenti?," ECONOMIA E SOCIET? REGIONALE, FrancoAngeli Editore, vol. 0(2), pages 114-140.
    2. Feitosa Lopes, Daniel Alisson & Neto, Nicolino Trompieri & Barbosa, Macelo Ponte & Holanda, Marcos Costa, 2008. "Determinantes da Eficiência dos Gastos Públicos em Educação e Saúde: O caso do Ceará [Measuring and Explaining the Local Government Efficiency in Ceara: Evidence from Education and Health]," MPRA Paper 24533, University Library of Munich, Germany.
    3. Villani, Salvatore, 2010. "Per un giusto equilibrio tra efficacia ed efficienza nell’attuazione della legge delega sul federalismo fiscale: verso la definizione dei LEP e dei costi standard delle Regioni," MPRA Paper 29513, University Library of Munich, Germany.
    4. Onrubia-Fernández, Jorge & Fuentes, Antonio Jesús, 2017. "How costly are public sector inefficiencies? A theoretical framework for rationalising fiscal consolidations," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 11, pages 1-19.
    5. Villani, Salvatore, 2010. "Elementi ai fini della definizione della nozione di costo standard: una rassegna della letteratura e delle principali esperienze estere [Basic elements defining the standard cost concept. A survey ," MPRA Paper 29683, University Library of Munich, Germany.
    6. Fusco, Elisa & Vidoli, Francesco & Rogge, Nicky, 2020. "Spatial directional robust Benefit of the Doubt approach in presence of undesirable output: An application to Italian waste sector," Omega, Elsevier, vol. 94(C).
    7. Jorge Onrubia-Fernández & A. Jesús Sánchez-Fuentes, 2014. "How costly are the public sector ineffiencies? An integrated theoretical framework for its welfare assessment," Working Papers. Collection A: Public economics, governance and decentralization 1407, Universidade de Vigo, GEN - Governance and Economics research Network.
    8. Massimo Baldini & Vito Peragine & Luca Silvestri, 2017. "Quality of government and subjective poverty in Europe," Center for the Analysis of Public Policies (CAPP) 0149, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    9. Brunello, Giorgio & Comi, Simona Lorena & Sonedda, Daniela, 2012. "Training subsidies and the wage returns to continuing vocational training," Labour Economics, Elsevier, vol. 19(3), pages 361-372.
    10. Philippe Widmer & Peter Zweifel, 2012. "Fiscal Equalization, Tiebout Competition, and Incentives for Efficiency in a Federalist Country," Public Finance Review, , vol. 40(1), pages 3-29, January.
    11. Philippe K. Widmer & Peter Zweifel, 2008. "Public Good Provision in a Federalist Country: Tiebout Competition, Fiscal Equalization, and Incentives for Efficiency in Switzerland," SOI - Working Papers 0804, Socioeconomic Institute - University of Zurich, revised Dec 2010.

  145. António Afonso & Sónia Fernandes, 2005. "Assessing and Explaining the Relative Efficiency of Local Government: Evidence for Portuguese Municipalities," Working Papers Department of Economics 2005/19, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Shwu-Huei Huang & Ming-Miin Yu & Ming-Shenq Hwang & Yu-Shan Wei & Ming-Huei Chen, 2017. "Efficiency of Tax Collection and Tax Management in Taiwan's Local Tax Offices," Pacific Economic Review, Wiley Blackwell, vol. 22(4), pages 620-648, October.
    2. Yongqiu Wu & Yi Huang & Jing Zhao & Yanping Pu, 2017. "Transfer payment structure and local government fiscal efficiency: evidence from China," China Finance and Economic Review, Springer, vol. 5(1), pages 1-15, December.
    3. Rosa María Armenta Vergara & Carlos Alberto Barreto Nieto & William Orlando Prieto Bustos, 2012. "Medición de la eficiencia en el uso de las regalías petroleras: una aplicación del análisis envolvente de datos," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 4(1), pages 13-32.
    4. Jana Soukopova & Eduard Bakoš, 2013. "Environmental protection expenditure: Ex-post evaluation," MUNI ECON Working Papers 08, Masaryk University, revised Apr 2013.
    5. Antonio Vito Pasquale Boccia, 2015. "The Adaptation to the Community System: Problems in Fieri in Receiving the E.U. Directives and Regulations and Apparent Problems about Limitation of Sovereigny - the Albania’s Case," European Journal of Social Sciences Education and Research Articles, Revistia Research and Publishing, vol. 2, ejser_v2_.

  146. António Afonso & Mariana Santos, 2005. "Students and Teachers: A DEA Approach to the Relative Efficiency of Portuguese Public Universities," Working Papers Department of Economics 2005/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Lehmann, Erik E. & Meoli, Michele & Paleari, Stefano & Stockinger, Sarah A. E., 2017. "Approaching effects of the economic crisis on university efficiency: A comparative study of Germany and Italy," UO Working Papers 08-17, University of Augsburg, Chair of Management and Organization.
    2. Drebee, Hayder Abbas & Abdul Razak, Nor Azam, 2018. "Measuring the Efficiency of Colleges at the University of Al-Qadisiyah-Iraq: A Data Envelopment Analysis Approach," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 52(3), pages 153-166.
    3. Frija, Aymen & Speelman, Stijn & Chebil, Ali & Buysse, Jeroen & Van Huylenbroeck, Guido, 2008. "Performances And Efficiencies Of The Irrigation Water Users’ Associations In Tunisia," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6460, European Association of Agricultural Economists.
    4. Frija, Aymen & Buysse, Jeroen & Speelman, Stijn & Chebil, Ali & Van Huylenbroeck, Guido, 2010. "Effect of scale on water users’ associations’ performance in Tunisia: nonparametric model for scale elasticity calculation," 2010 AAAE Third Conference/AEASA 48th Conference, September 19-23, 2010, Cape Town, South Africa 95982, African Association of Agricultural Economists (AAAE).
    5. Russell D. Kashian & Jeff Pagel, 2016. "Measuring X-Efficiency in NCAA Division III Athletics," Journal of Sports Economics, , vol. 17(6), pages 558-577, August.

  147. Schuknecht, Ludger & Ebert, Werner & Thöne, Michael & Afonso, António, 2005. "Quality of public finances and growth," Working Paper Series 438, European Central Bank.

    Cited by:

    1. Jorge Martinez-Vazquez & Blanca Moreno-Dodson & VIoleta Vulovic, 2012. "The Impact of Tax and Expenditure Policies on Income Distribution: Evidence from a Large Panel of Countries," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper1225, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    2. Christian Bjørnskov & Axel Dreher & Justina Fischer, 2007. "The bigger the better? Evidence of the effect of government size on life satisfaction around the world," Public Choice, Springer, vol. 130(3), pages 267-292, March.
    3. Altube, Matias Guizzo & Scartascini, Carlos & Tommasi, Mariano, 2023. "The political economy of redistribution and (in)efficiency in Latin America and the Caribbean," LSE Research Online Documents on Economics 120678, London School of Economics and Political Science, LSE Library.
    4. Jesús Ferreiro & M. Teresa García-del-Valle & Carmen Gómez, 2013. "An Analysis of the Convergence of the Composition of Public Expenditures in European Union Countries," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(4), pages 799-825, October.
    5. Markus Gstoettner & Anders Jensen, 2010. "Aid and Public Finance: A Missing Link?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 38(2), pages 217-235, June.
    6. Schuknecht, Ludger & Hauptmeier, Sebastian & Heipertz, Martin, 2006. "Expenditure reform in industrialised countries: a case study approach," Working Paper Series 634, European Central Bank.
    7. Bernadeta Baran, 2015. "Welfare State Challenges And The Concept Of Basic Income," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 9(1), pages 275-289.
    8. António Afonso & Ludger Schuknecht & Vito Tanzi, 2006. "Public Sector Efficiency: Evidence for New EU Member States and Emerging Markets," Working Papers Department of Economics 2006/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    9. Ignacio Lozano & Karen Rodríguez, 2011. "Assessing the macroeconomic effects of fiscal policy in Colombia," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 3(3), pages 206-228, August.
    10. Iris Claus & Jorge Martinez-Vazquez & VIoleta Vulovic, 2012. "Government Fiscal Policies and Redistribution in Asian Countries," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper1213, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    11. Ignacio Lozano Espitia & Karen Rodr�guez, 2009. "Assessing the Macroeconomic Effects of Fiscal," Borradores de Economia 5386, Banco de la Republica.
    12. Jean Pisani-Ferry & André Sapir, 2008. "Government size and output volatility- should we forsake automatic stabilisation?," Bruegel Working Papers 47, Bruegel.
    13. Beraldo, Sergio & Montolio, Daniel & Turati, Gilberto, 2009. "Healthy, educated and wealthy: A primer on the impact of public and private welfare expenditures on economic growth," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(6), pages 946-956, December.
    14. Erum, Naila & Sohag, Kazi & Said, Jamaliah & Musa, Kazi & Asghar, Muhammad Mansoor, 2024. "Governance, fiscal expenditure, and economic growth in OIC countries: Role of natural resources and information communication technology," Resources Policy, Elsevier, vol. 90(C).
    15. Afonso, António & Furceri, Davide, 2008. "Government size, composition, volatility and economic growth," Working Paper Series 849, European Central Bank.
    16. Lucas Marín-Llanes & Jaime Bonet-Morón & Gerson J. Pérez-Valbuena, 2018. "¿Cuál es la dimensión y en que se gastó la reciente bonanza en Colombia?," Documentos de trabajo sobre Economía Regional y Urbana 273, Banco de la Republica de Colombia.
    17. Döhrn, Roland & Barabas, György & Gebhardt, Heinz & Middendorf, Torge & Schäfer, Günter & Zimmermann, Tobias, 2008. "Die wirtschaftliche Entwicklung im Inland: Konjunktur im Zwischentief," RWI Konjunkturberichte, RWI - Leibniz-Institut für Wirtschaftsforschung, vol. 59(1), pages 31-82.
    18. Mungroo, Albert & Ooft, Gavin & Tjon Kie Sim-Balker, Peggy, 2014. "Government Expenditure in Suriname: A Stimulus or Impediment to Growth," EconStor Preprints 215531, ZBW - Leibniz Information Centre for Economics.
    19. Fritz Breuss, 2006. "Teilstudie 4: Europäische Wirtschaftspolitik: Binnenmarkt, WWU, Lissabon, Erweiterung," WIFO Studies, WIFO, number 27443, June.
    20. Sulehri, Fiaz Ahmad & Audi, Marc & Ashraf, Muhammad Saleem & Azam, Habiba & Bukhari, Syeda Ambreen Fatima & Ali, Amjad, 2024. "Empirical Insights into Financial Integration: Fintech Credit and Regulatory Dynamics," MPRA Paper 121776, University Library of Munich, Germany.
    21. Guillem López Casasnovas, 2010. "La calidad del gasto público y su influencia en el desarrollo económico: una validación empírica para los países de la OCDE 1970-2005," Hacienda Pública Española / Review of Public Economics, IEF, vol. 193(2), pages 9-48, June.
    22. Tilmann Rave & Michael Thöne & Christian Bergs & Lars Koch, 2010. "Umweltbezogenes Subventionscontrolling," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 49, September.
    23. Alessandro Giosi & Silvia Testarmata & Sandro Brunelli & Bianca Staglianò, 2012. "Does the Quality of Public Finance Enhance Fiscal Discipline in the European Union? A Cross-Country Analysis," DSI Essays Series, DSI - Dipartimento di Studi sull'Impresa, vol. 21.
    24. Margit Schratzenstaller-Altzinger, 2006. "Teilstudie 12: Wachstumsimpulse durch die öffentliche Hand," WIFO Studies, WIFO, number 27451, June.
    25. Alejandro Esteller & Albert Solé, 2005. "Does decentralization improve the efficiency in the allocation of public investment? Evidence from Spain," Working Papers 2005/5, Institut d'Economia de Barcelona (IEB).
    26. Dimitri B. Papadimitriou, 2006. "Government Effects on the Distribution of Income: An Overview," Palgrave Macmillan Books, in: Dimitri B. Papadimitriou (ed.), The Distributional Effects of Government Spending and Taxation, chapter 1, pages 1-12, Palgrave Macmillan.
    27. Hans Pitlik & Margit Schratzenstaller-Altzinger, 2011. "Growth Implications of Structure and Size of Public Sectors," WIFO Working Papers 404, WIFO.
    28. Nina Hetzer & Andreas Peichl, 2010. "Steuerstrukturreform trotz leerer Kassen?!," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 63(01), pages 28-35, January.
    29. Bernadeta Baran, 2013. "Reguła średniookresowego celu budżetowego w Unii Europejskiej," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 11-12, pages 23-47.
    30. Agata Drobiszová & Zuzana Machová, 2015. "Vliv fiskální politiky na ekonomický růst v zemích OECD [The Impact of Fiscal Policy on Economic Growth in the OECD Countries]," Politická ekonomie, Prague University of Economics and Business, vol. 2015(3), pages 300-316.
    31. Dolls, Mathias & Peichl, Andreas & Zimmermann, Klaus F., 2011. "Eine Herausforderung für die G20: Global vereinbarte Schuldenbremsen und transnationale fiskalpolitische Aufsichtsgremien," IZA Standpunkte 45, Institute of Labor Economics (IZA).
    32. Gerhards, Eva & Goerl, Caroline-Antonia & Thöne, Michael, 2012. "Tragfähigkeit der öffentlichen Finanzen: Eine Bestandsaufnahme national und international praktizierter Methoden der langfristigen Budgetanalyse [Sustainability of Public Finances: A review of inte," FiFo Reports - FiFo-Berichte 14, University of Cologne, FiFo Institute for Public Economics.
    33. Irena Szarowská, 2016. "Quality of Public Finance and Economic Growth in the Czech Republic," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 64(4), pages 1373-1381.
    34. Viegas, Miguel & Ribeiro, Ana Paula, 2013. "Welfare-improving government behavior and inequality in a heterogeneous agents model," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 146-160.
    35. Moisa Altar & Judita Samuel, 2008. "The Influence of Fiscal Policy on Economic Growth," Advances in Economic and Financial Research - DOFIN Working Paper Series 7, Bucharest University of Economics, Center for Advanced Research in Finance and Banking - CARFIB.
    36. Schuknecht, Ludger & Tanzi, Vito, 2005. "Reforming public expenditure in industrialised countries: are there trade-offs?," Working Paper Series 435, European Central Bank.
    37. Rheinisch-Westfälisches Institut für Wirtschaftsforschung (Essen) (ed.), 2014. "Gesetz zur Vorlage einer verbindlichen Finanzplanung bis 2020. Stellungnahme zur Anhörung im Landtag Nordrhein-Westfalen am 22. Mai 2014," RWI Projektberichte, RWI - Leibniz-Institut für Wirtschaftsforschung, number 111438, October.

  148. Afonso, António & Nickel, Christiane & Rother, Philipp, 2005. "Fiscal consolidations in the Central and Eastern European countries," Working Paper Series 473, European Central Bank.

    Cited by:

    1. Antonella Cavallo & Antonio Ribba, 2017. "Measuring the Effects of Oil Price and Euro-area Shocks on CEECs Business Cycles," Department of Economics 0111, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
    2. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Membership in the Euro area and fiscal sustainability - Analysis through panel fiscal reaction functions," a/ Working Papers Series 1501, Italian Association for the Study of Economic Asymmetries, Rome (Italy).
    3. Afonso, António & Jalles, João Tovar, 2014. "Assessing fiscal episodes," Economic Modelling, Elsevier, vol. 37(C), pages 255-270.
    4. Gomes, Orlando, 2007. "On the stability of endogenous growth models: an evaluation of the agents’ response to output fluctuations," MPRA Paper 2891, University Library of Munich, Germany.
    5. Fatih Özatay, 2008. "Expansionary Fiscal Consolidations: New Evidence from Turkey," Working Papers 406, Economic Research Forum, revised 06 Jan 2008.
    6. Cavallo, Antonella & Ribba, Antonio, 2018. "Measuring the effects of oil price and Euro-area shocks on CEECs business cycles," Journal of Policy Modeling, Elsevier, vol. 40(1), pages 74-96.
    7. Georgia Kaplanoglou & Vassilis T. Rapanos & Ioanna C. Bardakas, 2015. "Does Fairness Matter for the Success of Fiscal Consolidation?," Kyklos, Wiley Blackwell, vol. 68(2), pages 197-219, May.
    8. Borys, Paweł & Ciżkowicz, Piotr & Rzońca, Andrzej, 2011. "Panel data evidence on non-Keynesian efects of fiscal policy in the EU New Member," MPRA Paper 32696, University Library of Munich, Germany.
    9. António Afonso & João Tovar-Valles, 2011. "Measuring the Success of Fiscal Consolidations," Working Papers Department of Economics 2011/22, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    10. Ciżkowicz, Piotr & Kowalczuk, Michał & Rzońca, Andrzej, 2014. "Heterogeneous determinants of local unemployment in Poland," MPRA Paper 56858, University Library of Munich, Germany.
    11. Yang, Weonho & Fidrmuc, Jan & Ghosh, Sugata, 2015. "Macroeconomic effects of fiscal adjustment: A tale of two approaches," Journal of International Money and Finance, Elsevier, vol. 57(C), pages 31-60.
    12. Khalil Ahmad & Safdar Ali & Ayesha Haider & Muhammad Shahid & Muhammad Mudassar Naushahi, 2021. "Fiscal Implications for Rural-Urban Income Inequality: The Case of Pakistan," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 246-259.
    13. Woldu, Gabriel Temesgen & Szakálné Kanó, Izabella, 2023. "Macroeconomic effects of fiscal consolidation on economic activity in SSA countries," The Journal of Economic Asymmetries, Elsevier, vol. 28(C).
    14. Irina BILAN & Florin OPREA, 2012. "EU fiscal consolidation strategies in times of crisis – comparative approaches," Anale. Seria Stiinte Economice. Timisoara, Faculty of Economics, Tibiscus University in Timisoara, vol. 0, pages 887-894, May.
    15. Tobignaré Yabré & Gervasio Semedo, 2021. "Political stability and fiscal consolidation in sub‐Saharan African countries," The World Economy, Wiley Blackwell, vol. 44(4), pages 1077-1109, April.
    16. Amine Lahiani & Ameni Mtibaa & Foued Gabsi, 2022. "Fiscal Consolidation, Social Sector Expenditures and Twin Deficit Hypothesis: Evidence from Emerging and Middle-Income Countries," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 64(4), pages 710-747, December.
    17. Karsten Staehr, 2007. "Fiscal policies and business cycles in an enlarged euro area," Bank of Estonia Working Papers 2007-03, Bank of Estonia, revised 08 Mar 2007.
    18. Neicheva, Maria, 2007. "Non-Keynesian effects of Government Spending: Some implications for the Stability and Growth Pact," MPRA Paper 5277, University Library of Munich, Germany.
    19. Juan Carlos Cuestas & Karsten Staehr, 2011. "Fiscal shocks and budget balance persistence in the EU countries from Central and Eastern Europe," Bank of Estonia Working Papers wp2011-08, Bank of Estonia, revised 13 Jul 2011.
    20. Philipp Paulus, 2006. "The final blow to the Stability Pact? EMU enlargement and government debt," Otto-Wolff-Institut Discussion Paper Series 03/2006, Otto-Wolff-Institut für Wirtschaftsordnung, Köln, Deutschland.
    21. Saungweme, Talknice & Odhiambo, Nicholas M, 2020. "The impact of public debt service on economic growth:Empirical evidence from Zambia," Working Papers 26642, University of South Africa, Department of Economics.
    22. Maria Neicheva, 2006. "Non-Keynesian Effects of Government Expenditure on Output in Bulgaria: An HP Filter Approach," Post-Communist Economies, Taylor & Francis Journals, vol. 18(1), pages 1-12.
    23. Hüseyin ŞEN & Ayşe KAYA, 2017. "Mali Konsolidasyon Büyüme ve İstihdam için Bir Çıpa mı, Mali Tuzak mı? Teorik ve Ampirik Literatür Temelli Bir Analiz," Sosyoekonomi Journal, Sosyoekonomi Society, issue 25(34).
    24. Ayala, Astrid & Blazsek, Szabolcs, 2013. "Structural breaks in public finances in Central and Eastern European countries," Economic Systems, Elsevier, vol. 37(1), pages 45-60.
    25. Eugene Msizi Buthelezi & Phocenah Nyatanga, 2023. "Threshold of the CAPB That Can Be Attributed to Fiscal Consolidation Episodes in South Africa," Economies, MDPI, vol. 11(6), pages 1-26, May.
    26. J.M. Figuet & Nikolay Nenovsky, 2006. "Convergence and Shocks in the road to EU: Empirical investigations for Bulgaria and Romania," Post-Print halshs-00259703, HAL.
    27. Andric, Vladimir & Arsic, Milojko & Nojkovic, Aleksandra, 2016. "Fiscal Pressure of Interest Payments in Serbia - a Time Series Exploration," EconStor Preprints 141322, ZBW - Leibniz Information Centre for Economics.
    28. Maria Neycheva, 2007. "Impact of Fiscal Policy on the Cumulative Production in the Bulgarian Economy," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 82-101.
    29. Dirk Foremny & Agnese Sacchi & Simone Salotti, 2017. "Decentralization and the duration of fiscal consolidation: shifting the burden across layers of government," Public Choice, Springer, vol. 171(3), pages 359-387, June.
    30. International Monetary Fund, 2007. "Euro Area Policies: Selected Issues," IMF Staff Country Reports 2007/259, International Monetary Fund.
    31. Ahmed Waqar Qasim & M. Ali Kemal & Omer Siddique, 2015. "Fiscal Consolidation and Economic Growth: A Case Study of Pakistan," PIDE-Working Papers 2015:124, Pakistan Institute of Development Economics.
    32. Sofia Semik & Lilli Zimmermann, 2022. "Determinants of substantial public debt reductions in Central and Eastern European Countries," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(1), pages 53-70, February.

  149. Afonso, António & St. Aubyn, Miguel, 2005. "Cross-country efficiency of secondary education provision: a semi-parametric analysis with non-discretionary inputs," Working Paper Series 494, European Central Bank.

    Cited by:

    1. Yuxin Li & Karen Mumford, "undated". "Aspirations, Expectations and Education Outcomes for Children in Britain: Considering Relative Measures of Family Efficiency," Discussion Papers 09/26, Department of Economics, University of York.
    2. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2024. "Fiscal decentralization and public sector efficiency: Do natural disasters matter?," Economic Modelling, Elsevier, vol. 137(C).
    3. Núria Bosch Roca & Marta Espasa Queralt & Antoni Mora Corral, 2010. "Citizens' control and the efficiency of local public services," Working Papers 2010/23, Institut d'Economia de Barcelona (IEB).
    4. Kristof de Witte & Laura López-Torres, 2015. "Efficiency in Education. A Review of Literature and a Way Forward," Working Papers 1501, Departament Empresa, Universitat Autònoma de Barcelona, revised Apr 2015.
    5. Dovile Stumbriene & Ana S. Camanho & Audrone Jakaitiene, 2020. "The performance of education systems in the light of Europe 2020 strategy," Annals of Operations Research, Springer, vol. 288(2), pages 577-608, May.
    6. Aparicio, Juan & López-Torres, Laura & Santín, Daniel, 2018. "Economic crisis and public education. A productivity analysis using a Hicks-Moorsteen index," Economic Modelling, Elsevier, vol. 71(C), pages 34-44.
    7. Mathieu Lefebvre & Sergio Perelman & Pierre Pestieau, 2015. "Productivity and performance in the public sector," Working Papers of BETA 2015-15, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    8. Tommaso Agasisti & Giuseppe Munda, 2017. "Efficiency of investment in compulsory education: An Overview of Methodological Approaches," JRC Research Reports JRC106681, Joint Research Centre.
    9. Cosmin Eugen ENACHE, 2012. "The efficiency of expenditure-related redistributive policies in the European countries," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 5(18), pages 380-394.
    10. Giuseppe Coco & Raffaele Lagravinese, 2012. "Incentive Effects on Efficiency in Education Systems’ Performance," Working Papers 270, ECINEQ, Society for the Study of Economic Inequality.
    11. N. Van De Sijpe & G. Rayp, 2004. "Measuring and Explaining Government Inefficiency in Developing Countries," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/266, Ghent University, Faculty of Economics and Business Administration.
    12. European Fiscal Board (EFB), 2019. "Assessment of EU fiscal rules with a focus on the six and two-pack legislation," Reports 2019, European Fiscal Board.
    13. Coco, Giuseppe & Lagravinese, Raffaele, 2014. "Cronyism and education performance," Economic Modelling, Elsevier, vol. 38(C), pages 443-450.
    14. Mitja Ruzzier & Tanja Kosi AntoliÄ & Doris Gomezelj Omerzel, 2016. "R%D and education resources in innovation processes: evidence from Slovenia and the Visegrad Group," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 8(2), pages 144-162.
    15. Mihai MutaÅŸcu & Marius MiloÅŸ, 2009. "Optimal Size Of Government Spending. The Case Of European Union Member States," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-45.
    16. Miguel St. Aubyn, 2008. "Law and Order Efficiency Measurement – A Literature Review," Working Papers Department of Economics 2008/19, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    17. Krasnopjorovs, Olegs, 2013. "Latvijas ekonomikas izaugsmi noteicošie faktori [Factors of Economic Growth in Latvia]," MPRA Paper 47550, University Library of Munich, Germany.
    18. Ligia Alba Melo-Becerraa & Lucas Wilfried Hahn-De-Castro & Dalma Sofía Ariza-Hernández & Cristian Oswaldo Carmona-Sanchez, 2016. "El desempeño municipal en el sector educativo: un análisis a partir de una función multiproducto," Documentos de trabajo sobre Economía Regional y Urbana 243, Banco de la Republica de Colombia.
    19. Justo de Jorge-Moreno & Javier D�az & Jos� Miguel Segura & Diana Rodr�guez, 2018. "Análisis de la eficiencia educativa y sus factores explicativos considerando el efecto de la titularidad en Colombia con datos Pisa 2012," Revista Desarrollo y Sociedad, Universidad de los Andes,Facultad de Economía, CEDE, vol. 80(3), pages 89-118.
    20. Élisé Wendlassida Miningou & Valérie Vierstraete, 2012. "Households' living situation and the efficient provision of primary education in Burkina Faso," Cahiers de recherche 12-12, Departement d'économique de l'École de gestion à l'Université de Sherbrooke.
    21. Ant Afonso & Miguel St. Aubyn, 2013. "Public and private inputs in aggregate production and growth: a cross-country efficiency approach," Applied Economics, Taylor & Francis Journals, vol. 45(32), pages 4487-4502, November.
    22. Abiodun Adegboye & Olawale Daniel Akinyele, 2022. "Assessing the determinants of government spending efficiency in Africa," Future Business Journal, Springer, vol. 8(1), pages 1-17, December.
    23. António Afonso & Ludger Schuknecht, 2019. "How “Big” Should Government Be?," Working Papers REM 2019/78, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    24. Hauner, David & Kyobe, Annette, 2010. "Determinants of Government Efficiency," World Development, Elsevier, vol. 38(11), pages 1527-1542, November.
    25. Haelermans, Carla & Ruggiero, John, 2013. "Estimating technical and allocative efficiency in the public sector: A nonparametric analysis of Dutch schools," European Journal of Operational Research, Elsevier, vol. 227(1), pages 174-181.
    26. Stylianos Gr. Margaritis, 2021. "Evaluation of Upper Secondary Schools on Efficiency and Productivity Change in 2016-2019: Empirical evidence from schools in the region in Central Greece," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 71(3-4), pages 101-121, July-Dece.
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    148. J M Cordero-Ferrera & F Pedraja-Chaparro & D Santín-González, 2010. "Enhancing the inclusion of non-discretionary inputs in DEA," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 61(4), pages 574-584, April.
    149. Víctor Giménez & Claudio Thieme & Diego Prior & Emili Tortosa-Ausina, 2017. "An international comparison of educational systems: a temporal analysis in presence of bad outputs," Journal of Productivity Analysis, Springer, vol. 47(1), pages 83-101, February.
    150. Henriques, C.O. & Marcenaro-Gutierrez, O.D., 2021. "Efficiency of secondary schools in Portugal: A novel DEA hybrid approach," Socio-Economic Planning Sciences, Elsevier, vol. 74(C).
    151. Sona Stikarova, 2014. "Economic growth, inequality and efficiency," Department of Economic Policy Working Paper Series 006, Department of Economic Policy, Faculty of National Economy, University of Economics in Bratislava.
    152. Inés P. Murillo & José L. Raymond & Jorge Calero, 2017. "Efficiency in the transformation of schooling into competences: A cross-country analysis using PIAAC data," Working Papers 2017/12, Institut d'Economia de Barcelona (IEB).
    153. Stylianos Gr. Margaritis & Constantinos P. Tsamadias & Elias E. Argyropoulos, 2022. "Investigating the Relative Efficiency and Productivity Change of Upper Secondary Schools: the Case of Schools in the Region of Central Greece," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(1), pages 128-160, March.
    154. Ece Ucar & E. Ertugrul Karsak, 2024. "Evaluating Educational Performance of OECD Countries with Common-Weight DEA-Based Models," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 13673-13700, September.
    155. Kollintzas, Tryphon & Vassilatos, Vanghelis & Papageorgiou, Dimitris, 2012. "An Explanation of the Greek Crisis:"The Insiders - Outsiders Society"," CEPR Discussion Papers 8996, C.E.P.R. Discussion Papers.
    156. Fadzlan Sufian & Muzafar Shah Habibullah, 2012. "Developments in the efficiency of the Malaysian banking sector: the impacts of financial disruptions and exchange rate regimes," Progress in Development Studies, , vol. 12(1), pages 19-46, January.
    157. Maurice Armand Djontu, 2019. "Les déterminants de l'efficience des institutions de microfinance au Cameroun," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 10(1), pages 21-34, June.
    158. García Márquez, Francisco Antonio & Pérez González, María del Carmen & Maza Ávila, Francisco Javier, 2023. "Eficiencia y productividad en el deporte como indicador de desarrollo territorial: el caso de las CCAA españolas (2011-2018) [Efficiency and productivity in sport as an indicator of territorial dev," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 35(1), pages 201-222, June.
    159. Rafaj Oliver & Némethová Valéria, 2024. "Efficiency Analysis of Elementary Schools in Bratislava – A Two Step DEA Approach," Review of Economic Perspectives, Sciendo, vol. 24(1), pages 1-15, March.
    160. Paul Marschall & Steffen Flessa, 2011. "Efficiency of primary care in rural Burkina Faso. A two-stage DEA analysis," Health Economics Review, Springer, vol. 1(1), pages 1-15, December.
    161. Tommaso Agasisti & Pablo Zoido, 2015. "The Efficiency of Secondary Schools in an International Perspective: Preliminary Results from PISA 2012," OECD Education Working Papers 117, OECD Publishing.
    162. Pessino, Carola & Izquierdo, Alejandro & Vuletin, Guillermo, 2018. "Better Spending for Better Lives: How Latin America and the Caribbean Can Do More with Less," IDB Publications (Books), Inter-American Development Bank, number 9152.
    163. José Manuel Cordero Ferrera & Francisco Pedraja Chaparro & Javier Salinas Jiménez, 2009. "Efficiency measurement in the Spanish cadastral units through DEA," Working Papers 2009/35, Institut d'Economia de Barcelona (IEB).
    164. Fabiana Rocha & Plinio Portela de Oliveira & Janete Duarte & Sérgio Ricardo de Brito Gadelha & Luis Felipe Vital Nunes Pereira, 2017. "Can Education Targets be Met Without Increasing Public Spending? An Analysis for Brazilian Municipalities," Economics Bulletin, AccessEcon, vol. 37(1), pages 391-401.
    165. Anisah ALFADA, 2019. "Fiscal Decentralization and Government Expenditure Efficiency in Indonesia: A Malmquist Productivity Index," Expert Journal of Economics, Sprint Investify, vol. 7(1), pages 45-57.
    166. Justo de Jorge Moreno & Daniel Santín, 2010. "Determinantes de la eficiencia educativa en la Unión Europea," Hacienda Pública Española / Review of Public Economics, IEF, vol. 193(2), pages 131-156, June.
    167. Tommaso Agasisti, 2014. "How does schools’ efficiency look like across Europe? An empirical analysis of Germany, Spain, France, Italy and UK using OECD PISA2012 data," Working papers 9, Società Italiana di Economia Pubblica.
    168. López-Herrera, Carmen & Cordero, José M. & Pedraja-Chaparro, Francisco & Polo, Cristina, 2023. "Fiscal rules and their influence on public sector efficiency," MPRA Paper 119018, University Library of Munich, Germany.
    169. Eliane Gomes & João Soares de Mello & Geraldo Souza & Lidia Angulo Meza & João Mangabeira, 2009. "Efficiency and sustainability assessment for a group of farmers in the Brazilian Amazon," Annals of Operations Research, Springer, vol. 169(1), pages 167-181, July.
    170. Fatih Deyneli, 2012. "Analysis of relationship between efficiency of justice services and salaries of judges with two-stage DEA method," European Journal of Law and Economics, Springer, vol. 34(3), pages 477-493, December.

  150. António Afonso & Miguel St. Aubyn, 2004. "Non-parametric Approaches to Education and Health Expenditure Efficiency in OECD Countries," Working Papers Department of Economics 2004/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Dovile Stumbriene & Ana S. Camanho & Audrone Jakaitiene, 2020. "The performance of education systems in the light of Europe 2020 strategy," Annals of Operations Research, Springer, vol. 288(2), pages 577-608, May.
    2. António Afonso, 2004. "A Note on Public Spending Efficiency," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 2(01), pages 35-39, April.
    3. Małgorzata Guzowska & Tomasz Strąk, 2010. "An examination of the efficiency of Polish public sector entities based on public prosecutor offices," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 20(2), pages 41-57.
    4. Herrera, Santiago & Pang, Gaobo, 2005. "Efficiency of public spending in developing countries : an efficiency frontier approach," Policy Research Working Paper Series 3645, The World Bank.
    5. International Monetary Fund, 2008. "Republic of Croatia: Selected Issues," IMF Staff Country Reports 2008/159, International Monetary Fund.
    6. Santiago Herrera & Gaobo Pang, 2006. "How Efficient is Public Spending in Education?," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 24(51), pages 136-201, June.
    7. de Andrés Sánchez, Jorge & Belzunegui Eraso, Ángel Gabriel & Valls Fonayet, Francesc, 2020. "Evaluación de la eficiencia del gasto social en los países EU15 con análisis envolvente de datos y métodos cluster borrosos || Evaluation of the efficiency of social spending in EU15 countries with da," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 30(1), pages 97-116, December.
    8. Heinz Handler & Bertrand Koebel & Philipp Reiss & Margit Schratzenstaller, 2005. "The size and performance of public sector activities in Europe," Public Economics 0507011, University Library of Munich, Germany.
    9. Mukherjee, Anit N., 2007. "Public expenditure on education: A review of selected issues and evidence," Working Papers hd1, National Institute of Public Finance and Policy.
    10. Lars-Erik Borge & Torberg Falch & Per Tovmo, 2008. "Public sector efficiency: the roles of political and budgetary institutions, fiscal capacity, and democratic participation," Public Choice, Springer, vol. 136(3), pages 475-495, September.
    11. Etibar Jafarov & Victoria Gunnarsson, 2008. "Efficiency of Government Social Spending in Croatia," Financial Theory and Practice, Institute of Public Finance, vol. 32(3), pages 289-320.
    12. António Afonso & Sónia Fernandes, 2003. "Efficiency of Local Government Spending: Evidence for the Lisbon Region," Working Papers Department of Economics 2003/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    13. Mattos, Enlinson & Rocha, Fabiana & Novaes, Lucas Martins & Arvate, Paulo Roberto & Orellano, Verônica Inês Fernandez, 2010. "Economias de escala na oferta de serviços públicos de saúde: um estudo para os municípios paulistas," Textos para discussão 269, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    14. António Afonso & Mariana Santos, 2008. "A Dea Approach To The Relative Efficiency Of Portuguese Public Universities," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(1), pages 67-88.
    15. Andrés Felipe SALAZAR CUELLAR, 2014. "The Efficiency of Education Expenditure in Latin America and Lessons for Colombia," Archivos de Economía 11209, Departamento Nacional de Planeación.
    16. Rouselle Lavado & Emilyn Cabanda, 2009. "The efficiency of health and education expenditures in the Philippines," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 17(3), pages 275-291, September.
    17. Ms. Victoria Gunnarsson & Mr. Etibar Jafarov, 2008. "Government Spending on Health Care and Education in Croatia: Efficiency and Reform Options," IMF Working Papers 2008/136, International Monetary Fund.
    18. Czyżewski Bazyli & Polcyn Jan, 2016. "Education Quality and its Drivers in Rural Areas of Poland," Eastern European Countryside, Sciendo, vol. 22(1), pages 197-227, December.
    19. Ozbugday, Fatih Cemil & Tirgil, Abdullah & Kose, Elif Gul, 2020. "Efficiency changes in long-term care in OECD countries: A non-parametric Malmquist Index approach," Socio-Economic Planning Sciences, Elsevier, vol. 70(C).
    20. António Afonso & Mariana Santos, 2005. "Students and Teachers: A DEA Approach to the Relative Efficiency of Portuguese Public Universities," Working Papers Department of Economics 2005/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    21. Ravallion, Martin, 2003. "In measuring aggregate"social efficiency"," Policy Research Working Paper Series 3166, The World Bank.
    22. Francisca Guedes de Oliveira, 2010. "Evidence on the relation between public capital and Government efficiency," Working Papers de Economia (Economics Working Papers) 01, Católica Porto Business School, Universidade Católica Portuguesa.
    23. António Afonso & Gabriela Baquero Fraga, 2022. "Government spending efficiency in Latin America," Working Papers REM 2022/0250, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    24. Maria Alberta Oliveira & Carlos Santos, 2005. "Assessing school efficiency in Portugal using FDH and bootstrapping," Applied Economics, Taylor & Francis Journals, vol. 37(8), pages 957-968.
    25. Adam, Antonis & Delis, Manthos D & Kammas, Pantelis, 2012. "Fiscal decentralization and public sector efficiency: Evidence from OECD countries," MPRA Paper 36889, University Library of Munich, Germany.
    26. Jean-François Brun & Constantin Thierry Compaore, 2021. "Public Expenditures Efficiency On Education Distribution in Developing Countries," Working Papers hal-03116615, HAL.
    27. Mr. Todd D. Mattina & Ms. Victoria Gunnarsson, 2007. "Budget Rigidity and Expenditure Efficiency in Slovenia," IMF Working Papers 2007/131, International Monetary Fund.
    28. Polcyn, Jan, 2017. "Edukacja jako dobro publiczne - próba kwantyfikacji [Education as a public good – an attempt at quantification]," MPRA Paper 76606, University Library of Munich, Germany, revised 2017.
    29. Diagne, Youssoupha Sakrya & Sy, Hamat & Thiam, Dame, 2014. "Efficience des dépenses publiques au Sénégal [Public spending efficiency in Senegal]," MPRA Paper 113994, University Library of Munich, Germany.
    30. Szczepan Figiel & Jacek Michalak & Anna Rutkowska, 2018. "Efektywność funkcjonowania urzędów wojewódzkich w Polsce w ujęciu nieparametrycznym," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 2, pages 161-179.
    31. Sepideh Abolghasem & Mehdi Toloo & Santiago Amézquita, 2019. "Cross-efficiency evaluation in the presence of flexible measures with an application to healthcare systems," Health Care Management Science, Springer, vol. 22(3), pages 512-533, September.
    32. Faridah Djellal & Faïz Gallouj, 2006. "La productivité dans les services administratifs," Post-Print halshs-00199651, HAL.
    33. António Afonso & Ludger Schuknecht & Vito Tanzi, 2005. "Public sector efficiency: An international comparison," Public Choice, Springer, vol. 123(3), pages 321-347, June.
    34. Sultonov Mirzosaid, 2011. "Health Expenditure Efficiency in the Commonwealth of Independent States: A Data Envelopment Analysis Approach," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 18(2), pages 384-404, December.
    35. Antonis Adam & Manthos Delis & Pantelis Kammas, 2011. "Public sector efficiency: leveling the playing field between OECD countries," Public Choice, Springer, vol. 146(1), pages 163-183, January.
    36. Richard Kališ, 2018. "Technical efficiency of Slovak general hospitals," Department of Economic Policy Working Paper Series 012, Department of Economic Policy, Faculty of National Economy, University of Economics in Bratislava.
    37. Francisca Guedes de Oliveira, 2012. "Empirical Determinants of Government Efficiency: A study Based on Objective Indicators," Working Papers de Economia (Economics Working Papers) 03, Católica Porto Business School, Universidade Católica Portuguesa.
    38. International Monetary Fund, 2007. "Czech Republic: Selected Issues in Fiscal Policy Reform," IMF Staff Country Reports 2007/085, International Monetary Fund.
    39. Antonio Afonso & Carla Scaglioni, 2005. "Public Services Efficiency Provision in Italian Regions: a Non-Parametric Analysis," Working Papers Department of Economics 2005/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    40. Richter, Wolfram F., 2010. "Finanzierung des Krankenversicherungsschutzes: Entgleiste Reformdebatte wieder auf Spur," IZA Standpunkte 29, Institute of Labor Economics (IZA).

  151. António Afonso & Mariana Santos, 2004. "Public Tertiary Education Expenditure in Portugal: a Non-Parametric Efficiency Analysis," Working Papers Department of Economics 2004/05, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Zoghbi, Ana Carolina & Rocha, Fabiana & Mattos, Enlinson, 2013. "Education production efficiency: Evidence from Brazilian universities," Economic Modelling, Elsevier, vol. 31(C), pages 94-103.
    2. António Afonso & Mariana Santos, 2005. "Students and Teachers: A DEA Approach to the Relative Efficiency of Portuguese Public Universities," Working Papers Department of Economics 2005/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  152. Strauch, Rolf & Afonso, António, 2004. "Fiscal policy events and interest rate swap spreads: evidence from the EU," Working Paper Series 303, European Central Bank.

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    1. Martins, Manuel M.F. & Afonso, António, 2010. "Level, slope, curvature of the sovereign yield curve, and fiscal behaviour," Working Paper Series 1276, European Central Bank.
    2. Roman Goldbach & Christian Fahrholz, 2011. "The euro area's common default risk: Evidence on the Commission's impact on European fiscal affairs," European Union Politics, , vol. 12(4), pages 507-528, December.
    3. Edda Zoli, 2005. "How does fiscal policy affect monetary policy in emerging market countries?," BIS Working Papers 174, Bank for International Settlements.
    4. Mark Hallerberg & Guntram Wolff, 2008. "Fiscal institutions, fiscal policy and sovereign risk premia in EMU," Public Choice, Springer, vol. 136(3), pages 379-396, September.
    5. Julia del Amo Valor & Marcos Martín Mateos & Diego Martínez López & Javier J. Pérez, 2023. "Is the European economic governance framework too “complex”? A critical discussion," Working Papers 2023-06, FEDEA.
    6. António Afonso, 2009. "Long-term Government Bond Yields and Economic Forecasts: Evidence for the EU," Working Papers Department of Economics 2009/38, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    7. Stefano Schiavo, 2005. "Euro bonds: in search of financial spillovers," Department of Economics Working Papers 0502, Department of Economics, University of Trento, Italia.
    8. Schuknecht, Ludger & von Hagen, Jürgen & Wolswijk, Guido, 2009. "Government risk premiums in the bond market: EMU and Canada," European Journal of Political Economy, Elsevier, vol. 25(3), pages 371-384, September.
    9. Attinasi, Maria Grazia & Checherita-Westphal, Cristina & Nickel, Christiane, 2009. "What explains the surge in euro area sovereign spreads during the financial crisis of 2007-09?," Working Paper Series 1131, European Central Bank.
    10. Kontonikas, Alexandros & Arghyrou, Michael G. & Afonso, António, 2012. "The determinants of sovereign bond yield spreads in the EMU," SIRE Discussion Papers 2012-88, Scottish Institute for Research in Economics (SIRE).
    11. Jean-Louis Combes & Alexandru Minea & Pegdéwendé Nestor Sawadogo, 2019. "Does the composition of government expenditures matter for sovereign bond spreads' evolution in developing countries?," CERDI Working papers halshs-02019063, HAL.
    12. Recchioni, Maria Cristina & Tedeschi, Gabriele, 2017. "From bond yield to macroeconomic instability: A parsimonious affine model," European Journal of Operational Research, Elsevier, vol. 262(3), pages 1116-1135.
    13. Ardagna, Silvia & Lane, Timothy & Caselli, Francesco, 2007. "Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries," Scholarly Articles 2579739, Harvard University Department of Economics.
    14. Théo METZ, 2024. "New fiscal transparency index and public debt borrowing costs," Working Papers of BETA 2024-50, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    15. Batten, Jonathan A. & Fetherston, Thomas A. & Hoontrakul, Pongsak, 2006. "Factors affecting the yields of emerging market issuers: Evidence from the Asia-Pacific region," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 16(1), pages 57-70, February.
    16. António Afonso, 2011. "The Macroeconomic Effects of Fiscal Policy," Post-Print hal-00719484, HAL.
    17. Andrea Terzi, 2007. "WP 2007-4 Fiscal deficits in the U.S. and Europe: Revisiting the link with interest rates," SCEPA working paper series. 2007-4, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    18. Francesco Campigli & Gabriele Tedeschi & Maria Cristina Recchioni, 2021. "The talkative variables of the hybrid Heston model: Yields’ maturity and economic (in)stability," Working Papers 2021/03, Economics Department, Universitat Jaume I, Castellón (Spain).
    19. Feld, Lars P. & Kalb, Alexander & Moessinger, Marc-Daniel & Osterloh, Steffen, 2013. "Sovereign bond market reactions to fiscal rules and no-bailout clauses: The Swiss experience," ZEW Discussion Papers 13-034, ZEW - Leibniz Centre for European Economic Research.
    20. Junji Shimada & Toyoharu Takahashi & Tatsuyoshi Miyakoshi & Yoshihiko Tsukuda, 2010. "Japanese Interest Rate Swap Pricing," TERG Discussion Papers 253, Graduate School of Economics and Management, Tohoku University.
    21. António Afonso & Ricardo M. Sousa, 2008. "The Macroeconomic Effects of Fiscal Policy," Working Papers Department of Economics 2008/56, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    22. Csaba Csávás & Lóránt Varga & Csaba Balogh, 2008. "The forint interest rate swap market and the main drivers of swap spreads," MNB Occasional Papers 2008/64, Magyar Nemzeti Bank (Central Bank of Hungary).
    23. Afonso, António & Jalles, João Tovar & Kazemi, Mina, 2020. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads," International Review of Law and Economics, Elsevier, vol. 63(C).
    24. filippo gori, 2012. "The risk of self-protection: the role of bank bailout guarantees in channelling sovereign credit risk internationally," IHEID Working Papers 12-2014, Economics Section, The Graduate Institute of International Studies, revised 30 Nov 2014.
    25. Schuster, Florian, 2023. "Spreads auf Staatsanleihezinsen, der EZB-Sicherheitenrahmen und Peripherieprämien in der Eurozone," Papers 277910, Dezernat Zukunft - Institute for Macrofinance, Berlin.
    26. Layna Mosley & Victoria Paniagua & Erik Wibbels, 2020. "Moving markets? Government bond investors and microeconomic policy changes," Economics and Politics, Wiley Blackwell, vol. 32(2), pages 197-249, July.
    27. Jun Liu & Francis A. Longstaff & Ravit E. Mandell, 2006. "The Market Price of Risk in Interest Rate Swaps: The Roles of Default and Liquidity Risks," The Journal of Business, University of Chicago Press, vol. 79(5), pages 2337-2360, September.
    28. Azad, A.S.M. Sohel & Batten, Jonathan A. & Fang, Victor, 2015. "What determines the yen swap spread?," International Review of Financial Analysis, Elsevier, vol. 40(C), pages 1-13.
    29. Mustafa Tevfik KARTAL, 2022. "The Role of Macroeconomic and Market Indicators in Explaining Sovereign Credit Default Swaps (CDS) Spread Changes: Evidence from Türkiye," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 145-164, April.
    30. António Afonso & Davide Furceri & Pedro Gomes, 2011. "Sovereign credit ratings and financial markets linkages: application to European data," Working Papers Department of Economics 2011/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    31. Ardagna, Silvia, 2004. "Financial markets' behavior around episodes of large changes in the fiscal stance," Working Paper Series 390, European Central Bank.
    32. António Afonso & João Tovar Jalles & Mina Kazemi, 2019. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads: an event study from the EMU," EconPol Working Paper 22, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    33. Dick Davies & David Hillier & Andrew Marshall & King Fui Cheah, 2004. "Pricing Interest Rate Swaps in Malaysia," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 7(04), pages 493-507.
    34. Ant Afonso & Christophe Rault, 2015. "Short- and long-run behaviour of long-term sovereign bond yields," Applied Economics, Taylor & Francis Journals, vol. 47(37), pages 3971-3993, August.
    35. Mr. Sanjeev Gupta & Mr. Carlos Mulas-Granados & Mr. Emanuele Baldacci, 2009. "How Effective is Fiscal Policy Response in Systemic Banking Crises?," IMF Working Papers 2009/160, International Monetary Fund.
    36. David Howarth & Lucia Quaglia, 2015. "The political economy of the euro area's sovereign debt crisis: introduction to the special issue of the Review of International Political Economy," Review of International Political Economy, Taylor & Francis Journals, vol. 22(3), pages 457-484, June.
    37. Upinder Sawhney, 2018. "An Analysis of Fiscal Policy in an Emerging Economy: Innovative and Sustainable Fiscal Rules in India," Millennial Asia, , vol. 9(3), pages 295-317, December.
    38. Bernardin Akitoby & Thomas Stratmann, 2008. "Fiscal Policy and Financial Markets," Economic Journal, Royal Economic Society, vol. 118(533), pages 1971-1985, November.
    39. Piotr Płuciennik, 2012. "The Impact of the World Financial Crisis on the Polish Interbank Market: A Swap Spread Approach," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 4(4), pages 269-288, December.
    40. Ardagna, Silvia & Caselli, Francesco & Lane, Timothy, 2004. "Fiscal discipline and the cost of public dept service: some estiames for OECD countries," Working Paper Series 411, European Central Bank.
    41. Havlik, Annika & Heinemann, Friedrich & Helbig, Samuel & Nover, Justus, 2021. "Dispelling the shadow of fiscal dominance? Fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic," ZEW Discussion Papers 21-050, ZEW - Leibniz Centre for European Economic Research.
    42. Arru, Daniela & Iacovoni, Davide & Monteforte, Libero & Pericoli, Filippo Maria, 2012. "EMU sovereign spreads and macroeconomic news," MPRA Paper 37200, University Library of Munich, Germany.
    43. Bernd Hayo & Sascha Mierzwa, 2020. "Stock Market Reactions to Legislated Tax Changes: Evidence from the United States, Germany, and the United Kingdom," MAGKS Papers on Economics 202047, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    44. Ardagna, Silvia & Caselli, Francesco & Lane, Timothy, 2005. "Fiscal discipline and the cost of public debt service: some estimates for OECD countries," LSE Research Online Documents on Economics 3562, London School of Economics and Political Science, LSE Library.
    45. Boris T. Petkov, 2017. "Excessive Debt or Excess Savings -- Transition Countries Sovereign Bond Spread Assessment," International Business Research, Canadian Center of Science and Education, vol. 10(3), pages 91-119, March.
    46. Hallerberg, Mark & Wolff, Guntram B., 2006. "Fiscal institutions, fiscal policy and sovereign risk premia," Discussion Paper Series 1: Economic Studies 2006,35, Deutsche Bundesbank.
    47. Afonso, Antonio & Strauch, Rolf, 2007. "Fiscal policy events and interest rate swap spreads: Evidence from the EU," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 17(3), pages 261-276, July.
    48. Matthias Bauer & Martin Zenker, 2012. "Market Discipline Under A Politicised Multilateral Fiscal Rule - Lessons from the Stability and Growth Pact Debate," Global Financial Markets Working Paper Series 2012-35, Friedrich-Schiller-University Jena.
    49. Katia Rocha & Ajax Moreira, 2009. "O Impacto da Política Fiscal nos Spreads Soberanos: A Austeridade Fiscal e a Qualidade do Ajuste," Discussion Papers 1422, Instituto de Pesquisa Econômica Aplicada - IPEA.
    50. Ante Žigman & Boris Cota, 2011. "The impact of fiscal policy on government bond spreads in emerging markets," Financial Theory and Practice, Institute of Public Finance, vol. 35(4), pages 385-412.
    51. Christiane Nickel & Philipp Rother & Jan-Christoph Ruelke, 2011. "Fiscal variables and bond spreads - evidence from Eastern European countries and Turkey," Applied Financial Economics, Taylor & Francis Journals, vol. 21(17), pages 1291-1307.
    52. Schuster, Florian, 2023. "Sovereign spreads, central bank collateral frameworks, and periphery premia in the Eurozone," Papers 277915, Dezernat Zukunft - Institute for Macrofinance, Berlin.
    53. Rocha, Katia & Moreira, Ajax, 2010. "The role of domestic fundamentals on the economic vulnerability of emerging markets," Emerging Markets Review, Elsevier, vol. 11(2), pages 173-182, June.
    54. Federico Diaz Kalan & Ms. Adina Popescu & Julien Reynaud, 2018. "Thou Shalt Not Breach: The Impact on Sovereign Spreads of Noncomplying with the EU Fiscal Rules," IMF Working Papers 2018/087, International Monetary Fund.
    55. Miguel A. Segoviano & Carlos Caceres & Vincenzo Guzzo, 2010. "Sovereign Spreads: Global Risk Aversion, Contagion or Fundamentals?," IMF Working Papers 2010/120, International Monetary Fund.
    56. Maria Cristina Recchioni & Gabriele Tedeschi, 2016. "From bond yield to macroeconomic instability: The effect of negative interest rates," Working Papers 2016/06, Economics Department, Universitat Jaume I, Castellón (Spain).
    57. Ardagna, Silvia, 2009. "Financial markets' behavior around episodes of large changes in the fiscal stance," European Economic Review, Elsevier, vol. 53(1), pages 37-55, January.

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    Cited by:

    1. António Afonso & Peter Claeys & Ricardo M. Sousa, 2009. "Fiscal Regime Shifts in Portugal," IREA Working Papers 200921, University of Barcelona, Research Institute of Applied Economics, revised Oct 2009.
    2. Antonio Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2018. "Assessing the sustainability of external imbalances in the European Union," Post-Print hal-01914597, HAL.
    3. Gordon L. Brady & Cosimo Magazzino, 2019. "Government Expenditures and Revenues in Italy in a Long-run Perspective," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 17(2), pages 361-375, June.
    4. Ata Ozkaya, 2013. "Public Debt Stock Sustainability in Selected OECD Countries," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 13(1), pages 31-49.
    5. Byrne, Joseph P. & Fiess, Norbert & MacDonald, Ronald, 2011. "The global dimension to fiscal sustainability," Journal of Macroeconomics, Elsevier, vol. 33(2), pages 137-150, June.
    6. Fincke Bettina & Greiner Alfred, 2011. "Debt Sustainability in Selected Euro Area Countries: Empirical Evidence Estimating Time-Varying Parameters," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 15(3), pages 1-23, May.
    7. Cosimo Magazzino, 2022. "Fiscal sustainability in the GCC countries," International Journal of Economic Policy Studies, Springer, vol. 16(2), pages 389-408, August.
    8. Afonso, António, 2007. "An avenue for expansionary fiscal contractions," MPRA Paper 4593, University Library of Munich, Germany.
    9. António Afonso & José Alves & Sofia Monteiro, 2024. "Sovereign risk dynamics in the EU: the time varying relevance of fiscal and external (im)balances," Working Papers REM 2024/0311, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    10. De Ãvila, Diego Romero & Strauch, Rolf, 2003. "Public finances and long-term growth in Europe - evidence from a panel data analysis," Working Paper Series 246, European Central Bank.
    11. Peter Claeys, 2007. "Sustainability of EU Fiscal Policies: a Panel Test," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 22, pages 112-127.
    12. António Afonso & Peter Claeys, 2006. "The dynamic behaviour of budget components and output – the cases of France, Germany, Portugal, and Spain," Working Papers Department of Economics 2006/26, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    13. Pablo D'Erasmo & Enrique G. Mendoza & Jing Zhang, 2015. "What is a Sustainable Public Debt?," NBER Working Papers 21574, National Bureau of Economic Research, Inc.
    14. Süleyman Bolat & Aviral Kumar Tiwari & Mihai Mutascu, 2014. "The behaviour of US and UK public debt: further evidence based on time varying parameters," Working Papers halshs-01107962, HAL.
    15. Ananda Jayawickrama & Tilak Abeysinghe, 2013. "The experience of some OECD economies on tax smoothing," Applied Economics, Taylor & Francis Journals, vol. 45(16), pages 2305-2313, June.
    16. Frederick van der Ploeg, 2007. "Prudent Budgetary Policy: Political Economy of Precautionary Taxation," Economics Working Papers ECO2007/39, European University Institute.
    17. António Afonso & Christophe Rault, 2008. "3-Step Analysis of Public Finances Sustainability: the Case of the European Union," Working Papers hal-00322086, HAL.
    18. Antonio Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2019. "Long-run relationship between exports and imports: current account sustainability tests for the EU," Post-Print hal-02499351, HAL.
    19. António Afonso & Ricardo M. Sousa, 2009. "The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis," Working Papers Department of Economics 2009/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    20. Mark J. Holmes & Theodore Panagiotidis & Jesus Otero, 2008. "Are EU budgets stationary?," Discussion Paper Series 2008_07, Department of Economics, University of Macedonia, revised Sep 2008.
    21. António Afonso, 2006. "Expansionary fiscal consolidations in Europe: new evidence," Working Papers Department of Economics 2006/18, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    22. Michał Mackiewicz, 2021. "The sustainability of fiscal policy in southern African countries–a comparative empirical perspective," International Journal of Emerging Markets, Emerald Group Publishing Limited, vol. 18(2), pages 337-350, April.
    23. Cosimo Magazzino & Marco Mele, 2022. "A Dynamic Factor and Neural Networks Analysis of the Co-movement of Public Revenues in the EMU," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 8(2), pages 289-338, July.
    24. Afonso, António & Furceri, Davide & Agnello, Luca & Sousa, Ricardo M., 2009. "Assessing long-term fiscal developments - a new approach," Working Paper Series 1032, European Central Bank.
    25. Ludger Schuknecht & Holger Zemanek, 2021. "Public expenditures and the risk of social dominance," Public Choice, Springer, vol. 188(1), pages 95-120, July.
    26. John Thornton & Olumuyiwa S. Adedeji, 2009. "Fiscal Sustainability: Another Look at the European case," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 62(1), pages 95-102.
    27. Greiner, Alfred, 2012. "Public debt in a basic endogenous growth model," Economic Modelling, Elsevier, vol. 29(4), pages 1344-1348.
    28. Talpos, Ioan & Dima, Bogdan & Mutascu, Mihai & Enache, Cosmin, 2009. "Empirical Evidencies for the Budget Deficits Co-Integration in the Old European Union Members: Are there any Interlinkages in Fiscal Policies?," MPRA Paper 12647, University Library of Munich, Germany.
    29. Afonso, António & Coelho, José Carlos, 2024. "Drivers of fiscal sustainability: A time-varying analysis for Portugal," International Economics, Elsevier, vol. 178(C).
    30. Olaoye, Olumide Olusegun & Olomola, P.A., 2022. "Empirical analysis of asymmetry phenomenon in the public debt structure of Sub-Saharan Africa's five biggest economies: A Markov-Switching model," The Journal of Economic Asymmetries, Elsevier, vol. 25(C).
    31. Yiming Chang & Xiangyuan Yu & Wei Shan & Fang Wang & Yinying Tao, 2023. "Impact of Financial Market Development, Financial Crises and Deposit Insurance on Bank Risk," Prague Economic Papers, Prague University of Economics and Business, vol. 2023(1), pages 1-25.
    32. Ant??nio Afonso & Christophe Rault, 2009. "Bootstrap panel Granger-causality between government spending and revenue in the EU," William Davidson Institute Working Papers Series wp944, William Davidson Institute at the University of Michigan.
    33. De Santis, Roberto A. & Legrenzi, Gabriella & Milas, Costas, 2015. "Fiscal policy adjustments in the euro area stressed countries: new evidence from non-linear models with state-varying thresholds," Working Paper Series 1858, European Central Bank.
    34. António Afonso & João Tovar Jalles, 2011. "A Longer-run Perspective on Fiscal Sustainability," Working Papers Department of Economics 2011/17, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    35. Tashevska, Biljana & Trpkova-Nestorovska, Marija & Trenovski, Borce, 2017. "Estimating a fiscal reaction function for the South East European countries," MPRA Paper 91298, University Library of Munich, Germany, revised 2018.
    36. Priesmeier, Christoph & Koester, Gerrit B., 2012. "Does Wagner's law ruin the sustainability of German public finances?," Discussion Papers 08/2012, Deutsche Bundesbank.
    37. Serena Ionta & António Afonso & José Alves, 2025. "Monetary policy surprises and fiscal sustainability: the case of the Euro Area," Economic Change and Restructuring, Springer, vol. 58(3), pages 1-20, June.
    38. Cosimo Magazzino & Francesco Forte & Lorenzo Giolli, 2022. "On the Italian public accounts' sustainability: A wavelet approach," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 943-952, January.
    39. Triches, Divanildo & Sleimann Bertussi, Luis Antônio, 2017. "Multicointegração e sustentabilidade da política fiscal no Brasil com regime de quebras estruturais (1997-2015)," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 71(3), September.
    40. António Afonso & José Alves, 2022. "Does government spending efficiency improve fiscal sustainability?," Working Papers REM 2022/0226, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    41. Jasper Lukkezen & Hugo Rojas-Romagosa, 2012. "When is debt sustainable?," CPB Discussion Paper 212, CPB Netherlands Bureau for Economic Policy Analysis.
    42. Jacobo Campo-Robledo & Luis Melo-Velandia, 2015. "Sustainability of Latin American fiscal deficits: a panel data approach," Empirical Economics, Springer, vol. 49(3), pages 889-907, November.
    43. Antonio Afonso & Christophe Rault, 2008. "What do we Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic," Post-Print halshs-00363690, HAL.
    44. Niklas Potrafke & Markus Reischmann, 2012. "Fiscal Equalization Schemes and Fiscal Sustainability," CESifo Working Paper Series 3948, CESifo.
    45. António Afonso, 2006. "Sustainability of fiscal policy in the EU-15," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 4(01), pages 34-38, April.
    46. P. S. Renjith & K.R. Shanmugam, 2018. "Sustainable Debt Policies of Indian State Governments," Working Papers 2018-171, Madras School of Economics,Chennai,India.
    47. António Afonso & João Tovar Jalles, 2016. "The elusive character of fiscal sustainability," Applied Economics, Taylor & Francis Journals, vol. 48(28), pages 2651-2664, June.
    48. Afonso, António & Alves, José & Jalles, João Tovar, 2022. "To consolidate or not to consolidate? A multi-step analysis to assess needed fiscal sustainability," International Economics, Elsevier, vol. 172(C), pages 106-123.
    49. Subrata Ghatak & José R. Sánchez‐Fung, 2007. "Is Fiscal Policy Sustainable in Developing Economies?," Review of Development Economics, Wiley Blackwell, vol. 11(3), pages 518-530, August.
    50. Anton Velinov, 2014. "Assessing the Sustainability of Government Debt: On the Different States of the Debt/GDP Process," Discussion Papers of DIW Berlin 1359, DIW Berlin, German Institute for Economic Research.
    51. Ionel Bostan & Carmen Toderașcu & Anca Florentina Gavriluţă (Vatamanu), 2018. "Challenges and Vulnerabilities on Public Finance Sustainability. A Romanian Case Study," JRFM, MDPI, vol. 11(3), pages 1-24, September.
    52. Burret, Heiko T. & Feld, Lars P. & Köhler, Ekkehard A., 2015. "(Un-)Sustinability of public finances in German Laender: A panel time series approach," Freiburg Discussion Papers on Constitutional Economics 15/09, Walter Eucken Institut e.V..
    53. Konstantakis, Konstantinos N. & Michaelides, Panayotis G., 2014. "Transmission of the debt crisis: From EU15 to USA or vice versa? A GVAR approach," Journal of Economics and Business, Elsevier, vol. 76(C), pages 115-132.
    54. Cosimo Magazzino & Mihai Mutascu, 2019. "A wavelet analysis of Italian fiscal sustainability," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 8(1), pages 1-13, December.
    55. Pierre Aldama & Jérôme Creel, 2016. "Why fiscal regimes matter for fiscal sustainability analysis: an application to France," Working Papers hal-03459336, HAL.
    56. António Afonso & Christophe Rault, 2008. "Should we Care for Structural Breaks When Assessing Fiscal Sustainability?," Working Papers Department of Economics 2008/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    57. Theshne Kisten, 2023. "Macro-financial implications of public debt in South Africa: The role of financial regimes," WIDER Working Paper Series wp-2023-76, World Institute for Development Economic Research (UNU-WIDER).
    58. Gabriella Legrenzi & Costas Milas, 2011. "Debt Sustainability and Financial Crises: Evidence from the GIIPS," Working Paper series 42_11, Rimini Centre for Economic Analysis.
    59. Tielens, J. & van Aarle, B. & Van Hove, J., 2014. "Effects of Eurobonds: A stochastic sovereign debt sustainability analysis for Portugal, Ireland and Greece," Journal of Macroeconomics, Elsevier, vol. 42(C), pages 156-173.
    60. António Afonso, & Emanuel Reis Leão, & Dilson Tiny, & Diptes C. P. Bhimjee, 2017. "Fiscal Sustainability Analysis: The Case of PALOP Economies," Working Papers Department of Economics 2017/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    61. Mariam Camarero & Josep Lluís Carrion-i-Silvestre & Cecilio Tamarit, 2013. "“The relationship between debt level and fiscal sustainability in OECD countries”," IREA Working Papers 201315, University of Barcelona, Research Institute of Applied Economics, revised Sep 2013.
    62. Reicher, Claire, 2014. "Systematic fiscal policy and macroeconomic performance: A critical overview of the literature," Economics Discussion Papers 2014-29, Kiel Institute for the World Economy (IfW Kiel).
    63. Adnan Habib & Jamshaid Rehman & Tasneem Zafar & Haider Mahmood, 2016. "Does sustainability hypothesis hold in developed countries? A panel co-integration analysis," Quality & Quantity: International Journal of Methodology, Springer, vol. 50(1), pages 1-25, January.
    64. Bystrov, Victor & Mackiewicz, Michał, 2020. "Recurrent explosive public debts and the long-run fiscal sustainability," Journal of Policy Modeling, Elsevier, vol. 42(2), pages 437-450.
    65. António Afonso & José Alves & Sofia Monteiro, 2025. "Private investment and public investment: total rates of return and global balances in the OECD," Working Papers REM 2025/0363, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    66. Ata Ozkaya, 2013. "The Effects of Debt Intolerance and Public Debt Sustainability on Credit Ratings: Evidence From European Economies," Working Papers 011, Bahcesehir University, Betam.
    67. Bernardo Mueller & Carlos Pereira & Marcus André Melo & Lee J. Alston, 2006. "Political Institutions, Policymaking Processes and Policy Outcomes in Brazil," Research Department Publications 3199, Inter-American Development Bank, Research Department.
    68. António Afonso & José Carlos Coelho, 2022. "Public finances solvency in the Euro Area: true or false?," Working Papers REM 2022/0243, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    69. Saeid Mahdavi, 2014. "Bohn's Test of Fiscal Sustainability of the American State Governments," Southern Economic Journal, John Wiley & Sons, vol. 80(4), pages 1028-1054, April.
    70. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69, April.
    71. Gordon L. Brady & Cosimo Magazzino, 2018. "Sustainability and comovement of government debt in EMU Countries: A panel data analysis," Southern Economic Journal, John Wiley & Sons, vol. 85(1), pages 189-202, July.
    72. Ioan TalpoÅŸ & Cosmin Enache, 2008. "Fiscal Policy Sustainability In Romania," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(10), pages 1-23.
    73. Mark J. Holmes & Jesús Otero & Theodore Panagiotidis, 2009. "Are Eu Budget Deficits Stationary?," Working Paper series 17_09, Rimini Centre for Economic Analysis.
    74. António Afonso & José Alves & Sofia Monteiro, 2024. "The pressure is on: how geopolitical tensions impact institutional fiscal and external stability responses," Working Papers REM 2024/0318, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    75. Afonso, António, 2005. "Ricardian fiscal regimes in the European Union," Working Paper Series 558, European Central Bank.
    76. António Afonso & José Alves & José Carlos Coelho & Jamel Saadaoui, 2025. "Fiscal and External Sustainability: A Two-Step Time-Varying Granger Causality Assessment," CESifo Working Paper Series 11694, CESifo.
    77. Silika Prohl & Friedrich G. Schneider, 2006. "Sustainability of Public Debt and Budget Deficit: Panel cointegration analysis for the European Union Member countries," Economics working papers 2006-10, Department of Economics, Johannes Kepler University Linz, Austria.
    78. António Afonso, 2007. "Public finances in Portugal: a brief longrun view," Working Papers Department of Economics 2007/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    79. Gabriella Deborah Legrenzi & Costas Milas, 2012. "Fiscal Policy Sustainability, Economic Cycle and Financial Crises: The Case of the GIPS," CESifo Working Paper Series 4001, CESifo.
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    81. Andreea Stoian, 2012. "Fiscal Sustainability of the European Welfare State: Evidence from Cumulative Excess of the Primary Balance," Working Papers 27/2012, Universidade Portucalense, Centro de Investigação em Gestão e Economia (CIGE).
    82. Romero-Ávila, Diego & Strauch, Rolf, 2008. "Public finances and long-term growth in Europe: Evidence from a panel data analysis," European Journal of Political Economy, Elsevier, vol. 24(1), pages 172-191, March.
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    84. António Afonso & Christophe Rault, 2009. "Spend-and-tax: a panel data investigation for the EU," Economics Bulletin, AccessEcon, vol. 29(4), pages 2542-2548.
    85. Owusu Benjamin, 2021. "Fiscal Sustainability Hypothesis Test in Central and Eastern Europe: A Panel Data Perspective," Central European Economic Journal, Sciendo, vol. 8(55), pages 285-312, January.
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    87. Syed, Munawar-Shah & Mariani, Abdul-Majid & Syed, Hussain-Shah, 2014. "Assessing Fiscal Sustainability for SAARC and IMT-GT Countries," MPRA Paper 62815, University Library of Munich, Germany, revised 2014.
    88. Burret Heiko T. & Feld Lars P. & Köhler Ekkehard A., 2013. "Sustainability of Public Debt in Germany – Historical Considerations and Time Series Evidence," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 233(3), pages 291-335, June.
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    90. Ricardo Ferraz, 2016. "Finanças Públicas Portuguesas Sustentáveis no Estado Novo (1933-1974)?," GEE Papers 0056, Gabinete de Estratégia e Estudos, Ministério da Economia, revised Mar 2016.
    91. António Afonso & Raquel Balhote, 2014. "Interactions between Monetary Policy and Fiscal Policy," Working Papers Department of Economics 2014/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    92. Dascher-Preising, Fabienne & Greiner, Alfred, 2023. "Monetary-fiscal policy relations in the euro area: The impact on the primary balance," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 1-9.
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    94. Yoon, Gawon, 2012. "War and peace: Explosive U.S. public debt, 1791–2009," Economics Letters, Elsevier, vol. 115(1), pages 1-3.
    95. Carlos Cuerpo & José Miguel Ramos, 2015. "Spanish Public Debt Sustainability Analysis," Hacienda Pública Española / Review of Public Economics, IEF, vol. 215(4), pages 95-118, December.
    96. Silika Prohl & Joakim Westerlund, 2009. "Using Panel Data to Test for Fiscal Sustainability within the European Union," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 65(2), pages 246-269, June.
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    98. António Afonso, 2007. "Expansionary fiscal consolidations in Europe: part of conventional wisdom?," Money Macro and Finance (MMF) Research Group Conference 2006 50, Money Macro and Finance Research Group.
    99. Gabriella Legrenzi & Costas Milas, 2012. "Long-Run Debt Sustainability and Threshold Adjustments: Non-Linear Empirical Evidence from the GIIPS," Economics Bulletin, AccessEcon, vol. 32(3), pages 2586-2593.
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    103. Kayandabila, Yamungu & Manyama, Mulesi Kanyere, 2013. "Fiscal Policy and Debt Dynamic: Evidence from Tanzania," African Journal of Economic Review, African Journal of Economic Review, vol. 1(2), July.
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    113. Olumide Olusegun Olaoye & Phillip A. Olomola, 2023. "Sub‐Saharan Africa's rising public debt stock: Is there a cause for concern?," South African Journal of Economics, Economic Society of South Africa, vol. 91(1), pages 85-115, March.
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    117. Afonso, António & Coelho, José Carlos, 2023. "Public finances solvency in the Euro Area," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 642-657.
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    121. Ranjan Kumar Mohanty & Sidheswar Panda, 2020. "How Does Public Debt Affect the Indian Macroeconomy? A Structural VAR Approach," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 14(3), pages 253-284, August.
    122. Tarek Tawfik Yousef Alkhateeb & Haider Mahmood & Zafar Ahmad Sultan, 2021. "Role of Oil Price in Fiscal Cyclicality in Saudi Arabia," International Journal of Energy Economics and Policy, Econjournals, vol. 11(2), pages 194-198.
    123. Afonso, Antonio & Claeys, Peter, 2008. "The dynamic behaviour of budget components and output," Economic Modelling, Elsevier, vol. 25(1), pages 93-117, January.
    124. Latifa AITOUTOUHEN & Faris HAMZA, 2016. "Financial and Econometric Study of the Sustainability and Evaluation of Scenarios of Reforms for the Civil Regime of Moroccan," Turkish Economic Review, KSP Journals, vol. 3(4), pages 652-667, December.
    125. Ant�nio Afonso & João Tovar Jalles, 2015. "Fiscal sustainability: a panel assessment for advanced economies," Applied Economics Letters, Taylor & Francis Journals, vol. 22(11), pages 925-929, July.
    126. Sidi Mohammed Chekouri & Abderrahim Chibi & Mohamed Benbouziane, 2024. "Public debt dynamics and fiscal sustainability in selected North African countries: new evidence from recurrent explosive behavior tests and quantile unit root analysis," Economic Change and Restructuring, Springer, vol. 57(2), pages 1-27, April.
    127. António AFONSO & Priscilla TOFFANO, 2013. "Fiscal regimes in the EU," Working Papers of Department of Economics, Leuven ces13.06, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
    128. Miyazaki, Tomomi, 2014. "Fiscal reform and fiscal sustainability: Evidence from Australia and Sweden," International Review of Economics & Finance, Elsevier, vol. 33(C), pages 141-151.
    129. Chen, Shyh-Wei, 2014. "Testing for fiscal sustainability: New evidence from the G-7 and some European countries," Economic Modelling, Elsevier, vol. 37(C), pages 1-15.
    130. Juan Carlos Cuestas & Luis A. Gil-Alana & Laura Sauci, 2020. "Public finances in the EU-27: Are they sustainable?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(1), pages 181-204, February.
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    132. Gordon L. Brady & Cosimo Magazzino, 2017. "The Sustainability of Italian Public Debt and Deficit," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 23(1), pages 9-20, February.
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    139. Wolfgang Kitterer, 2007. "Nachhaltige Finanz‐ und Investitionspolitik der Bundesländer," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 8(S1), pages 53-83, April.
    140. Pradhan, Krishanu, 2014. "Fiscal sustainability of national food security act, 2013 in India," Working Papers 332, Institute for Social and Economic Change, Bangalore.
    141. Yoon, Gawon, 2012. "Explosive U.S. budget deficit," Economic Modelling, Elsevier, vol. 29(4), pages 1076-1080.
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    143. Maria do Rosario Correia & Reinhard Neck & Theodore Panagiotidis & Christian Richter, 2008. "An empirical investigation of the sustainability of the public deficit in Portugal," International Economics and Economic Policy, Springer, vol. 5(1), pages 209-223, July.
    144. Bogdan Dima & Oana Lobonţ & Cristina Nicolescu, 2009. "The Fiscal Revenues And Public Expenditures: Is Their Evolution Sustenable? The Romanian Case," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-42.
    145. Gordon L. Brady & Cosimo Magazzino, 2018. "Fiscal Sustainability in the EU," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 46(3), pages 297-311, September.
    146. Ludger Schuknecht & Holger Zemanek, 2018. "Social Dominance," CESifo Working Paper Series 6894, CESifo.
      • Ludger Schuknecht & Holger Zemanek, 2018. "Social Dominance," Working Papers REM 2018/30, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    147. Ranjan Kumar Mohanty & Sidheswar Panda, 2019. "How Does Public Debt Affect the Indian Macroeconomy? A Structural VAR Approach," Working Papers id:12980, eSocialSciences.
    148. Krishanu Pradhan, 2014. "Is India’s Public Debt Sustainable?," South Asian Journal of Macroeconomics and Public Finance, , vol. 3(2), pages 241-266, December.
    149. Kurniawan, Rudi, 2012. "Sustainability of Fiscal Policy and Government Revenue-Expenditure Nexus: The Experience of Indonesia," MPRA Paper 65883, University Library of Munich, Germany.
    150. Shruti SHASTRI & A.K. GIRI & Geetilaxmi MOHAPATRA, 2017. "An empirical assessment of fiscal sustainability for selected South Asian economies," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(1(610), S), pages 163-178, Spring.
    151. Campo Robledo, Jacobo, 2011. "Sostenibilidad fiscal: una aproximación con datos panel para 8 países Latinoaméricanos [Fiscal sustainability: A data panel approach for eight Latin American countries]," MPRA Paper 33091, University Library of Munich, Germany.
    152. Martin Larch & João Nogueira Martins, 2007. "Fiscal indicators - Proceedings of the the Directorate-General for Economic and Financial Affairs Workshop held on 22 September 2006 in Brussels," European Economy - Economic Papers 2008 - 2015 297, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    153. Jacobo Campo Robledo & Luis Fernando Melo Velandia, 2011. "How Sustainable are Latin American Fiscal Deficits: A Panel Data Approach," Borradores de Economia 679, Banco de la Republica de Colombia.
    154. Antonio Afonso & Ricardo Sousa, 2011. "Assessing long-term fiscal developments: evidence from Portugal," Applied Economics Letters, Taylor & Francis Journals, vol. 18(1), pages 1-5.
    155. António Afonso, 2009. "Neck, R. and Sturm, J.-E. (eds.): Sustainability of public debt," Journal of Economics, Springer, vol. 97(1), pages 95-96, May.
    156. Josep Lluís Carrion-I-Silvestre, 2016. "Fiscal Deficit Sustainability of the Spanish Regions," Regional Studies, Taylor & Francis Journals, vol. 50(10), pages 1702-1713, October.
    157. Lusine Lusinyan & John Thornton, 2011. "Unit roots, structural breaks and cointegration in the UK public finances, 1750-2004," Applied Economics, Taylor & Francis Journals, vol. 43(20), pages 2583-2592.
    158. Radmila Dragutinović Mitrović & Olgica Glavaški & Emilija Beker Pucar, 2019. "Fiscal Sustainability in Flow Model: Panel Cointegration Approach for the EU-28," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 15-24, August.
    159. Maebayashi, Noritaka, 2024. "Sustainability of public debt, investment subsidies, and endogenous growth with heterogeneous firms and financial frictions," MPRA Paper 120884, University Library of Munich, Germany.
    160. Paul Alagidede & George Tweneboah, 2015. "On the Sustainability and Synchronization of Fiscal Policy in Latin America," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 52(2), pages 213-240, November.
    161. Gabriella Deborah Legrenzi & Costas Milas, 2010. "Spend-and-Tax Adjustments and the Sustainability of the Government's Intertemporal Budget Constraint," CESifo Working Paper Series 2926, CESifo.
    162. Pierre Aldama & Jérôme Creel, 2017. "Why Fiscal Regimes Matter for Fiscal Sustainability: An Application to France," Working Papers 2017.01, International Network for Economic Research - INFER.
    163. Lankester-Campos, Valerie & Loaiza-Marín, Kerry & Monge-Badilla, Carlos, 2020. "Assessing public debt sustainability for Costa Rica using the fiscal reaction function," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 1(1).
    164. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    165. Vita Jagric & Sebastjan Strasek & Timotej Jagric & Tanja Markovic-Hribernik, 2009. "Personal Income Tax Reforms as a Competitive Advantage," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 189-218, May.
    166. Stefan Collignon, 2010. "Fiscal Policy Rules and the Sustainability of Public Debt in Europe," RECON Online Working Papers Series 28, RECON.
    167. Bohn, Henning, 2007. "Are stationarity and cointegration restrictions really necessary for the intertemporal budget constraint?," Journal of Monetary Economics, Elsevier, vol. 54(7), pages 1837-1847, October.
    168. Helmut Herwartz & Malte Rengel, 2018. "Size-corrected inference in fiscal policy reaction functions: a three country assessment," Empirical Economics, Springer, vol. 55(2), pages 391-416, September.
    169. Sun, Zhentian & Li, Xuhong & Xie, Yuanchang, 2014. "A comparison of innovative financing and general fiscal investment strategies for second-class highways: Perspectives for building a sustainable financing strategy," Transport Policy, Elsevier, vol. 35(C), pages 193-201.
    170. Li, Tianyu & Du, Tongwei, 2021. "Vertical fiscal imbalance, transfer payments, and fiscal sustainability of local governments in China," International Review of Economics & Finance, Elsevier, vol. 74(C), pages 392-404.

  154. António Afonso & Raquel Ferreira & Edmund Freitas & Celso Nóbrega & José Pinheiro, 2003. "Intermediaries, Financial Markets and Growth: Some more International Evidence," Working Papers Department of Economics 2003/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Barbara Pistoresi & Valeria Venturelli, 2015. "Credit, venture capital and regional economic growth," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 39(4), pages 742-761, October.
    2. Marques, Luís Miguel & Fuinhas, José Alberto & Marques, António Cardoso, 2012. "Interação entre o mercado acionista e o crescimento económico: Uma apreciação do caso português (1993-2010) [Interaction between the stock market and economic growth: An assessment of the Portugues," MPRA Paper 39808, University Library of Munich, Germany.

  155. Schuknecht, Ludger & Tanzi, Vito & Afonso, António, 2003. "Public sector efficiency: an international comparison," Working Paper Series 242, European Central Bank.

    Cited by:

    1. Yu HSING, 2017. "Is more government debt or currency depreciation expansionary? The case of Poland," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(3(612), A), pages 63-70, Autumn.
    2. Ribeiro, Marcio Bruno, 2008. "Eficiência do gasto público na América Latina: uma análise comparativa a partir do modelo semi-paramétrico com estimativa em dois estágios," Gestión Pública 7329, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. Hyeri Choi & Min Jae Park, 2019. "Evaluating the Efficiency of Governmental Excellence for Social Progress: Focusing on Low- and Lower-Middle-Income Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 141(1), pages 111-130, January.
    4. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2024. "Fiscal decentralization and public sector efficiency: Do natural disasters matter?," Economic Modelling, Elsevier, vol. 137(C).
    5. António Afonso & Miguel St. Aubyn, 2005. "Non-parametric approaches to education and health efficiency in OECD countries," Journal of Applied Economics, Universidad del CEMA, vol. 8, pages 227-246, November.
    6. Pierre Pestieau, 2007. "Assessing the performance of the public sector," CREPP Working Papers 0703, Centre de Recherche en Economie Publique et de la Population (CREPP) (Research Center on Public and Population Economics) HEC-Management School, University of Liège.
    7. Matei, Ani & Savulescu, Carmen, 2009. "The Impact of Reducing the Administrative Costs on the Efficiency in the Public Sector," MPRA Paper 19018, University Library of Munich, Germany, revised 15 Nov 2009.
    8. Núria Bosch Roca & Marta Espasa Queralt & Antoni Mora Corral, 2010. "Citizens' control and the efficiency of local public services," Working Papers 2010/23, Institut d'Economia de Barcelona (IEB).
    9. Sun, Yunpeng & Gao, Pengpeng & Razzaq, Asif, 2023. "How does fiscal decentralization lead to renewable energy transition and a sustainable environment? Evidence from highly decentralized economies," Renewable Energy, Elsevier, vol. 206(C), pages 1064-1074.
    10. Ilir TOMORRI & Remzi KECO & Gentjan MEHMETI & Shpresim DOMI, 2020. "The Performance Assessment Of Public Sector In Albania," REVISTA ADMINISTRATIE SI MANAGEMENT PUBLIC, Faculty of Administration and Public Management, Academy of Economic Studies, Bucharest, Romania, vol. 2020(34), pages 170-180, June.
    11. Nistor Cristina Silvia & Ștefănescu Cristina Alexandrina & Crișan Andrei-Răzvan, 2017. "Performance Through Efficiency in the Public Healthcare System – A DEA Approach in an Emergent Country," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 62(1), pages 31-49, April.
    12. Lamartina, Serena & Zaghini, Andrea, 2008. "Increasing public expenditures: Wagner's law in OECD countries," CFS Working Paper Series 2008/13, Center for Financial Studies (CFS).
    13. Cosmin Eugen ENACHE, 2012. "The efficiency of expenditure-related redistributive policies in the European countries," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 5(18), pages 380-394.
    14. Elena Cigu & Daniela Tatiana Agheorghiesei & Anca Florentina Gavriluță (Vatamanu) & Elena Toader, 2018. "Transport Infrastructure Development, Public Performance and Long-Run Economic Growth: A Case Study for the Eu-28 Countries," Sustainability, MDPI, vol. 11(1), pages 1-22, December.
    15. Asandului Laura & Popescu Cristian & Fătulescu Ionuț Puiu, 2015. "Identifying and Explaining the Efficiency of the Public Health Systems in European Countries," Scientific Annals of Economics and Business, Sciendo, vol. 62(3), pages 357-368, November.
    16. Desli, Evangelia & Pelagidis, Theodore, 2012. "Greece's Sudden Faltering Economy: From Boom to Bust With special reference to the debt problem," MPRA Paper 106955, University Library of Munich, Germany.
    17. António Afonso, 2004. "A Note on Public Spending Efficiency," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 2(01), pages 35-39, April.
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    21. Christian Bjørnskov & Axel Dreher & Justina Fischer, 2007. "The bigger the better? Evidence of the effect of government size on life satisfaction around the world," Public Choice, Springer, vol. 130(3), pages 267-292, March.
    22. François Facchini & Mickaël Melki, 2013. "Efficient government size: France in the 20 th century," Post-Print hal-01286723, HAL.
    23. Mohammed Shuaibu & Suleiman O. Mamman, 2025. "Trade Facilitation and Economic Growth in ECOWAS Member States: Does Government Size Matter?," Journal of Industry, Competition and Trade, Springer, vol. 25(1), pages 1-24, December.
    24. Gonzalo Olcina & Elena Mas Tur & Luisa Escriche, 2017. "Entrepreneurs, culture and productivity," Discussion Papers in Economic Behaviour 0117, University of Valencia, ERI-CES.
    25. Luciano Mauro & Francesco Pigliaru, 2024. "Italy’s National Recovery and Resilience Plan: Will it Narrow the North–South Productivity Gap?," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 10(3), pages 1281-1307, November.
    26. Kokko, Ari & Tingvall, Patrik Gustavsson & Videnord, Josefin, 2015. "The growth effects of R&D spending in the EU: A meta-analysis," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 9, pages 1-26.
    27. Eduardo de Sá Fortes Leitão Rodrigues, 2021. "Citizens' Confidence in Government and Inefficient Public Spending. Is there a Trust Trap?," Working Papers REM 2021/0199, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    28. Walker, Helen & Brammer, Stephen, 2012. "The relationship between sustainable procurement and e-procurement in the public sector," International Journal of Production Economics, Elsevier, vol. 140(1), pages 256-268.
    29. World Bank, 2015. "Central America Social Expenditures and Institutional Review," World Bank Publications - Reports 22672, The World Bank Group.
    30. Amory Gethin, 2023. "Revisiting Global Poverty Reduction: Public Goods and the World Distribution of Income, 1980-2022," Working Papers halshs-04423750, HAL.
    31. António Afonso & Eduardo de Sá Fortes Leitão Rodrigues, 2021. "Corruption and economic growth: does the size of the government matter?," Working Papers REM 2021/0164, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    32. Maria Ciubotaru & Vasile Hincu, 2016. "Implementing Performance-Based Budgeting in Republic of Moldova," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 267-272.
    33. Asatryan, Zareh & Heinemann, Friedrich & Pitlik, Hans, 2015. "Reforming the public administration: The role of crisis and the power of bureaucracy," ZEW Discussion Papers 15-049, ZEW - Leibniz Centre for European Economic Research.
    34. Mitja Ruzzier & Tanja Kosi AntoliÄ & Doris Gomezelj Omerzel, 2016. "R%D and education resources in innovation processes: evidence from Slovenia and the Visegrad Group," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 8(2), pages 144-162.
    35. Herrera, Santiago & Pang, Gaobo, 2005. "Efficiency of public spending in developing countries : an efficiency frontier approach," Policy Research Working Paper Series 3645, The World Bank.
    36. Raúl García-Gómez & Jorge Onrubia & A. Jesús Sánchez-Fuentes, 2019. "Is Public Sector Performance just a matter of money? The case of the Spanish regional governments," Working Papers del Instituto Complutense de Estudios Internacionales 1901, Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales.
    37. Jérôme Creel & Francesco Saraceno, 2008. "Wealth Effects and Public Debt in an Endogenous Growth Model. Banca d'Italia Public Finance Workshop 'Fiscal Sustainability : Analytical Developments and Emerging Policy Issues', Perugia, 3-5 April 20," Post-Print hal-01053226, HAL.
    38. António Afonso & Ana Patricia Montes Caparrós & José M. Domínguez, 2024. "Measuring Tax Burden Efficiency in OECD countries: an International Comparison," Working Papers REM 2024/0339, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    39. Mihai MutaÅŸcu & Marius MiloÅŸ, 2009. "Optimal Size Of Government Spending. The Case Of European Union Member States," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-45.
    40. Manvi Saxena & Varun Chotia & N.V. Muralidhar Rao, 2018. "Estimating the Efficiency of Public Infrastructure Investment: A State-wise Analysis," Global Business Review, International Management Institute, vol. 19(4), pages 1037-1049, August.
    41. Krasnopjorovs, Olegs, 2013. "Latvijas ekonomikas izaugsmi noteicošie faktori [Factors of Economic Growth in Latvia]," MPRA Paper 47550, University Library of Munich, Germany.
    42. Emanuele, Canegrati, 2008. "Analysis of Intergenerational Inequality: the Role of Public Expenditure and Taxation," MPRA Paper 10926, University Library of Munich, Germany.
    43. Pierre LESUISSE, 2024. "Education, public expenditure and economic growth under the prism of performance," Working Papers of BETA 2024-10, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    44. Livio Di Matteo & Fraser Summerfield, 2018. "The Shifting Scully Curve: International Evidence from 1870 to 2013," Working Paper series 18-01, Rimini Centre for Economic Analysis.
    45. Ludger Schuknecht & Holger Zemanek, 2021. "Public expenditures and the risk of social dominance," Public Choice, Springer, vol. 188(1), pages 95-120, July.
    46. Di Liberto, Adriana & Sideri, Marco, 2015. "Past Dominations, Current Institutions and the Italian Regional Economic Performance," IZA Discussion Papers 8776, Institute of Labor Economics (IZA).
    47. Ant Afonso & Miguel St. Aubyn, 2013. "Public and private inputs in aggregate production and growth: a cross-country efficiency approach," Applied Economics, Taylor & Francis Journals, vol. 45(32), pages 4487-4502, November.
    48. Imran Ali (Corresponding Author) & Jawaria Fatima Ali & Dr Syed Hassan Raza, 2011. "Determinants of Public Sector Employee’s Performance in Pakistan," Far East Journal of Psychology and Business, Far East Research Centre, vol. 5(3), pages 23-29, November.
    49. Forni, Lorenzo & Gerali, Andrea & Pisani, Massimiliano, 2010. "The macroeconomics of fiscal consolidations in euro area countries," Journal of Economic Dynamics and Control, Elsevier, vol. 34(9), pages 1791-1812, September.
    50. António Afonso & Ludger Schuknecht, 2019. "How “Big” Should Government Be?," Working Papers REM 2019/78, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    51. Martin Heipertz & Melanie Ward-Warmedinger, 2008. "Economic and Social Models in Europe and the Importance of Reform," Financial Theory and Practice, Institute of Public Finance, vol. 32(3), pages 255-287.
    52. Benedykt OPALKA, 2023. "Determinants of Public Investment Effectiveness Evaluation in Unstable Macroeconomic Environment," RAIS Journal for Social Sciences, Research Association for Interdisciplinary Studies, vol. 7(2), pages 40-49, November.
    53. Voznyak Galyna V., 2013. "Budget Policy and its Influence upon the Economic Development of a Region: Theoretical Aspects," Business Inform, RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE), Kharkiv National University of Economics, issue 9, pages 25-32.
    54. George Economides & Apostolis Philippopoulos & Petros Varthalitis, 2015. "Incentives to Work and Performance in the Public Sector," CESifo Working Paper Series 5193, CESifo.
    55. Mroczek Teresa & Skica Tomasz & Rodzinka Jacek, 2018. "Application of Probabilistic Inference in Defining Impact of the General Government Sector’s Size on the Economy and Determining the Size of the Sector by the Economy in the EU," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 14(1), pages 1-11, March.
    56. William Orlando Prieto Bustos & Joan Miguel Tejedor Estupiñán, 2019. "Eficiencia Técnica de las Instituciones Públicas Locales en Colombia," Revista de Estudios Regionales, Universidades Públicas de Andalucía, vol. 2, pages 15-41.
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    59. Francisco de Castro Fernández & José Manuel González Mínguez, 2008. "The composition of public finances and long-term growth: a macroeconomic approach," Occasional Papers 0809, Banco de España.
    60. Bernadeta Baran, 2015. "Welfare State Challenges And The Concept Of Basic Income," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 9(1), pages 275-289.
    61. Pater, Robert & Skica, Tomasz, 2014. "The productivity of public and private sector in Poland," Business and Economic Horizons (BEH), Prague Development Center (PRADEC), vol. 10(2), pages 1-18.
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    63. Afonso, António & Jalles, João Tovar, 2011. "Economic performance and government size," Working Paper Series 1399, European Central Bank.
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    327. YongChan Kim & Min Jae Park & Erdal Atukeren, 2020. "Healthcare and Welfare Policy Efficiency in 34 Developing Countries in Asia," IJERPH, MDPI, vol. 17(13), pages 1-21, June.
    328. World Bank, 2015. "Central America Social Expenditures and Institutional Review," World Bank Publications - Reports 23608, The World Bank Group.

  156. António Afonso & Sónia Fernandes, 2003. "Efficiency of Local Government Spending: Evidence for the Lisbon Region," Working Papers Department of Economics 2003/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Ifigeneia-Dimitra Pougkakioti, 2021. "Measuring The Efficiency And Productivity Change Of Municipalities With An Output Oriented Model:Empirical Evidence Across Greek Municipalities Over The Time Period 2012-2016," Romanian Journal of Regional Science, Romanian Regional Science Association, vol. 15(1), pages 98-125, JUNE.
    2. Bernardo Furtado, 2012. "Fiscal income inequalities in Brazilian municipalities and its consequences: identification and efficiency," ERSA conference papers ersa12p686, European Regional Science Association.
    3. Canavire Bacarreza, Gustavo J. & Puerta-Cuartas, Alejandro & Beverinotti, Javier, 2024. "Efficiency in Poverty Reduction: A State-Level Analysis for Bolivia," IZA Discussion Papers 16794, Institute of Labor Economics (IZA).
    4. Jugal Mahabir, 2014. "Quantifying Inefficient Expenditure in Local Government: A Free Disposable Hull Analysis of a Sample of South African Municipalities," South African Journal of Economics, Economic Society of South Africa, vol. 82(4), pages 493-517, December.
    5. Àlexandr Knobel & Ilya Sokolov & Elizaveta Khudko, 2011. "The Impact of State Expenditure on the Quality of General Education in Russia," Research Paper Series, Gaidar Institute for Economic Policy, issue 152P.
    6. Kala Seetharam Sridhar, 2011. "The Efficiency of States and Cities: Is There a Case for Public Land Leasing and Sales to Finance India's Cities?," WIDER Working Paper Series wp-2011-054, World Institute for Development Economic Research (UNU-WIDER).
    7. Francesco Aiello & Graziella Bonanno, 2019. "Explaining Differences In Efficiency: A Meta‐Study On Local Government Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 33(3), pages 999-1027, July.
    8. Heikki A. Loikkanen & Ilkka Susiluoto, 2005. "Cost Efficiency of Finnish Municipalities in Basic Service Provision 1994-2002," ERSA conference papers ersa05p37, European Regional Science Association.
    9. Bernardo Alves Furtado, 2014. "Fiscal Income Inequalities Andefficiency: Evidence From Brazilian Municipalities," Anais do XL Encontro Nacional de Economia [Proceedings of the 40th Brazilian Economics Meeting] 172, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    10. António Afonso & Miguel St. Aubyn, 2004. "Non-parametric Approaches to Education and Health Expenditure Efficiency in OECD Countries," Working Papers Department of Economics 2004/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    11. Isabel Narbón-Perpiñá & Kristof De Witte, 2016. "Local governments’ efficiency: A systematic literature review – Part I," Working Papers 2016/20, Economics Department, Universitat Jaume I, Castellón (Spain).
    12. Francesco Aiello & Graziella Bonanno & Luigi Capristo, 2017. "Explaining Differences In Efficiency: The Case Of Local Government Literature," Working Papers 201704, Università della Calabria, Dipartimento di Economia, Statistica e Finanza "Giovanni Anania" - DESF.
    13. Antonio Vito Pasquale Boccia, 2015. "The Adaptation to the Community System: Problems in Fieri in Receiving the E.U. Directives and Regulations and Apparent Problems about Limitation of Sovereigny - the Albania’s Case," European Journal of Social Sciences Education and Research Articles, Revistia Research and Publishing, vol. 2, ejser_v2_.
    14. Antonio Afonso & Carla Scaglioni, 2005. "Public Services Efficiency Provision in Italian Regions: a Non-Parametric Analysis," Working Papers Department of Economics 2005/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  157. António Afonso, 2002. "Understanding the Determinants of Government Debt Ratings: Evidence for the Two Leading Agencies," Working Papers Department of Economics 2002/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Alexander M. Karminsky & Ella Khromova, 2016. "Modelling banks’ credit ratings of international agencies," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 6(3), pages 341-363, December.
    2. Peter Rowland, 2004. "The Colombian Sovereign Spread and its Determinants," Borradores de Economia 315, Banco de la Republica de Colombia.
    3. Markus Behn & Rainer Haselmann & Jonas Sobott & Rüdiger Weber & Dorje Wulf, 2013. "Welche Aussagekraft haben Länderratings? Eine empirische Modellierung der Ratingvergabe während der europäischen Staatsschuldenkrise," Schmalenbach Journal of Business Research, Springer, vol. 65(1), pages 2-31, February.
    4. Peter Rowland & José Luis Torres, 2004. "Determinants of Spread and Creditworthiness for Emerging Market Sovereign Debt:A Panel Data Study," Borradores de Economia 295, Banco de la Republica de Colombia.
    5. Sergey Aivazian & Sergey Golovan & Alexander Karminsky & Anatoly Peresetsky, 2011. "An approach to ratings mapping," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 23(3), pages 13-40.
    6. António Afonso & Davide Furceri & Pedro Gomes, 2011. "Sovereign credit ratings and financial markets linkages: application to European data," Working Papers Department of Economics 2011/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    7. Afonso, António & Gomes, Pedro & Rother, Philipp, 2007. "What “hides” behind sovereign debt ratings?," Working Paper Series 711, European Central Bank.
    8. Peter Rowland, 2004. "The Colombian Sovereign Spread And Its Determinants," Borradores de Economia 3572, Banco de la Republica.
    9. Peter Rowland, 2004. "Determinants of Spread and Credit Ratings and Creditworthiness for Emerging Market Sovereign Debt: A Follow-Up Study Using Pooled Data Analysis," Borradores de Economia 296, Banco de la Republica de Colombia.
    10. Miguel García-Posada & Josep M.ª Vilarrubia, 2008. "Map of the international exposure of the Spanish economy," Occasional Papers 0807, Banco de España.
    11. Peter Rowland, 2004. "Determinants Of Spread , Credit Rating And Creditworthiness For Emerging Market Sovereign Debt: A Panel Data Study," Borradores de Economia 2336, Banco de la Republica.
    12. Peter Rowland, 2005. "Buyback of Colombian Sovereign Debt," Borradores de Economia 331, Banco de la Republica de Colombia.
    13. Dilek Teker & Aynur Pala & Oya Kent, 2013. "Determination of Sovereign Rating: Factor Based Ordered Probit Models for Panel Data Analysis Modelling Framework," International Journal of Economics and Financial Issues, Econjournals, vol. 3(1), pages 122-132.
    14. Matthieu Bussière & Ristiniemi, A., 2012. "Credit Ratings and Debt Crises," Working papers 396, Banque de France.
    15. Eli M. Remolona & Michela Scatigna & Eliza Wu, 2008. "A ratings-based approach to measuring sovereign risk," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 13(1), pages 26-39.
    16. D. Maltritz & A. Bühn & S. Eichler, 2012. "Modelling country default risk as a latent variable: a multiple indicators multiple causes approach," Applied Economics, Taylor & Francis Journals, vol. 44(36), pages 4679-4688, December.
    17. Afonso, Antonio & Strauch, Rolf, 2007. "Fiscal policy events and interest rate swap spreads: Evidence from the EU," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 17(3), pages 261-276, July.
    18. Laura Jaramillo, 2010. "Determinants of Investment Grade Status in Emerging Markets," IMF Working Papers 2010/117, International Monetary Fund.
    19. Mr. Sanjeev Gupta & Mr. Amine Mati & Mr. Emanuele Baldacci, 2008. "Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets," IMF Working Papers 2008/259, International Monetary Fund.
    20. Asta Klimaviciene, 2011. "Sovereign Credit Rating Announcements and Baltic Stock Markets," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 2(1).
    21. Volkova, Olga (Волкова, Ольга) & Lvova, Irina (Львова, Ирина), 2016. "The bank's rating, the rating agencies, Basel II of, financial indicator, the econometric model [Влияние Финансовых Показателей На Международные Рейтинги Российских Банков]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 177-195, February.
    22. Dominik Maltritz & Andreas Buehn & Stefan Eichler, 2011. "Modeling country default risk as a latent variable: a Multiple Indicators Multiple Causes (MIMIC) approach," Post-Print hal-00730230, HAL.
    23. Condea Bogdan Virgil & Harangus Daniela, 2014. "Impact Of The Global Financial Crisis On Sovereign Debt In The European Union," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 719-727, July.
    24. Abdulkerim Karaaslan & Kürşat Özgür Özden, 2017. "Forecasting Turkey’s Credit Ratings with Multivariate Grey Model and Grey Relational Analysis," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 15(3), pages 583-610, September.
    25. Peter Rowland, 2005. "Buyback Of Colombian Sovereign Debt," Borradores de Economia 2073, Banco de la Republica.
    26. Osama M. Badr & Ahmed F. El-khadrawi, 2016. "Macroeconomic Variables, Government Effectiveness and Sovereign Credit Rating: A Case of Egypt," Applied Economics and Finance, Redfame publishing, vol. 3(4), pages 29-36, November.

  158. António Afonso, 2002. "Disturbing the fiscal theory of the price level: Can it fit the eu-15?," 10th International Conference on Panel Data, Berlin, July 5-6, 2002 B4-3, International Conferences on Panel Data.

    Cited by:

    1. Edda Zoli, 2005. "How does fiscal policy affect monetary policy in emerging market countries?," BIS Working Papers 174, Bank for International Settlements.
    2. Minford, Patrick & Fan, Jingwen, 2010. "Can the Fiscal Theory of the price level explain UK inflation in the 1970s?," CEPR Discussion Papers 7630, C.E.P.R. Discussion Papers.
    3. Thams, Andreas, 2007. "Fiscal policy rules in practice," SFB 649 Discussion Papers 2007-016, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    4. Elizabeth Bucacos, 2022. "The interdependence of Fiscal and Monetary Policies in an Emerging economy: The case of Uruguay," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 11(1), pages 19-33, January.
    5. Kilian Bizer & Zulia Gubaydullina & Hazim Rahahleh & Werner Sesselmeier, 2007. "FTPL-Perspective on Tradable Deficit Permits in the EMU," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 35(3), pages 259-267, September.
    6. Backé, Peter, 2004. "Fiscal policy and inflation volatility," Working Paper Series 317, European Central Bank.
    7. Thams, Andreas, 2007. "The Relevance of the fiscal Theory of the Price Level revisited," MPRA Paper 1645, University Library of Munich, Germany.
    8. Naeem Akram* & Syed Imran RAIS & Ihtsham Ul Haq PADDA**, 2011. "Synthesis of the Fiscal and Monetary Policies in Price Level Determination: Evidence from Pakistan," Pakistan Journal of Applied Economics, Applied Economics Research Centre, vol. 21, pages 37-52.
    9. Thams, Andreas, 2006. "Fiscal policy effects in the European Union," SFB 649 Discussion Papers 2006-016, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.

  159. António Afonso, 2001. "Non-Keynesian Effects of Fiscal Policy in the EU-15," Working Papers Department of Economics 2001/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Sergio Sola, 2013. "Temporary and Persistent Fiscal Policy Shocks," IHEID Working Papers 06-2013, Economics Section, The Graduate Institute of International Studies.
    2. António Afonso & Frederico Silva Leal, 2019. "Fiscal Episodes in the EMU: Elasticities and Non-Keynesian Effects," EconPol Working Paper 30, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    3. António Afonso, 2006. "Expansionary fiscal consolidations in Europe: new evidence," Working Papers Department of Economics 2006/18, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    4. Jérôme Creel & Bruno Ducoudre & Catherine Mathieu & Henri Sterdyniak, 2005. "Doit-on oublier la politique budgétaire? Une analyse critique de la nouvelle théorie anti-keynésienne des finances publiques," Post-Print hal-01020610, HAL.
    5. Wissem Khanfir, 2019. "Keynesian or Non-keynesian Effects of Fiscal Policy Changes: the Case of Tunisia," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(1), pages 335-347, March.
    6. Stephen M. Miller & Frank S. Russek, 1999. "The Relationship between Large Fiscal Adjustments and Short-Term Output Growth Under Alternative Fiscal Policy Regimes," Working papers 1999-04, University of Connecticut, Department of Economics, revised Mar 2002.
    7. Francesco Busato & Bruno Charini & Enrico Marchetti, 2004. "Indeterminacy, Underground Activities and Tax Evasion," Economics Working Papers 2004-12, Department of Economics and Business Economics, Aarhus University.
    8. Francesco Busato & Bruno Chiarini & Guido M. Rey, 2005. "The Macroeconomic Implications of Fiscal Policy with Tax Evasion," Economics Working Papers 2005-04, Department of Economics and Business Economics, Aarhus University.
    9. Anton Burger & Martin Zagler, 2007. "Reasons for the U.S. growth period in the nineties: non-keynesian effects, asset wealth and productivity," Department of Economics Working Papers wuwp095, Vienna University of Economics and Business, Department of Economics.
    10. Beetsma, Roel & Cimadomo, Jacopo & Giuliodori, Massimo & Furtuna, Oana, 2014. "The Confidence Effects of Fiscal Consolidations," CEPR Discussion Papers 10205, C.E.P.R. Discussion Papers.
    11. Nicolae-Bogdan Ianc & Camelia Turcu, 2019. "So alike, yet so different: comparing fiscal multipliers across E(M)U candidates," Working Papers 2019.03, International Network for Economic Research - INFER.
    12. António Afonso & Christiane Nickel & Philipp Rother, 2005. "Fiscal Consolidations in the Central and Eastern European Countries," Working Papers Department of Economics 2005/03, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    13. Ianc, Nicolae-Bogdan & Turcu, Camelia, 2020. "So alike, yet so different: Comparing fiscal multipliers across EU members and candidates," Economic Modelling, Elsevier, vol. 93(C), pages 278-298.
    14. Jönsson, Kristian, 2004. "Effective Consumption and Non-Keynesian Effects of Fiscal Policy," Working Papers 2004:26, Lund University, Department of Economics.
    15. Neicheva, Maria, 2007. "Non-Keynesian effects of Government Spending: Some implications for the Stability and Growth Pact," MPRA Paper 5277, University Library of Munich, Germany.
    16. António Afonso, 2007. "Expansionary fiscal consolidations in Europe: part of conventional wisdom?," Money Macro and Finance (MMF) Research Group Conference 2006 50, Money Macro and Finance Research Group.
    17. Pavol Ochotnický & Jozef Jankech, 2020. "Úspešné koncepty politiky redukcie verejných dlhov po kríze [Successful Concepts of Post-Crisis Public Debt Reduction Policy]," Politická ekonomie, Prague University of Economics and Business, vol. 2020(2), pages 168-193.
    18. Maria Neicheva, 2006. "Non-Keynesian Effects of Government Expenditure on Output in Bulgaria: An HP Filter Approach," Post-Communist Economies, Taylor & Francis Journals, vol. 18(1), pages 1-12.
    19. Burger, Anton, 2006. "Reasons for the U.S. growth period in the nineties: non-keynesian effects, asset wealth and productivity," Department of Economics Working Paper Series 95, WU Vienna University of Economics and Business.
    20. Briotti, Maria Gabriella, 2004. "Fiscal adjustment between 1991 and 2002: stylised facts and policy implications," Occasional Paper Series 9, European Central Bank.
    21. Johansson, Martin & Jönsson, Kristian, 2003. "Public debt and the effects of government expenditure on private consumption - A Kalman filter analysis of the Swedish experience 1970-1997," Working Papers 2003:3, Lund University, Department of Economics.
    22. Colombier, Carsten, 2011. "How to consolidate government budgets in view of external imbalances in the Euro area? Evaluating the risk of a savings paradox," MPRA Paper 104741, University Library of Munich, Germany.
    23. Jönsson, Kristian, 2004. "Fiscal Policy Regimes and Household Consumption," Working Papers 2004:12, Lund University, Department of Economics.
    24. Doris Prammer, 2004. "Expansionary Fiscal Consolidations? An Appraisal of the Literature on Non-Keynesian Effects of Fiscal Policy and a Case Study for Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 34-52.
    25. Joanna Siwńska, 2005. "Wpływ polityki fiskalnej na konsumpcję gospodarstw domowych w krajach Unii Europejskiej," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 7-8, pages 85-100.

  160. António Afonso, 2001. "Government indebtedness and european consumers behaviour," Working Papers Department of Economics 2001/12, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Tomas Wroblowsky, 2007. "Explaining the Variability of Debt Neutrality Tests Results: A Meta-Analysis of Ricardian Equivalence," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 5(1), pages 7-24.

  161. António Afonso, 2000. "Fiscal policy sustainability: some unpleasant European evidence," Working Papers Department of Economics 2000/12, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    Cited by:

    1. Carlos Vieira, 2004. "Unsustainable Fiscal Policies in the EU, A Legacy of the 1970s?," Economics Working Papers 1_2004, University of Évora, Department of Economics (Portugal).
    2. Stoian, Andreea & Obreja Brasoveanu, Laura & Dumitrescu, Bogdan & Brasoveanu, Iulian, 2015. "A new framework for detecting the short term fiscal vulnerability for the European Union countries," MPRA Paper 63537, University Library of Munich, Germany.
    3. Fan, Jingwen & Minford, Patrick & Ou, Zhirong, 2014. "The role of Fiscal policy in Britain s Great Inflation," Cardiff Economics Working Papers E2014/20, Cardiff University, Cardiff Business School, Economics Section.
    4. António Afonso, 2002. "Disturbing the Fiscal Theory of the Price Level: Can it Fit the EU-15," Working Papers Department of Economics 2002/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    5. Gollagari Ramakrishna & Berhanu Asefa Gizaw & Ch. Paramaiah & Robinson Joseph & Sania Khan, 2023. "Import Tariff Reduction and Fiscal Sustainability: A Macro-Econometric Modelling for Ethiopia," Sustainability, MDPI, vol. 15(4), pages 1-18, February.
    6. Andreea STOIAN, 2011. "A Retrospective Approach on Assessing Fiscal Vulnerability: Empirical Evidence for Overindebted European Countries," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 4(3(15)), pages 183-188.
    7. Carlos Fonseca Marinheiro, 2005. "Sustainability of Portuguese Fiscal Policy in Historical Perspective," CESifo Working Paper Series 1399, CESifo.
    8. António Afonso, 2001. "Non-Keynesian Effects of Fiscal Policy in the EU-15," Working Papers Department of Economics 2001/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    9. Andreea Stoian, 2012. "Fiscal Sustainability of the European Welfare State: Evidence from Cumulative Excess of the Primary Balance," Working Papers 27/2012, Universidade Portucalense, Centro de Investigação em Gestão e Economia (CIGE).
    10. Ricardo Ferraz, 2016. "Finanças Públicas Portuguesas Sustentáveis no Estado Novo (1933-1974)?," GEE Papers 0056, Gabinete de Estratégia e Estudos, Ministério da Economia, revised Mar 2016.
    11. Jean BOISSINOT & Clotilde L’ANGEVIN & Brieuc MONFORT, 2010. "Assessing Sustainability of Fiscal Policy in France: an I(2) Analysis," EcoMod2004 330600027, EcoMod.
    12. Carlos Marinheiro, 2006. "The sustainability of Portuguese fiscal policy from a historical perspective," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 33(2), pages 155-179, June.
    13. António Afonso & Catarina Farinha Miranda, 2025. "Compliance with Fiscal Sustainability and the Euro," CESifo Working Paper Series 11749, CESifo.
    14. Gábor Kutasi, 2017. "Unsustainable Public Debt in a European Fiscal Union?," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 9(1), pages 25-39.

Articles

  1. António Afonso & José Alves & José Carlos Coelho, 2025. "Determinants of the degree of fiscal sustainability," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1190-1205, April.
    See citations under working paper version above.
  2. Afonso, Antonio & Alves, José & Ionta, Serena, 2025. "Monetary policy surprise shocks under different fiscal regimes: A panel analysis of the Euro Area," Journal of International Money and Finance, Elsevier, vol. 156(C).
    See citations under working paper version above.
  3. António Afonso & José Carlos Coelho, 2025. "Fiscal sustainability, fiscal reactions, pitfalls and determinants," Applied Economics, Taylor & Francis Journals, vol. 57(26), pages 3560-3571, June.
    See citations under working paper version above.
  4. Afonso, António & Blanco-Arana, M. Carmen, 2024. "Does financial inclusion enhance per capita income in the least developed countries?," International Economics, Elsevier, vol. 177(C).
    See citations under working paper version above.
  5. Afonso, António & Alves, José & Monteiro, Sofia, 2024. "Beyond borders: Assessing the influence of Geopolitical tensions on sovereign risk dynamics," European Journal of Political Economy, Elsevier, vol. 83(C).
    See citations under working paper version above.
  6. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2024. "Fiscal decentralization and public sector efficiency: Do natural disasters matter?," Economic Modelling, Elsevier, vol. 137(C).

    Cited by:

    1. António Afonso & José Alves & João Tovar Jalles & Sofia Monteiro, 2024. "Beyond the Centre: Tracing Decentralization’s Influence on Time-varying Fiscal Sustainability," CESifo Working Paper Series 11132, CESifo.
    2. Xiang, Xunyong & Luo, Wenjie & Li, Bin & Liang, Wenquan, 2025. "Decentralized government and firm pollution discharges: Evidence from China’s Province-Managing-County reform," Economic Modelling, Elsevier, vol. 144(C).
    3. Agostino, Mariarosaria & Rondinella, Sandro & Ruberto, Sabrina, 2025. "Extreme weather events and efficiency in Italy's food sector: Does institutional quality matter?," Economic Modelling, Elsevier, vol. 146(C).

  7. Afonso, António & Mignon, Valérie & Saadaoui, Jamel, 2024. "On the time-varying impact of China's bilateral political relations on its trading partners: “Doux commerce” or “trade follows the flag”?," China Economic Review, Elsevier, vol. 85(C).
    See citations under working paper version above.
  8. Antonio Afonso & M. Carmen Blanco-Arana, 2024. "The Nexus between Economic Freedom and Economic Growth in the Least Developed Countries. An Empirical Analysis for the Period of 2000-2021," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 74(2), pages 191-220, May.

    Cited by:

    1. António Afonso & M. Carmen Blanco-Arana, 2025. "Creating businesses in the Least Developed Countries: does the Regulatory Environment Matter?," Working Papers REM 2025/0377, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  9. Afonso, António & Alves, José & Monteiro, Sofia, 2024. "Sovereign risk dynamics in the EU: The time varying relevance of fiscal and external (im)balances," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 94(C).
    See citations under working paper version above.
  10. António Afonso & João Tovar Jalles & Ana Venâncio, 2024. "A tale of government spending efficiency and trust in the state," Public Choice, Springer, vol. 200(1), pages 89-118, July.
    See citations under working paper version above.
  11. António Afonso & Eduardo Rodrigues, 2024. "Is public investment in construction and in R&D, growth enhancing? A PVAR approach," Applied Economics, Taylor & Francis Journals, vol. 56(24), pages 2875-2899, May.
    See citations under working paper version above.
  12. António Afonso & Gabriela Baquero Fraga, 2024. "Government spending efficiency in Latin America," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 51(1), pages 127-160, February.
    See citations under working paper version above.
  13. Afonso, António & Alves, José & Beck, Krzysztof & Jackson, Karen, 2024. "Financial, institutional, and macroeconomic determinants of cross-country portfolio equity flows: The case of developed countries," Economic Modelling, Elsevier, vol. 141(C).

    Cited by:

    1. António Afonso & José Alves & Lucas Menescal & Sofia Monteiro, 2024. "Determinants of trade partner concentration: An analysis for European countries," Working Papers REM 2024/0356, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  14. António Afonso & José Alves, 2023. "Are fiscal consolidation episodes helpful for public sector efficiency?," Applied Economics, Taylor & Francis Journals, vol. 55(31), pages 3547-3560, July.
    See citations under working paper version above.
  15. Afonso António & Jalles João Tovar & Venter Zoe, 2023. "Minimum wage and collective bargaining shocks: a narrative database for advanced economies," IZA Journal of Labor Policy, Sciendo & Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 13(1), pages 1-18, January.

    Cited by:

    1. Rünstler, Gerhard, 2024. "The macroeconomic impact of euro area labor market reforms: evidence from a narrative panel VAR," European Economic Review, Elsevier, vol. 168(C).

  16. Afonso, António & Coelho, José Carlos, 2023. "Public finances solvency in the Euro Area," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 642-657.

    Cited by:

    1. Afonso, António & Coelho, José Carlos, 2024. "Drivers of fiscal sustainability: A time-varying analysis for Portugal," International Economics, Elsevier, vol. 178(C).
    2. António Afonso & José Alves & José Carlos Coelho & Jamel Saadaoui, 2025. "Fiscal and External Sustainability: A Two-Step Time-Varying Granger Causality Assessment," CESifo Working Paper Series 11694, CESifo.
    3. António Afonso & José Alves & Serena Ionta, 2023. "The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area," Working Papers REM 2023/0281, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Casalin, Fabrizio & Cerniglia, Floriana & Dia, Enzo, 2023. "Stock-flow adjustments, public debt management and interest costs," Economic Modelling, Elsevier, vol. 129(C).
    5. Golpe, Antonio A. & Sánchez-Fuentes, A. Jesus & Vides, José Carlos, 2023. "Fiscal sustainability, monetary policy and economic growth in the Euro Area: In search of the ultimate causal path," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1026-1045.

  17. António Afonso & Philemon Kwame Opoku, 2023. "The nexus between fiscal and current account imbalances in OECD economies," Applied Economics, Taylor & Francis Journals, vol. 55(13), pages 1389-1406, March.

    Cited by:

    1. Ricardo Barradas & João Alcobia, 2024. "Determinants Of The Portuguese External Imbalances: The Lens Of Post-Keynesian Economics," Working Papers REM 2024/0334, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  18. António Afonso & José Carlos Coelho, 2023. "Twin deficits through the looking glass: time-varying analysis in the Euro area," Economic Change and Restructuring, Springer, vol. 56(4), pages 2087-2110, August.
    See citations under working paper version above.
  19. Afonso, António & Reimers, Max, 2022. "Does the introduction of stock exchange markets boost economic growth in African countries?," Journal of Comparative Economics, Elsevier, vol. 50(2), pages 627-640.
    See citations under working paper version above.
  20. António Afonso & Frederico Silva Leal, 2022. "Fiscal episodes in the Economic and Monetary Union: Elasticities and non‐Keynesian effects," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 571-593, January.

    Cited by:

    1. Woldu, Gabriel Temesgen & Szakálné Kanó, Izabella, 2023. "Macroeconomic effects of fiscal consolidation on economic activity in SSA countries," The Journal of Economic Asymmetries, Elsevier, vol. 28(C).

  21. António Afonso & M. Carmen Blanco-Arana, 2022. "Financial and economic development in the context of the global 2008-09 financial crisis," International Economics, CEPII research center, issue 169, pages 30-42.

    Cited by:

    1. Madaleno, Mara & Dogan, Eyup & Taskin, Dilvin, 2022. "A step forward on sustainability: The nexus of environmental responsibility, green technology, clean energy and green finance," Energy Economics, Elsevier, vol. 109(C).
    2. Yoga Sasmita & Heri Kuswanto & Dedy Dwi Prastyo, 2024. "State-Dependent Model Based on Singular Spectrum Analysis Vector for Modeling Structural Breaks: Forecasting Indonesian Export," Forecasting, MDPI, vol. 6(1), pages 1-18, February.
    3. Changjun Zheng & Sinamenye Jean-Petit, 2023. "The Effects of the Interactions Between Agro-Production, Economic, and Financial Development on Bank Sustainability," SAGE Open, , vol. 13(2), pages 21582440231, June.
    4. Hunjra, Ahmed Imran & Azam, Muhammad & Bruna, Maria Giuseppina & Taskin, Dilvin, 2022. "Role of financial development for sustainable economic development in low middle income countries," Finance Research Letters, Elsevier, vol. 47(PB).
    5. Afonso, António & Blanco-Arana, M. Carmen, 2024. "Does financial inclusion enhance per capita income in the least developed countries?," International Economics, Elsevier, vol. 177(C).
    6. Nataliia Semenchenko & Glib Mazhara, 2023. "Structural Reorganisation Of A Company In A Crisis Of Supply Discrepancies," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 9(1).
    7. Khoo, Joye & Cheung, Adrian (Wai Kong), 2025. "Reprint of: The hidden cost of organisation capital: Evidence from trade credit," The British Accounting Review, Elsevier, vol. 57(1).
    8. Hasanov, Fakhri J. & Aliyev, Ruslan & Taskin, Dilvin & Suleymanov, Elchin, 2023. "Oil rents and non-oil economic growth in CIS oil exporters. The role of financial development," Resources Policy, Elsevier, vol. 82(C).
    9. Tatiana N. Litvinova, 2022. "Risks of Entrepreneurship amid the COVID-19 Crisis," Risks, MDPI, vol. 10(8), pages 1-26, August.
    10. António Afonso & M. Carmen Blanco-Arana, 2024. "The Role of Fiscal Policy Rating Variables on Economic Growth in the LDCs," CESifo Working Paper Series 11208, CESifo.
    11. Pisicoli, Beniamino, 2023. "Financial development, diversity, and economic stability: Micro and systemic evidence," International Economics, Elsevier, vol. 175(C), pages 187-200.
    12. Haining Chen & Prince Asare Vitenu-Sackey & Isaac Akpemah Bathuure, 2024. "Uncertainty Measures and Business Cycles: Evidence From the US," SAGE Open, , vol. 14(2), pages 21582440241, April.
    13. Arvian Triantoro & Muhammad Zaheer Akhtar & Shiraz Khan & Khalid Zaman & Haroon ur Rashid Khan & Abdul Wahab Pathath & Muhamad Amar Mahmad & Kamil Sertoglu, 2023. "Riding the Waves of Fluctuating Oil Prices: Decoding the Impact on Economic Growth," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 34-50, March.
    14. Biswas, Rita & Loungani, Prakash & Liang, Zhongwen & Michaelides, Michael, 2024. "Linkages between financial and macroeconomic indicators in emerging markets and developing economies," Global Finance Journal, Elsevier, vol. 62(C).
    15. Jinqi Chen & Lingying Pan, 2024. "Impact of the Coupling Coordination Degree of Human Capital and Infrastructure on High-Quality Economic Development: Empirical Evidence from Chinese Cities," Sustainability, MDPI, vol. 16(20), pages 1-24, October.
    16. Joye Khoo & Adrian (Wai Kong) Cheung, 2023. "Does skilled labor risk matter to suppliers? Evidence from trade credit," The Financial Review, Eastern Finance Association, vol. 58(2), pages 423-447, May.
    17. Tang Donny, 2024. "The Effect of Financial Development on Economic Growth among the Central and Eastern European Countries," Central European Economic Journal, Sciendo, vol. 11(58), pages 406-423.
    18. Larissa M. Batrancea, 2023. "The Hard Worker, the Hard Earner, the Young and the Educated: Empirical Study on Economic Growth across 11 CEE Countries," Sustainability, MDPI, vol. 15(22), pages 1-14, November.

  22. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2022. "Do financial markets reward government spending efficiency?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 77(C).
    See citations under working paper version above.
  23. António Afonso & Mina Kazemi, 2022. "Sovereign bond yield spreads spillovers in the Economic and Monetary Union," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2615-2626, April.

    Cited by:

    1. Banerjee, Ameet Kumar & Pradhan, H.K. & Akhtaruzzaman, Md & Sensoy, Ahmet & Dann, Susan, 2024. "Anatomy of sovereign yield behaviour using textual news," Research in International Business and Finance, Elsevier, vol. 71(C).

  24. António Afonso & José Alves & João Tovar Jalles, 2022. "To consolidate or not to consolidate? A multi-step analysis to assess needed fiscal sustainability," International Economics, CEPII research center, issue 172, pages 106-123.
    See citations under working paper version above.
  25. António Afonso & Eduardo Sá Fortes Leitão Rodrigues, 2022. "Corruption and economic growth: does the size of the government matter?," Economic Change and Restructuring, Springer, vol. 55(2), pages 543-576, May.
    See citations under working paper version above.
  26. Afonso, António & Huart, Florence & Tovar Jalles, João & Stanek, Piotr, 2022. "Twin deficits revisited: A role for fiscal institutions?," Journal of International Money and Finance, Elsevier, vol. 121(C).
    See citations under working paper version above.
  27. Afonso, António & Coelho, José Carlos, 2022. "The role of fiscal policies for external imbalances: Evidence from the European Union," Economic Systems, Elsevier, vol. 46(2).
    See citations under working paper version above.
  28. Afonso, António & Alves, José & Jalles, João Tovar, 2022. "The (non-)Keynesian effects of fiscal austerity: New evidence from a large sample," Economic Systems, Elsevier, vol. 46(2).
    See citations under working paper version above.
  29. Afonso, António & Carvalho, Francisco Tiago, 2022. "Time-varying cyclicality of fiscal policy: The case of the Euro area," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).

    Cited by:

    1. Christos Chrysanthakopoulos & Athanasios Tagkalakis, 2024. "Tax policy cyclicality and financial development," Economics and Business Letters, Oviedo University Press, vol. 13(1), pages 48-57.
    2. António Afonso & José Alves & Frederico Silva Leal, 2025. "Government Scale as a Stabilizer: Effects on Output Volatility and Losses," Working Papers REM 2025/0385, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Chrysanthakopoulos, Christos & Tagkalakis, Athanasios, 2023. "Fiscal rules and tax policy cyclicality," Economics Letters, Elsevier, vol. 225(C).
    4. Giovanni Carnazza & Federica Lanterna & Paolo Liberati, 2025. "Measuring time-varying fiscal cyclicality of the revenue side with a new cyclically-adjusted methodology: Does the European fiscal framework play a pivotal role?," Discussion Papers 2025/321, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    5. Ma, Yong & Lv, Lin, 2023. "Financial development, financial instability, and fiscal policy volatility: International evidence," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).

  30. Antonio Afonso & Hüseyin Sen & Ayse Kaya, 2021. "Government Size, Unemployment and Inflation Nexus in Eight Large Emerging Market Economies," Hacienda Pública Española / Review of Public Economics, IEF, vol. 235(1), pages 133-170, March.
    See citations under working paper version above.
  31. António Afonso & João Tovar Jalles & Ana Venâncio, 2021. "Taxation and Public Spending Efficiency: An International Comparison," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(3), pages 356-383, September.
    See citations under working paper version above.
  32. António Afonso & José Alves & João Tovar Jalles, 2021. "Fiscal Reaction Functions in the EU: A Tale of “r-g” and Whether it Matters," Revue française d'économie, Presses de Sciences-Po, vol. 0(3), pages 65-101.

    Cited by:

    1. Franc Klaassen, Roel Beetsma and Joao Tovar Jalles, 2023. "How do governments respond to interest rates?," Working Papers REM 2023/0280, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Karsten Staehr & Oļegs Tkačevs & Katri Urke, 2024. "Fiscal performance under inflation and inflation surprises: evidence from fiscal reaction functions for the euro area," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 160(4), pages 1477-1504, November.
    3. António Afonso & José Alves & Sofia Monteiro, 2025. "Private investment and public investment: total rates of return and global balances in the OECD," Working Papers REM 2025/0363, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. António Afonso & José Alves & Oļegs Matvejevs & Oļegs Tkačevs, 2023. "Fiscal Sustainability and the Role of Inflation," CESifo Working Paper Series 10843, CESifo.
    5. António Afonso & José Alves & Serena Ionta, 2023. "The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area," Working Papers REM 2023/0281, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  33. António Afonso & João Tovar Jalles & Ana Venâncio, 2021. "Structural Tax Reforms and Public Spending Efficiency," Open Economies Review, Springer, vol. 32(5), pages 1017-1061, November.
    See citations under working paper version above.
  34. António Afonso & Joana Sousa‐Leite, 2020. "The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTRO," Manchester School, University of Manchester, vol. 88(S1), pages 151-171, September.
    See citations under working paper version above.
  35. António Afonso & João Tovar Jalles, 2020. "Economic volatility and sovereign yields’ determinants: a time-varying approach," Empirical Economics, Springer, vol. 58(2), pages 427-451, February.
    See citations under working paper version above.
  36. António Afonso & Yasfir Ibraimo, 2020. "The macroeconomic effects of public debt: an empirical analysis of Mozambique," Applied Economics, Taylor & Francis Journals, vol. 52(2), pages 212-226, January.
    See citations under working paper version above.
  37. António Afonso & Ana Venâncio, 2020. "Local territorial reform and regional spending efficiency," Local Government Studies, Taylor & Francis Journals, vol. 46(6), pages 888-910, November.
    See citations under working paper version above.
  38. Afonso, António & Jalles, João Tovar, 2020. "Stock flow adjustments in sovereign debt dynamics: The role of fiscal frameworks," International Review of Economics & Finance, Elsevier, vol. 65(C), pages 1-16.
    See citations under working paper version above.
  39. Afonso, António & Jalles, João Tovar & Kazemi, Mina, 2020. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads," International Review of Law and Economics, Elsevier, vol. 63(C).

    Cited by:

    1. Iván Kataryniuk & Víctor Mora-Bajén & Javier J. Pérez, 2021. "EMU deepening and sovereign debt spreads: using political space to achieve policy space," Working Papers 2103, Banco de España.
    2. Gómez-Puig, Marta & Pieterse-Bloem, Mary & Sosvilla-Rivero, Simón, 2023. "Dynamic connectedness between credit and liquidity risks in euro area sovereign debt markets," Journal of Multinational Financial Management, Elsevier, vol. 68(C).
    3. Fendel, Ralf & Neugebauer, Frederik & Zimmermann, Lilli, 2021. "Reactions of euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank," Finance Research Letters, Elsevier, vol. 42(C).
    4. Eijffinger, Sylvester C.W. & Pieterse-Bloem, Mary, 2023. "Eurozone government bond spreads: A tale of different ECB policy regimes," Journal of International Money and Finance, Elsevier, vol. 139(C).
    5. Nader Naifar, 2020. "What Explains the Sovereign Credit Default Swap Spreads Changes in the GCC Region?," JRFM, MDPI, vol. 13(10), pages 1-22, October.
    6. Grabowski, Wojciech & Janus, Jakub & Stawasz-Grabowska, Ewa, 2023. "The COVID-19 pandemic and financial markets in Central Europe: Macroeconomic measures and international policy spillovers," Emerging Markets Review, Elsevier, vol. 54(C).
    7. Piotr Ciżkowicz & Grzegorz Parosa & Andrzej Rzońca, 2022. "Fiscal tensions and risk premium," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(3), pages 833-896, August.
    8. Juan Camilo Galvis-Ciro & Juan Camilo Anzoátegui-Zapata & Cristina Isabel Ramos-Barroso, 2022. "The Effect of Communication and Credibility on Fiscal Disagreement: Empirical Evidence from Colombia," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 18(3), pages 215-238, November.
    9. Anastasios Pappas & Ioannis Kostakis, 2020. "The Driving Factors of EMU Government Bond Yields: The Role of Debt, Liquidity and Fiscal Councils," IJFS, MDPI, vol. 8(3), pages 1-13, September.
    10. Gilles Dufrénot & Fredj Jawadi & Zied Ftiti, 2022. "Sovereign bond market integration in the euro area: a new empirical conceptualization," Post-Print hal-03740521, HAL.
    11. Havlik, Annika & Heinemann, Friedrich & Helbig, Samuel & Nover, Justus, 2021. "Dispelling the shadow of fiscal dominance? Fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic," ZEW Discussion Papers 21-050, ZEW - Leibniz Centre for European Economic Research.
    12. Ivan Mužić & Ivan Gržeta, 2022. "Expectations of Macroeconomic News Announcements: Bitcoin vs. Traditional Assets," Risks, MDPI, vol. 10(6), pages 1-15, June.
    13. Neugebauer, Frederik & Russnak, Jan & Zimmermann, Lilli & Camarero Garcia, Sebastian, 2024. "Effects of the ECB’s communication on government bond spreads," Journal of International Money and Finance, Elsevier, vol. 142(C).
    14. Köhler, Ekkehard A. & Hirsch, Patrick & Palhuca, Leonardo, 2024. "A database: How the euro crisis ended: Not with a (fiscal) bang but a whimper," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 1422-1441.
    15. Bossone, Biagio, 2024. "A Modigliani-Miller theorem for the public finances of globalized economies," International Review of Financial Analysis, Elsevier, vol. 94(C).
    16. Ciżkowicz, Piotr & Ledóchowski, Michał & Rzońca, Andrzej, 2025. "Fiscal policy and government bond yields: New evidence from the EU," Economic Modelling, Elsevier, vol. 147(C).
    17. Tang, Yumei & Chen, Xihui Haviour & Sarker, Provash Kumer & Baroudi, Sarra, 2023. "Asymmetric effects of geopolitical risks and uncertainties on green bond markets," Technological Forecasting and Social Change, Elsevier, vol. 189(C).
    18. Corradin, Stefano & Schwaab, Bernd, 2023. "Euro area sovereign bond risk premia before and during the Covid-19 pandemic," European Economic Review, Elsevier, vol. 153(C).

  40. António Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2020. "Long-run relationship between exports and imports: current account sustainability tests for the EU," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 19(2), pages 155-170, May.
    See citations under working paper version above.
  41. Afonso, António & Jalles, João Tovar, 2020. "A Note On Inflation Dynamics, Price Volatility, And Fiscal Activism," Macroeconomic Dynamics, Cambridge University Press, vol. 24(5), pages 1299-1313, July.

    Cited by:

    1. Apeti, Ablam Estel & Combes, Jean-Louis & Minea, Alexandru, 2024. "Inflation targeting and fiscal policy volatility: Evidence from developing countries," Journal of International Money and Finance, Elsevier, vol. 141(C).
    2. Ablam Estel Apeti & Bao We Wal Bambe & Jean-Louis Combes & Eyah Denise Edoh, 2024. "Original Sin: Fiscal Rules and Government Debt in Foreign Currency in Developing Countries," Post-Print hal-04130477, HAL.
    3. António Afonso & José Alves & Oļegs Matvejevs & Oļegs Tkačevs, 2023. "Fiscal Sustainability and the Role of Inflation," CESifo Working Paper Series 10843, CESifo.
    4. Cristina Checherita-Westphal & Nadine Leiner-Killinger & Teresa Schildmann, 2025. "Euro area inflation differentials: the role of fiscal policies revisited," Empirical Economics, Springer, vol. 68(2), pages 803-854, February.
    5. Clement Olalekan Olaniyi, 2020. "Application of Bootstrap Simulation and Asymmetric Causal Approach to Fiscal Deficit-Inflation Nexus," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 12(2), pages 123-140, May.

  42. Afonso, António & Gonçalves, Luis, 2020. "The policy mix in the US and EMU: Evidence from a SVAR analysis," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    See citations under working paper version above.
  43. António Afonso & Frederico Silva Leal, 2019. "Fiscal multipliers in the Eurozone: an SVAR analysis," Applied Economics, Taylor & Francis Journals, vol. 51(51), pages 5577-5593, November.
    See citations under working paper version above.
  44. António Afonso & João Tovar Jalles, 2019. "Fiscal Reaction Functions Across the World: In Quest of Statistical (In)significance," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 75(3), pages 207-228.

    Cited by:

    1. Christos Chrysanthakopoulos & Athanasios Tagkalakis, 2024. "Tax policy cyclicality and financial development," Economics and Business Letters, Oviedo University Press, vol. 13(1), pages 48-57.
    2. Benjamin Owusu & Bettina Bökemeier & Alfred Greiner, 2023. "Assessing nonlinearities and heterogeneity in debt sustainability analysis: a panel spline approach," Empirical Economics, Springer, vol. 64(3), pages 1315-1346, March.
    3. Afonso, António & Carvalho, Francisco Tiago, 2022. "Time-varying cyclicality of fiscal policy: The case of the Euro area," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    4. António Afonso & Francisco Tiago Carvalho, 2021. "Euro area time-varying cyclicality of fiscal policy," Working Papers REM 2021/0202, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  45. Afonso, António & Jalles, João Tovar, 2019. "The Fiscal consequences of deflation: Evidence from the Golden Age of Globalization," The Quarterly Review of Economics and Finance, Elsevier, vol. 74(C), pages 129-147.
    See citations under working paper version above.
  46. António Afonso & João Tovar Jalles, 2019. "Decomposing and Analysing the Determinants of Current Accounts’ Cyclicality: Evidence from the Euro Area," Open Economies Review, Springer, vol. 30(1), pages 133-156, February.
    See citations under working paper version above.
  47. António Afonso & Miguel St. Aubyn, 2019. "Economic growth, public, and private investment returns in 17 OECD economies," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 18(1), pages 47-65, February.

    Cited by:

    1. José Castro Oliveira & Manuel Carlos Nogueira & Mara Madaleno, 2023. "Do the Reduction of Traditional Energy Consumption and the Acceleration of the Energy Transition Bring Economic Benefits to South America?," Energies, MDPI, vol. 16(14), pages 1-15, July.
    2. Gianni Carvelli, 2023. "The long-run effects of government expenditure on private investments: a panel CS-ARDL approach," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 47(3), pages 620-645, September.
    3. Ignatov Augustin, 2019. "Institutional Efficiency, Entrepreneurship, and the Premises of Economic Development in the Eastern European Countries," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 64(2), pages 12-32, August.
    4. Sosvilla-Rivero, Simón & Rubio-Guerrero, Juan J., 2022. "The economic effects of fiscal policy: Further evidence for Spain," The Quarterly Review of Economics and Finance, Elsevier, vol. 86(C), pages 305-313.
    5. Carvelli, Gianni, 2024. "The dynamic effects of public investments on private capital formation: Modelling a heterogeneous asymmetric cointegration with unobserved global factors," International Economics, Elsevier, vol. 177(C).
    6. António Afonso & Eduardo Rodrigues, 2024. "Is public investment in construction and in R&D, growth enhancing? A PVAR approach," Applied Economics, Taylor & Francis Journals, vol. 56(24), pages 2875-2899, May.
    7. António Afonso & José Alves, 2022. "Does government spending efficiency improve fiscal sustainability?," Working Papers REM 2022/0226, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    8. Andreea Ocolișanu & Gabriela Dobrotă & Dan Dobrotă, 2022. "The Effects of Public Investment on Sustainable Economic Growth: Empirical Evidence from Emerging Countries in Central and Eastern Europe," Sustainability, MDPI, vol. 14(14), pages 1-25, July.
    9. Branimir Kalaš & Boris Radovanov & Nada Milenković & Aleksandra Marcikić Horvat, 2024. "Macroeconomic Determinants of Circular Economy Investments: An ECM Approach," Sustainability, MDPI, vol. 16(15), pages 1-14, August.
    10. Karsten Staehr & Katri Urke, 2022. "The European structural and investment funds and public investment in the EU countries," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(4), pages 1031-1062, November.
    11. António Afonso & Francisco Gomes Pereira, 2022. "Unconventional Monetary Policy in the Euro Area. Impacts on Loans, Employment, and Investment," Working Papers REM 2022/0218, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    12. António Afonso & José Alves & Sofia Monteiro, 2025. "Private investment and public investment: total rates of return and global balances in the OECD," Working Papers REM 2025/0363, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    13. Ibrahim Ari & Muammer Koc, 2020. "Economic Growth, Public and Private Investment: A Comparative Study of China and the United States," Sustainability, MDPI, vol. 12(6), pages 1-19, March.
    14. Evans Kulu, 2023. "Financial stability gap and private investment nexus: Evidence from sub‐Saharan Africa," African Development Review, African Development Bank, vol. 35(2), pages 239-250, June.
    15. Baussola, Maurizio & Carvelli, Gianni, 2023. "Public and private investments: Long-run asymmetric effects in France and the US," Finance Research Letters, Elsevier, vol. 58(PA).
    16. António Afonso & Jorge Caiado & Omar Al. Kanaan, 2024. "Public and Private Investments: A VAR Analysis of Their Impact of Economic Growth in 18 Advanced Economies," CESifo Working Paper Series 11426, CESifo.
    17. Sofia São Marcos & Sofia Vale, 2024. "Is there a nonlinear relationship between public investment and private investment? Evidence from 21 Organization for Economic Cooperation and Development countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 887-902, January.
    18. Sayeed Aboobakr Milanzi & Binganidzo Muchara, 2024. "Exploration of the relationship between economic development and inclusive growth in South Africa," Journal of Economic and Social Development, Clinical Journals Press, vol. 11(02), pages 01-10.
    19. Bakari, Sayef, 2024. "Causality between Domestic Investment and Economic Growth: New Evidence from Argentina," MPRA Paper 121799, University Library of Munich, Germany.

  48. Afonso, António & Alves, José, 2019. "Short and long-term interest rate risk: The sovereign balance-sheet nexus," Finance Research Letters, Elsevier, vol. 31(C).

    Cited by:

    1. António Afonso & José Alves & Sofia Monteiro, 2025. "Private investment and public investment: total rates of return and global balances in the OECD," Working Papers REM 2025/0363, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Bachleitner, Alena & Prammer, Doris, 2024. "Don’t blame the government!? An assessment of debt forecast errors with a view to the EU Economic Governance Review," European Journal of Political Economy, Elsevier, vol. 82(C).
    3. José Alves & Clarisse Wagner, 2024. "Leveraging interest-growth differentials: Hidden effects of government financial assets in the European Union," Working Papers REM 2024/0307, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

  49. António Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2019. "Assessing the sustainability of external imbalances in the European Union," The World Economy, Wiley Blackwell, vol. 42(2), pages 320-348, February.
    See citations under working paper version above.
  50. Afonso, António & Tovar Jalles, João, 2019. "Quantitative easing and sovereign yield spreads: Euro-area time-varying evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 58(C), pages 208-224.
    See citations under working paper version above.
  51. António Afonso & José Alves & Raquel Balhote, 2019. "Interactions between monetary and fiscal policies," Journal of Applied Economics, Taylor & Francis Journals, vol. 22(1), pages 132-151, January.

    Cited by:

    1. Afonso, António & Sousa, Alexandre, 2024. "Monetary and fiscal interplay: Does it work both ways?," Economic Systems, Elsevier, vol. 48(2).
    2. Filiani, Pasquale, 2021. "Optimal monetary–fiscal policy in the euro area liquidity crisis," Journal of Macroeconomics, Elsevier, vol. 70(C).
    3. Jurkšas, Linas & Pereira, Francisco Gomes, 2024. "Fiscal stance role for ECB monetary policy," Journal of Policy Modeling, Elsevier, vol. 46(6), pages 1210-1227.
    4. Central Bank of Malaysia, 2022. "Monetary and fiscal policy interactions in the wake of the pandemic," BIS Papers chapters, in: Bank for International Settlements (ed.), The monetary-fiscal policy nexus in the wake of the pandemic, volume 122, pages 187-194, Bank for International Settlements.
    5. Eugene Msizi BUTHELEZI, 2023. "Examining the Dynamic Nexus of Monetary and Fiscal Policy in South Africa: Evidence from Key Macroeconomic Economic Indicators," Journal of Economics and Financial Analysis, Tripal Publishing House, vol. 7(1), pages 13-42.
    6. Swapan-Kumar Pradhan & Elod Takats & Judit Temesvary, 2024. "How does fiscal policy affect the transmission of monetary policy into cross-border bank lending? Cross-country evidence," BIS Working Papers 1226, Bank for International Settlements.
    7. Hayley Pallan, 2022. "Do Investors Care About Consumption Taxes? Evidence from Equities in Advanced and Emerging Economies," IHEID Working Papers 14-2022, Economics Section, The Graduate Institute of International Studies.
    8. Aleksandra Fedajev & Danijela Pantović & Isidora Milošević & Tamara Vesić & Aleksandra Jovanović & Magdalena Radulescu & Maria Cristina Stefan, 2023. "Evaluating the Outcomes of Monetary and Fiscal Policies in the EU in Times of Crisis: A PLS-SEM Approach," Sustainability, MDPI, vol. 15(11), pages 1-14, May.
    9. Dascher-Preising, Fabienne & Greiner, Alfred, 2023. "Monetary-fiscal policy relations in the euro area: The impact on the primary balance," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 1-9.
    10. Sara Salimi & Eszter Kazinczy & Tibor Tatay & Mehran Amini, 2025. "Evaluating Fiscal and Monetary Policy Coordination Using a Nash Equilibrium: A Case Study of Hungary," Mathematics, MDPI, vol. 13(9), pages 1-20, April.
    11. Linas Jurkšas & Francisco Gomes Pereira, 2023. "Do the projected fiscal deficits play a role in ECB monetary policymaking?," Working Papers REM 2023/0258, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    12. Yu HSING, 2019. "Does the Mundell-Fleming Model apply to Poland?," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(4(621), W), pages 265-272, Winter.
    13. Antonio Focacci & Angelo Focacci, 2024. "A Re-Appraisal of the Role of Monetary Policy: The Quantity Theory of Money through a Structural Vector Autoregressive Approach," JRFM, MDPI, vol. 17(8), pages 1-23, August.
    14. Patrick M. Crowley & David Hudgins, 2022. "Monetary policy objectives and economic outcomes: What can we learn from a wavelet‐based optimal control approach?," Manchester School, University of Manchester, vol. 90(2), pages 144-170, March.
    15. Tetik Metin & Yıldırım Mustafa Ozan, 2021. "Distortionary effects of economic crises on policy coordination in Turkey: Threshold GMM approach," Economics and Business Review, Sciendo, vol. 7(3), pages 83-102, September.
    16. Emmanuel Bosomtwe, 2025. "Fiscal Policy, Institutional Quality, and Sustainable Development Goals: A Perspective of Anglophone Countries in West Africa," Circular Economy and Sustainability, Springer, vol. 5(1), pages 347-366, February.
    17. Jurkšas, Linas, 2024. "The impact of the heterogenous fiscal policy stance of euro-area member states on ECB monetary policy," Economic Systems, Elsevier, vol. 48(4).
    18. Antonio Focacci & Angelo Focacci & Alessandro Faenza, 2024. "The lens of the quantity theory of money to disentangle the perceived relationship between money growth and inflation: a PSVAR approach," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 14(3), pages 571-595, September.

  52. António Afonso & Jorge Silva, 2019. "Effects of euro area monetary policy on institutional sectors: the case of Portugal," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 42(120), pages 219-236, Diciembre.
    See citations under working paper version above.
  53. António Afonso & João Tovar Jalles, 2019. "Fiscal Rules and Government Financing Costs," Fiscal Studies, John Wiley & Sons, vol. 40(1), pages 71-90, March.

    Cited by:

    1. Johannes Blum & Klaus Gründler & Raphael de Britto Schiller & Niklas Potrafke, 2019. "Die Schuldenbremse in der Diskussion – Teilnehmer des Ökonomenpanels mehrheitlich für Beibehaltung," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(22), pages 27-33, November.
    2. Brändle, Thomas & Elsener, Marc, 2023. "Do fiscal rules matter? A survey on recent evidence," Working papers 2023/07, Faculty of Business and Economics - University of Basel.
    3. Ech-charfi, Nour-eddine, 2024. "Fiscal rules, capital controls, and cross-border financial integration," European Journal of Political Economy, Elsevier, vol. 85(C).
    4. Thomas Brändle & Marc Elsener, 2024. "Do fiscal rules matter? A survey of recent evidence," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 160(1), pages 1-38, December.
    5. Maximilian Langer & Joshua Hassib & Lars P. Feld & Daniel Nientiedt, 2025. "Evaluating the Effects of the German Debt Brake: A Synthetic Control Approach," CESifo Working Paper Series 119333, CESifo.
    6. Cezara Vinturis, 2019. "A multi-speed fiscal Europe? Fiscal Rules and Fiscal Performance in the EU Former Communist Countries," Working Papers hal-03097483, HAL.
    7. Niklas Potrafke, 2023. "The Economic Consequences of Fiscal Rules," CESifo Working Paper Series 10765, CESifo.
    8. Ablam Estel APETI & Bao-We-Wal BAMBE & Jean Louis COMBES, 2022. "On the Macroeconomic Effects of Fiscal Reforms : Fiscal Rules and Public Expenditure Efficiency," LEO Working Papers / DR LEO 2985, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    9. Ablam Estel Apeti & Bao We Wal Bambe & Jean-Louis Combes & Eyah Denise Edoh, 2024. "Original Sin: Fiscal Rules and Government Debt in Foreign Currency in Developing Countries," Post-Print hal-04130477, HAL.
    10. Ryota Nakatani, 2019. "A Possible Approach to Fiscal Rules in Small Islands — Incorporating Natural Disasters and Climate Change," IMF Working Papers 2019/186, International Monetary Fund.
    11. Anastasios Pappas & Ioannis Kostakis, 2020. "The Driving Factors of EMU Government Bond Yields: The Role of Debt, Liquidity and Fiscal Councils," IJFS, MDPI, vol. 8(3), pages 1-13, September.
    12. Jianu, Ionut & Tudorache, Maria-Daniela, 2024. "The Stability and Growth Pact in Practice: inefficiencies of previous debt rules and the way forward," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 2024(4), pages 261-278.
    13. José Luis Hernández Mota & Iv�n Abdel Mar�n Medrano, 2021. "Financiamiento sostenible de la inversión pública: evidencia para México, 1990-2019," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 13(1), pages 43-75.
    14. Philipp Weber & Laura A. Zell & Lars P. Feld & Christoph A. Schaltegger, 2024. "Functionality of Fiscal Rules in a Low Interest Rate Environment – New Empirical Results for Swiss Cantons," CESifo Working Paper Series 11351, CESifo.
    15. Ionuț JIANU & Maria-Daniela TUDORACHE, 2024. "The stability and Growth Pact in Practice: inefficiencies of previous debt rules and the way forward," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(4(641), W), pages 261-278, Winter.
    16. Mihaela Onofrei & Tudorel Toader & Anca Florentina Vatamanu & Florin Oprea, 2021. "Impact of Governments’ Fiscal Behaviors on Public Finance Sustainability: A Comparative Study," Sustainability, MDPI, vol. 13(7), pages 1-16, March.
    17. Carolina Ulloa-Suárez & Oscar M. Valencia & Jorge Guerra & Gustavo Sánchez, 2025. "Rules Met, Goals Missed: The Compliance–Sustainability Gap," Working Papers of BETA 2025-23, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    18. Mihaela Onofrei & Anca Gavriluţă (Vatamanu) & Ionel Bostan & Florin Oprea & Gigel Paraschiv & Cristina Mihaela Lazăr, 2020. "The Implication of Fiscal Principles and Rules on Promoting Sustainable Public Finances in the EU Countries," Sustainability, MDPI, vol. 12(7), pages 1-21, April.
    19. López-Herrera, Carmen & Cordero, José M. & Pedraja-Chaparro, Francisco & Polo, Cristina, 2023. "Fiscal rules and their influence on public sector efficiency," MPRA Paper 119018, University Library of Munich, Germany.

  54. José Alves & António Afonso, 2019. "Tax structure for consumption and income inequality: an empirical assessment," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 10(3), pages 337-364, November.

    Cited by:

    1. Lucas Menescal & José Alves, 2022. "Optimal threshold taxation: an empirical investigation for developing economies," Working Papers REM 2022/0232, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Structural Tax Reforms and Public Spending Efficiency," Working Papers REM 2020/0146, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Beatrice D. Simo-Kengne, 2023. "Ageing and tax composition in South Africa: a spatial analysis," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(1), pages 905-917, February.
    4. Tram T.H. Nguyen and Wonho Song, 2021. "Carbon Pricing and Income Inequality: An Empirical Investigation," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 46(2), pages 155-182, June.

  55. António Afonso & Jorge Silva, 2018. "Debt crisis and 10-year sovereign yields in Ireland and in Portugal," Applied Economics Letters, Taylor & Francis Journals, vol. 25(4), pages 217-222, February.
    See citations under working paper version above.
  56. Antonio Afonso & Mina Kazemi, 2018. "Euro Area Sovereign Yields and the Power of Unconventional Monetary Policy," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 68(2), pages 100-119, April.

    Cited by:

    1. Antal, Mark & Kaszab, Lorant, 2022. "Spillovers from the European Central Bank's asset purchases to countries in Central and Eastern Europe," Economic Modelling, Elsevier, vol. 113(C).
    2. Wojciech Grabowski & Ewa Stawasz-Grabowska, 2019. "News Releases, Credit Rating Announcements, and Anti-Crisis Measures as Determinants of Sovereign Bond Spreads in the Peripheral Euro-Area Countries," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 69(2), pages 149-173, April.
    3. Mark Antal & Lorant Kaszab, 2021. "Spillover Effects of the European Central Bank's Expanded Asset Purchase Program to Non-eurozone Countries in Central and Eastern Europe," MNB Occasional Papers 2021/140, Magyar Nemzeti Bank (Central Bank of Hungary).
    4. António Afonso & Joana Sousa-Leite, 2019. "The Transmission of Unconventional Monetary Policy to Bank Credit Supply: Evidence from the TLTRO," Working Papers REM 2019/65, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    5. Maria Cantero-Saiz & Begona Torre-Olmo & Sergio Sanfilippo-Azofra, 2023. "Sustainable Banking, Financial Strength and the Bank Lending Channel of Monetary Policy," E&M Economics and Management, Technical University of Liberec, Faculty of Economics, vol. 26(1), pages 165-185, March.
    6. António Afonso & Luís Gonçalves, 2018. "The Policy Mix in the US and EMU: Evidence from a SVAR Analysis," Working Papers REM 2018/28, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    7. Piotr Ciżkowicz & Grzegorz Parosa & Andrzej Rzońca, 2022. "Fiscal tensions and risk premium," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(3), pages 833-896, August.
    8. Wojciech Grabowski & Ewa Stawasz-Grabowska, 2021. "How have the European central bank’s monetary policies been affecting financial markets in CEE-3 countries?," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(1), pages 43-83, March.
    9. António Afonso & Nuno Verdial, 2019. "Sovereign debt crisis in Portugal and in Spain," Working Papers REM 2019/0112, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    10. Wojciech Grabowski, 2019. "Givers or Recipients? Co-Movements between Stock Markets of CEE-3 and Developed Countries," Sustainability, MDPI, vol. 11(22), pages 1-24, November.
    11. Stéphanie Pamies & Nicolas Carnot & Anda Pătărău, 2021. "Do Fundamentals Explain Differences between Euro Area Sovereign Interest Rates?," European Economy - Discussion Papers 141, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.

  57. Afonso, António & Arghyrou, Michael G. & Gadea, María Dolores & Kontonikas, Alexandros, 2018. "“Whatever it takes” to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects," Journal of International Money and Finance, Elsevier, vol. 86(C), pages 1-30.
    See citations under working paper version above.
  58. António Afonso & Jaromír Baxa & Michal Slavík, 2018. "Fiscal developments and financial stress: a threshold VAR analysis," Empirical Economics, Springer, vol. 54(2), pages 395-423, March.
    See citations under working paper version above.
  59. António Afonso & João Tovar Jalles, 2017. "Fiscal Episodes and Market Power," Open Economies Review, Springer, vol. 28(2), pages 233-250, April.

    Cited by:

    1. Shobande Olatunji Abdul, 2020. "Fiscal Rule in Africa," Open Economics, De Gruyter, vol. 3(1), pages 112-120, January.
    2. Rabia Rafique & Asad Nisar & Syed Sadaqat Ali Shah, 2024. "Testing the effects of fiscal policy shocks on output growth in recession and expansion: empirical evidence from developing countries," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-26, June.
    3. Georgios Georgantas & Maria Kasselaki & Athanasios Tagkalakis, 2022. "The short-run effects of fiscal adjustment in OECD countries," Working Papers 308, Bank of Greece.
    4. Syed Sadaqat Ali Shah & Muhammad Asim Afridi, 2023. "Cyclical variation of fiscal multipliers in Caucasus and Central Asia economies: an empirical evidence," Economic Change and Restructuring, Springer, vol. 56(6), pages 4531-4563, December.
    5. António Afonso & José Alves & João Tovar Jalles, 2021. "(Non-)Keynesian Effects of Fiscal Austerity: New Evidence from a Large Sample," EconPol Working Paper 55, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    6. Georgantas, Georgios & Kasselaki, Maria & Tagkalakis, Athanasios, 2023. "Τhe effects of fiscal consolidation in OECD countries," Economic Modelling, Elsevier, vol. 118(C).
    7. Shobande Olatunji Abdul & Shodipe Oladimeji Tomiwa, 2019. "New Keynesian Liquidity Trap and Conventional Fiscal Stance: An Estimated DSGE Model," Economics and Business, Sciendo, vol. 33(1), pages 152-169, January.

  60. António Afonso & Jorge Silva, 2017. "Determinants of nonresident government debt ownership," Applied Economics Letters, Taylor & Francis Journals, vol. 24(2), pages 107-112, January.
    See citations under working paper version above.
  61. António Afonso & José Alves, 2017. "Reconsidering Wagner’s law: evidence from the functions of the government," Applied Economics Letters, Taylor & Francis Journals, vol. 24(5), pages 346-350, March.
    See citations under working paper version above.
  62. António Afonso & João Tovar Jalles, 2017. "The Price Relevance of Fiscal Developments," International Economic Journal, Taylor & Francis Journals, vol. 31(1), pages 36-50, January.
    See citations under working paper version above.
  63. António Afonso & João Tovar Jalles, 2017. "Euro area time‐varying fiscal sustainability," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 22(3), pages 244-254, July.
    See citations under working paper version above.
  64. António Afonso & Jorge Silva, 2017. "Current account balance cyclicality," Applied Economics Letters, Taylor & Francis Journals, vol. 24(13), pages 911-917, July.
    See citations under working paper version above.
  65. Afonso, António & Tovar Jalles, João, 2017. "Sovereign debt composition and time-varying public finance sustainability," The North American Journal of Economics and Finance, Elsevier, vol. 42(C), pages 144-155.

    Cited by:

    1. Khurram Ejaz Chandia & Sania Riaz & Attiya Y. Javid & Muhammad Badar Iqbal & Mariam Azam & Ifra Gul, 2019. "Assessment of Public and External Debt Sustainability Using Debt Dynamics Equation Approach: A Comparative Study of Pakistan and India," Millennial Asia, , vol. 10(1), pages 25-55, April.
    2. Bitar, Nicholas & Chakrabarti, Avik & Zeaiter, Hussein, 2018. "Were Reinhart and Rogoff right?," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 614-620.
    3. António Afonso & José Alves & Oļegs Matvejevs & Oļegs Tkačevs, 2024. "Impact of Sovereign Debt Maturity on Fiscal Sustainability," CESifo Working Paper Series 11499, CESifo.
    4. António Afonso & José Alves & Sofia Monteiro, 2025. "Private investment and public investment: total rates of return and global balances in the OECD," Working Papers REM 2025/0363, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    5. António Afonso & José Alves & José Carlos Coelho, 2023. "Determinants of the Degree of Fiscal Sustainability," CESifo Working Paper Series 10225, CESifo.
    6. Piergallini, Alessandro & Postigliola, Michele, 2020. "Evaluating the sustainability of Italian public finances," The North American Journal of Economics and Finance, Elsevier, vol. 53(C).

  66. António Afonso & Ana Venâncio, 2016. "The relevance of commuting zones for regional spending efficiency," Applied Economics, Taylor & Francis Journals, vol. 48(10), pages 865-877, February.
    See citations under working paper version above.
  67. António Afonso & Luís Martins, 2016. "Monetary Developments and Expansionary Fiscal Consolidations: Evidence from the EMU," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 21(3), pages 247-265, July.
    See citations under working paper version above.
  68. António Afonso & João Tovar Jalles, 2016. "Budgetary decomposition and yield spreads," Applied Economics Letters, Taylor & Francis Journals, vol. 23(15), pages 1093-1098, October.
    See citations under working paper version above.
  69. Ramzi, Sourour & Afonso, António & Ayadi, Mohamed, 2016. "Assessment of efficiency in basic and secondary education in Tunisia: A regional analysis," International Journal of Educational Development, Elsevier, vol. 51(C), pages 62-76.
    See citations under working paper version above.
  70. António Afonso & João Jalles, 2016. "Economic performance, government size, and institutional quality," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 43(1), pages 83-109, February.

    Cited by:

    1. José Alves, 2018. "The sinful side of taxation: is it possible to satisfy the government hunger for revenues while promoting economic growth?," Working Papers REM 2018/57, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Castro, Vítor, 2017. "The impact of fiscal consolidations on the functional components of government expenditures," Economic Modelling, Elsevier, vol. 60(C), pages 138-150.
    3. Navarrete Gallo, Pamela L. & Ritzen, Jo, 2021. "Do institutions and ideology matter for economic growth in Latin America in the first two decades of the 21st century?," MERIT Working Papers 2021-012, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    4. Nazlı KEYİFLİ & Sacit Hadi AKDEDE, 2020. "Political Polarization and Size of Government," Sosyoekonomi Journal, Sosyoekonomi Society, issue 28(44).
    5. Avom, Désiré & Keneck-Massil, Joseph & Njangang, Henri & Nvuh-Njoya, Youssouf, 2022. "Why are some resource-rich countries more sophisticated than others? The role of the regime type and political ideology," Resources Policy, Elsevier, vol. 79(C).
    6. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Government Spending Efficiency, Measurement and Applications: a CrossCountry Efficiency Dataset," EconPol Working Paper 50, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    7. Margaret Antonicelli & Michele Rubino & Filomena Maggino, 2023. "Demographic and Economic Determinants of Digitalization in Healthcare: An Exploratory Analysis of the Italian Local Health Centers," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 169(1), pages 529-552, September.
    8. John Carlvin Piyinchu, 2025. "Assessing the Climate-Economy Nexus: The Impact of Renewable Energy Consumption and Government Expenditure on GDP per Capita in Cameroon," Journal of Climate Policy, CARI Journals Limited, vol. 4(1), pages 53-71.
    9. Hüseyin Şen & Ayşe Kaya & Ayşegül Durucan, 2023. "New insights into the growth-maximizing size of government: evidence and implications for Turkey," Economic Change and Restructuring, Springer, vol. 56(4), pages 2243-2296, August.
    10. Rudra P. Pradhan & Mahendhiran S. Nair & Mak B. Arvin & John H. Hall, 2023. "Institutional quality, financial development and sustainable economic growth among lower income countries," Natural Resources Forum, Blackwell Publishing, vol. 47(3), pages 435-483, August.
    11. Amine Lahiani & Ameni Mtibaa & Foued Gabsi, 2022. "Fiscal Consolidation, Social Sector Expenditures and Twin Deficit Hypothesis: Evidence from Emerging and Middle-Income Countries," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 64(4), pages 710-747, December.
    12. Chen Kong San & Lee Chin, 2023. "Impact of Public Debt on Economic Growth: A Quantile Regression Approach," South Asian Journal of Macroeconomics and Public Finance, , vol. 12(2), pages 250-278, December.
    13. Syed Ali Raza & Nida Shah & Imtiaz Arif, 2021. "Relationship Between FDI and Economic Growth in the Presence of Good Governance System: Evidence from OECD Countries," Global Business Review, International Management Institute, vol. 22(6), pages 1471-1489, December.
    14. Nwosa Philip Ifeakachukwu & Babafemi Augustine Fagite, 2024. "Macroeconomic Policy, Institutional Quality and Inclusive growth in Nigeria (Article)," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 63(1), pages 89-100.
    15. Honoré Tekam Oumbé & Ronald Djeunankan & Alain Mekia Ndzana, 2023. "Does information and communication technologies affect economic complexity?," SN Business & Economics, Springer, vol. 3(4), pages 1-25, April.

  71. António Afonso & João Tovar Jalles, 2016. "The elusive character of fiscal sustainability," Applied Economics, Taylor & Francis Journals, vol. 48(28), pages 2651-2664, June.

    Cited by:

    1. Pierre Aldama & Jérôme Creel, 2019. "Fiscal policy in the US: Sustainable after all?," Post-Print hal-03384685, HAL.
    2. Gladys Awinpoak Abindaw Nabieu & Godfred Alufar Bokpin & Achampong Kofi Osei & Patrick Opoku Asuming, 2021. "Fiscal rules, fiscal performance and economic growth in Sub‐Saharan Africa," African Development Review, African Development Bank, vol. 33(4), pages 607-619, December.
    3. Afonso, António & Coelho, José Carlos, 2024. "Drivers of fiscal sustainability: A time-varying analysis for Portugal," International Economics, Elsevier, vol. 178(C).
    4. María del Carmen Ramos-Herrera & María A. Prats, 2020. "Fiscal Sustainability in the European Countries: A Panel ARDL Approach and a Dynamic Panel Threshold Model," Sustainability, MDPI, vol. 12(20), pages 1-14, October.
    5. Tashevska, Biljana & Trpkova-Nestorovska, Marija & Trenovski, Borce, 2017. "Estimating a fiscal reaction function for the South East European countries," MPRA Paper 91298, University Library of Munich, Germany, revised 2018.
    6. Pierre Aldama & Jérôme Creel, 2017. "Fiscal policy in the US : Ricardian after all ?," SciencePo Working papers Main hal-03458503, HAL.
    7. Afonso, António & Alves, José & Jalles, João Tovar, 2022. "To consolidate or not to consolidate? A multi-step analysis to assess needed fiscal sustainability," International Economics, Elsevier, vol. 172(C), pages 106-123.
    8. Pierre Aldama & Jérôme Creel, 2016. "Why fiscal regimes matter for fiscal sustainability analysis: an application to France," Working Papers hal-03459336, HAL.
    9. Afonso, António & Tovar Jalles, João, 2017. "Sovereign debt composition and time-varying public finance sustainability," The North American Journal of Economics and Finance, Elsevier, vol. 42(C), pages 144-155.
    10. Diego Martínez‐López, 2022. "Subnational borrowing and bailouts: When the federal government looks at the votes (differently) and its borrowing matters," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 24(3), pages 609-633, June.
    11. António Afonso & José Carlos Coelho, 2022. "Public finances solvency in the Euro Area: true or false?," Working Papers REM 2022/0243, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    12. Mikhail B. Petrov & Leonid A. Serkov & Kseniya A. Zavyalova, 2023. "Causal analysis of the interinfluence of workforce productivity and rail freight intensity in the regions of the Ural Federal District," R-Economy, Ural Federal University, Graduate School of Economics and Management, vol. 9(3), pages 310-324.
    13. Magazzino, Cosimo & Brady, Gordon L. & Forte, Francesco, 2019. "A panel data analysis of the fiscal sustainability of G-7 countries," The Journal of Economic Asymmetries, Elsevier, vol. 20(C).
    14. William Irungu Nganga & Julien Chevallier & Simon Wagura Ndiritu, 2018. "Regime changes and fiscal sustainability in Kenya with comparative nonlinear Granger causalities across East-African countries," Working Papers halshs-01941226, HAL.
    15. Afonso, António & Coelho, José Carlos, 2023. "Public finances solvency in the Euro Area," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 642-657.
    16. Alloza, Mario & Andrés, Javier & Pérez, Javier J. & Rojas, Juan A., 2020. "Implicit public debt thresholds: An operational proposal," Journal of Policy Modeling, Elsevier, vol. 42(6), pages 1408-1424.
    17. António Afonso & José Carlos Coelho, 2024. "Budgetary constrained governments: drivers of time varying fiscal sustainability in OECD countries," Working Papers REM 2024/0325, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    18. Golpe, Antonio A. & Sánchez-Fuentes, A. Jesus & Vides, José Carlos, 2023. "Fiscal sustainability, monetary policy and economic growth in the Euro Area: In search of the ultimate causal path," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1026-1045.
    19. Pierre Aldama & Jérôme Creel, 2017. "Why Fiscal Regimes Matter for Fiscal Sustainability: An Application to France," Working Papers 2017.01, International Network for Economic Research - INFER.
    20. Caner Demir & Raif Cergibozan, 2025. "Energy Security Risk Across the European Union: Converging or Diverging?," Politická ekonomie, Prague University of Economics and Business, vol. 2025(3), pages 418-446.

  72. Ant�nio Afonso & Jalles, 2016. "Markups' cyclical behaviour: the role of demand and supply shocks," Applied Economics Letters, Taylor & Francis Journals, vol. 23(1), pages 1-5, January.
    See citations under working paper version above.
  73. Ant�nio Afonso & Ana Sofia Guimarães, 2015. "The relevance of fiscal rules for fiscal and sovereign yield developments," Applied Economics Letters, Taylor & Francis Journals, vol. 22(11), pages 920-924, July.

    Cited by:

    1. Brändle, Thomas & Elsener, Marc, 2023. "Do fiscal rules matter? A survey on recent evidence," Working papers 2023/07, Faculty of Business and Economics - University of Basel.
    2. Thomas Brändle & Marc Elsener, 2024. "Do fiscal rules matter? A survey of recent evidence," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 160(1), pages 1-38, December.
    3. António Afonso & João Tovar Jalles, 2019. "Fiscal Rules and Government Financing Costs," Fiscal Studies, John Wiley & Sons, vol. 40(1), pages 71-90, March.
    4. António Afonso & João Jalles, 2017. "Do Fiscal Rules Lower Government Financing Costs?," Working Papers REM 2017/15, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    5. Siwińska-Gorzelak, Joanna, 2024. "The impact of fiscal rules on cross-border bank claims," International Review of Financial Analysis, Elsevier, vol. 91(C).
    6. Karlis Vilerts & Olegs Tkacevs, 2016. "The Impact of Sovereign Bond Yields on Fiscal Discipline," Working Papers 2016/05, Latvijas Banka.
    7. R. Golinelli & I. Mammi & A. Musolesi, 2018. "Parameter heterogeneity, persistence and cross-sectional dependence: new insights on fiscal policy reaction functions for the Euro area," Working Papers wp1120, Dipartimento Scienze Economiche, Universita' di Bologna.
    8. Capraru, Bogdan & Georgescu, George & Sprincean, Nicu, 2023. "Fiscal Rules, Independent Fiscal Institutions, and Sovereign Risk," Working Papers of Romania Fiscal Council 230201, Romania Fiscal Council.
    9. Philipp Weber & Laura A. Zell & Lars P. Feld & Christoph A. Schaltegger, 2024. "Functionality of Fiscal Rules in a Low Interest Rate Environment – New Empirical Results for Swiss Cantons," CESifo Working Paper Series 11351, CESifo.
    10. Altug Murat Köktaº & Tugay Günel, 2022. "Impact of Fiscal Rules on Government Expenditure and Tax Revenue in Emerging European Countries: Threshold Effect of Budget Deficit," Journal of Economics / Ekonomicky casopis, Institute of Economic Research, Slovak Academy of Sciences, vol. 70(3), pages 264-283, January.
    11. Hansen, Daniel, 2020. "The effectiveness of fiscal institutions: International financial flogging or domestic constraint?," European Journal of Political Economy, Elsevier, vol. 63(C).

  74. António Afonso & Jorge Silva, 2015. "The track record of fiscal forecasting in the EU," Economics Bulletin, AccessEcon, vol. 35(2), pages 1318-1329.

    Cited by:

    1. João Tovar Jalles, 2021. "Promised Fiscal Expansions and Politics: A European Union Assessment," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(1), pages 84-116, March.
    2. Sanjeev Gupta & João T Jalles & Carlos Mulas-Granados & Michela Schena, 2018. "Planned fiscal adjustments: Do governments fulfil their commitments?," European Union Politics, , vol. 19(3), pages 383-407, September.
    3. Nada Azmy ElBerry & Stijn Goeminne, 2021. "Fiscal transparency, fiscal forecasting and budget credibility in developing countries," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 40(1), pages 144-161, January.

  75. Antonio Afonso & Jose Alves, 2015. "The Role of Government Debt in Economic Growth," Hacienda Pública Española / Review of Public Economics, IEF, vol. 215(4), pages 9-26, December.
    See citations under working paper version above.
  76. António Afonso & João Tovar Jalles, 2015. "How Does Fiscal Policy Affect Investment? Evidence from a Large Panel," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 20(4), pages 310-327, October.

    Cited by:

    1. Bergh, Andreas & Bjørnskov, Christian, 2016. "Burying the Bumblebee Once and for All:," Working Paper Series 1119, Research Institute of Industrial Economics.
    2. José Alves, 2018. "A DSGE Model to Evaluate the Macroeconomic Impacts of Taxation," Working Papers REM 2018/62, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Brändle, Thomas & Elsener, Marc, 2023. "Do fiscal rules matter? A survey on recent evidence," Working papers 2023/07, Faculty of Business and Economics - University of Basel.
    4. Thomas Brändle & Marc Elsener, 2024. "Do fiscal rules matter? A survey of recent evidence," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 160(1), pages 1-38, December.
    5. Jose Alves, 2019. "The impact of tax structure on investment: an empirical assessment for OECD countries," Public Sector Economics, Institute of Public Finance, vol. 43(3), pages 291-309.
    6. Andreas Bergh & Christian Bjørnskov, 2020. "Does Big Government Hurt Growth Less In High‐Trust Countries?," Contemporary Economic Policy, Western Economic Association International, vol. 38(4), pages 643-658, October.
    7. Nini Johana Marín-Rodríguez & Juan David Gonzalez-Ruiz & Alejandro Peña, 2024. "Analyzing Fiscal Sustainability in Latin American Countries: A Time–Frequency Perspective," Economies, MDPI, vol. 12(5), pages 1-17, May.
    8. Olegs Tkacevs, 2020. "Secular Decline in Public Investment: are National Fiscal Rules to Blame?," Working Papers 2020/04, Latvijas Banka.
    9. Dina Azhgaliyeva & John Beirne & Ranjeeta Mishra, 2021. "What Matters for Private Investment Financing in Renewable Energy Globally and in Asia?," ADBI Working Papers 1246, Asian Development Bank Institute.
    10. Alessandra Cepparulo & Giuseppe Eusepi & Luisa Giuriato, 2024. "Public Finance, Fiscal Rules and Public–Private Partnerships: Lessons for Post-COVID-19 Investment Plans," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 66(1), pages 191-213, March.
    11. Sofia São Marcos & Sofia Vale, 2024. "Is there a nonlinear relationship between public investment and private investment? Evidence from 21 Organization for Economic Cooperation and Development countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 887-902, January.
    12. António Afonso & Miguel St. Aubyn, 2019. "Economic growth, public, and private investment returns in 17 OECD economies," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 18(1), pages 47-65, February.
    13. Gordon L. Brady & Cosimo Magazzino, 2018. "Fiscal Sustainability in the EU," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 46(3), pages 297-311, September.
    14. Rilwan Sakariyahu & Olayinka Oyekola & Rasheed Adigun & Temitope Fagbemi & Oluwagbenga Seyingbo & Rodiat Lawal, 2023. "Heterogeneous and time varying nexus between climate change and quality of life in Africa," Discussion Papers 2308, University of Exeter, Department of Economics.
    15. Sun, Chuanwang & Khan, Anwar & Liu, Yongzhe & Lei, Ni, 2022. "An analysis of the impact of fiscal and monetary policy fluctuations on the disaggregated level renewable energy generation in the G7 countries," Renewable Energy, Elsevier, vol. 189(C), pages 1154-1165.
    16. Marta Rodriguez-Vives, 2019. "The quality of public finances: where do we stand?," Economics and Business Letters, Oviedo University Press, vol. 8(2), pages 97-105.
    17. António Afonso & Miguel St. Aubyn, 2016. "Economic Growth and Public and Private Investment Returns," Working Papers Department of Economics 2016/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  77. Ant�nio Afonso & João Tovar Jalles, 2015. "Fiscal sustainability: a panel assessment for advanced economies," Applied Economics Letters, Taylor & Francis Journals, vol. 22(11), pages 925-929, July.
    See citations under working paper version above.
  78. Afonso, António & Rault, Christophe, 2015. "Multi-step analysis of public finances sustainability," Economic Modelling, Elsevier, vol. 48(C), pages 199-209.

    Cited by:

    1. Ben Salem, Leila & Zayati, Montassar & Nouira, Ridha & Rault, Christophe, 2024. "Volatility spillover between oil prices and main exchange rates: Evidence from a DCC-GARCH-connectedness approach," Resources Policy, Elsevier, vol. 91(C).
    2. Török László, 2022. "Breakdown of Government Debt into Components in Euro Area Countries," JRFM, MDPI, vol. 15(2), pages 1-13, February.
    3. António Afonso & José Alves, 2022. "Does government spending efficiency improve fiscal sustainability?," Working Papers REM 2022/0226, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Qiongzhi Liu & Bang Cui & Chan Luo, 2022. "A Study on the Fiscal Sustainability of China’s Provinces," Sustainability, MDPI, vol. 14(23), pages 1-17, November.
    5. Burret, Heiko T. & Feld, Lars P. & Köhler, Ekkehard A., 2015. "(Un-)Sustinability of public finances in German Laender: A panel time series approach," Freiburg Discussion Papers on Constitutional Economics 15/09, Walter Eucken Institut e.V..
    6. Covalschi Tatiana & Lazăr Sebastian, 2016. "The Sustainability of Public Finances in Republic of Moldova Under EU Fiscal Rules," Scientific Annals of Economics and Business, Sciendo, vol. 63(2), pages 149-159, June.
    7. Syed Ali Raza & Syed Zaki Hassan & Arshian Sharif, 2019. "Asymmetric Relationship Between Government Revenues and Expenditures in a Developing Economy: Evidence from a Non-linear Model," Global Business Review, International Management Institute, vol. 20(5), pages 1179-1195, October.
    8. R. Golinelli & I. Mammi & A. Musolesi, 2018. "Parameter heterogeneity, persistence and cross-sectional dependence: new insights on fiscal policy reaction functions for the Euro area," Working Papers wp1120, Dipartimento Scienze Economiche, Universita' di Bologna.
    9. Malte Rengel, 2020. "Sustainability of European fiscal balances: Just a statistical artifact?," Empirical Economics, Springer, vol. 58(4), pages 1681-1712, April.
    10. Salem, Leila Ben & Nouira, Ridha & Rault, Christophe, 2024. "On the Impact of Oil Prices on Sectoral Inflation: Evidence from World's Top Oil Exporters and Importers," IZA Discussion Papers 16706, Institute of Labor Economics (IZA).
    11. António Afonso & José Carlos Coelho, 2024. "Budgetary constrained governments: drivers of time varying fiscal sustainability in OECD countries," Working Papers REM 2024/0325, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    12. Heiko T. Burret & Lars P. Feld & Kö & Ekkehard A. hler, 2014. "Panel Cointegration Tests on the Fiscal Sustainability of German Laender," CESifo Working Paper Series 4929, CESifo.
    13. Golpe, Antonio A. & Sánchez-Fuentes, A. Jesus & Vides, José Carlos, 2023. "Fiscal sustainability, monetary policy and economic growth in the Euro Area: In search of the ultimate causal path," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1026-1045.
    14. Gábor Kutasi, 2017. "Unsustainable Public Debt in a European Fiscal Union?," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 9(1), pages 25-39.
    15. Radmila Dragutinović Mitrović & Olgica Glavaški & Emilija Beker Pucar, 2019. "Fiscal Sustainability in Flow Model: Panel Cointegration Approach for the EU-28," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 15-24, August.
    16. Helmut Herwartz & Malte Rengel, 2018. "Size-corrected inference in fiscal policy reaction functions: a three country assessment," Empirical Economics, Springer, vol. 55(2), pages 391-416, September.

  79. Afonso, António & Nunes, Ana Sofia, 2015. "Economic forecasts and sovereign yields," Economic Modelling, Elsevier, vol. 44(C), pages 319-326.
    See citations under working paper version above.
  80. Ant Afonso & Christophe Rault, 2015. "Short- and long-run behaviour of long-term sovereign bond yields," Applied Economics, Taylor & Francis Journals, vol. 47(37), pages 3971-3993, August.
    See citations under working paper version above.
  81. Afonso, António & Arghyrou, Michael G. & Bagdatoglou, George & Kontonikas, Alexandros, 2015. "On the time-varying relationship between EMU sovereign spreads and their determinants," Economic Modelling, Elsevier, vol. 44(C), pages 363-371.
    See citations under working paper version above.
  82. Ant�nio Afonso & João Tovar Jalles, 2014. "Causality for the government budget and economic growth," Applied Economics Letters, Taylor & Francis Journals, vol. 21(17), pages 1198-1201, November.
    See citations under working paper version above.
  83. Ant Afonso & João Tovar Jalles, 2014. "Fiscal composition and long-term growth," Applied Economics, Taylor & Francis Journals, vol. 46(3), pages 349-358, January.
    See citations under working paper version above.
  84. Afonso, António & Gomes, Pedro, 2014. "Interactions between private and public sector wages," Journal of Macroeconomics, Elsevier, vol. 39(PA), pages 97-112.
    See citations under working paper version above.
  85. António Afonso & Michael G. Arghyrou & Alexandros Kontonikas, 2014. "Pricing Sovereign Bond Risk In The European Monetary Union Area: An Empirical Investigation," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 19(1), pages 49-56, January.

    Cited by:

    1. António Afonso & Michael G. Arghyrou & María Dolores Gadea & Alexandros Kontonikas, 2017. ""Whatever it takes" to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects," Working Papers REM 2017/02, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2020. "The role of ECB monetary policy and financial stress on Eurozone sovereign yields," Empirical Economics, Springer, vol. 59(3), pages 1189-1211, September.
    3. Demosthenes Ioannou & Maria Sole Pagliari & Livio Stracca, 2020. "The international dimension of a fragile EMU," Working papers 795, Banque de France.
    4. António Afonso & José Alves, 2023. "Are fiscal consolidation episodes helpful for public sector efficiency?," Applied Economics, Taylor & Francis Journals, vol. 55(31), pages 3547-3560, July.
    5. António Afonso & Mina Kazemi, 2018. "Sovereign Bond Yields Spreads Spillovers in the EMU," Working Papers REM 2018/52, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    6. Gómez-Puig, Marta & Pieterse-Bloem, Mary & Sosvilla-Rivero, Simón, 2023. "Dynamic connectedness between credit and liquidity risks in euro area sovereign debt markets," Journal of Multinational Financial Management, Elsevier, vol. 68(C).
    7. Theobald, Thomas & Tober, Silke, 2020. "Euro area sovereign yield spreads as determinants of private sector borrowing costs," Economic Modelling, Elsevier, vol. 84(C), pages 27-37.
    8. Eijffinger, Sylvester C.W. & Pieterse-Bloem, Mary, 2023. "Eurozone government bond spreads: A tale of different ECB policy regimes," Journal of International Money and Finance, Elsevier, vol. 139(C).
    9. Eleonora Cutrini & Giorgio Galeazzi, 2017. "External Public Debt, Trade Linkages and Contagion During the Eurozone Crisis," The World Economy, Wiley Blackwell, vol. 40(9), pages 1718-1749, September.
    10. Vicente Esteve & Cecilio Tamarit, 2018. "Public debt and economic growth in Spain, 1851–2013," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 12(2), pages 219-249, May.
    11. Kinateder, Harald & Wagner, Niklas, 2017. "Quantitative easing and the pricing of EMU sovereign debt," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 1-12.
    12. António Afonso & João Jalles, 2017. "Do Fiscal Rules Lower Government Financing Costs?," Working Papers REM 2017/15, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    13. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2017. "Eurozone bond market dynamics, ECB monetary policy and financial stress," Working Papers hal-03458554, HAL.
    14. G. Arghyrou, Michael & Gadea, Maria-Dolores & Kontonikas, Alexandros, 2024. "Private bank deposits and macro/fiscal risk in the euro-area," Journal of International Money and Finance, Elsevier, vol. 140(C).
    15. Paniagua, Jordi & Sapena, Juan & Tamarit, Cecilio, 2017. "Sovereign debt spreads in EMU: The time-varying role of fundamentals and market distrust," Journal of Financial Stability, Elsevier, vol. 33(C), pages 187-206.
    16. António Afonso & João Tovar Jalles, 2017. "Quantitative Easing and Sovereign Yield Spreads: Euro-Area Time-Varying Evidence," Working Papers REM 2017/20, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    17. Hirsch, Patrick & Feld, Lars P. & Köhler, Ekkehard A. & Thomas, Tobias, 2024. "“Whatever It Takes!” How tonality of TV-news affected government bond yield spreads during the European debt crisis," European Journal of Political Economy, Elsevier, vol. 82(C).
    18. António Afonso & João Tovar Jalles, 2020. "Economic volatility and sovereign yields’ determinants: a time-varying approach," Empirical Economics, Springer, vol. 58(2), pages 427-451, February.
    19. António Afonso & José Alves & Oļegs Matvejevs & Oļegs Tkačevs, 2023. "Fiscal Sustainability and the Role of Inflation," CESifo Working Paper Series 10843, CESifo.
    20. Ioannou, Demosthenes & Pagliari, Maria Sole & Stracca, Livio, 2024. "The international impact of a fragile EMU," European Economic Review, Elsevier, vol. 161(C).
    21. Kinateder, Harald & Hofstetter, Benedikt & Wagner, Niklas, 2017. "Do liquidity variables improve out-of-sample prediction of sovereign spreads during crisis periods?," Finance Research Letters, Elsevier, vol. 21(C), pages 144-150.
    22. Beqiraj, Elton & Patella, Valeria & Tancioni, Massimiliano, 2021. "Fiscal stance and the sovereign risk pass-through," Economic Modelling, Elsevier, vol. 102(C).
    23. Marta Gómez-Puig & Mary Pieterse-Bloem & Simón Sosvilla-Rivero, 2022. ""Dynamic connectedness between credit and liquidity risks in EMU sovereign debt markets"," IREA Working Papers 202217, University of Barcelona, Research Institute of Applied Economics, revised Oct 2022.
    24. António Afonso & Mina Kazemi, 2022. "Sovereign bond yield spreads spillovers in the Economic and Monetary Union," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2615-2626, April.
    25. Kellard, Neil M. & Kontonikas, Alexandros & Lamla, Michael J. & Maiani, Stefano & Wood, Geoffrey, 2022. "Risk, financial stability and FDI," Journal of International Money and Finance, Elsevier, vol. 120(C).
    26. Ioannou, Demosthenes & Stracca, Livio & Pagliari, Maria Sole, 2020. "The international dimension of an incomplete EMU," Working Paper Series 2459, European Central Bank.
    27. Eleonora Cutrini and Giorgio Galeazzi, 2014. "Contagion in the Euro crisis: capital flows and trade linkages," Working Papers 44-2014, Macerata University, Department of Studies on Economic Development (DiSSE), revised Nov 2014.

  86. António Afonso & João Jalles, 2014. "A longer-run perspective on fiscal sustainability," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(4), pages 821-847, November.
    See citations under working paper version above.
  87. Afonso, António & Gomes, Pedro & Taamouti, Abderrahim, 2014. "Sovereign credit ratings, market volatility, and financial gains," Computational Statistics & Data Analysis, Elsevier, vol. 76(C), pages 20-33.
    See citations under working paper version above.
  88. Afonso, António & Jalles, João Tovar, 2014. "Assessing fiscal episodes," Economic Modelling, Elsevier, vol. 37(C), pages 255-270.
    See citations under working paper version above.
  89. Ant Afonso & Miguel St. Aubyn, 2013. "Public and private inputs in aggregate production and growth: a cross-country efficiency approach," Applied Economics, Taylor & Francis Journals, vol. 45(32), pages 4487-4502, November.
    See citations under working paper version above.
  90. António Afonso & João Tovar Jalles, 2013. "The cyclicality of education, health, and social security government spending," Applied Economics Letters, Taylor & Francis Journals, vol. 20(7), pages 669-672, May.
    See citations under working paper version above.
  91. Ant Afonso & Lu . Costa, 2013. "Market power and fiscal policy in OECD countries," Applied Economics, Taylor & Francis Journals, vol. 45(32), pages 4545-4555, November.
    See citations under working paper version above.
  92. António Afonso & João Tovar Jalles, 2013. "Do fiscal rules matter for growth?," Applied Economics Letters, Taylor & Francis Journals, vol. 20(1), pages 34-40, January.
    See citations under working paper version above.
  93. Afonso, António & Jalles, João Tovar, 2013. "Growth and productivity: The role of government debt," International Review of Economics & Finance, Elsevier, vol. 25(C), pages 384-407.
    See citations under working paper version above.
  94. Ant Afonso & Ricardo M. Sousa, 2012. "The macroeconomic effects of fiscal policy," Applied Economics, Taylor & Francis Journals, vol. 44(34), pages 4439-4454, December.
    See citations under working paper version above.
  95. António Afonso & João Tovar Jalles, 2012. "Fiscal volatility, financial crises and growth," Applied Economics Letters, Taylor & Francis Journals, vol. 19(18), pages 1821-1826, December.
    See citations under working paper version above.
  96. Afonso, António & Furceri, Davide & Gomes, Pedro, 2012. "Sovereign credit ratings and financial markets linkages: Application to European data," Journal of International Money and Finance, Elsevier, vol. 31(3), pages 606-638.
    See citations under working paper version above.
  97. Afonso, António & Martins, Manuel M.F., 2012. "Level, slope, curvature of the sovereign yield curve, and fiscal behaviour," Journal of Banking & Finance, Elsevier, vol. 36(6), pages 1789-1807.
    See citations under working paper version above.
  98. António Afonso & João Tovar Jalles, 2012. "Measuring the success of fiscal consolidations," Applied Financial Economics, Taylor & Francis Journals, vol. 22(13), pages 1053-1061, July.
    See citations under working paper version above.
  99. Christophe Rault & António Afonso, 2011. "Long-run Determinants of Sovereign Yields," Economics Bulletin, AccessEcon, vol. 31(1), pages 367-374.
    See citations under working paper version above.
  100. António Afonso & Peter Claeys & Ricardo Sousa, 2011. "Fiscal regime shifts in Portugal," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 10(2), pages 83-108, August.
    See citations under working paper version above.
  101. António Afonso & Ricardo M. Sousa, 2011. "Consumption, Wealth, Stock And Government Bond Returns: International Evidence," Manchester School, University of Manchester, vol. 79(6), pages 1294-1232, December.
    See citations under working paper version above.
  102. António Afonso & João Jalles, 2011. "Appraising fiscal reaction functions," Economics Bulletin, AccessEcon, vol. 31(4), pages 3320-3330.
    See citations under working paper version above.
  103. António Afonso & Pedro Gomes, 2011. "Do Fiscal Imbalances Deteriorate Sovereign Debt Ratings ?," Revue économique, Presses de Sciences-Po, vol. 62(6), pages 1123-1134.
    See citations under working paper version above.
  104. Antonio Afonso & Miguel St. Aubyn, 2011. "Assessing health efficiency across countries with a two-step and bootstrap analysis," Applied Economics Letters, Taylor & Francis Journals, vol. 18(15), pages 1427-1430.

    Cited by:

    1. Afonso, António & Tovar Jalles, João & Venâncio, Ana, 2024. "Fiscal decentralization and public sector efficiency: Do natural disasters matter?," Economic Modelling, Elsevier, vol. 137(C).
    2. Cosmin Eugen ENACHE, 2012. "The efficiency of expenditure-related redistributive policies in the European countries," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 5(18), pages 380-394.
    3. Yun-Gi Hwang & Soohyun Park & Daecheol Kim, 2018. "Efficiency Analysis of Official Development Assistance Provided by Korea," Sustainability, MDPI, vol. 10(8), pages 1-13, August.
    4. Sebastian Kohl & Jan Schoenfelder & Andreas Fügener & Jens O. Brunner, 2019. "The use of Data Envelopment Analysis (DEA) in healthcare with a focus on hospitals," Health Care Management Science, Springer, vol. 22(2), pages 245-286, June.
    5. Panagiotis Mitropoulos, 2021. "Production and quality performance of healthcare services in EU countries during the economic crisis," Operational Research, Springer, vol. 21(2), pages 857-873, June.
    6. Amparo Seijas Díaz & Guillermo Iglesias Gómez, 2013. "Evolution of productivity and relation with satisfaction in hospital care and specialized care of Autonomous Communities Health Systems," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 27, pages 7-32.
    7. Şeremet, Gülizar Gülcan & Konca, Murat, 2024. "Technical efficiency and its determinants in healthcare systems of underdeveloped countries," Evaluation and Program Planning, Elsevier, vol. 107(C).
    8. António Afonso & Alma Romero & Emma Monsalve, 2013. "Public sector efficiency: evidence for Latin America," Working Papers Department of Economics 2013/20, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    9. António Afonso & Ludger Schuknecht & Vito Tanzi, 2020. "The Size of Government," EconPol Working Paper 46, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    10. Varabyova, Yauheniya & Müller, Julia-Maria, 2016. "The efficiency of health care production in OECD countries: A systematic review and meta-analysis of cross-country comparisons," Health Policy, Elsevier, vol. 120(3), pages 252-263.
    11. António Afonso & Ana Venâncio, 2020. "Local territorial reform and regional spending efficiency," Local Government Studies, Taylor & Francis Journals, vol. 46(6), pages 888-910, November.
    12. Constantin Ogloblin, 2023. "Health care financing and productivity of health care in OECD countries: a stochastic frontier analysis," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 13(2), pages 259-283, June.
    13. António Afonso & Ana Venâncio, 2013. "The relevance of commuting zones for regional spending efficiency," Working Papers Department of Economics 2013/17, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    14. Marianela Carrillo & Jesús M. Jorge, 2017. "DEA-Like Efficiency Ranking of Regional Health Systems in Spain," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 133(3), pages 1133-1149, September.
    15. Zhensheng Chen & Xueli Chen & Xiaoqing Gan & Kaixuan Bai & Tomas Baležentis & Lixin Cui, 2020. "Technical Efficiency of Regional Public Hospitals in China Based on the Three-Stage DEA," IJERPH, MDPI, vol. 17(24), pages 1-17, December.
    16. Angelo Castaldo & Maria Alessandra Antonelli & Valeria De Bonis & Giorgia Marini, 2020. "Determinants of health sector efficiency: evidence from a two-step analysis on 30 OECD countries," Economics Bulletin, AccessEcon, vol. 40(2), pages 1651-1666.
    17. Justyna Kujawska, 2021. "Health System Efficiency in European Countries: Network Data Envelopment Analysis Approach," European Research Studies Journal, European Research Studies Journal, vol. 0(2 - Part ), pages 1095-1117.
    18. Alvaro Almeida, 2024. "The trade-off between health system resiliency and efficiency: evidence from COVID-19 in European regions," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 25(1), pages 31-47, February.
    19. Rodrigo Moreno-Serra & Misael Anaya-Montes & Peter C Smith, 2019. "Potential determinants of health system efficiency: Evidence from Latin America and the Caribbean," PLOS ONE, Public Library of Science, vol. 14(5), pages 1-21, May.
    20. Muchen Luo & Yimin Wu, 2022. "Data-Driven Evaluation and Optimisation of Livelihood Improvement Efficiency," Sustainability, MDPI, vol. 14(13), pages 1-24, July.
    21. António Afonso & João Tovar Jalles & Ana Venâncio, 2023. "Government Spending and Tax Revenue Decentralization and Public Sector Efficiency: Do Natural Disasters matter?," Working Papers REM 2023/0271, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    22. Yu, Peiheng & Fennell, Shailaja & Chen, Yiyun & Liu, Hui & Xu, Lu & Pan, Jiawei & Bai, Shaoyun & Gu, Shixiang, 2022. "Positive impacts of farmland fragmentation on agricultural production efficiency in Qilu Lake watershed: Implications for appropriate scale management," Land Use Policy, Elsevier, vol. 117(C).
    23. José Manuel Cordero & Cristina Polo & Daniel Santín & Gabriela Sicilia, 2016. "Monte-Carlo Comparison of Conditional Nonparametric Methods and Traditional Approaches to Include Exogenous Variables," Pacific Economic Review, Wiley Blackwell, vol. 21(4), pages 483-497, October.
    24. Gökçe Manavgat & Martine Audibert, 2024. "Healthcare system efficiency and drivers: Re-evaluation of OECD countries for COVID-19," Post-Print hal-04350906, HAL.
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    26. Zhensheng Chen & Xueli Chen & Tomas Baležentis & Xiaoqing Gan & Vivian Valdmanis, 2020. "Productivity change and its driving forces in Chinese healthcare sector," PLOS ONE, Public Library of Science, vol. 15(12), pages 1-16, December.
    27. Pınar Kaya Samut & Reyhan Cafrı, 2016. "Analysis of the Efficiency Determinants of Health Systems in OECD Countries by DEA and Panel Tobit," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 129(1), pages 113-132, October.
    28. Sona Stikarova, 2014. "Economic growth, inequality and efficiency," Department of Economic Policy Working Paper Series 006, Department of Economic Policy, Faculty of National Economy, University of Economics in Bratislava.
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    30. Gearhart Richard, 2019. "The Impact of Secondary Environmental Variables on OECD Healthcare Efficiency: A Robust Conditional Approach," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 19(2), pages 1-16, April.

  105. António Afonso & Juan Alegre, 2011. "Economic growth and budgetary components: a panel assessment for the EU," Empirical Economics, Springer, vol. 41(3), pages 703-723, December.
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  106. Afonso, António & Sousa, Ricardo M., 2011. "What are the effects of fiscal policy on asset markets?," Economic Modelling, Elsevier, vol. 28(4), pages 1871-1890, July.

    Cited by:

    1. Agnello, Luca & Castro, Vítor & Sousa, Ricardo M., 2012. "How does fiscal policy react to wealth composition and asset prices?," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 874-890.
    2. Christophe Andre & Petre Caraiani & Rangan Gupta, 2023. "Fiscal Policy and Stock Markets at the Effective Lower Bound," Working Papers 202309, University of Pretoria, Department of Economics.
    3. Chiwei Su & Yiru Liu & Chang Liu & Ran Tao, 2022. "The Impact of Medical and Health Fiscal Expenditures on Pharmaceutical Industry Stock Index in China," IJERPH, MDPI, vol. 19(18), pages 1-14, September.
    4. Goodness C. Aye & Mehmet Balcilar & Rangan Gupta & Charl Jooste & Stephen M. Miller & Zeynel Abidin Ozdemir, 2012. "Fiscal Policy Shocks and the Dynamics of Asset Prices: The South African Experience," Working Papers 1211, University of Nevada, Las Vegas , Department of Economics.
    5. Vítor Castro & Ricardo M. Sousa, 2010. "How Do Central Banks React to Wealth Composition and Asset Prices?," NIPE Working Papers 26/2010, NIPE - Universidade do Minho.
    6. Mumtaz, Haroon & Theodoridis, Konstantinos, 2020. "Fiscal policy shocks and stock prices in the United States," European Economic Review, Elsevier, vol. 129(C).
    7. L, Agnello. & R, M. Sousa., 2012. "How does Fiscal Consolidation Impact on Income Inequality?," Working papers 382, Banque de France.
    8. Park, Joshua K. & Meng, Xiangcai, 2024. "Crowding out or crowding in? Reevaluating the effect of government spending on private economic activities," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 102-117.
    9. Nkrumah, Kwabena Meneabe, 2013. "Effect of Fiscal Policy Shocks in Brazil," MPRA Paper 72534, University Library of Munich, Germany.
    10. Goodness C. Aye & Mehmet Balcilar & Rangan Gupta & Charl Jooste & Stephen M. Miller & Zeynel Abidin Ozdemir, 2014. "Fiscal Policy Shocks and the Dynamics of Asset Prices," Public Finance Review, , vol. 42(4), pages 511-531, July.
    11. Marçal, Emerson Fernandes & Cunha, Ronan & Merlin, Giovanni Tondin & Simões, Oscar, 2017. "The aftermath of 2008 turmoil on Brazilian economy: Tsunami or “Marolinha”?," Textos para discussão 459, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    12. Hardik A. Marfatia & Rangan Gupta & Stephen M. Miller, 2019. "125 Years of Time-Varying Effects of Fiscal Policy on Financial Markets," Working Papers 201956, University of Pretoria, Department of Economics.
    13. Karamysheva, Madina, 2022. "How do fiscal adjustments work? An empirical investigation," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
    14. Stoian, Andreea & Iorgulescu, Filip, 2020. "Fiscal policy and stock market efficiency: An ARDL Bounds Testing approach," Economic Modelling, Elsevier, vol. 90(C), pages 406-416.
    15. Rangan Gupta & Chi Keung Marco Lau & Stephen M. Miller & Mark E. Wohar, 2017. "U.S. Fiscal Policy and Asset Prices: The Role of Partisan Conflict," Working Papers 201742, University of Pretoria, Department of Economics.
    16. Ghassen El Montasser & Rangan Gupta & Charl Jooste & Stephen M. Miller, 2015. "The Time-Series Linkages between US Fiscal Policy and Asset Prices," Working Papers 201519, University of Pretoria, Department of Economics.
    17. Vasilios Plakandaras & Rangan Gupta & Theophilos Papadimitriou & Periklis Gogas, 2014. "Forecasting the U.S. Real House Price Index," DUTH Research Papers in Economics 10-2014, Democritus University of Thrace, Department of Economics.
    18. Kakhkharov, Jakhongir & Bianchi, Robert J. & Akhtaruzzaman, Md, 2024. "The impact of monetary and fiscal policy on FinTech firms during the crisis," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    19. Athanasios O. Tagkalakis, 2013. "The output effects of systematic and non-systematic fiscal policy changes in Greece," Working Papers 167, Bank of Greece.
    20. Goodness C. Aye & Rangan Gupta & Mampho P. Modise, 2015. "Do Stock Prices Impact Consumption and Interest Rate in South Africa? Evidence from a Time-varying Vector Autoregressive Model," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 14(2), pages 176-196, August.
    21. Luca Agnello & Davide Furceri & Ricardo M. Sousa, 2011. "Fiscal Policy Discretion, Private Spending, and Crisis Episodes," NIPE Working Papers 31/2011, NIPE - Universidade do Minho.
    22. António Afonso & José Alves & Wojciech Grabowski & Sofia Monteiro, 2025. "Stock and Sovereign Returns Linkages: Time-Varying Causality and Extreme-Quantile Determinants," CESifo Working Paper Series 11667, CESifo.
    23. António Afonso & José Alves & Krzysztof Beck & Karen Jackson, 2022. "Financial, Institutional and Macroeconomic Determinants of Cross-Country Portfolio Equity Flows," Working Papers REM 2022/0235, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    24. Luca Agnello & Vítor Castro & Ricardo M Sousa, 2015. "Is fiscal fatigue a threat to consolidation programmes?," Environment and Planning C, , vol. 33(4), pages 765-779, August.
    25. Luca Agnello & Vítor Castro & Ricardo M. Sousa, 2012. "Are there change-points in the likelihood of a fiscal consolidation ending?," NIPE Working Papers 18/2012, NIPE - Universidade do Minho.
    26. António Afonso & Ricardo M. Sousa, 2008. "The Macroeconomic Effects of Fiscal Policy," Working Papers Department of Economics 2008/56, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    27. Jawadi Fredj & Mallick Sushanta K. & Sousa Ricardo M., 2014. "Fiscal policy in the BRICs," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 18(2), pages 201-215, April.
    28. Gabriela-Victoria Anghelache & Stela Jakova & Dumitru-Cristian Oanea, 2016. "Fiscal Policy and Capital Market Performance: Evidence from EU Countries from Central and Eastern Europe," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 6(2), pages 34-43, April.
    29. Mustafa Ozan Yıldırım & Özge Filiz Yağcıbaşı, 2019. "The Dynamics Of House Prices And Fiscal Policy Shocks In Turkey," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 64(220), pages 39-60, January –.
    30. Luca Agnello & Gilles Dufrénot & Ricardo M. Sousa, 2012. "Adjusting the U.S. Fiscal Policy for Asset Prices: Evidence from a TVP-MS Framework," NIPE Working Papers 20/2012, NIPE - Universidade do Minho.
    31. Anthony M. Diercks & William Waller, 2017. "Taxes and the Fed : Theory and Evidence from Equities," Finance and Economics Discussion Series 2017-104, Board of Governors of the Federal Reserve System (U.S.).
    32. Rangan Gupta & Charl Jooste & Kanyane Matlou, 2013. "A Time-Varying Approach to Analysing Fiscal Policy and Asset Prices in South Africa," Working Papers 201303, University of Pretoria, Department of Economics.
    33. Shawkat Hammoudeh & Duc Khuong Nguyen & Ricardo M. Sousa, 2014. "What explains the short-term dynamics of the prices of CO2 emissions?," NIPE Working Papers 04/2014, NIPE - Universidade do Minho.
    34. Centinaio, Alessandra & Pacicco, Fausto & Serati, Massimiliano & Venegoni, Andrea, 2024. "Government decisions and macroeconomic stability: Fiscal policies and financial market fluctuations," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    35. Luca Agnello & Gilles Dufrénot & Ricardo M. Sousa, 2013. "Using time-varying transition probabilities in Markov switching processes to adjust US fiscal policy for asset prices," Post-Print hal-01498264, HAL.
    36. Josep Maria Raya Vilchez & Aleksander Kucel, 2023. "How fiscal policy affects housing market dynamics: Evidence from Spain," Bulletin of Economic Research, Wiley Blackwell, vol. 75(2), pages 323-347, April.
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    38. Agnello, Luca & Dufrénot, Gilles & Sousa, Ricardo M., 2015. "Nonlinear effects of asset prices on fiscal policy: Evidence from the UK, Italy and Spain," Economic Modelling, Elsevier, vol. 44(C), pages 358-362.
    39. Ilhami Gunduz, 2025. "The Impact of Fiscal Policy on the U.S. Stock Market Return," Journal of Economic Analysis, Anser Press, vol. 4(2), pages 218-236, June.
    40. Jawadi, Fredj & Mallick, Sushanta K. & Sousa, Ricardo M., 2016. "Fiscal and monetary policies in the BRICS: A panel VAR approach," Economic Modelling, Elsevier, vol. 58(C), pages 535-542.
    41. Carlos Giraldo & Iader Giraldo & Jose E. Gomez-Gonzalez & Jorge M. Uribe, 2025. "R&D Investment and Financial Stability," Documentos de trabajo 21327, FLAR.
    42. Krolzig, Hans-Martin & Sserwanja, Isaac, 2015. "Fiscal Policy, Interest Rates, and Output: Equilibrium-Correction Dynamics in the US Economy," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112813, Verein für Socialpolitik / German Economic Association.
    43. Reda Cherif & Fuad Hasanov, 2018. "Public debt dynamics: the effects of austerity, inflation, and growth shocks," Empirical Economics, Springer, vol. 54(3), pages 1087-1105, May.
    44. Beatrice D. Simo-Kengne & Rangan Gupta & Manoel Bittencourt, 2013. "The Impact of House Prices on Consumption in South Africa: Evidence from Provincial-Level Panel VARs," Housing Studies, Taylor & Francis Journals, vol. 28(8), pages 1133-1154, November.
    45. Pasquale Foresti & Oreste Napolitano, 2016. "On the Stock Markets’ Reactions to Taxation and Public Expenditure," LEQS – LSE 'Europe in Question' Discussion Paper Series 115, European Institute, LSE.
    46. Chatziantoniou, Ioannis & Duffy, David & Filis, George, 2013. "Stock market response to monetary and fiscal policy shocks: Multi-country evidence," Economic Modelling, Elsevier, vol. 30(C), pages 754-769.
    47. Topaloğlu-Bozkurt, Ayça & Tanyeri-Günsür, Başak, 2023. "Pricing the net benefits of a public loan guarantee scheme in a developing market," Economics Letters, Elsevier, vol. 232(C).
    48. Luca Agnello & Davide Furceri & Ricardo Sousa, 2013. "Discretionary Government Consumption, Private Domestic Demand, and Crisis Episodes," Open Economies Review, Springer, vol. 24(1), pages 79-100, February.
    49. Ma, Yong & Lv, Lin, 2022. "Money, debt, and the effects of fiscal stimulus," Economic Analysis and Policy, Elsevier, vol. 73(C), pages 152-178.
    50. Afonso, António & Alves, José & Beck, Krzysztof & Jackson, Karen, 2024. "Financial, institutional, and macroeconomic determinants of cross-country portfolio equity flows: The case of developed countries," Economic Modelling, Elsevier, vol. 141(C).
    51. Rossanto Dwi HANDOYO & Mansor JUSOH & Mohd. Azlan SHAH ZAIDI, 2015. "Impact of Monetary Policy and Fiscal Policy on Indonesian Stock Market," Expert Journal of Economics, Sprint Investify, vol. 3(2), pages 113-126.
    52. BUI, Duy-Tung & LLORCA, Matthieu & BUI, Thi Mai Hoai, 2018. "Dynamics between stock market movements and fiscal policy: Empirical evidence from emerging Asian economies," Pacific-Basin Finance Journal, Elsevier, vol. 51(C), pages 65-74.
    53. Marfatia, Hardik A. & Gupta, Rangan & Miller, Stephen, 2020. "125 ​Years of time-varying effects of fiscal policy on financial markets," International Review of Economics & Finance, Elsevier, vol. 70(C), pages 303-320.
    54. Hammoudeh, Shawkat & Nguyen, Duc Khuong & Sousa, Ricardo M., 2015. "US monetary policy and sectoral commodity prices," Journal of International Money and Finance, Elsevier, vol. 57(C), pages 61-85.
    55. Alexander Zimper, 2014. "The minimal confidence levels of Basel capital regulation," Journal of Banking Regulation, Palgrave Macmillan, vol. 15(2), pages 129-143, April.
    56. Boniface Yemba & Yi Duan & Nabaneeta Biswas, 2023. "Government spending news and stock price index," Economics Bulletin, AccessEcon, vol. 43(4), pages 1816-1841.
    57. Agnello, Luca & Castro, Vitor & Hammoudeh, Shawkat & Sousa, Ricardo M., 2017. "Spillovers from the oil sector to the housing market cycle," Energy Economics, Elsevier, vol. 61(C), pages 209-220.
    58. Goodness C. Aye & Rangan Gupta, 2013. "Forecasting Real House Price of the U.S.: An Analysis Covering 1890 to 2012," Working Papers 201362, University of Pretoria, Department of Economics.
    59. Rudan Wang & Bruce Morley & Javier Ordóñez, 2015. "The Taylor Rule, Wealth Effects and the Exchange Rate," Working Papers 2015/08, Economics Department, Universitat Jaume I, Castellón (Spain).
    60. Matthias Uhl, 2013. "A History of Tax Legislation in the Federal Republic of Germany," MAGKS Papers on Economics 201311, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    61. Luca Agnello & Ricardo M. Sousa, 2011. "Fiscal Consolidation and Income Inequality," NIPE Working Papers 34/2011, NIPE - Universidade do Minho.
    62. Luca Agnello & Vitor Castro & Ricardo M. Sousa, 2015. "Booms, Busts, and Normal Times in the Housing Market," Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 33(1), pages 25-45, January.
    63. Tsai, I-Chun, 2015. "Dynamic information transfer in the United States housing and stock markets," The North American Journal of Economics and Finance, Elsevier, vol. 34(C), pages 215-230.
    64. Bernd Hayo & Sascha Mierzwa, 2020. "Stock Market Reactions to Legislated Tax Changes: Evidence from the United States, Germany, and the United Kingdom," MAGKS Papers on Economics 202047, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    65. Konstantina Manou & Panagiotis Palaios & Evangelia Papapetrou, 2019. "Housing wealth, household debt and financial assets: are there implications for consumption?," Working Papers 263, Bank of Greece.
    66. Pattnaik, Debidutta & Kumar, Satish & Burton, Bruce & Lim, Weng Marc, 2022. "Economic Modelling at thirty-five: A retrospective bibliometric survey," Economic Modelling, Elsevier, vol. 107(C).
    67. John J. Heim, 2016. "Do government stimulus programs have different effects in recessions, or by type of tax or spending program?," Empirical Economics, Springer, vol. 51(4), pages 1333-1368, December.
    68. Suhaibu, Iddrisu & Harvey, Simon K. & Amidu, Mohammed, 2017. "The impact of monetary policy on stock market performance: Evidence from twelve (12) African countries," Research in International Business and Finance, Elsevier, vol. 42(C), pages 1372-1382.
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  107. Antonio Afonso & Ricardo Sousa, 2011. "Assessing long-term fiscal developments: evidence from Portugal," Applied Economics Letters, Taylor & Francis Journals, vol. 18(1), pages 1-5.
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    Cited by:

    1. Alves, Carlos Francisco & Citterio, Alberto & Marques, Bernardo P., 2023. "Bank-specific capital requirements: Short and long-run determinants," Finance Research Letters, Elsevier, vol. 52(C).
    2. Ben Hmiden, Oussama & Ben Cheikh, Nidhaleddine, 2016. "Debt-threshold effect in sovereign credit ratings: New evidence from nonlinear panel smooth transition models," Finance Research Letters, Elsevier, vol. 19(C), pages 273-278.
    3. Nidhaleddine Ben Cheikh & Oussama Ben Hmiden & Younes Ben Zaied & Sabri Boubaker, 2021. "Do sovereign credit ratings matter for corporate credit ratings?," Annals of Operations Research, Springer, vol. 297(1), pages 77-114, February.
    4. Jan Bruha & Moritz Karber & Beatrice Pierluigi & Ralph Setzer, 2017. "Understanding Rating Movements in Euro Area Countries," Working Papers 2017/06, Czech National Bank, Research and Statistics Department.
    5. Bao-We-Wal Bambe & Jeans-Louis Combes & Kabinet Kaba & Alexandru Minea, 2022. "Inflation Targeting and Developing countries' Performance: Evidence from Firm-Level Data," Working Papers hal-04638825, HAL.
    6. Nicolas Jannone Bellot, MaLuisa Marti Selva, Leandro Garcia Menendez, 2017. "Herding Behaviour among Credit Rating Agencies," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 2(1), pages 56-83, March.
    7. Dang, Huong & Partington, Graham, 2020. "Sovereign ratings and national culture," Pacific-Basin Finance Journal, Elsevier, vol. 60(C).
    8. Thomas Dimpfl & Tobias Langen, 2019. "How Unemployment Affects Bond Prices: A Mixed Frequency Google Nowcasting Approach," Computational Economics, Springer;Society for Computational Economics, vol. 54(2), pages 551-573, August.
    9. Bonga-Bonga, Lumengo & Manguzvane, Mathias Mandla, 2018. "Assessing the extent of contagion of sovereign credit risk among BRICS countries," MPRA Paper 89200, University Library of Munich, Germany.
    10. Andreas Bergh & Christian Bjørnskov, 2021. "Trust Us to Repay: Social Trust, Long‐Term Interest Rates, and Sovereign Credit Ratings," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(5), pages 1151-1174, August.
    11. Kuzubaş, Tolga Umut & Ömercikoğlu, Inci & Saltoğlu, Burak, 2014. "Network centrality measures and systemic risk: An application to the Turkish financial crisis," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 405(C), pages 203-215.
    12. Hsieh, Wen-Liang G. & Wu, Wei-Shao & Tu, Anthony H., 2022. "Religiosity and sovereign credit quality," Journal of Empirical Finance, Elsevier, vol. 68(C), pages 84-103.
    13. Kontonikas, Alexandros & Arghyrou, Michael G. & Afonso, António, 2012. "The determinants of sovereign bond yield spreads in the EMU," SIRE Discussion Papers 2012-88, Scottish Institute for Research in Economics (SIRE).
    14. Chunling Li & Khansa Pervaiz & Muhammad Asif Khan & Faheem Ur Rehman & Judit Oláh, 2019. "On the Asymmetries of Sovereign Credit Rating Announcements and Financial Market Development in the European Region," Sustainability, MDPI, vol. 11(23), pages 1-14, November.
    15. Hantzsche, Arno, 2022. "Fiscal uncertainty and sovereign credit risk," European Economic Review, Elsevier, vol. 148(C).
    16. Balima, Wenéyam Hippolyte & Combes, Jean-Louis & Minea, Alexandru, 2017. "Sovereign debt risk in emerging market economies: Does inflation targeting adoption make any difference?," Journal of International Money and Finance, Elsevier, vol. 70(C), pages 360-377.
    17. Boumparis, Periklis & Milas, Costas & Panagiotidis, Theodore, 2017. "Economic policy uncertainty and sovereign credit rating decisions: Panel quantile evidence for the Eurozone," Journal of International Money and Finance, Elsevier, vol. 79(C), pages 39-71.
    18. Nelson R. Ramírez-Rondán & Renato M. Rojas-Rojas & Julio A. Villavicencio, 2022. "Do institutions mitigate the uncertainty effect on sovereign credit ratings?," Documentos de Trabajo / Working Papers 2022-514, Departamento de Economía - Pontificia Universidad Católica del Perú.
    19. Reusens, Peter & Croux, Christophe, 2017. "Sovereign credit rating determinants: A comparison before and after the European debt crisis," Journal of Banking & Finance, Elsevier, vol. 77(C), pages 108-121.
    20. Natalia Gallardo & Mauricio Hitschfeld, 2020. "Determinantes del rating soberano: el caso de Chile," Working Papers Central Bank of Chile 891, Central Bank of Chile.
    21. Min Su & Yixuan Ren & Yifang Niu & Zhen Wang, 2025. "Dynamic linkages and determinants of sovereign CDS and exchange rates: evidence from G7 and BRICS," Palgrave Communications, Palgrave Macmillan, vol. 12(1), pages 1-13, December.
    22. Vu, Huong & Alsakka, Rasha & ap Gwilym, Owain, 2022. "Does competition improve sovereign credit rating quality?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
    23. Emilian C. Miricescu & Lucian Ţâţu & Delia Cornea, 2016. "The Determinants of the Sovereign Debt Rating: Evidence for the European Union Countries," ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Faculty of Economic Cybernetics, Statistics and Informatics, vol. 50(1), pages 175-188.
    24. Bart H. L. Overes & Michel van der Wel, 2021. "Modelling Sovereign Credit Ratings: Evaluating the Accuracy and Driving Factors using Machine Learning Techniques," Papers 2101.12684, arXiv.org, revised Jul 2021.
    25. Polito, Vito & Wickens, Michael, 2015. "Sovereign credit ratings in the European Union: A model-based fiscal analysis," European Economic Review, Elsevier, vol. 78(C), pages 220-247.
    26. Antonio Afonso & Joao Tovar Jalles, 2019. "Sovereign Ratings and Finance Ministers' Characteristics," Economics Bulletin, AccessEcon, vol. 39(4), pages 2999-3010.
    27. Huyugüzel Kışla, Gül & Özlem Önder, A., 2018. "Spatial analysis of sovereign risks: The case of emerging markets," Finance Research Letters, Elsevier, vol. 26(C), pages 47-55.
    28. Telila, Henok Fasil, 2023. "Frontier markets sovereign risk: New evidence from spatial econometric models," Finance Research Letters, Elsevier, vol. 58(PD).
    29. Schumacher, Ingmar, 2014. "On the self-fulfilling prophecy of changes in sovereign ratings," Economic Modelling, Elsevier, vol. 38(C), pages 351-356.
    30. Gabriel Caldas Montes & Diego Silveira Pacheco Oliveira, 2019. "Central bank transparency and sovereign risk ratings: a panel data approach," International Economics and Economic Policy, Springer, vol. 16(2), pages 417-433, April.
    31. Tennant, David F. & Tracey, Marlon R. & King, Damien W., 2020. "Sovereign credit rating: Evidence of bias against poor countries," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    32. Amat Adarov & Ugo Panizza, 2024. "Public Investment Quality and its Implications for Sovereign Risk and Debt Sustainability," IHEID Working Papers 12-2024, Economics Section, The Graduate Institute of International Studies.
    33. Stefanos Ioannou, 2017. "Credit Rating Downgrades and Sudden Stops of Capital Flows in the Eurozone," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 8(03), pages 1-36, October.
    34. Mohammed Kalloub & Ayhan Kapusuzoglu & Nildag Basak Ceylan, 2018. "The Impact Of Basel Iii Adoption By G20 Members On Their Credit Ratings," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 6(1), pages 47-55.
    35. Sofia Anyfantaki & Marianna Blix Grimaldi & Carlos Madeira & Simona Malovana & Georgios Papadopoulos, 2025. "Decoding climate-related risks in sovereign bond pricing: a global perspective," BIS Working Papers 1275, Bank for International Settlements.
    36. Min Su, 2023. "Modelling sovereign credit ratings and assessing the impartiality: A case study of China," PLOS ONE, Public Library of Science, vol. 18(9), pages 1-26, September.
    37. Colin Ellis, 2022. "Are Sovereign Ratings Biased Against Africa?," Applied Economics and Finance, Redfame publishing, vol. 9(1), pages 29-36, December.
    38. Carlos Uribe-Teran & Santiago Mosquera, 2019. "Structural factors, global shocks and sovereign debt credit ratings," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 43(1), pages 104-126, January.
    39. António Afonso & Davide Furceri & Pedro Gomes, 2011. "Sovereign credit ratings and financial markets linkages: application to European data," Working Papers Department of Economics 2011/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    40. Berggren, Niclas & Bjørnskov, Christian, 2018. "Regulation and Government Debt," Working Paper Series 1239, Research Institute of Industrial Economics.
    41. António Afonso & Christophe Rault, 2010. "Long-run Determinants of Sovereign Yields," Working Papers Department of Economics 2010/15, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    42. Aggelos KOTIOS & George GALANOS & Spyros ROUKANAS, 2012. "The Rating Agencies In The International Political Economy," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 11(1), pages 3-15.
    43. Wüste, Sebastian, 2022. "The logics of sovereign credit ratings in developed and developing countries," Research in International Business and Finance, Elsevier, vol. 62(C).
    44. Bernd Bartels & Constantin Weiser, 2014. "Public Debt & Sovereign Ratings - Do Industrialized Countries Enjoy a Privilege?," Working Papers 1417, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz, revised 29 Nov 2014.
    45. Simon, József & Simon-András, Henrietta, 2019. "Assessment of the Macroeconomic Risk Analysis of International Credit Rating Agencies against the Principles of Soundness and Credibility," Public Finance Quarterly, Corvinus University of Budapest, vol. 64(3), pages 337-349.
    46. Broto, Carmen & Molina, Luis, 2016. "Sovereign ratings and their asymmetric response to fundamentals," Journal of Economic Behavior & Organization, Elsevier, vol. 130(C), pages 206-224.
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    84. Diego Silveira Pacheco De Oliveira & Gabriel Caldas Montes, 2016. "Beyond The Macroeconomic Determinants Of Sovereign Credit Ratings In Developing Economies: A Panel Data Analysis Considering Different Dimensions," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 049, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    85. Mirdala, Rajmund & Ruščáková, Anna, 2015. "On Origins and Implications of the Sovereign Debt Crisis in the Euro Area," MPRA Paper 68859, University Library of Munich, Germany.
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    88. Ben Hmiden, Oussama & Tatoutchoup, Didier & Nguimkeu, Pierre & Avelé, Donatien, 2024. "Discrepancy and cross-regional bias in sovereign credit ratings: Analyzing the role of public debt," Economic Modelling, Elsevier, vol. 131(C).
    89. Abad, Pilar & Alsakka, Rasha & ap Gwilym, Owain, 2018. "The influence of rating levels and rating convergence on the spillover effects of sovereign credit actions," Journal of International Money and Finance, Elsevier, vol. 85(C), pages 40-57.
    90. Agnello, Luca & Castro, Vítor & Sousa, Ricardo M., 2021. "On the duration of sovereign ratings cycle phases," Journal of Economic Behavior & Organization, Elsevier, vol. 182(C), pages 512-526.
    91. Bartels, Bernhard & Weiser, Constantin, 2015. "Public Debt & Sovereign Ratings - Do Industrialized Countries Enjoy a Privilege?," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112822, Verein für Socialpolitik / German Economic Association.
    92. Agliardi, Elettra & Agliardi, Rossella & Pinar, Mehmet & Stengos, Thanasis & Topaloglou, Nikolas, 2012. "A new country risk index for emerging markets: A stochastic dominance approach," Journal of Empirical Finance, Elsevier, vol. 19(5), pages 741-761.
    93. Beetsma, Roel & Giuliodori, Massimo & Hanson, Jesper & de Jong, Frank, 2019. "The Maturity of Sovereign Debt Issuance in the Euro Area," CEPR Discussion Papers 13729, C.E.P.R. Discussion Papers.
    94. Osswald, Benjamin & Sureth, Caren, 2018. "Do country risk factors attenuate the effect of taxes on corporate risk-taking?," arqus Discussion Papers in Quantitative Tax Research 235, arqus - Arbeitskreis Quantitative Steuerlehre.
    95. Panos Gavras & Sofoklis D. Vogiazas & Maria Koura, 2016. "An Empirical Assessment of Sovereign Country Risk in the Black Sea Region," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 22(1), pages 77-93, February.
    96. Šergo Zdravko & Gržinić Jasmina, 2018. "Does the International Tourism Industry Relax Sovereign Credit Ratings: The Case of Countries Most Reliant on Tourism," South East European Journal of Economics and Business, Sciendo, vol. 13(2), pages 100-111, December.
    97. Jiyoun An & Bokyeong Park, 2019. "Natural Disasters and International Financial Accessibility in Developing Countries," Asian Economic Papers, MIT Press, vol. 18(1), pages 245-261, Winter/Sp.
    98. LaGarda, Guillermo & Prat, Jordi & Solera, Marco & Beverinotti, Javier, 2016. "Debt and Credit Quality in Central America, Panama, and the Dominican Republic," MPRA Paper 74163, University Library of Munich, Germany.
    99. Sami Ben Mim & Ridha Nouira & Fatma Mabrouk, 2023. "Non-Linear Determinants of Developing Countries’ Sovereign Ratings: Evidence from a Panel Threshold Regression (PTR) Model," Sustainability, MDPI, vol. 15(4), pages 1-23, February.
    100. Bao-We-Wal BAMBE, 2022. "Inflation Targeting and Private Domestic Investment in Developing Countries," Working Papers REM 2022/0237, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    101. Emara, Noha, 2012. "Inflation volatility, financial institutions and sovereign debt rating," MPRA Paper 68688, University Library of Munich, Germany.
    102. A. Talha Yalta & Yasemin Yalta, 2018. "Are the Credit Rating Agencies Biased Against MENA Countries?," Working Papers 1274, Economic Research Forum, revised 19 Dec 2018.
    103. Sylvester C.W. Eijffinger, 2012. "Rating Agencies: Role and Influence of Their Sovereign Credit Risk Assessment in the Eurozone," Journal of Common Market Studies, Wiley Blackwell, vol. 50(6), pages 912-921, November.
    104. Yalta, A. Talha & Yalta, A. Yasemin, 2018. "Are credit rating agencies regionally biased?," Economic Systems, Elsevier, vol. 42(4), pages 682-694.
    105. António Afonso, 2013. "Anatomy of a fiscal débacle: the case of Portugal," Working Papers Department of Economics 2013/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    106. Luca Agnello & Vitor Castro & Ricardo Sousa, 2019. "The Benevolence of Time, Sound Macroeconomic Environment and Governance Quality on the Duration of Sovereign Ratings Phases," Working Papers 34, European Stability Mechanism.
    107. Tran, Yen & Vu, Huong & Klusak, Patrycja & Kraemer, Moritz & Hoang, Tri, 2021. "Sovereign credit ratings during the COVID-19 pandemic," International Review of Financial Analysis, Elsevier, vol. 78(C).
    108. Osama M. Badr & Ahmed F. El-khadrawi, 2016. "Macroeconomic Variables, Government Effectiveness and Sovereign Credit Rating: A Case of Egypt," Applied Economics and Finance, Redfame publishing, vol. 3(4), pages 29-36, November.
    109. Lin, Boqiang & Su, Tong, 2021. "Do China's macro-financial factors determine the Shanghai crude oil futures market?," International Review of Financial Analysis, Elsevier, vol. 78(C).

  110. Afonso, António & Agnello, Luca & Furceri, Davide & Sousa, Ricardo M., 2011. "Assessing long-term fiscal developments: A new approach," Journal of International Money and Finance, Elsevier, vol. 30(1), pages 130-146, February.
    See citations under working paper version above.
  111. António Afonso & Ludger Schuknecht & Vito Tanzi, 2010. "Income distribution determinants and public spending efficiency," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 8(3), pages 367-389, September.
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  112. Afonso, António & Furceri, Davide, 2010. "Government size, composition, volatility and economic growth," European Journal of Political Economy, Elsevier, vol. 26(4), pages 517-532, December.
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  113. Antonio Afonso & Ludger Schuknecht & Vito Tanzi, 2010. "Public sector efficiency: evidence for new EU member states and emerging markets," Applied Economics, Taylor & Francis Journals, vol. 42(17), pages 2147-2164.
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  114. Antonio Afonso & Miguel St. Aubyn, 2010. "Public and private investment rates of return: evidence for industrialized countries," Applied Economics Letters, Taylor & Francis Journals, vol. 17(9), pages 839-843.

    Cited by:

    1. Antonio Afonso & Miguel St. Aubyn, 2007. "Macroeconomic Rates of Return of Public and Private Investment: Crowding-in and Crowding-out Effects," EcoMod2007 23900000, EcoMod.
    2. Carvelli, Gianni, 2024. "The dynamic effects of public investments on private capital formation: Modelling a heterogeneous asymmetric cointegration with unobserved global factors," International Economics, Elsevier, vol. 177(C).
    3. Mamedov, Arseny (Мамедов, Арсений) & Hudko, E. (Худько, Е.) & Belev, Sergei (Белев, Сергей) & Moguchev, Nikita Sergeevich (Могучев, Никита Сергеевич), 2016. "Comparative Analysis of the Effectiveness of Individual Instruments of State Investment Policy [Сравнительный Анализ Эффективности Применения Отдельных Инструментов Государственной Инвестиционной П," Working Papers 3052, Russian Presidential Academy of National Economy and Public Administration.
    4. Diogo Barbosa & Vitor M. Carvalho & Paulo J. Pereira, 2013. "The interaction between firms and Government in the context of investment decisions: a real options approach," FEP Working Papers 507, Universidade do Porto, Faculdade de Economia do Porto.
    5. António Afonso & José Alves & Sofia Monteiro, 2025. "Private investment and public investment: total rates of return and global balances in the OECD," Working Papers REM 2025/0363, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    6. Hans Pitlik & Michael Klien & Stefan Schiman-Vukan, 2017. "Stabilitätskonforme Berücksichtigung nachhaltiger öffentlicher Investitionen," WIFO Studies, WIFO, number 60595, June.
    7. Baussola, Maurizio & Carvelli, Gianni, 2023. "Public and private investments: Long-run asymmetric effects in France and the US," Finance Research Letters, Elsevier, vol. 58(PA).
    8. Arthur J. Robson & Balázs Szentes, 2014. "A Biological Theory of Social Discounting," American Economic Review, American Economic Association, vol. 104(11), pages 3481-3497, November.
    9. Barbosa, Diogo & Carvalho, Vitor M. & Pereira, Paulo J., 2016. "Public stimulus for private investment: An extended real options model," Economic Modelling, Elsevier, vol. 52(PB), pages 742-748.
    10. António Afonso & Miguel St. Aubyn, 2019. "Economic growth, public, and private investment returns in 17 OECD economies," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 18(1), pages 47-65, February.
    11. Alfredo Marvão Pereira & Jorge M. Andraz, 2010. "On The Economic Effects Of Investment In Railroad Infrastructures In Portugal," Working Papers 96, Department of Economics, College of William and Mary, revised 03 Apr 2012.
    12. Nusrat Akber & Megha Gupta & Kirtti Ranjan Paltasingh, 2020. "The Crowding-in/ out Debate in Investments in India: Fresh Evidence from NARDL Application," South Asian Journal of Macroeconomics and Public Finance, , vol. 9(2), pages 167-189, December.
    13. António Afonso & Miguel St. Aubyn, 2016. "Economic Growth and Public and Private Investment Returns," Working Papers Department of Economics 2016/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

  115. Ant�nio Afonso, 2010. "Expansionary fiscal consolidations in Europe: new evidence," Applied Economics Letters, Taylor & Francis Journals, vol. 17(2), pages 105-109, January.
    See citations under working paper version above.
  116. António Afonso & Luca Agnello & Davide Furceri, 2010. "Fiscal policy responsiveness, persistence, and discretion," Public Choice, Springer, vol. 145(3), pages 503-530, December.
    See citations under working paper version above.
  117. Antonio Afonso, 2010. "Long-term government bond yields and economic forecasts: evidence for the EU," Applied Economics Letters, Taylor & Francis Journals, vol. 17(15), pages 1437-1441.
    See citations under working paper version above.
  118. António Afonso & Christophe Rault, 2010. "What do we really know about fiscal sustainability in the EU? A panel data diagnostic," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 145(4), pages 731-755, January.
    See citations under working paper version above.
  119. António Afonso & Christophe Rault, 2009. "Spend-and-tax: a panel data investigation for the EU," Economics Bulletin, AccessEcon, vol. 29(4), pages 2542-2548.
    See citations under working paper version above.
  120. Antonio Afonso & Pedro Gomes & Philipp Rother, 2009. "Ordered response models for sovereign debt ratings," Applied Economics Letters, Taylor & Francis Journals, vol. 16(8), pages 769-773.
    See citations under working paper version above.
  121. Christophe Rault & António Afonso, 2009. "Bootstrap panel granger-causality between government budget and external deficits for the EU," Economics Bulletin, AccessEcon, vol. 29(2), pages 1027-1034.
    See citations under working paper version above.
  122. António Afonso & Miguel St. Aubyn, 2009. "Macroeconomic Rates Of Return Of Public And Private Investment: Crowding‐In And Crowding‐Out Effects," Manchester School, University of Manchester, vol. 77(s1), pages 21-39, September.
    See citations under working paper version above.
  123. António Afonso & Davide Furceri, 2009. "Sectoral Business Cycle Synchronization in the European Union," Economics Bulletin, AccessEcon, vol. 29(4), pages 2996-3014.
    See citations under working paper version above.
  124. António Afonso & Christophe Rault, 2009. "Spend spend-and and-tax: a panel data investigation for the EU," Economics Bulletin, AccessEcon, vol. 29(4), pages 1-32.

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    1. José Alves, 2018. "A DSGE Model to Evaluate the Macroeconomic Impacts of Taxation," Working Papers REM 2018/62, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Manuchehr Irandoust, 2018. "Government spending and revenues in Sweden 1722–2011: evidence from hidden cointegration," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 45(3), pages 543-557, August.
    3. Yu-Fu Chen & Michael Funke, 2009. "Booms, Recessions and Financial Turmoil: A Fresh Look at Investment Decisions under Cyclical Uncertainty," CESifo Working Paper Series 2759, CESifo.
    4. Najia Maraoui & Thouraya Hadj Amor & Islem Khefacha & Christophe Rault, 2022. "How Economic, Political and Institutional Factors Influence the Choice of Exchange Rate Regimes? New Evidence from Selected Countries of the MENA Region," CESifo Working Paper Series 9709, CESifo.
    5. Fateh Belaid & Christophe Rault, 2020. "Energy Expenditure in Egypt: Empirical Evidence Based on A Quantile Regression Approach," Working Papers 1446, Economic Research Forum, revised 20 Dec 2020.
    6. Sabrine Ferjani & Sami Saafi & Ridha Nouira & Christophe Rault, 2022. "The Impacts of the Dollar-Renminbi Exchange Rate Misalignment on the China-United States Commodity Trade: An Asymmetric Analysis," CESifo Working Paper Series 9706, CESifo.
    7. Belaïd, Fateh & Rault, Christophe & Massié, Camille, 2021. "A Life-Cycle Theory Analysis of French Household Electricity Demand," IZA Discussion Papers 14010, Institute of Labor Economics (IZA).
    8. Saunoris, James W. & Payne, James E., 2010. "Tax more or spend less? Asymmetries in the UK revenue-expenditure nexus," Journal of Policy Modeling, Elsevier, vol. 32(4), pages 478-487, July.
    9. Fateh Belaïd & Christophe Rault & Camille Massié, 2021. "A Life-Cycle Analysis of French Household Electricity Demand," CESifo Working Paper Series 8814, CESifo.
    10. Mihaela Simionescu & Javier Cifuentes-Faura, 2024. "Analyzing the causality between revenues and expenditures in Spanish municipalities and its policy implications," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 41(1), pages 25-45, April.
    11. Trachanas, Emmanouil & Katrakilidis, Constantinos, 2013. "Fiscal deficits under financial pressure and insolvency: Evidence for Italy, Greece and Spain," Journal of Policy Modeling, Elsevier, vol. 35(5), pages 730-749.
    12. Cagri Esener & Brigitte Granville & Roman Matousek, 2022. "Choosing the Optimal Tool for Fiscal Adjustment or Living under Fiscal Constraints: Panel Evidence from Selected OECD Countries," Economic Research Guardian, Mutascu Publishing, vol. 12(1), pages 2-29, June.
    13. Mihai Mutascu, 2015. "Government revenues and expenditures in the EU ex-communist countries: a bootstrap panel Granger causality approach," Working Papers halshs-01109233, HAL.
    14. Athanasios Athanasenas & Constantinos Katrakilidis & Emmanouil Trachanas, 2014. "Government spending and revenues in the Greek economy: evidence from nonlinear cointegration," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(2), pages 365-376, May.

  125. Afonso, Antonio & Claeys, Peter, 2008. "The dynamic behaviour of budget components and output," Economic Modelling, Elsevier, vol. 25(1), pages 93-117, January.
    See citations under working paper version above.
  126. Afonso, António & Fernandes, Sónia, 2008. "Assessing and explaining the relative efficiency of local government," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(5), pages 1946-1979, October.

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    1. Paulo Caldas & Diogo Cunha Ferreira & Brian Dollery & Rui Cunha Marques, 2018. "Municipal Sustainability Influence by European Union Investment Programs on the Portuguese Local Government," Sustainability, MDPI, vol. 10(4), pages 1-23, March.
    2. Caitlin O’Loughlin & Léopold Simar & Paul W. Wilson, 2023. "Methodologies for assessing government efficiency," Chapters, in: António Afonso & João Tovar Jalles & Ana Venâncio (ed.), Handbook on Public Sector Efficiency, chapter 4, pages 72-101, Edward Elgar Publishing.
    3. Chiwei Su & Yiru Liu & Chang Liu & Ran Tao, 2022. "The Impact of Medical and Health Fiscal Expenditures on Pharmaceutical Industry Stock Index in China," IJERPH, MDPI, vol. 19(18), pages 1-14, September.
    4. Núria Bosch Roca & Marta Espasa Queralt & Antoni Mora Corral, 2010. "Citizens' control and the efficiency of local public services," Working Papers 2010/23, Institut d'Economia de Barcelona (IEB).
    5. Ifigeneia-Dimitra Pougkakioti, 2021. "Measuring The Efficiency And Productivity Change Of Municipalities With An Output Oriented Model:Empirical Evidence Across Greek Municipalities Over The Time Period 2012-2016," Romanian Journal of Regional Science, Romanian Regional Science Association, vol. 15(1), pages 98-125, JUNE.
    6. Nistor Cristina Silvia & Ștefănescu Cristina Alexandrina & Crișan Andrei-Răzvan, 2017. "Performance Through Efficiency in the Public Healthcare System – A DEA Approach in an Emergent Country," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 62(1), pages 31-49, April.
    7. Cosmin Eugen ENACHE, 2012. "The efficiency of expenditure-related redistributive policies in the European countries," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 5(18), pages 380-394.
    8. Bo Li & Muhammad Mohiuddin & Qian Liu, 2019. "Determinants and Differences of Township Hospital Efficiency among Chinese Provinces," IJERPH, MDPI, vol. 16(9), pages 1-16, May.
    9. Jie Zhang & Yinxiao Qu & Yun Zhang & Xiuzhen Li & Xiao Miao, 2019. "Effects of FDI on the Efficiency of Government Expenditure on Environmental Protection Under Fiscal Decentralization: A Spatial Econometric Analysis for China," IJERPH, MDPI, vol. 16(14), pages 1-19, July.
    10. Isaac Otoo & Michael Danquah, 2021. "Fiscal decentralization and efficiency of public services delivery by local governments in Ghana," WIDER Working Paper Series wp-2021-88, World Institute for Development Economic Research (UNU-WIDER).
    11. Rachida El Mehdi & Christian M. Hafner, 2014. "Local Government Efficiency: The Case of Moroccan Municipalities," African Development Review, African Development Bank, vol. 26(1), pages (88-101.
    12. Jana Soukopová & Eduard Bakoš, 2013. "Assessment of municipal environmental protection expenditure: Case study in the Czech Republic," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 61(7), pages 2769-2777.
    13. Marinela Istrate & Ionel Muntele, 2024. "Sustainability of Local Public Finances from the Perspective of Territorial Disparities in the Rural Areas of Romania," Land, MDPI, vol. 13(11), pages 1-17, October.
    14. Pacheco, Francisca & Sanchez, Rafael & Villena, Mauricio G., 2017. "Estimating Local Government Efficiency using a Panel Data Parametric Approach: The Case of Chilean Municipalities," MPRA Paper 99150, University Library of Munich, Germany, revised 27 Jan 2020.
    15. Ligia Alba Melo-Becerraa & Lucas Wilfried Hahn-De-Castro & Dalma Sofía Ariza-Hernández & Cristian Oswaldo Carmona-Sanchez, 2016. "El desempeño municipal en el sector educativo: un análisis a partir de una función multiproducto," Documentos de trabajo sobre Economía Regional y Urbana 243, Banco de la Republica de Colombia.
    16. Enrique J. Buch‐Gómez & Roberto Cabaleiro‐Casal, 2020. "Turnout, political strength, and cost efficiency in Spanish municipalities of the autonomous region of Galicia: Evidence from an alternative stochastic frontier approach," Papers in Regional Science, Wiley Blackwell, vol. 99(3), pages 533-553, June.
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    1. Lehmann, Erik E. & Meoli, Michele & Paleari, Stefano & Stockinger, Sarah A. E., 2017. "Approaching effects of the economic crisis on university efficiency: A comparative study of Germany and Italy," UO Working Papers 08-17, University of Augsburg, Chair of Management and Organization.
    2. Luis Armando Galvis-Aponte, 2015. "La eficiencia del gasto público en educación en Colombia," Revista Economía y Región, Universidad Tecnológica de Bolívar, vol. 9(2), pages 75-97.
    3. Mariana Cunha & Vera Rocha, 2012. "On the Efficiency of Public Higher Education Institutions in Portugal: An Exploratory Study," FEP Working Papers 468, Universidade do Porto, Faculdade de Economia do Porto.
    4. António Afonso & Alma Romero & Emma Monsalve, 2013. "Public sector efficiency: evidence for Latin America," Working Papers Department of Economics 2013/20, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    5. Renato A. Villano & Carolyn‐Dung T. T. Tran, 2021. "Survey on technical efficiency in higher education: A meta‐fractional regression analysis," Pacific Economic Review, Wiley Blackwell, vol. 26(1), pages 110-135, February.
    6. Luis Armando Galvis, 2014. "Eficiencia en el uso de los recursos del SGP: los casos de la salud y la educación," Documentos de Trabajo Sobre Economía Regional y Urbana 12064, Banco de la República, Economía Regional.
    7. António Afonso, & Mohamed Ayadi, & Sourour Ramzi,, 2013. "Assessment of efficiency in basic and secondary education in Tunisia, a regional analysis," Working Papers Department of Economics 2013/06, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    8. Navas, Lina P. & Montes, Felipe & Abolghasem, Sepideh & Salas, Ricardo J. & Toloo, Mehdi & Zarama, Roberto, 2020. "Colombian higher education institutions evaluation," Socio-Economic Planning Sciences, Elsevier, vol. 71(C).
    9. Angel García Correas & Manuel Larran Jorge, 2010. "Análisis de diferentes medidas de la eficiencia investigadora y factores explicativos en las universidades públicas españolas," Investigaciones de Economía de la Educación volume 5, in: María Jesús Mancebón-Torrubia & Domingo P. Ximénez-de-Embún & José María Gómez-Sancho & Gregorio Gim (ed.), Investigaciones de Economía de la Educación 5, edition 1, volume 5, chapter 36, pages 703-732, Asociación de Economía de la Educación.
    10. Nahed Trabelsi & Younes Boujelbene, 2024. "Public Sector Efficiency and Economic Growth in Developing Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 596-615, March.
    11. Larrán-Jorge, Manuel & García-Correas, Ángel, 2015. "¿Influyen los modelos de financiación autonómicos en la eficiencia de las universidades públicas españolas?," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 18(2), pages 162-173.

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    1. António Afonso & José Alves & Krzysztof Beck, 2022. "Pay and Unemployment Determinants of Migration Flows in the European Union," CESifo Working Paper Series 10131, CESifo.
    2. Lukas Vogel & Werner Roeger & Bernhard Herz, 2013. "The Performance of Simple Fiscal Policy Rules in Monetary Union," Open Economies Review, Springer, vol. 24(1), pages 165-196, February.
    3. Daragh Clancy & Lorenzo Ricci, 2019. "Loss aversion, economic sentiments and international consumption smoothing," Working Papers 35, European Stability Mechanism.
    4. Léleng Kebalo & Hamitande Dout & Mawuli K. Couchoro & Stéphane Zouri, 2022. "Intégration – commerciale, budgétaire, financière – régionale et inégalités de revenu dans la Communauté Economique des Etats de l'Afrique de l'Ouest (CEDEAO)," African Development Review, African Development Bank, vol. 34(S1), pages 102-116, July.
    5. Ant Afonso & João Tovar Jalles, 2014. "Fiscal composition and long-term growth," Applied Economics, Taylor & Francis Journals, vol. 46(3), pages 349-358, January.
    6. António Afonso, & Marcelo Alcântara, 2016. "Euro Area Sovereign Debt Crisis and Debt Mutualisation," Working Papers Department of Economics 2016/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    7. Cimadomo, Jacopo & Gordo Mora, Esther & Palazzo, Alessandra Anna, 2022. "Enhancing private and public risk sharing: lessons from the literature and reflections on the COVID-19 crisis," Occasional Paper Series 306, European Central Bank.
    8. Timothy J. Goodspeed, 2016. "Absorbing Shocks: National Rainy-Day Funds and Cross-Country Transfers in a Fiscal Union," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 72(4), pages 407-420, December.
    9. Krzysztof Beck & Iana Okhrimenko, 2025. "Optimum Currency Area in the Eurozone," Open Economies Review, Springer, vol. 36(1), pages 197-219, February.
    10. Alcidi, Cinzia & Thirion, Gilles, 2017. "Fiscal Risk Sharing and Resilience to Shocks: Lessons for the euro area from the US," CEPS Papers 12595, Centre for European Policy Studies.
    11. Fabrizio Balassone & Sandro Momigliano & Marzia Romanelli & Pietro Tommasino, 2014. "Just round the corner? Pros, cons, and implementation issues of a fiscal union for the euro area," Questioni di Economia e Finanza (Occasional Papers) 245, Bank of Italy, Economic Research and International Relations Area.
    12. Joseba Martinez & Thomas Philippon & Markus Sihvonen, 2019. "Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets," NBER Working Papers 26026, National Bureau of Economic Research, Inc.
    13. Marius Clemens & Guillaume Claveres, 2017. "Unemployment Insurance Union," 2017 Meeting Papers 1340, Society for Economic Dynamics.
    14. Petar Sorić & Ivana Lolić & Marija Logarušić, 2021. "On the behavioral antecedents of business cycle coherence in the euro area," EFZG Working Papers Series 2104, Faculty of Economics and Business, University of Zagreb.
    15. Clancy, Daragh & Ricci, Lorenzo, 2022. "Economic sentiments and international risk sharing," International Economics, Elsevier, vol. 169(C), pages 208-229.
    16. Furceri, Davide & Loungani, Prakash & Pizzuto, Pietro, 2022. "Moving closer? Comparing regional adjustments to shocks in EMU and the United States," Journal of International Money and Finance, Elsevier, vol. 120(C).
    17. Zouri, Stéphane, 2021. "New evidence on international risk-sharing in the Economic Community of West African States (ECOWAS)," International Economics, Elsevier, vol. 165(C), pages 121-139.
    18. António Afonso & José Alves & Krzysztof Beck & Karen Jackson, 2022. "Financial, Institutional and Macroeconomic Determinants of Cross-Country Portfolio Equity Flows," Working Papers REM 2022/0235, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    19. Zouri, Stéphane, 2020. "Business cycles, bilateral trade and financial integration: Evidence from Economic Community of West African States (ECOWAS)," International Economics, Elsevier, vol. 163(C), pages 25-43.
    20. Juneja, Januj, 2017. "How Germany benefits the most from its Eurozone membership," Research in International Business and Finance, Elsevier, vol. 42(C), pages 1074-1088.
    21. Crespo-Cuaresma, Jesús & Fernández-Amador, Octavio, 2013. "Business cycle convergence in EMU: A second look at the second moment," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 239-259.
    22. Davide Furceri & Ms. Aleksandra Zdzienicka, 2013. "The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?," IMF Working Papers 2013/198, International Monetary Fund.
    23. Davide Furceri & Annabelle Mourougane, 2009. "Financial Crises: Past Lessons and Policy Implications," OECD Economics Department Working Papers 668, OECD Publishing.
    24. Esther Gordo & Ivan Kataryniuk, 2019. "Towards a more resilient euro area," Economics and Business Letters, Oviedo University Press, vol. 8(2), pages 106-114.
    25. Martinez, Joseba & Philippon, Thomas & Sihvonen, Markus, 2022. "Does a currency union need a capital market union?," Journal of International Economics, Elsevier, vol. 139(C).
    26. Rabia Rafique & Asad Nisar & Syed Sadaqat Ali Shah, 2024. "Testing the effects of fiscal policy shocks on output growth in recession and expansion: empirical evidence from developing countries," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-26, June.
    27. Sampawende Jules Tapsoba, 2011. "Union Monétaire en Afrique de l'Ouest: Quelles Réponses à l'Hétérogénéité des Chocs ?," CERDI Working papers halshs-00554309, HAL.
    28. Sybille Lehwald, 2013. "Has the Euro changed business cycle synchronization? Evidence from the core and the periphery," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 40(4), pages 655-684, November.
    29. S. Guillaumont Jeanneney & S. J‐A. Tapsoba, 2012. "Aid and Income Stabilization," Review of Development Economics, Wiley Blackwell, vol. 16(2), pages 216-229, May.
    30. Sylviane Guillaumont Jeanneney & Sampawende Jules Tapsoba, 2011. "Aid and Income Stabilization," CERDI Working papers halshs-00554289, HAL.
    31. Sampawende Jules TAPSOBA, 2009. "Union Monétaire en Afrique de l’Ouest: Quelles Réponses à l’Hétérogénéité des Chocs ?," Working Papers 200912, CERDI.
    32. Gilles Dufrénot & Jean-Baptiste Gossé & Caroline Clerc, 2021. "Risk sharing in Europe: new empirical evidence on the capital markets channel," Post-Print hal-02978130, HAL.
    33. Alcidi, Cinzia & D’Imperio, Paolo & Thirion, Gilles, 2017. "Risk-sharing and Consumption-smoothing Patterns in the US and the Euro Area: A comprehensive comparison," CEPS Papers 12514, Centre for European Policy Studies.
    34. António Afonso & João Tovar Jalles, 2011. "Growth and Productivity: the role of Government Debt," Working Papers Department of Economics 2011/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    35. Sampawende Jules Tapsoba, 2011. "Union Monétaire en Afrique de l'Ouest: Quelles Réponses à l'Hétérogénéité des Chocs ?," Working Papers halshs-00554309, HAL.
    36. Jacques Sapir, 2018. "The EMU’s Twisted Foundations: How to Use and Misuse Economic Theory," Studies on Russian Economic Development, Springer, vol. 29(5), pages 497-506, September.
    37. Afonso, António & Alves, José & Beck, Krzysztof & Jackson, Karen, 2024. "Financial, institutional, and macroeconomic determinants of cross-country portfolio equity flows: The case of developed countries," Economic Modelling, Elsevier, vol. 141(C).
    38. Giovannini, Alessandro & Ioannou, Demosthenes & Stracca, Livio, 2022. "Public and private risk sharing: friends or foes? The interplay between different forms of risk sharing," Occasional Paper Series 295, European Central Bank.
    39. Nicola Anderson & Martin Brooke & Michael Hume & Miriam Kürtösiová, 2015. "Financial Stability Paper 33: A European Capital Markets Union: implications for growth and stability," Bank of England Financial Stability Papers 33, Bank of England.
    40. Plamen Nikolov & Paolo Pasimeni, 2019. "Fiscal Stabilization in the United States: Lessons for Monetary Unions," Economics Working Paper Archive wp_926, Levy Economics Institute.
    41. Triandafil, Cristina Maria, 2011. "The Analysis Of The Convergence Criteria. Empirical Perspective In The Context Of The Sustainable Character Highlight," Working Papers of National Institute for Economic Research 111205, Institutul National de Cercetari Economice (INCE).
    42. António Afonso & Davide Furceri, 2007. "Sectoral Business Cycle Synchronization in the European Union," Working Papers Department of Economics 2007/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    43. Davide Furceri & Annabelle Mourougane, 2010. "Une lecture de la crise à la lumière des crises passées," Économie et Statistique, Programme National Persée, vol. 438(1), pages 19-42.
    44. BIKAI, J. Landry & KENKOUO, Guy Albert, 2015. "Analysis and evaluation of the Monetary Policy Transmission Channels in the CEMAC: A SVAR and SPVAR Approaches," MPRA Paper 78227, University Library of Munich, Germany.
    45. Olanubi, Sijuola Orioye & Osode, Oluwanbepelumi Esther & Adegboye, Abiodun Adewale, 2020. "Public sector efficiency in the design of a euro-area social benefit scheme," Journal of Policy Modeling, Elsevier, vol. 42(3), pages 615-627.
    46. Kosei Fukuda, 2010. "Three new empirical perspectives on the Hodrick–Prescott parameter," Empirical Economics, Springer, vol. 39(3), pages 713-731, December.
    47. Furceri, Davide, 2010. "Stabilization effects of social spending: Empirical evidence from a panel of OECD countries," The North American Journal of Economics and Finance, Elsevier, vol. 21(1), pages 34-48, March.
    48. Haan, Jakob de & Jacobs, Jan P.A.M. & Zijm, Renske, 2024. "Coherence of the business cycles of prospective members of the euro area and the euro area business cycle," Economic Systems, Elsevier, vol. 48(4).
    49. Petar Sorić & Ivana Lolić & Marija Logarušić, 2022. "Economic Sentiment and Aggregate Activity: A Tale of Two European Cycles," Journal of Common Market Studies, Wiley Blackwell, vol. 60(2), pages 445-462, March.
    50. Masayoshi Hayashi, 2013. "On the Decomposition of Regional Stabilization and Redistribution," CIRJE F-Series CIRJE-F-910, CIRJE, Faculty of Economics, University of Tokyo.
    51. Fiorelli, Cristiana & Giannini, Massimo & Martini, Barbara, 2022. "Private and public risk sharing across Italian regions," Journal of Macroeconomics, Elsevier, vol. 74(C).
    52. Cimadomo, Jacopo & Giuliodori, Massimo & Lengyel, Andras & Mumtaz, Haroon, 2023. "Changing patterns of risk-sharing channels in the United States and the euro area," Working Paper Series 2849, European Central Bank.
    53. Marius Clemens & Stefan Gebauer & Tobias König, 2020. "The Macroeconomic Effects of a European Deposit (Re-) Insurance Scheme," Discussion Papers of DIW Berlin 1873, DIW Berlin, German Institute for Economic Research.
    54. Markus Sihvonen, 2023. "Equity Home Bias in a Capital Market Union," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(4), pages 953-999, December.
    55. P. Butzen & S. Cheliout & H. Geeroms, 2014. "Lessons from the US for the institutional design of EMU," Economic Review, National Bank of Belgium, issue ii, pages 82-101, September.
    56. Beck, Krzysztof & Yersh, Valeryia, 2024. "Economic integration and consumption risk sharing: A comparison of Eurozone and OECD countries," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 784-803.
    57. Afonso, António & Morão, Hugo, 2024. "Commonalities and heterogeneity in the Iberian business cycle," The Journal of Economic Asymmetries, Elsevier, vol. 30(C).
    58. TRIANDAFIL, Cristina Maria, 2013. "Sustainability of convergence in the context of macro-prudential policies in the European Union," Working Papers of National Institute for Economic Research 130618, Institutul National de Cercetari Economice (INCE).

  130. António Afonso, 2008. "Euler testing Ricardo and Barro in the EU," Economics Bulletin, AccessEcon, vol. 5(16), pages 1-14.
    See citations under working paper version above.
  131. António Afonso & Vítor Gaspar, 2007. "Dupuit, Pigou and cost of inefficiency in public services provision," Public Choice, Springer, vol. 132(3), pages 485-502, September.

    Cited by:

    1. António Afonso & Ludger Schuknecht, 2019. "How “Big” Should Government Be?," Working Papers REM 2019/78, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Tanya P. Todorova, 2019. "Government Budget Balance And Economic Growth," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 13(1), pages 114-127.
    3. António Afonso & Alma Romero & Emma Monsalve, 2013. "Public sector efficiency: evidence for Latin America," Working Papers Department of Economics 2013/20, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    4. António Afonso & Ludger Schuknecht & Vito Tanzi, 2020. "The Size of Government," EconPol Working Paper 46, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    5. Mr. Julio Escolano & Vitor Gaspar, 2016. "Optimal Debt Policy Under Asymmetric Risk," IMF Working Papers 2016/178, International Monetary Fund.
    6. António Afonso & João Tovar Jalles & Ana Venâncio, 2021. "Taxation and Public Spending Efficiency: An International Comparison," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(3), pages 356-383, September.
    7. António Afonso & João Tovar Jalles & Ana Venâncio, 2020. "Structural Tax Reforms and Public Spending Efficiency," Working Papers REM 2020/0146, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    8. António Afonso & Ludger Schuknecht & Vito Tanzi, 2010. "Income distribution determinants and public spending efficiency," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 8(3), pages 367-389, September.
    9. António Afonso & José Alves & Najat Bazah, 2024. "Public Sector Efficiency and the Functions of the Government," Working Papers REM 2024/0357, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    10. Antonio Afonso & Ludger Schuknecht, 2019. "How “big†should government be?," Economics and Business Letters, Oviedo University Press, vol. 8(2), pages 85-96.
    11. António Afonso, & Manish K. Singh, 2016. "Is the supply of long-term debt independent of the term premia? Evidence from Portugal," Working Papers Department of Economics 2016/11, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    12. António Afonso & Ana Patricia Montes & José M. Domínguez, 2025. "A dynamic efficiency analysis for tax revenues in OECD countries," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 52(2), pages 377-411, May.
    13. Mühlenkamp Holger, 2016. "Effizienzmessung und quantitative Instrumente zur Effizienzsteigerung im öffentlichen Sektor," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 17(2), pages 106-128, July.

  132. Afonso, Antonio & Strauch, Rolf, 2007. "Fiscal policy events and interest rate swap spreads: Evidence from the EU," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 17(3), pages 261-276, July.
    See citations under working paper version above.
  133. Christophe Rault & António Afonso, 2007. "Should we care for structural breaks when assessing fiscal sustainability?," Economics Bulletin, AccessEcon, vol. 3(63), pages 1-9.
    See citations under working paper version above.
  134. António Afonso & Christiane Nickel & Philipp C. Rother, 2006. "Fiscal Consolidations in the Central and Eastern European Countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 142(2), pages 402-421, July.
    See citations under working paper version above.
  135. António Afonso, 2006. "Sustainability of fiscal policy in the EU-15," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 4(01), pages 34-38, April.

    Cited by:

    1. Aristovnik, Aleksander & Djurić, Sandra, 2010. "Twin deficits and the Feldstein-Horioka puzzle: a comparison of the EU member states and candidate countries," MPRA Paper 24149, University Library of Munich, Germany.
    2. Ricardo Ferraz & Joaquim Miranda Sarmento & António Portugal Duarte, 2024. "The Sustainability of Portuguese Fiscal Policy in Democracy, 1974–2020," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 22(3), pages 749-772, September.

  136. Afonso, Antonio & St. Aubyn, Miguel, 2006. "Cross-country efficiency of secondary education provision: A semi-parametric analysis with non-discretionary inputs," Economic Modelling, Elsevier, vol. 23(3), pages 476-491, May.
    See citations under working paper version above.
  137. Antonio Afonso & Sonia Fernandes, 2006. "Measuring local government spending efficiency: Evidence for the Lisbon region," Regional Studies, Taylor & Francis Journals, vol. 40(1), pages 39-53.

    Cited by:

    1. Ribeiro, Marcio Bruno, 2008. "Eficiência do gasto público na América Latina: uma análise comparativa a partir do modelo semi-paramétrico com estimativa em dois estágios," Gestión Pública 7329, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Karima Kourtit & Peter Nijkamp, 2013. "In Search of Creative Champions in High-Tech Spaces," Tinbergen Institute Discussion Papers 13-193/VIII, Tinbergen Institute.
    3. Núria Bosch Roca & Marta Espasa Queralt & Antoni Mora Corral, 2010. "Citizens' control and the efficiency of local public services," Working Papers 2010/23, Institut d'Economia de Barcelona (IEB).
    4. Daniela ANTONESCU & Florina POPA, 2016. "Criteria of Economic and Social Efficiency of Public Administration in Romania," Romanian Journal of Economics, Institute of National Economy, vol. 43(2(52)), pages 156-184, december.
    5. Ifigeneia-Dimitra Pougkakioti, 2021. "Measuring The Efficiency And Productivity Change Of Municipalities With An Output Oriented Model:Empirical Evidence Across Greek Municipalities Over The Time Period 2012-2016," Romanian Journal of Regional Science, Romanian Regional Science Association, vol. 15(1), pages 98-125, JUNE.
    6. Isiaq O. Oseni & Ibrahim A. Adekunle, 2020. "Relevance of Wagner’s Hypothesis in Achieving Sustainable Development Agenda in Nigeria," Working Papers of the African Governance and Development Institute. 20/006, African Governance and Development Institute..
    7. Xiao, Huijuan & Wang, Daoping & Qi, Yu & Shao, Shuai & Zhou, Ya & Shan, Yuli, 2021. "The governance-production nexus of eco-efficiency in Chinese resource-based cities: A two-stage network DEA approach," Energy Economics, Elsevier, vol. 101(C).
    8. Jie Zhang & Yinxiao Qu & Yun Zhang & Xiuzhen Li & Xiao Miao, 2019. "Effects of FDI on the Efficiency of Government Expenditure on Environmental Protection Under Fiscal Decentralization: A Spatial Econometric Analysis for China," IJERPH, MDPI, vol. 16(14), pages 1-19, July.
    9. I. A. Sokolov & I. N. Filippova, 2022. "Regional Government Expenditure Efficiency Evaluation for Housing and Utilities in Russia," Studies on Russian Economic Development, Springer, vol. 33(4), pages 455-463, August.
    10. Isiaq O. Oseni & Ibrahim A. Adekunle, 2020. "Relevance of Wagner’s Hypothesis in Achieving Sustainable Development Agenda in Nigeria," Research Africa Network Working Papers 20/006, Research Africa Network (RAN).
    11. Pacheco, Francisca & Sanchez, Rafael & Villena, Mauricio G., 2017. "Estimating Local Government Efficiency using a Panel Data Parametric Approach: The Case of Chilean Municipalities," MPRA Paper 99150, University Library of Munich, Germany, revised 27 Jan 2020.
    12. Enrique J. Buch‐Gómez & Roberto Cabaleiro‐Casal, 2020. "Turnout, political strength, and cost efficiency in Spanish municipalities of the autonomous region of Galicia: Evidence from an alternative stochastic frontier approach," Papers in Regional Science, Wiley Blackwell, vol. 99(3), pages 533-553, June.
    13. Soushi Suzuki & Karima Kourtit & Peter Nijkamp, 2017. "The robustness of performance rankings of Asia-Pacific super cities," Asia-Pacific Journal of Regional Science, Springer, vol. 1(1), pages 219-242, April.
    14. Jongmin Shon, 2022. "Does Competition Tame the Leviathan? A Case of Earmarked Spending for Transportation," Hacienda Pública Española / Review of Public Economics, IEF, vol. 241(2), pages 59-78, June.
    15. Villani, Salvatore, 2010. "Per un giusto equilibrio tra efficacia ed efficienza nell’attuazione della legge delega sul federalismo fiscale: verso la definizione dei LEP e dei costi standard delle Regioni," MPRA Paper 29513, University Library of Munich, Germany.
    16. Halkos, George & Tzeremes, Nickolaos, 2011. "Population density and regional welfare efficiency," MPRA Paper 30097, University Library of Munich, Germany.
    17. António Afonso & Ludger Schuknecht & Vito Tanzi, 2006. "Public Sector Efficiency: Evidence for New EU Member States and Emerging Markets," Working Papers Department of Economics 2006/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    18. Afonso, António & Fernandes, Sónia, 2008. "Assessing and explaining the relative efficiency of local government," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(5), pages 1946-1979, October.
    19. António Afonso & Alma Romero & Emma Monsalve, 2013. "Public sector efficiency: evidence for Latin America," Working Papers Department of Economics 2013/20, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    20. António Afonso & Ana Venâncio, 2022. "Local Property Tax Reform and Municipality Spending Efficiency," CESifo Working Paper Series 9538, CESifo.
    21. Florian Dorn, 2021. "Elections and Government Efficiency," ifo Working Paper Series 363, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    22. Rodríguez-Pose, Andrés & Ketterer, Tobias, 2019. "Institutional change and the development of lagging regions in Europe," LSE Research Online Documents on Economics 100721, London School of Economics and Political Science, LSE Library.
    23. Yi-Chung Hsu & Chien-Chiang Lee, 2014. "Performance Measurement In Public Spending: Evidence From A Non-Parametric Approach," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 136-159, October.
    24. Revelli Federico, 2008. "Spend more, get more? An inquiry into English local government performance," Department of Economics and Statistics Cognetti de Martiis. Working Papers 200804, University of Turin.
    25. Tommaso Agasisti & Francesco Porcelli, 2019. "Local governments’ efficiency and its heterogeneity – empirical evidence from a Stochastic Frontier Analysis of Italian municipalities 2010-2015," Working papers 81, Società Italiana di Economia Pubblica.
    26. António Afonso & Ana Venâncio, 2020. "Local territorial reform and regional spending efficiency," Local Government Studies, Taylor & Francis Journals, vol. 46(6), pages 888-910, November.
    27. Andrés Rodríguez-Pose, 2020. "Institutions and the fortunes of territories," Papers in Evolutionary Economic Geography (PEEG) 2018, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Mar 2020.
    28. Lyakhova Natalia I. & Gordeeva Natalya O. & Manaeva Ekaterina N. & Zhilin Eduard V., 2018. "Dynamics of Development of Investment Processes in Belgorod Region," The Journal of Social Sciences Research, Academic Research Publishing Group, vol. 4, pages 198-202, 11-2018.
    29. Francesco Aiello & Graziella Bonanno, 2019. "Explaining Differences In Efficiency: A Meta‐Study On Local Government Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 33(3), pages 999-1027, July.
    30. Marius Sorin Dincă & Gheorghiţa Dincă & Maria Letiţia Andronic, 2016. "Efficiency and Sustainability of Local Public Goods and Services. Case Study for Romania," Sustainability, MDPI, vol. 8(8), pages 1-24, August.
    31. António Afonso & Ana Venâncio, 2013. "The relevance of commuting zones for regional spending efficiency," Working Papers Department of Economics 2013/17, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    32. António Afonso & Ludger Schuknecht & Vito Tanzi, 2010. "Income distribution determinants and public spending efficiency," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 8(3), pages 367-389, September.
    33. Shi, Jiangang & Dai, Xingying & Duan, Kaifeng & Li, Jiajia, 2023. "Exploring the performances and determinants of public service provision in 35 major cities in China from the perspectives of efficiency and effectiveness," Socio-Economic Planning Sciences, Elsevier, vol. 85(C).
    34. Wen-Min Lu & Shih-Fang Lo, 2012. "Constructing stratifications for regions in China with sustainable development concerns," Quality & Quantity: International Journal of Methodology, Springer, vol. 46(6), pages 1807-1823, October.
    35. Gojković Biljana Srdić & Stanković Dragan, 2024. "The Development of Mass Assessment and Taxation of Real Estate as a Basis for Increasing the Source Income of the Local Self-Government Units of the Republic of Srpska," Economic Themes, Sciendo, vol. 62(1), pages 67-86.
    36. Villani, Salvatore, 2010. "Elementi ai fini della definizione della nozione di costo standard: una rassegna della letteratura e delle principali esperienze estere [Basic elements defining the standard cost concept. A survey ," MPRA Paper 29683, University Library of Munich, Germany.
    37. Guglielmo Barone & Sauro Mocetti, 2011. "Tax morale and public spending inefficiency," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 18(6), pages 724-749, December.
    38. Margarita De Sagun Tipanero, 2024. "Factors Influencing LGU Efficiency and Employee Productivity during COVID-19 Work from Home Arrangements: A Mediation Analysis," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(11), pages 3185-3206, November.
    39. Hauner, David, 2008. "Explaining Differences in Public Sector Efficiency: Evidence from Russia's Regions," World Development, Elsevier, vol. 36(10), pages 1745-1765, October.
    40. W. D. Gregori & L. Marattin, 2015. "Determinants of Fiscal Distress in Italian Municipalities," Working Papers wp1024, Dipartimento Scienze Economiche, Universita' di Bologna.
    41. Lenka Šťastn᠍ & Martin Gregor, 2015. "Public sector efficiency in transition and beyond: evidence from Czech local governments," Applied Economics, Taylor & Francis Journals, vol. 47(7), pages 680-699, February.
    42. Kourtit Karima & Nijkamp Peter & Suzuki Soushi, 2016. "New Urban Economic Agents: A Comparative Analysis of High-Performance New Entrepreneurs," Quaestiones Geographicae, Sciendo, vol. 35(4), pages 5-22, December.
    43. Montes, Gabriel Caldas & Bastos, Júlio Cesar Albuquerque & de Oliveira, Ana Jordânia, 2019. "Fiscal transparency, government effectiveness and government spending efficiency: Some international evidence based on panel data approach," Economic Modelling, Elsevier, vol. 79(C), pages 211-225.
    44. Riadh Brini & Hatem Jemmali, 2015. "Public Spending Efficiency, Governance, and Political and Economic Policies: is there a Substantial Casual Relation? Evidence from Selected MENA Countries," Working Papers 947, Economic Research Forum, revised Sep 2015.
    45. Martin Ardanaz & Stanislao Maldonado, 2016. "Natural Resource Windfalls and Efficiency of Local Government Expenditures: Evidence from Peru," Documentos de Trabajo 14578, Universidad del Rosario.
    46. Mª Teresa Balaguer-Coll & Isabel Narbón-Perpiñá & Jesús Peiró-Palomino & Emili Tortosa-Ausina, 2020. "Quality of government and economic growth at the municipal level: Evidence from Spain," Working Papers 2020/04, Economics Department, Universitat Jaume I, Castellón (Spain).
    47. Isabel Narbón-Perpiñá & Maria Teresa Balaguer-Coll & Diego Prior & Emili Tortosa-Ausina, 2021. "Searching for the optimal territorial structure: the case of Spanish provincial councils," Regional Studies, Taylor & Francis Journals, vol. 55(4), pages 645-664, April.
    48. Natalia I. Lyakhova* & Natalya O. Gordeeva & Ekaterina N. Manaeva & Eduard V. Zhilin, 2018. "Dynamics of Development of Investment Processes in the Belgorod Region," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 107-111:5.
    49. D'Inverno, Giovanna & Carosi, Laura & Ravagli, Letizia, 2018. "Global public spending efficiency in Tuscan municipalities," Socio-Economic Planning Sciences, Elsevier, vol. 61(C), pages 102-113.
    50. Maroto Sánchez, Andrés & Rubalcaba Bermejo, Luis & Gallego Martinez, Jorge, 2016. "On the role of publicly funded R&D for public sector performance," Working Papers in Economic Theory 2016/02, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
    51. Amir B. Ferreira Neto & Joshua Hall, 2017. "Economies of Scale and Governance of Library Systems: Evidence from West Virginia," Working Papers 17-13, Department of Economics, West Virginia University.
    52. Gubu Muga & Shougeng Hu & Zhilan Wang & Luyi Tong & Zongnan Hu & Hui Huang & Shijin Qu, 2023. "The Efficiency of Urban–Rural Integration in the Yangtze River Economic Belt and Its Optimization," Sustainability, MDPI, vol. 15(3), pages 1-20, January.
    53. Cordero, José Manuel & Pedraja-Chaparro, Francisco & Pisaflores, Elsa C. & Polo, Cristina, 2016. "Efficiency assessment of Portuguese municipalities using a conditional nonparametric approach," MPRA Paper 70674, University Library of Munich, Germany.
    54. Köppl-Turyna, Monika & Bittó, Virág & Graf, Nikolaus, 2022. "Effizienzpotenziale in der Kinderbetreuung in Österreich," Policy Notes 50, EcoAustria – Institute for Economic Research.
    55. Jose M. Cordero & Francisco Pedraja-Chaparro & Elsa C. Pisaflores & Cristina Polo, 2017. "Efficiency assessment of Portuguese municipalities using a conditional nonparametric approach," Journal of Productivity Analysis, Springer, vol. 48(1), pages 1-24, August.
    56. Adriana AnaMaria Davidescu & Oana-Ramona Lobonț & Eduard Mihai Manta & Lavinia Daniela Mihiț & Alexandra-Mădălina Țăran, 2025. "Crossing chasms: A PLS approach to EU public sector performance assessment," PLOS ONE, Public Library of Science, vol. 20(6), pages 1-43, June.
    57. Guyot, Alexis & Doumpos, Michael & Zopounidis, Constantin, 2016. "A novel multi-attribute benchmarking approach for assessing the financial performance of local governments: Empirical evidence from FranceAuthor-Name: Galariotis, Emilios," European Journal of Operational Research, Elsevier, vol. 248(1), pages 301-317.
    58. Tumaniants, Karen A. (Туманянц, Карэн) & Sesina, Julia E. (Сесина, Юлия), 2017. "Social Expenditures of Russian Regions in Terms of “Input-Output” [Расходы На Социальную Политику Российских Регионов В Координатах «Затраты — Результат»]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 128-149, October.
    59. Israel Garcia & Bernd Hayo, 2020. "Political Budget Cycles Revisited: Testing the Signalling Process," MAGKS Papers on Economics 202014, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    60. Isabel Narbón-Perpiñá & Kristof De Witte, 2016. "Local governments’ efficiency: A systematic literature review – Part I," Working Papers 2016/20, Economics Department, Universitat Jaume I, Castellón (Spain).
    61. Soushi Suzuki & Peter Nijkamp, 2021. "High urban population density as a facilitator of energy–environment–economy performance–development of an autoconfiguration target model in data envelopment analysis," Asia-Pacific Journal of Regional Science, Springer, vol. 5(1), pages 261-287, February.
    62. Sugiyarto, Ardi & Lee, Boon L. & Wilson, Clevo, 2025. "Narrowing the gap: Dynamics of Indonesia's public expenditure performance in economically lagging districts," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 2299-2318.
    63. Francesco Aiello & Graziella Bonanno & Luigi Capristo, 2017. "Explaining Differences In Efficiency: The Case Of Local Government Literature," Working Papers 201704, Università della Calabria, Dipartimento di Economia, Statistica e Finanza "Giovanni Anania" - DESF.
    64. Dilber Çağlar Onbaşıoğlu, 2021. "The Turkish Cypriot Municipalities’ Productivity and Performance: An Application of Data Envelopment Analysis and the Tobit Model," JRFM, MDPI, vol. 14(9), pages 1-19, August.
    65. Israel Garcia & Bernd Hayo, 2022. "The Influence of Politicians’ Sex on Political Budget Cycles: An Empirical Analysis of Spanish Municipalities," MAGKS Papers on Economics 202223, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    66. Mengying Wang & Chunhai Tao, 2019. "Research on the Efficiency of Local Government Health Expenditure in China and Its Spatial Spillover Effect," Sustainability, MDPI, vol. 11(9), pages 1-17, April.
    67. António Afonso & Sónia Fernandes, 2008. "Assessing Hospital Efficiency: Non-parametric Evidence for Portugal," Working Papers Department of Economics 2008/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    68. Philippe Widmer & Peter Zweifel, 2012. "Fiscal Equalization, Tiebout Competition, and Incentives for Efficiency in a Federalist Country," Public Finance Review, , vol. 40(1), pages 3-29, January.
    69. Karima Kourtit & Peter Nijkamp & Soushi Suzuki, 2023. "Quantitative performance assessment of Asian stellar cities by a DEA cascade system: a capability interpretation," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 70(1), pages 259-286, February.
    70. Gabriel Caldas Montes & Irineu da Silva Rodrigues Júnior & Júlio Cesar Albuquerque Bastos & Linican Monteiro Batista, 2024. "Effects of monetary policy credibility and the open economy trilemma on monetary policy efficiency," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 1236-1258, April.
    71. Philippe K. Widmer & Peter Zweifel, 2008. "Public Good Provision in a Federalist Country: Tiebout Competition, Fiscal Equalization, and Incentives for Efficiency in Switzerland," SOI - Working Papers 0804, Socioeconomic Institute - University of Zurich, revised Dec 2010.
    72. Yanghong Wu & Xiaoliang Zhou, 2021. "Research on the Efficiency of China’s Fiscal Expenditure Structure under the Goal of Inclusive Green Growth," Sustainability, MDPI, vol. 13(17), pages 1-24, August.
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    1. Wolfram F. Richter, 2009. "Germany goes ahead with Health Vouchers," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 7(03), pages 53-60, October.
    2. Margit Schratzenstaller-Altzinger, 2006. "Teilstudie 12: Wachstumsimpulse durch die öffentliche Hand," WIFO Studies, WIFO, number 27451, June.
    3. Konstantinos Angelopoulos & Apostolis Philippopoulos, 2005. "The Role of Government in Anti-Social Redistributive Activities," CESifo Working Paper Series 1427, CESifo.
    4. Schuknecht, Ludger & Ebert, Werner & Thöne, Michael & Afonso, António, 2005. "Quality of public finances and growth," Working Paper Series 438, European Central Bank.

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    1. Dähler, Timo, 2020. "Bias or ignorance? The politics and economics behind sovereign credit ratings," MPRA Paper 103965, University Library of Munich, Germany.
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    6. Dang, Huong & Partington, Graham, 2020. "Sovereign ratings and national culture," Pacific-Basin Finance Journal, Elsevier, vol. 60(C).
    7. Andreas Bergh & Christian Bjørnskov, 2021. "Trust Us to Repay: Social Trust, Long‐Term Interest Rates, and Sovereign Credit Ratings," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(5), pages 1151-1174, August.
    8. Velloso, Helvia & Bustillo, Inés, 2013. "Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012," Libros de la CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 2635 edited by Eclac.
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    11. Gunther Tichy, 2017. "Mangelnde Effizienz als Erfolgsbremse," WIFO Monatsberichte (monthly reports), WIFO, vol. 90(9), pages 677-699, September.
    12. Pastor Monsálvez José Manuel & Fernández de Guevara Radoselovics Juan & Salvador Muñoz Carlos, 2012. "Impact of the Subprime Crisis on Bank Ratings: The Effect of the Hardening of Rating Policies and Worsening of Solvency," Working Papers 2012120, Fundacion BBVA / BBVA Foundation.
    13. Nelson R. Ramírez-Rondán & Renato M. Rojas-Rojas & Julio A. Villavicencio, 2022. "Do institutions mitigate the uncertainty effect on sovereign credit ratings?," Documentos de Trabajo / Working Papers 2022-514, Departamento de Economía - Pontificia Universidad Católica del Perú.
    14. Théo METZ, 2024. "New fiscal transparency index and public debt borrowing costs," Working Papers of BETA 2024-50, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
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    96. Sun, Xiaolei & Shen, Yiran & Guo, Kun & Ji, Qiang, 2023. "Sovereign ratings change under climate risks," Research in International Business and Finance, Elsevier, vol. 66(C).
    97. Unver, Mustafa & Dogru, Bulent, 2015. "The Determinants of Economic Fragility: Case of the Fragile Five Countries," MPRA Paper 68734, University Library of Munich, Germany, revised 2015.
    98. Agliardi, Elettra & Agliardi, Rossella & Pinar, Mehmet & Stengos, Thanasis & Topaloglou, Nikolas, 2012. "A new country risk index for emerging markets: A stochastic dominance approach," Journal of Empirical Finance, Elsevier, vol. 19(5), pages 741-761.
    99. Zoran Ivanovic & Sinisa Bogdan & Suzana Baresa, 2015. "Modeling and Estimating Shadow Sovereign Ratings," Contemporary Economics, Vizja University, vol. 9(3), September.
    100. Panagiotis K. Staikouras, 2012. "A Theoretical and Empirical Review of the EU Regulation on Credit Rating Agencies: In Search of Truth, Not Scapegoats," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 21(2), pages 71-155, May.
    101. Panos Gavras & Sofoklis D. Vogiazas & Maria Koura, 2016. "An Empirical Assessment of Sovereign Country Risk in the Black Sea Region," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 22(1), pages 77-93, February.
    102. Glen Biglaiser & Hoon Lee & Ronald J. McGauvran, 2024. "Domestic Political Unrest and Sovereign Bond Ratings in the Developing World," Journal of Conflict Resolution, Peace Science Society (International), vol. 68(7-8), pages 1580-1607, August.
    103. Grinis, Inna, 2015. "Credit risk spillovers, systemic importance and vulnerability in financial networks," LSE Research Online Documents on Economics 60954, London School of Economics and Political Science, LSE Library.
    104. Ribes-Giner, G. & Moya-Clemente, I. & Cervelló-Royo, R. & Perello-Marin, M.R., 2018. "Domestic economic and social conditions empowering female entrepreneurship," Journal of Business Research, Elsevier, vol. 89(C), pages 182-189.
    105. Huseyin Ozturk*, 2014. "The origin of bias in sovereign credit ratings: reconciling agency views with institutional quality," Journal of Developing Areas, Tennessee State University, College of Business, vol. 48(4), pages 161-188, October-D.
    106. Šergo Zdravko & Gržinić Jasmina, 2018. "Does the International Tourism Industry Relax Sovereign Credit Ratings: The Case of Countries Most Reliant on Tourism," South East European Journal of Economics and Business, Sciendo, vol. 13(2), pages 100-111, December.
    107. Sami Ben Mim & Ridha Nouira & Fatma Mabrouk, 2023. "Non-Linear Determinants of Developing Countries’ Sovereign Ratings: Evidence from a Panel Threshold Regression (PTR) Model," Sustainability, MDPI, vol. 15(4), pages 1-23, February.
    108. Emara, Noha, 2012. "Inflation volatility, financial institutions and sovereign debt rating," MPRA Paper 68688, University Library of Munich, Germany.
    109. A. Talha Yalta & Yasemin Yalta, 2018. "Are the Credit Rating Agencies Biased Against MENA Countries?," Working Papers 1274, Economic Research Forum, revised 19 Dec 2018.
    110. Yalta, A. Talha & Yalta, A. Yasemin, 2018. "Are credit rating agencies regionally biased?," Economic Systems, Elsevier, vol. 42(4), pages 682-694.
    111. Patrycja Chodnicka-Jaworska, 2018. "Banks credit ratings – is the size of the credit rating agency important?," Faculty of Management Working Paper Series 32018, University of Warsaw, Faculty of Management.

Chapters

  1. Ant—nio Afonso & João Tovar Jalles & Ana Venâncio, 2023. "Government spending efficiency, measurement and applications: A cross-country efficiency dataset," Chapters, in: António Afonso & João Tovar Jalles & Ana Venâncio (ed.), Handbook on Public Sector Efficiency, chapter 3, pages 44-71, Edward Elgar Publishing.
    See citations under working paper version above.
  2. Ant—nio Afonso & Ludger Schuknecht & Vito Tanzi, 2023. "The size of government," Chapters, in: António Afonso & João Tovar Jalles & Ana Venâncio (ed.), Handbook on Public Sector Efficiency, chapter 1, pages 6-31, Edward Elgar Publishing.
    See citations under working paper version above.
  3. António Afonso & Mina Kazemi, 2017. "Assessing Public Spending Efficiency in 20 OECD Countries," Dynamic Modeling and Econometrics in Economics and Finance, in: Bettina Bökemeier & Alfred Greiner (ed.), Inequality and Finance in Macrodynamics, pages 7-42, Springer.
    See citations under working paper version above.Sorry, no citations of chapters recorded.

Books

  1. António Afonso & João Tovar Jalles & Ana Venâncio (ed.), 2023. "Handbook on Public Sector Efficiency," Books, Edward Elgar Publishing, number 19879.

    Cited by:

    1. Bruno Emmanuel Ongo Nkoa & Djondandi Wangbara & Gautier Tchoffo Tameko, 2024. "Efficiency of local public spending in Cameroon: Does population size matter?," African Development Review, African Development Bank, vol. 36(2), pages 362-376, June.
    2. António Afonso & João Tovar Jalles & Ana Venâncio, 2023. "Government Spending and Tax Revenue Decentralization and Public Sector Efficiency: Do Natural Disasters matter?," Working Papers REM 2023/0271, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Zaira García-Tórtola & David Conesa & Joan Crespo & Emili Tortosa-Ausina, 2024. "Unlocking University Efficiency: A Bayesian Stochastic Frontier Analysis," Working Papers 2024/05, Economics Department, Universitat Jaume I, Castellón (Spain).
    4. Jorge Onrubia Fernández, 2023. "Introduction," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 103(01), pages 27-35.
    5. López-Herrera, Carmen & Cordero, José M. & Pedraja-Chaparro, Francisco & Polo, Cristina, 2023. "Fiscal rules and their influence on public sector efficiency," MPRA Paper 119018, University Library of Munich, Germany.

  2. Morten Balling & Peter Egger & Ernest Gnan & Axel A. Weber & Harald W. Stieber & Stavros Vourloumis & António Afonso & João Tovar Jalles & Franco Bruni & André van Poeck & Maartje Wijffelaars & Séveri, 2013. "States, Banks, and the Financing of the Economy: Fiscal Policy and Sovereign Risk Perspectives," SUERF Studies, SUERF - The European Money and Finance Forum, number 2013/2 edited by Morten Balling & Peter Egger & Ernest Gnan, May.

    Cited by:

    1. Zarko Kalamov & Klaas Staal, 2016. "Public debt, bailouts, and common bonds," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 23(4), pages 670-692, August.

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