Antonio Afonso

University of Lisbon - ISEG (School of Economics and Management)

R. Miguel Lupi, 20

Lisbon, 1248-078

Portugal

http://https://www.iseg.ulisboa.pt/aquila/homepage/aafonso

UECE (Research Unit on Complexity and Economics)

Rua Miguel Lupi 20

Lisbon, 1249-078

Portugal

http://https://uece.rc.iseg.ulisboa.pt/

SCHOLARLY PAPERS

167

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20,804

CITATIONS
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716

Scholarly Papers (167)

1.

Non-Parametric Approaches to Education and Health Expenditure Efficiency in OECD Countries

ISEG-UTL Economics Working Paper No. 1/2004/DE/CISEP/UECE
Number of pages: 34 Posted: 18 Feb 2004
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)
Downloads 1,069 (19,443)
Citation 14

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expenditure and education, expenditure and health, expenditure efficiency, production possibility frontier, FDH, DEA

Public Sector Efficiency: An International Comparison

ECB Working Paper Series No. 242
Number of pages: 38 Posted: 22 Sep 2003
Antonio Afonso, Ludger Schuknecht and Vito Tanzi
University of Lisbon - ISEG (School of Economics and Management), European Central Bank (ECB) and International Monetary Fund (IMF)
Downloads 1,031 (20,108)
Citation 1

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Government expenditure, Efficiency, Free Disposable Hull, Production possibility frontier

Public Sector Efficiency: An International Comparison

Public Choice, Vol. 123, No. 3-4, pp. 321-347, January 2005
Posted: 11 Aug 2005
Antonio Afonso, Ludger Schuknecht and Vito Tanzi
University of Lisbon - ISEG (School of Economics and Management), European Central Bank (ECB) and International Monetary Fund (IMF)

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Government expenditure, efficiency, free disposable hull, production possibility frontier

3.

What 'Hides' Behind Sovereign Debt Ratings?

ECB Working Paper No. 711
Number of pages: 67 Posted: 19 Jan 2007
Antonio Afonso, Pedro Gomes and Philipp Rother
University of Lisbon - ISEG (School of Economics and Management), University of London - Economics, Mathematics and Statistics and European Central Bank (ECB)
Downloads 926 (24,012)

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credit ratings, sovereign debt, rating agencies, panel data, random effects ordered probit

4.

Quality of Public Finances and Growth

ECB Working Paper No. 438
Number of pages: 47 Posted: 28 Feb 2005
University of Lisbon - ISEG (School of Economics and Management), Bundesministerium der Finanzen, European Central Bank (ECB) and FiFo Institute for Public Economics, University of Cologne
Downloads 619 (41,809)

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quality of public finances, efficiency, growth

5.

Understanding the Determinants of Government Debt Ratings: Evidence for the Two Leading Agencies

Number of pages: 29 Posted: 20 Feb 2002
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 604 (43,217)
Citation 4

Abstract:

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Credit ratings, sovereign debt

6.

An Assessment of Telecommunications Regulation Performance in the European Union

ISEG Economics Working Paper No. 07/2006/DE/UECE
Number of pages: 39 Posted: 15 May 2006
Antonio Afonso and Carla Scaglioni
University of Lisbon - ISEG (School of Economics and Management) and IUBH School of Business and Management
Downloads 465 (60,232)
Citation 3

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Technical efficiency, DEA, telecommunications, regulated industries, National Regulatory Authorities, European Union

7.

Relative Efficiency of Health Provision: A DEA Approach with Non-Discretionary Inputs

ISEG-UTL Economics Working Paper No. 33/2006/DE/UECE
Number of pages: 32 Posted: 27 Dec 2006
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)
Downloads 463 (60,561)
Citation 16

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technical efficiency, health, DEA, bootstrap, semi-parametric

Public Sector Efficiency: Evidence for New EU Member States and Emerging Markets

ECB Working Paper No. 581
Number of pages: 52 Posted: 02 Feb 2006
Antonio Afonso, Ludger Schuknecht and Vito Tanzi
University of Lisbon - ISEG (School of Economics and Management), European Central Bank (ECB) and Inter-American Development Bank (IADB)
Downloads 456 (61,083)
Citation 3

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government expenditure, efficiency, DEA, new EU member states, emerging markets

Public Sector Efficiency: Evidence for New EU Member States and Emerging Markets

Applied Economics, Vol. 42, No. 17, pp. 2147-2164, 2010
Posted: 13 Jun 2010 Last Revised: 12 Aug 2010
Antonio Afonso, Ludger Schuknecht and Vito Tanzi
University of Lisbon - ISEG (School of Economics and Management), European Central Bank (ECB) and Inter-American Development Bank (IADB)

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government expenditure, efficiency, DEA, new EU member states, emerging markets

The Determinants of Sovereign Bond Yield Spreads in the EMU

ISEG Economics Working Paper No. 36/2012/DE/UECE
Number of pages: 40 Posted: 24 Feb 2013
University of Lisbon - ISEG (School of Economics and Management), University of Piraeus and University of Glasgow - Department of Economics
Downloads 349 (84,028)
Citation 14

Abstract:

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sovereign yields, government debt, panel analysis, credit ratings

The Determinants of Sovereign Bond Yield Spreads in the EMU

ECB Working Paper No. 1781
Number of pages: 39 Posted: 30 May 2015
University of Lisbon - ISEG (School of Economics and Management), University of Piraeus and University of Glasgow - Department of Economics
Downloads 54 (378,890)

Abstract:

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sovereign yields, government debt, panel analysis, credit ratings

10.

Efficiency of Local Government Spending: Evidence for the Lisbon Region

Number of pages: 32 Posted: 20 Nov 2003
Antonio Afonso and Sónia Fernandes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon
Downloads 393 (73,779)
Citation 3

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municipal expenditure, efficiency, production possibility frontier, FDH

Credit Rationing and Monetary Transmission: Evidence for Portugal

ISEG Economics Department Working Paper No. 7/98
Number of pages: 22 Posted: 17 Sep 2002
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)
Downloads 302 (98,853)
Citation 1

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credit rationing, credit market, banking, causality tests, Portugal

Credit Rationing and Monetary Transmission: Evidence for Portugal

Estudos de Economia, Vol. 19, No. 1, pp. 5-19, 1999
Number of pages: 15 Posted: 08 Mar 2004
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)
Downloads 52 (385,602)

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credit rationing, credit market, banking, causality tests, Portugal

12.

Intermediaries, Financial Markets and Growth: Some More International Evidence

ISEG-UTL Department of Economics Working Paper No. 2/2003/DE/CISEP
Number of pages: 25 Posted: 21 May 2003
University of Lisbon - ISEG (School of Economics and Management), Technical University of Lisbon (UTL) - School of Economics and Management, Technical University of Lisbon (UTL) - School of Economics and Management, Technical University of Lisbon (UTL) - School of Economics and Management and Technical University of Lisbon (UTL) - School of Economics and Management
Downloads 347 (85,230)
Citation 1

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Financial system, Economic growth, Panel analysis

Non-Linear Tests of Weakly Efficient Markets: Evidence from Portugal

ISEG Economics Department Working Paper No. 6/98
Number of pages: 24 Posted: 14 Nov 2003
Antonio Afonso and João Teixeira
University of Lisbon - ISEG (School of Economics and Management) and Winton Capital Management
Downloads 237 (127,632)

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market efficiency, non-linearity tests, stock market, Portugal

Non-Linear Tests of Weakly Efficient Markets: Evidence from Portugal

Estudos de Economia, Vol. 9, No. 2, pp. 169-187, 1999
Number of pages: 19 Posted: 18 Apr 2005
Antonio Afonso and João Teixeira
University of Lisbon - ISEG (School of Economics and Management) and Winton Capital Management
Downloads 108 (251,220)

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Market efficiency, non-linearity tests, stock market, Portugal

14.

Public Services Efficiency Provision in Italian Regions: A Non-Parametric Analysis

ISEG-UTL Economics Working Paper No. 2/2005/DE/CISEP
Number of pages: 25 Posted: 28 Mar 2005
Antonio Afonso and Carla Scaglioni
University of Lisbon - ISEG (School of Economics and Management) and IUBH School of Business and Management
Downloads 336 (88,411)
Citation 4

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Technical efficiency, DEA, regional expenditure, Italy

15.

Non-Keynesian Effects of Fiscal Policy in the Eu-15

ISEG Economics Department Working Paper No. 7/2001/DE/CISEP
Number of pages: 47 Posted: 09 Jul 2002
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 335 (88,695)
Citation 6

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fiscal policy, expansionary fiscal contractions, non-Keynesian effects

Fiscal Policy Events and Interest Rate Swap Spreads: Evidence from the EU

ECB Working Paper No. 303
Number of pages: 53 Posted: 13 Feb 2004
Antonio Afonso and Rolf Strauch
University of Lisbon - ISEG (School of Economics and Management) and European Central Bank (ECB)
Downloads 289 (103,728)
Citation 1

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Fiscal policy events, Stability and Growth Pact, interest rate swap spreads

Fiscal Policy Events and Interest Rate Swap Spreads: Evidence from the EU

Journal of International Financial Markets, Institutions and Money, Vol. 17, No. 3, pp. 261-276, 2007
Posted: 11 Jun 2007
Antonio Afonso and Rolf Strauch
University of Lisbon - ISEG (School of Economics and Management) and European Central Bank (ECB)

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fiscal policy events, Stability and Growth Pact, interest rate swap spreads

17.

Fiscal Policy Sustainability: Some Unpleasant European Evidence

ISEG Working Paper No. 12/2000/DE/CISEP
Number of pages: 34 Posted: 11 Jul 2002
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 284 (106,233)
Citation 6

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Deficit finance, inter-temporal budget constraint, fiscal policy sustainability

18.

Students and Teachers: A DEA Approach to the Relative Efficiency of Portuguese Public Universities

ISEG-UTL Economics Working Paper No. 07/2005/DE/CISEP
Number of pages: 32 Posted: 12 Jul 2005
Antonio Afonso and Mariana Santos
University of Lisbon - ISEG (School of Economics and Management) and Economic Research and Forecasting Department (DGEP)
Downloads 274 (110,420)
Citation 5

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tertiary education, efficiency, production possibility frontier, DEA

19.

The Macroeconomic Effects of Fiscal Policy

ECB Working Paper No. 991
Number of pages: 55 Posted: 25 Jan 2009
Antonio Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 272 (111,229)

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fiscal policy, Bayesian Structural VAR, debt dynamics

20.

Assessing and Explaining the Relative Efficiency of Local Government: Evidence for Portuguese Municipalities

ISEG Economics Working Paper 19/2005/DE/UECE
Number of pages: 41 Posted: 16 Dec 2005
Antonio Afonso and Sónia Fernandes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon
Downloads 272 (111,229)
Citation 3

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local government, expenditure efficiency, technical efficiency, DEA, Tobit models

Sovereign Credit Ratings and Financial Markets Linkages: Application to European Data

ECB Working Paper No. 1347
Number of pages: 45 Posted: 02 Jun 2011
Antonio Afonso, Davide Furceri and Pedro Gomes
University of Lisbon - ISEG (School of Economics and Management), University of Palermo and University of London - Economics, Mathematics and Statistics
Downloads 254 (118,920)
Citation 3

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credit ratings, sovereign yields, rating agencies

Sovereign Credit Ratings and Financial Markets Linkages: Application to European Data

Journal of International Money and Finance, Vol. 31, No. 3, 2012
Posted: 24 Jun 2012
Antonio Afonso, Davide Furceri and Pedro Gomes
University of Lisbon - ISEG (School of Economics and Management), University of Palermo and University of London - Economics, Mathematics and Statistics

Abstract:

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credit ratings, sovereign yields, rating agencies

22.

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

ECB Working Paper No. 1054
Number of pages: 47 Posted: 07 May 2009
Antonio Afonso and Sebastian Hauptmeier
University of Lisbon - ISEG (School of Economics and Management) and European Central Bank (ECB) - Directorate General Economics
Downloads 246 (123,401)
Citation 1

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fiscal regimes, fiscal rules, fiscal decentralization, European Union, panel Data

Bootstrap Panel Granger-Causality between Government Budget and External Deficits for the EU

CESifo Working Paper Series No. 2581
Number of pages: 22 Posted: 16 Mar 2009
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 148 (196,866)

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panel causality tests, budget deficit, external imbalance, real exchange rates, EU, OECD

Bootstrap Panel Granger-Causality between Government Budget and External Deficits for the EU

ISEG-UTL Economics Working Paper No. 02/2009/DE/UECE
Number of pages: 18 Posted: 23 Jan 2009
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 91 (282,228)
Citation 1

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panel causality tests, budget deficit, external imbalance, real exchange rates, EU, OECD

Bootstrap Panel Granger-Causality between Government Budget and External Deficits for the EU

Economics Bulletin, Vol. 29, No. 2, pp. 1036-1043, 2009
Posted: 25 Oct 2009
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans

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panel causality tests, budget deficit, external imbalance, real exchange rates, EU, OECD

24.

A DEA Approach to the Relative Efficiency of Portuguese Public Universities

Portuguese Journal of Management Studies, Vol. 13, No. 1, pp. 67-87, 2008
Number of pages: 21 Posted: 04 Mar 2008 Last Revised: 17 Jul 2008
Antonio Afonso and Mariana Santos
University of Lisbon - ISEG (School of Economics and Management) and Economic Research and Forecasting Department (DGEP)
Downloads 233 (130,361)

Abstract:

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tertiary education, efficiency, DEA, Portugal

25.

Macroeconomic Rates of Return of Public and Private Investment: Crowding-In and Crowding-Out Effects

ECB Working Paper No. 864, Manchester School, Vol. 77, No. S1, pp. 21-39, 2009
Number of pages: 56 Posted: 26 Feb 2008
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)
Downloads 233 (130,361)

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Fiscal policy, public investment, private investment, impulse response, vector autoregression, European Union

Government Size, Composition, Volatility and Economic Growth

ECB Working Paper No. 849
Number of pages: 45 Posted: 27 Jan 2008
Antonio Afonso and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management) and University of Palermo
Downloads 231 (130,956)
Citation 1

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fiscal policy, government size, fiscal volatility, economic growth

Government Size, Composition, Volatility and Economic Growth

European Journal of Political Economy, Vol. 26, No. 4, pp. 517–532, 2010
Posted: 01 Nov 2010
Antonio Afonso and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management) and University of Palermo

Abstract:

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Fiscal policy, Government size, Fiscal volatility, Economic growth

27.

The Macroeconomic Effects of Public Debt: An Empirical Analysis of Mozambique

REM Working Paper 029-2018
Number of pages: 37 Posted: 05 Mar 2018
Antonio Afonso and Yasfir Ibraimo
University of Lisbon - ISEG (School of Economics and Management) and Instituto de Estudos Sociais e Economicos (IESE)
Downloads 218 (139,043)

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Economic growth, External Debt, Domestic Debt, Total Debt Service, Variance Decomposition, Vector Autogression, Mozambique

28.

Fiscal Developments and Financial Stress: A Threshold VAR Analysis

ECB Working Paper No. 1319
Number of pages: 62 Posted: 11 Apr 2011
Antonio Afonso, Jaromir Baxa and Michal Slavik
University of Lisbon - ISEG (School of Economics and Management), Charles University in Prague - Institute of Economic Studies and European Central Bank (ECB) - Directorate General Economics
Downloads 217 (139,688)

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fiscal policy, financial markets, threshold VAR

29.

Assessing Hospital Efficiency: Non-Parametric Evidence for Portugal

ISEG-UTL Economics Working Paper No. 07/2008/DE/UECE
Number of pages: 39 Posted: 11 Feb 2008
Antonio Afonso and Sónia Fernandes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon
Downloads 215 (140,915)
Citation 6

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Public hospitals, Data Envelopment Analysis, Malmquist indices, Portugal

30.
Downloads 212 (142,794)
Citation 1

Ordered Response Models for Sovereign Debt Ratings

ISEG-UTL Economics Working Paper No. 34/2006/DE/UECE
Number of pages: 10 Posted: 27 Dec 2006
Antonio Afonso, Pedro Gomes and Philipp Rother
University of Lisbon - ISEG (School of Economics and Management), University of London - Economics, Mathematics and Statistics and European Central Bank (ECB)
Downloads 212 (142,486)
Citation 1

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ordered probit, ordered logit, random effects ordered probit, sovereign rating

Ordered Response Models for Sovereign Debt Ratings

Applied Economics Letters, Vol. 16, No. 8, pp. 769-773, 2009
Posted: 14 May 2009
Antonio Afonso, Pedro Gomes and Philipp Rother
University of Lisbon - ISEG (School of Economics and Management), University of London - Economics, Mathematics and Statistics and European Central Bank (ECB)

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ordered probit, ordered logit, random effects ordered probit, sovereign rating

31.

Public Tertiary Education Expenditure in Portugal: A Non-Parametric Efficiency Analysis

ISEG-UTL Economics Working Paper No. 05/2004/DE/CISEP
Number of pages: 29 Posted: 22 Jun 2004
Antonio Afonso and Mariana Santos
University of Lisbon - ISEG (School of Economics and Management) and Economic Research and Forecasting Department (DGEP)
Downloads 212 (142,794)
Citation 1

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Expenditure in tertiary education, efficiency, production possibility frontier, DEA

32.

The Role of Government Debt in Economic Growth

ISEG-UTL Economics Department Working Paper No. 16/2014/DE/UECE
Number of pages: 45 Posted: 03 Oct 2014
Antonio Afonso and José Alves
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of Economics
Downloads 210 (144,067)
Citation 2

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government debt, economic growth, thresholds

The Macroeconomic Effects of Fiscal Policy in Portugal: A Bayesian SVAR Analysis

ISEG-UTL Department of Economics Working Paper No. 09/2009/DE/UECE, University of Minho, NIPE Working Paper No. 3/2009
Number of pages: 31 Posted: 05 Feb 2009 Last Revised: 11 Feb 2009
Antonio Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 203 (148,520)
Citation 10

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B-SVAR, fiscal policy, debt dynamics, Portugal

The Macroeconomic Effects of Fiscal Policy in Portugal: A Bayesian SVAR Analysis

Portuguese Economic Journal, Vol. 10, No. 1, 2011
Posted: 25 Apr 2011
Antonio Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho

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34.

Disturbing the Fiscal Theory of the Price Level: Can it Fit the Eu-15?

ISEG-UTL Dept. of Economics Working Paper No. 1/2002/DE/CISEP
Number of pages: 33 Posted: 27 May 2002
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 202 (149,413)
Citation 5

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fiscal theory of the price level, fiscal policy, EU-15, panel data models

35.

Fiscal Policy and Growth: Do Financial Crises Make a Difference?

ECB Working Paper No. 1217
Number of pages: 42 Posted: 28 Jun 2010
University of Lisbon - ISEG (School of Economics and Management), University of Mannheim and University of Mannheim - Center for Doctoral Studies in Economics and Management (CDSEM)
Downloads 194 (155,208)

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fiscal policy, financial crisis, growth, OECD, EU, panel analysis

36.
Downloads 192 (156,682)
Citation 4

Growth and Productivity: The Role of Government Debt

Technical University of Lisbon Department of Economics Working Paper No. 13/2011/DE/UECE
Number of pages: 43 Posted: 24 Jul 2011
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 192 (156,579)
Citation 4

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government debt, crises, panel analysis

Growth and Productivity: The Role of Government Debt

International Review of Economics & Finance, Forthcoming
Posted: 24 Jun 2012
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)

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government debt, crises, panel analysis

Cross-Country Efficiency of Secondary Education Provision: A Semi-Parametric Analysis with Non-Discretionary Inputs

ECB Working Paper No. 494
Number of pages: 39 Posted: 21 Jun 2005
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)
Downloads 186 (161,196)
Citation 1

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education, technical efficiency, DEA, bootstrap, semi-parametric

Cross-Country Efficiency of Secondary Education Provision: A Semi-Parametric Analysis with Non-Discretionary Inputs

Economic Modelling, Vol. 23, No. 3, pp. 476-491, 2006
Posted: 30 May 2006
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)

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education, technical efficiency, DEA, bootstrap, semi-parametric

Sectoral Business Cycle Synchronization in the European Union

ISEG-UTL Economics Working Paper No. 02/2007/DE/UECE
Number of pages: 26 Posted: 03 Jan 2007
Antonio Afonso and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management) and University of Palermo
Downloads 185 (162,012)
Citation 2

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EMU Enlargement, Stabilisation, Synchronization, Sectoral Business Cycle

Sectoral Business Cycle Synchronization in the European Union

Economics Bulletin, Vol. 29, No. 4, pp. 2996-3014, 2009
Posted: 07 Dec 2009
Antonio Afonso and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management) and University of Palermo

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EMU Enlargement, Stabilisation, Synchronization, Sectoral Business Cycle

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

ECB Working Paper No. 820
Number of pages: 56 Posted: 01 Nov 2007
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 101 (263,404)

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intertemporal budget constraint, fiscal sustainability, EU, panel unit root, panel cointegration

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

CESifo Working Paper Series No. 2226
Number of pages: 52 Posted: 26 Feb 2008
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 80 (306,086)
Citation 1

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intertemporal budget constraint, fiscal sustainability, EU, panel unit root, panel cointegration

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

Review of World Economics, Vol. 145, No. 4, pp. 731-755, 2010
Posted: 23 Feb 2010
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans

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intertemporal budget constraint, fiscal sustainability, EU, panel unit root, panel cointegration

Fiscal Policy, Housing and Stock Prices

ECB Working Paper No. 990
Number of pages: 45 Posted: 02 Feb 2009
Antonio Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 107 (252,869)

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Bayesian Structural VAR, fiscal policy, housing prices, stock prices

Fiscal Policy, Housing and Stock Prices

ECB Working Paper No. 990
Number of pages: 45 Posted: 25 Jan 2009
Antonio Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 61 (356,461)

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Bayesian Structural VAR, fiscal policy, housing prices, stock prices

41.

Long-Run Determinants of Sovereign Yields

CESifo Working Paper Series No. 3155
Number of pages: 13 Posted: 17 Aug 2010
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 167 (177,438)

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long-term yields, panel cointegration, bootstrap

42.

Economic Performance and Government Size

ECB Working Paper No. 1399
Number of pages: 44 Posted: 30 Nov 2011
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 165 (179,233)

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Growth, institutions, fiscal rules, pooled mean group, common correlated effects

Income Distribution Determinants and Public Spending Efficiency

ECB Working Paper No. 861
Number of pages: 55 Posted: 01 Feb 2008
Antonio Afonso, Ludger Schuknecht and Vito Tanzi
University of Lisbon - ISEG (School of Economics and Management), European Central Bank (ECB) and Inter-American Development Bank (IADB)
Downloads 161 (183,188)

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income redistribution, public spending, efficiency, DEA

Income Distribution Determinants and Public Spending Efficiency

Journal of Economic Inequality, Vol. 6, No. 3, pp. 367-389, 2010
Posted: 18 Jul 2010 Last Revised: 13 Sep 2010
Antonio Afonso, Ludger Schuknecht and Vito Tanzi
University of Lisbon - ISEG (School of Economics and Management), European Central Bank (ECB) and Inter-American Development Bank (IADB)

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Income Redistribution, Public Spending, Efficiency, DEA

3-Step Analysis of Public Finances Sustainability: The Case of the European Union

ECB Working Paper No. 908
Number of pages: 48 Posted: 01 Jul 2008 Last Revised: 08 Jul 2008
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 82 (301,596)

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fiscal sustainability, EU, panel cointegration

3-Step Analysis of Public Finances Sustainability: The Case of the European Union

CESifo Working Paper Series No. 2393
Number of pages: 47 Posted: 09 Sep 2008
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 71 (328,399)

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fiscal sustainability, EU, panel cointegration

45.
Downloads 150 (194,269)
Citation 20

Interactions between Private and Public Sector Wages

ECB Working Paper No. 971
Number of pages: 57 Posted: 29 Nov 2008
Antonio Afonso and Pedro Gomes
University of Lisbon - ISEG (School of Economics and Management) and University of London - Economics, Mathematics and Statistics
Downloads 120 (232,581)

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public wages, private wages, employment

Interactions between Private and Public Sector Wages

IZA Discussion Paper No. 5322
Number of pages: 35 Posted: 22 Nov 2010
Antonio Afonso and Pedro Gomes
University of Lisbon - ISEG (School of Economics and Management) and University of London - Economics, Mathematics and Statistics
Downloads 30 (476,856)
Citation 1

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public sector wages, private sector wages, employment, fiscal policy

Revisiting Fiscal Sustainability: Panel Cointegration and Structural Breaks in OECD Countries

ECB Working Paper No. 1465
Number of pages: 40 Posted: 05 Sep 2012
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 119 (234,092)

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debt, primary balance, fiscal regimes, stationarity, breaks, causality, panel cointegration, FMOLS

Revisiting Fiscal Sustainability: Panel Cointegration and Structural Breaks in OECD Countries

ISEG Economics Working Paper No. 29/2012/DE/UECE
Number of pages: 39 Posted: 25 Nov 2012
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 29 (482,079)
Citation 7

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debt, primary balance, fiscal regimes, stationarity, breaks, causality, panel

47.

The Monetary Transmission Mechanism in the Euro Area: Has It Changed with the EMU? A VAR Approach, with Fiscal Policy and Financial Stress Considerations

ISEG Economics Department Working Paper No. 10/2014/DE/UECE
Number of pages: 32 Posted: 27 Jul 2014
Antonio Afonso and António Jorge Silva
University of Lisbon - ISEG (School of Economics and Management) and Bank of Portugal
Downloads 138 (207,804)

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monetary transmission mechanism, fiscal policy, financial stress, Euro area, vector autoregressions

48.

Public Sector Efficiency: Evidence for Latin America

ISEG Economics Working Paper No. 20/2013/DE/UECE
Number of pages: 42 Posted: 09 Dec 2013
University of Lisbon - ISEG (School of Economics and Management), University of Minnesota - Twin Cities and Inter-American Development Bank (IDB)
Downloads 137 (209,081)
Citation 4

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public sector performance, technical efficiency, Tobit, DEA, Latin America, Caribbean

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

CESifo Working Paper Series No. 2705
Number of pages: 12 Posted: 14 Jul 2009
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 124 (226,865)

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panel causality, fiscal policy, EU

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

Economics Bulletin, Vol. 29, No. 4, pp. 2545-2551, 2009
Posted: 25 Oct 2009
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans

Abstract:

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panel causality, fiscal policy, EU

50.

Budgetary and External Imbalances Relationship: A Panel Data Diagnostic

ECB Working Paper No. 961, CESifo Working Paper Series No. 2559
Number of pages: 47 Posted: 18 Nov 2008
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 120 (231,586)

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Budget balance, external balance, EU, panel cointegration

Economic Growth and Budgetary Components: A Panel Assessment for the EU

ECB Working Paper No. 848
Number of pages: 56 Posted: 27 Jan 2008
Antonio Afonso and Juan Gonzalez-Alegre
University of Lisbon - ISEG (School of Economics and Management) and University of Malaga - Departamento de Teoría e Historia Económics
Downloads 119 (234,092)

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economic growth, panel models, fiscal policy

Economic Growth and Budgetary Components: A Panel Assessment for the EU

Empirical Economics, Forthcoming
Posted: 13 Jun 2010
Antonio Afonso and Juan Gonzalez-Alegre
University of Lisbon - ISEG (School of Economics and Management) and University of Malaga - Departamento de Teoría e Historia Económics

Abstract:

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Economic growth, Panel models, Fiscal policy, EU

52.

Economic Growth and Public and Private Investment Returns

ISEG-UL Working Paper No. 14/2016/DE/UECE
Number of pages: 20 Posted: 18 Jul 2016
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)
Downloads 105 (254,866)

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Fiscal Policy, Public Investment, Private Investment, Impulse Response Functions, VAR

53.

Causality between Public Deficits and Inflation: Some Tests for the Portuguese Case

Estudos de Economia, Vol. 13, No. 4, pp. 349-362, 1993
Number of pages: 14 Posted: 18 Apr 2005
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 104 (256,522)

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Deficits, government debt, inflation, money stock

54.

Excess Burden and the Cost of Inefficiency in Public Services Provision

ECB Working Paper No. 601
Number of pages: 45 Posted: 25 Apr 2006
Antonio Afonso and Vítor Gaspar
University of Lisbon - ISEG (School of Economics and Management) and Bank of Portugal
Downloads 102 (260,021)

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Government efficiency, excess burden, taxes, spending

55.

Fiscal Policy and Growth: Do Financial Crises Make a Difference?

Bank of Italy Occasional Paper
Number of pages: 22 Posted: 15 Jan 2012
University of Lisbon - ISEG (School of Economics and Management), University of Mannheim - Department of Economics and University of Mannheim - Center for Doctoral Studies in Economics and Management (CDSEM)
Downloads 99 (265,219)
Citation 3

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fiscal policy, financial crisis, growth, OECD, EU, panel analysis

56.

Bootstrap Panel Granger-Causality between Government Spending and Revenue

ISEG-UTL Economics Working Paper No. 39/2008/DE/UECE
Number of pages: 11 Posted: 07 Dec 2008
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 99 (265,219)

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panel causality, fiscal policy, EU

57.

Sovereign Credit Rating Mismatches

ISEG Economics Department Working Paper No. WP 02/2017/DE/UECE
Number of pages: 39 Posted: 16 Jan 2017
Antonio Afonso and André Albuquerque
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - ISEG School of Economics and Management
Downloads 98 (267,005)

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sovereign ratings; split ratings; panel data; random effects ordered probit

Assessing Public Spending Efficiency in 20 OECD Countries

ISEG Economics Department Working Paper No. WP 12/2016/DE/UECE
Number of pages: 41 Posted: 01 Jul 2016
Antonio Afonso and Mina Kazemi
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - ISEG School of Economics and Management
Downloads 98 (268,840)
Citation 1

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Public Spending, Technical Efficiency, Public Sector Performance, Data Envelopment Analysis

Assessing Public Spending Efficiency in 20 OECD Countries

Inequality and Finance in Macrodynamics, Editors: Bökemeier, Bettina, Greiner, Alfred (Eds.), 2017. Springer.
Posted: 20 Jul 2017
Antonio Afonso and Mina Kazemi
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - ISEG School of Economics and Management

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Public Spending, Technical Efficiency, Public Sector Performance, Data Envelopment Analysis

Level, Slope, Curvature of the Sovereign Yield Curve, and Fiscal Behaviour

ECB Working Paper No. 1276
Number of pages: 63 Posted: 11 Dec 2010
Antonio Afonso and Manuel M. F. Martins
University of Lisbon - ISEG (School of Economics and Management) and University of Porto, cef.up, Faculdade de Economia
Downloads 98 (268,840)

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yield curve, fiscal policy, financial markets

Level, Slope, Curvature of the Sovereign Yield Curve, and Fiscal Behaviour

Journal of Banking and Finance, Vol. 36, No. 6, 2012
Posted: 24 Jun 2012
Antonio Afonso and Manuel M. F. Martins
University of Lisbon - ISEG (School of Economics and Management) and University of Porto, cef.up, Faculdade de Economia

Abstract:

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yield curve, fiscal policy, financial markets

60.

Business Cycle Synchronization and Insurance Mechanisms in the EU

ECB Working Paper No. 844
Number of pages: 37 Posted: 21 Dec 2007
Antonio Afonso and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management) and University of Palermo
Downloads 97 (268,760)

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Private savings, global imbalances, panel error correction model, pooled mean group estimation, emerging economies

61.

Causality for the Government Budget and Economic Growth

Department of Economics, ISEG-UL, Working Paper nº WP07/2014/DE/UECE
Number of pages: 6 Posted: 28 Apr 2014
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 95 (272,451)

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government expenditures, goverment revenues, panel causality, GMM

62.

Fiscal Composition and Long-Term Growth

ECB Occasional Paper No. 1518
Number of pages: 45 Posted: 08 Mar 2013
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 92 (278,121)
Citation 1

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Budget deficit, budget decomposition, panel analysis, panel causality

Ricardian Fiscal Regimes in the European Union

ECB Working Paper No. 558
Number of pages: 46 Posted: 05 Dec 2005
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 90 (284,260)

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fiscal regimes, European Union, panel data models

Ricardian Fiscal Regimes in the European Union

Empirica, Journal of Applied Economics and Economic Policy, Vol. 35, No. 3, 2008
Posted: 14 Jul 2008
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)

Abstract:

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Fiscal regimes, European Union, Panel data models

64.

Non-Linear Tests of Weakly Efficient Markets: Evidence from Government Bond Markets in the Euro Area

Cadernos do Mercado de Valores Mobiliarios, Vol. 3, pp. 45-70, 1999
Number of pages: 28 Posted: 18 Apr 2005
Antonio Afonso and João Teixeira
University of Lisbon - ISEG (School of Economics and Management) and Winton Capital Management
Downloads 90 (282,008)

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Government bonds, efficiency, non-linear tests, EU

65.

Government Indebtedness and European Consumers Behaviour

ISEG Economics Department WP 12/2001/DE/CISEP
Number of pages: 24 Posted: 26 Oct 2002
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 88 (286,024)

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Deficit finance, Ricardian equivalence, Private consumption, European Union, panel data

Fiscal Consolidations in the Central and Eastern European Countries

ECB Working Paper No. 473
Number of pages: 43 Posted: 26 Apr 2005
Antonio Afonso, Christiane Nickel and Philipp Rother
University of Lisbon - ISEG (School of Economics and Management), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 87 (290,575)

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Fiscal policy, fiscal episodes, Central and Eastern Europe, Logit models

Fiscal Consolidations in the Central and Eastern European Countries

Review of World Economics, Vol. 142, No. 2, pp. 402-421, 2006
Posted: 15 Jul 2006
Antonio Afonso, Christiane Nickel and Philipp Rother
University of Lisbon - ISEG (School of Economics and Management), European Central Bank (ECB) and European Central Bank (ECB)

Abstract:

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Fiscal policy, fiscal episodes, Central and Eastern Europe, Logit models

67.

Interactions between Monetary Policy and Fiscal Policy

ISEG-UTL Economics Department Working Paper No. 13/2014/DE/UECE
Number of pages: 31 Posted: 22 Sep 2014
Antonio Afonso and Raquel Balhote
University of Lisbon - ISEG (School of Economics and Management) and ISEG - School of Economics and Management
Downloads 84 (294,468)

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interactions, monetary policy, fiscal policy, reaction functions

68.

Do Fiscal Imbalances Deteriorate Sovereign Debt Ratings?

ISEG Economics Working Paper No. 24/2010/DE/UECE
Number of pages: 31 Posted: 27 Nov 2010
Antonio Afonso and Pedro Gomes
University of Lisbon - ISEG (School of Economics and Management) and University of London - Economics, Mathematics and Statistics
Downloads 84 (294,468)
Citation 1

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Credit Ratings, Sovereign Debt, Rating Agencies

69.

Euro Area Sovereign Yields and the Power of QE

ISEG Economics Department Working Paper No. WP 12/2017/DE/UECE
Number of pages: 9 Posted: 19 Jul 2017
Antonio Afonso and Mina Kazemi
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - ISEG School of Economics and Management
Downloads 81 (301,025)

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sovereign bonds, non-conventional monetary policy, panel data

70.

Anatomy of a Fiscal Débacle: The Case of Portugal

ISEG Economics Working Paper No. 01/2013/DE/UECE
Number of pages: 21 Posted: 07 Jan 2013
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 81 (301,025)

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Portugal, public finances, fiscal imbalances

The Dynamic Behaviour of Budget Components and Output

ECB Working Paper No. 775
Number of pages: 48 Posted: 11 Jul 2007
Peter Claeys and Antonio Afonso
Vrije Universiteit Brussel (VUB) - Faculty of Economic, Social and Political Sciences and University of Lisbon - ISEG (School of Economics and Management)
Downloads 80 (306,086)

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Fiscal indicator, structural balance, SGP, SVAR, short and long-term restrictions

The Dynamic Behaviour of Budget Components and Output

Economic Modelling, Vol. 25, No. 1, pp. 93-117, 2008
Posted: 04 Jan 2008
Antonio Afonso and Peter Claeys
University of Lisbon - ISEG (School of Economics and Management) and Vrije Universiteit Brussel (VUB) - Faculty of Economic, Social and Political Sciences

Abstract:

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fiscal indicator, structural balance, output gap, SGP, EMU, SVAR, short and long-term restrictions

72.

The Dynamic Behaviour of Budget Components and Output - the Cases of France, Germany, Portugal, and Spain

ISEG-UTL Economics Working Paper No. 26/2006/DE/UECE
Number of pages: 48 Posted: 14 Nov 2006
Peter Claeys and Antonio Afonso
Vrije Universiteit Brussel (VUB) - Faculty of Economic, Social and Political Sciences and University of Lisbon - ISEG (School of Economics and Management)
Downloads 80 (303,247)

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fiscal indicator, structural balance, output gap, SGP, EMU, SVAR, short and long-term restrictions

73.

Short and Long-Run Behaviour of Long-Term Sovereign Bond Yields

CESifo Working Paper Series No. 3249
Number of pages: 38 Posted: 19 Nov 2010
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 77 (310,180)
Citation 1

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Long-Term Yields, EU, Financial Integration, Panel Cointegration, Bootstrap

74.

Public Finances in Portugal: A Brief Long-Run View

ISEG-UTL Economics Working Paper No. 01/2007/DE/CISEP/UECE
Number of pages: 30 Posted: 04 Jan 2007
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 77 (312,552)
Citation 1

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public finances, Portugal, fiscal consolidations, compensation of employees

75.
Downloads 76 (312,552)

Appraising Fiscal Reaction Functions

ISEG-UTL Economics Working Paper No. 23/2011/DE/UECE
Number of pages: 16 Posted: 05 Nov 2011
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 76 (315,747)

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fiscal regimes, Panel VAR, cross-sectional dependence

Appraising Fiscal Reaction Functions

Economics Bulletin, 2011, 31 (4), 3320-3330
Posted: 24 Jun 2012
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)

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fiscal regimes, Panel VAR, cross-sectional dependence

76.

Exchange-Traded Funds as an Alternative Investment Option: A Case Study

REM Working Paper 022-2017
Number of pages: 32 Posted: 28 Dec 2017
Antonio Afonso and Pedro Martins Cardoso
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - ISEG School of Economics and Management
Downloads 75 (314,930)

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Exchange-traded fund, Mutual fund, Performance evaluation, Tracking error, Price efficiency

77.

Sovereign Yield Spreads in the EMU: Crisis and Structural Determinants

ISEG Economics Department Working Paper No. WP 09/2017/DE/UECE
Number of pages: 26 Posted: 11 Mar 2017
Antonio Afonso and Frederico Silva Leal
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL)
Downloads 71 (324,738)

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Public Debt, Sovereign Spreads, Fiscal Policy, Financial Crisis, EMU

78.

Assessment of Efficiency in Basic and Secondary Education in Tunisia: A Regional Analysis

ISEG Economics Working Paper No. 6/2013/DE/UECE
Number of pages: 46 Posted: 09 Mar 2013
Antonio Afonso, Mohamed Ayadi and Sourour Ramzi
University of Lisbon - ISEG (School of Economics and Management), Institut Supérieur de Gestion and institut supérieur de gestion de Tunis
Downloads 71 (324,738)

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basic and secondary education, efficiency, DEA, Tunisia

79.

Revenue Forecast Errors in the European Union

Department of Economics, ISEG-UL, Working Paper nº 02/2014/DE/UECE
Number of pages: 34 Posted: 05 Feb 2014
Antonio Afonso and Rui Carvalho
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - School of Economics and Management
Downloads 70 (327,316)

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macro forecasts, revenue forecast errors, EU

Fiscal Volatility, Financial Crises and Growth

ISEG Economics Working Paper No. 06/2012/DE/UECE
Number of pages: 9 Posted: 23 Feb 2012
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 68 (336,478)

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growth, fiscal volatility, crises, panel analysis

Fiscal Volatility, Financial Crises and Growth

Applied Economics Letters, Vol. 19, No. 18, 2012
Posted: 24 Jun 2012
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)

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growth, fiscal volatility, crises, panel analysis

81.

Revisiting Business Cycle Synchronisation in the European Union

ISEG Economics Working Paper No. 22/2010/DE/UECE
Number of pages: 37 Posted: 27 Nov 2010
Antonio Afonso and Ana Sequeira
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of Economics
Downloads 67 (335,161)
Citation 6

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EU, Business Cycle Synchronization

82.

Fiscal Regime Shifts in Portugal

ISEG-UTL Department of Economics Working Paper No. 41/2009/DE/UECE
Number of pages: 29 Posted: 25 Oct 2009
Antonio Afonso, Peter Claeys and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management), Vrije Universiteit Brussel (VUB) - Faculty of Economic, Social and Political Sciences and University of Minho
Downloads 65 (340,484)
Citation 2

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fiscal regimes, Markov Switching, Portugal

Expansionary Fiscal Consolidations in Europe: New Evidence

ECB Working Paper No. 675
Number of pages: 52 Posted: 12 Sep 2006
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 65 (344,779)

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fiscal policy, expansionary fiscal consolidations, non-Keynesian effects, panel data models, European Union

Expansionary Fiscal Consolidations in Europe: New Evidence

Applied Economics Letters, Vol. 17, No. 2, pp. 105–109, 2010
Posted: 05 Dec 2009 Last Revised: 30 Oct 2010
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)

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fiscal policy, expansionary fiscal consolidations, panel data models, European Union

84.

Reconsidering Wagner's Law: Evidence from the Functions of the Government

Department of Economics, ISEG-UL, Working Paper nº 09/2016/DE/UECE
Number of pages: 11 Posted: 06 Apr 2016
Antonio Afonso and José Alves
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of Economics
Downloads 64 (343,229)
Citation 1

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Fiscal Policies; Government spending; SUR estimation; Wagner’s Law

85.

Sovereign Credit Ratings, Market Volatility, and Financial Gains

ECB Working Paper No. 1654
Number of pages: 54 Posted: 20 Mar 2014
Antonio Afonso, Pedro Gomes and Abderrahim Taamouti
University of Lisbon - ISEG (School of Economics and Management), University of London - Economics, Mathematics and Statistics and Universidad Carlos III de Madrid
Downloads 64 (343,229)

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sovereign ratings; yields; stock market returns; volatility; EGARCH; optimal portfolio; financial gain; risk management; value-at-risk

86.

Twin Deficits Revisited: A Role for Fiscal Institutions?

REM Working Paper 031-2018
Number of pages: 41 Posted: 22 Mar 2018
University of Lisbon - ISEG (School of Economics and Management), Université de Lille I, International Monetary Fund (IMF) and Cracow University of Economics
Downloads 63 (346,009)
Citation 1

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current account, fiscal balance, fiscal rules, panel data, system GMM

87.

Assessing the Sustainability of External Imbalances in the European Union

ISEG Economics Department Working Paper No. WP 10/2017/DE/UECE
Number of pages: 47 Posted: 15 Jun 2017
University of Lisbon - ISEG (School of Economics and Management), Université de Lille I, International Monetary Fund (IMF) and Cracow University of Economics
Downloads 63 (346,009)

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current account, exports, imports, net foreign assets, unit roots, structural breaks, cointegration, error-correction, cross-sectional dependence

88.

Assessing Education and Health Efficiency in OECD Countries Using Alternative Input Measures

Number of pages: 28 Posted: 09 Mar 2012
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)
Downloads 63 (346,009)

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expenditure and education, expenditure and health, spending efficiency, production possibility frontier, FDH, DEA

89.

Public Deficits and Inflation, Some More Results for Portugal

Estudos de Economia, Vol. 15, No. 3, pp. 273-286, 1995
Number of pages: 14 Posted: 18 Apr 2005
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 63 (346,009)

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Government deficit, inflation, money supply, Portugal

90.

Normality and Efficiency in Portuguese Stock Exchange Indexes

Estudos de Economia, Vols. 16-17, No. 1, pp. 101-106, 1997
Number of pages: 6 Posted: 18 Apr 2005
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 63 (346,009)

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Stock markets, efficiency, Portugal

Long-Term Government Bond Yields and Economic Forecasts: Evidence for the EU

ISEG-UTL Economics Department Working Paper No. 38/2009/DE/UECE
Number of pages: 10 Posted: 25 Oct 2009
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 61 (356,461)
Citation 2

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interest rates, macro forecasts, EU

Long-Term Government Bond Yields and Economic Forecasts: Evidence for the EU

Applied Economics Letters, Vol. 17, No. 15, pp. 1437-1441, 2010
Posted: 01 Nov 2010
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)

Abstract:

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interest rates, macro forecasts, EU

92.

The Macro Impact of the Portuguese Constitutional Court Decisions Regarding the Budgetary Proposals of the Portuguese Budget Law (2012, 2013, 2014)

ISEG-UL Economics Department Working Paper No. 06/2015/DE/UECECEMAPRE
Number of pages: 15 Posted: 14 Mar 2015
Antonio Afonso, Jorge Caiado and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management), Technical University of Lisbon (UTL) - Centre for Applied Mathematics and Economics (CEMAPRE) and Technical University of Lisbon - ISEG (School of Economics and Management)
Downloads 60 (354,485)
Citation 3

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budget balance, fiscal consolidation, debt-to-GDP ratio, Portugal

93.
Downloads 60 (354,485)

Do Fiscal Rules Matter for Growth?

ISEG Department of Economics Working Paper No. 07/2012/DE/UECE
Number of pages: 8 Posted: 23 Feb 2012
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 60 (359,425)

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fiscal rules, growth, government size, panel analysis

Do Fiscal Rules Matter for Growth?

Applied Economics Letters, Vol. 20, No. 1, 2013 (Forthcoming)
Posted: 24 Jun 2012
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)

Abstract:

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fiscal rules, growth, government size, panel analysis

94.

Fiscal Sustainability in the EU: A Panel Data Diagnostic

Number of pages: 20 Posted: 02 Feb 2012
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans
Downloads 59 (357,446)
Citation 1

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intertemporal budget constraint, fiscal sustainability, EU, panel unit root, panel cointegration

95.

Financial Development and Economic Growth: A Study for OECD Countries in the Context of Crisis

REM Working Paper 046-2018
Number of pages: 22 Posted: 22 Aug 2018
Antonio Afonso and Carmen Blanco Arana
University of Lisbon - ISEG (School of Economics and Management) and University of Malaga
Downloads 57 (363,552)
Citation 1

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Financial Development, Economic Growth, Panel Data, Random Effects Model

96.

Sovereign Debt Effects and Composition: Evidence from Time-Varying Estimates

ISEG Economics Department Working Paper No. WP 03/2017/DE/UECE
Number of pages: 14 Posted: 20 Jan 2017
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 57 (363,552)

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Fiscal Policy Responsiveness, Persistence and Discretion

ECB Working Paper No. 954
Number of pages: 47 Posted: 20 Nov 2008
Antonio Afonso, Luca Agnello and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management), University of Palermo - Department of Economics, Business and Statistics and University of Palermo
Downloads 57 (368,945)

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Fiscal Policy, Fiscal Volatility

Fiscal Policy Responsiveness, Persistence, and Discretion

Public Choice, Vol. 145, Nos. 3-4, pp. 503-530, 2010
Posted: 18 Jul 2010 Last Revised: 31 Oct 2010
Antonio Afonso, Luca Agnello and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management), University of Palermo - Department of Economics, Business and Statistics and University of Palermo

Abstract:

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Fiscal Policy, Fiscal Volatility

98.

Contagion in EU Sovereign Yield Spreads

Department of Economics, ISEG-UL, Working Paper nº 04/2014/DE/UECE
Number of pages: 43 Posted: 05 Feb 2014
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 55 (369,813)

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sovereign yield spreads, spillover effects, contagion

99.

On the Time-Varying Relationship between EMU Sovereign Spreads and Their Determinants

ISEG Economics Working Paper No. 05/2013/DE/UECE
Number of pages: 25 Posted: 25 Feb 2013
University of Lisbon - ISEG (School of Economics and Management), University of Piraeus, Timberlake Consultants and University of Glasgow - Department of Economics
Downloads 54 (372,997)
Citation 2

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euro area, crisis, spreads, time-series analysis, time-varying relationship

100.

The Effects of Macroeconomic, Fiscal and Monetary Policy Announcements on Sovereign Bond Spreads: An Event Study from the EMU

REM Working Paper 067-2019
Number of pages: 25 Posted: 28 Feb 2019
Antonio Afonso, João Tovar Jalles and Mina Kazemi
University of Lisbon - ISEG (School of Economics and Management), International Monetary Fund (IMF) and University of Lisbon - ISEG School of Economics and Management
Downloads 53 (376,140)

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sovereign yields, fiscal policy, monetary policy, event analysis, panel data

101.

The Fiscal Forecasting Track Record of the European Commission and Portugal

ISEG Economics Working Paper No. 37/2012/DE/UECE
Number of pages: 47 Posted: 26 Nov 2012
Antonio Afonso and Jorge Silva
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - School of Economics and Management
Downloads 52 (379,356)
Citation 1

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macro forecasts, fiscal forecasts, EU, Portugal

102.

A Longer-Run Perspective on Fiscal Sustainability

ISEG Working Paper No. 17
Number of pages: 30 Posted: 18 Sep 2011
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 52 (379,356)
Citation 1

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fiscal sustainability, government debt, unit roots, breaks, structural time series

103.

Euro Area Sovereign Debt Crisis and Debt Mutualisation

ISEG Economics Department Working Paper No. WP xx/2016/DE/UECE
Number of pages: 36 Posted: 29 Feb 2016
Antonio Afonso and Marcelo Alcântara
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - School of Economics and Management
Downloads 51 (382,653)

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EMU, Euro area crisis, sovereign yields, government debt, debt mutualisation

104.

Linking Investment and Fiscal Policies

Technical University of Lisbon – ISEG, Working Paper No. 16/2011/DE/UECE
Number of pages: 37 Posted: 18 Sep 2011
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 51 (382,653)
Citation 1

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budgetary decomposition, panel analysis, causality, non-linearities, fiscal-rules

105.

Fiscal Multipliers in the Eurozone: A SVAR Analysis

REM Working Paper 047-2018
Number of pages: 28 Posted: 16 Aug 2018
Antonio Afonso and Frederico Silva Leal
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL)
Downloads 50 (385,960)

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Fiscal Multiplier, Structural VAR, Fiscal Policy

106.

Quantitative Easing and Sovereign Yield Spreads: Euro-Area Time-Varying Evidence

REM Working Paper 020-2017
Number of pages: 41 Posted: 11 Dec 2017
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 49 (389,334)

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sovereign bonds, fiscal policy, non-conventional monetary policy, time-varying coefficients, panel data

107.

Revisiting Sovereign Bond Spreads’ Determinants in the EMU

ISEG Economics Department Working Paper No. WP 08/2016/DE/UECE
Number of pages: 30 Posted: 06 Apr 2016
Antonio Afonso and Manuel Reis
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of Economics
Downloads 49 (389,334)
Citation 1

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Sovereign bond spreads, panel data, EMU

108.

Consumption, Wealth, Stock and Government Bond Returns: International Evidence

ISEG-UTL Economics Working Paper No. 09/2011/DE/UECE
Number of pages: 30 Posted: 05 Mar 2011
Antonio Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 48 (392,851)

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Consumption, Wealth, Stock Returns, Bond Returns

Measuring the Success of Fiscal Consolidations

ISEG-UTL Economics Working Paper No. 22/2011/DE/UECE
Number of pages: 12 Posted: 06 Nov 2011
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 45 (410,872)

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fiscal episodes, panel data, logit

Measuring the Success of Fiscal Consolidations

Applied Financial Economics, Vol. 22, No. 13, 2012
Posted: 24 Jun 2012
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)

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fiscal episodes, panel data, logit

110.

Assessing Productivity Performance of Basic and Secondary Education in Tunisia: A Malmquist Analysis

ISEG Economics Working Paper No. 19/2013/DE/UECE
Number of pages: 22 Posted: 08 Dec 2013
Antonio Afonso, Mohamed Ayadi and Sourour Ramzi
University of Lisbon - ISEG (School of Economics and Management), Institut Supérieur de Gestion and institut supérieur de gestion de Tunis
Downloads 44 (406,876)

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basic and secondary education, productivity change, efficiency change, DEA, Malmquist index

111.
Downloads 44 (406,876)
Citation 2

Fiscal Regimes in the EU

ISEG Economics Working Paper No. 10/2013/DE/UECE
Number of pages: 37 Posted: 28 Apr 2013
Antonio Afonso and Priscilla Toffano
University of Lisbon - ISEG (School of Economics and Management) and KU Leuven
Downloads 32 (466,613)
Citation 5

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Fiscal regimes, Markov-switiching, EU

Fiscal Regimes in the EU

KU Leuven Center for Economic Studies Discussion Paper No. DPS13.06
Number of pages: 38 Posted: 07 May 2013
Antonio Afonso and Priscilla Toffano
University of Lisbon - ISEG (School of Economics and Management) and KU Leuven
Downloads 12 (589,285)
Citation 5

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Fiscal regimes, Markov-switiching, EU

112.

The Transmission of Unconventional Monetary Policy to Bank Credit Supply: Evidence From the TLTRO

REM Working Paper 065-2019
Number of pages: 43 Posted: 08 Feb 2019
Antonio Afonso and Joana Sousa-Leite
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - ISEG School of Economics and Management
Downloads 43 (410,581)

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Unconventional Monetary Policy, TLTRO, Credit Supply, Lending Interest Rates, Bank-Lending Channel, Euro Area, Portugal

113.

Euro Area Time Varying Fiscal Sustainability

ISEG Economics Department Working Paper No. WP 13/2015/DE/UECE
Number of pages: 19 Posted: 22 Sep 2015
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 43 (410,581)

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fiscal sustainability, causality, impulse response functions, time-varying coefficients, fiscal rules, logistic model

114.

Economic Volatility and Sovereign Yields' Determinants: A Time-Varying Approach

ISEG Economics Department Working Paper No. WP 04/2016/DE/UECE
Number of pages: 24 Posted: 08 Jan 2016
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 42 (414,260)

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volatility, fiscal policy, bond spreads, weighted least squares, time-varying coefficients

115.

Economic Forecasts and Sovereign Yields

ISEG Economics Working Paper No. 02/2012/DE/UECE
Number of pages: 46 Posted: 07 Jan 2013
Antonio Afonso and Ana Nunes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL)
Downloads 42 (414,260)
Citation 1

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macro forecasts, fiscal forecasts, sovereign yields

116.

The Fiscal Consequences of Deflation: Evidence from the Golden Age of Globalization

ISEG Economics Department Working Paper No. WP 23/2016/DE/UECE
Number of pages: 31 Posted: 14 Oct 2016
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 41 (418,011)

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debt, deflation, local projection, impulse response functions, GMM, recessions, expansions

117.

Public and Private Inputs in Aggregate Production and Growth: A Cross-Ccountry Eefficiency Approach

ECB Working Paper No. 1154
Number of pages: 40 Posted: 13 Apr 2010
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)
Downloads 40 (421,875)
Citation 2

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economic growth, public spending, efficiency, Malmquist index

Assessing Long-Term Fiscal Developments: Evidence from Portugal

NIPE Working Paper No. 1/2009, ISEG-UTL Economics Working Paper No. 03/2009/DE/UECE
Number of pages: 10 Posted: 24 Jan 2009 Last Revised: 29 Jan 2009
Antonio Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 39 (434,979)

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fiscal deterioration, Portugal

Assessing Long-Term Fiscal Developments: Evidence from Portugal

Applied Economics Letters, Vol. 18, No. 1, 2011
Posted: 25 Apr 2011
Antonio Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho

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119.

‘Whatever It Takes’ to Resolve the European Sovereign Debt Crisis? Bond Pricing Regime Switches and Monetary Policy Effects

CESifo Working Paper Series No. 6691
Number of pages: 40 Posted: 21 Nov 2017
University of Lisbon - ISEG (School of Economics and Management), University of Piraeus, University of Zaragoza and Essex Business School
Downloads 38 (429,970)
Citation 4

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Euro Area, Spreads, Crisis, Time-Varying Relationship, Unconventional Monetary Policy

120.

Fiscal Regimes in the EU

ECB Working Paper No. 1529
Number of pages: 38 Posted: 08 May 2013
Antonio Afonso and Priscilla Toffano
University of Lisbon - ISEG (School of Economics and Management) and KU Leuven
Downloads 38 (429,970)

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Fiscal regimes, Markov-switiching, EU

121.

Government Size, Unemployment, and Inflation Nexus in Eight Large Emerging Market Economies

REM Working Paper 038-2018
Number of pages: 39 Posted: 21 May 2018
Antonio Afonso, Hüseyin Şen and Ayşe Kaya
University of Lisbon - ISEG (School of Economics and Management), Y?ld?r?m Beyaz?t University, Faculty of Political Science, Public Finance Department and ?zmir Katip Çelebi University, Faculty of Economics and Administrative Science, Public Finance Department
Downloads 36 (438,077)

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Government Size, Unemployment, Inflation, Emerging Market Economies

122.

Assessing Fiscal Episodes

ISEG Working Paper No. 15/2011/DE/UECE
Number of pages: 41 Posted: 17 Sep 2011
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 36 (438,077)
Citation 1

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fiscal consolidation, non-Keynesian effects, panel data, logit

Market Power and Fiscal Policy in OECD Countries

ECB Working Paper No. 1173
Number of pages: 37 Posted: 22 Apr 2010
Antonio Afonso and Luís F. Costa
University of Lisbon - ISEG (School of Economics and Management) and ISEG - Lisbon School of Economics & Management of Universidade de Lisboa
Downloads 35 (452,593)

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Fiscal Policy, Mark-Up, VAR, Panel VAR

Market Power and Fiscal Policy in OECD Countries

Applied Economics, Routledge, Vol. 45, No. 32, 2013
Posted: 16 Jul 2013
Antonio Afonso and Luís F. Costa
University of Lisbon - ISEG (School of Economics and Management) and ISEG - Lisbon School of Economics & Management of Universidade de Lisboa

Abstract:

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fiscal policy, markup, VAR, PVAR

124.

The Policy Mix in the US and EMU: Evidence from a SVAR Analysis

REM Working Paper 028-2018
Number of pages: 36 Posted: 16 Feb 2018
Antonio Afonso and Luís Gonçalves
University of Lisbon - ISEG (School of Economics and Management) and ISEG Lisbon School of Economics and Management,Universidade de Lisboa
Downloads 34 (446,408)

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Fiscal Policy, Monetary Policy, Crisis, Unconventional Monetary Policy, US, EMU

125.

Do Fiscal Rules Lower Government Financing Costs?

REM Working Paper 015-2017
Number of pages: 22 Posted: 29 Nov 2017
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 34 (446,408)

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fiscal rules, sovereign yields, financing costs, impulse response functions, local projection

126.

Determinants of Non-Resident Government Debt Ownership

ISEG Economics Department Working Paper No. WP 03/2016/DE/UECE
Number of pages: 11 Posted: 08 Jan 2016
Antonio Afonso and Jorge Silva
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - School of Economics and Management
Downloads 33 (450,730)

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sovereign debt, central bank, financial markets, monetary and financial

127.

The Fiscal-Growth Nexus

Technical University of Lisbon Department of Economics Working Paper No. 01/2012/DE/UECE
Number of pages: 36 Posted: 13 Feb 2012
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 33 (450,730)

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budgetary decomposition, crises, panel analysis

Assessing Long-Term Fiscal Developments: A New Approach

University of Minho, NIPE Working Paper No. 7/2009, ECB Working Paper No. 1032
Number of pages: 42 Posted: 06 Mar 2009
University of Lisbon - ISEG (School of Economics and Management), University of Palermo - Department of Economics, Business and Statistics, University of Palermo and University of Minho
Downloads 33 (461,759)
Citation 4

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Fiscal Deterioration, Fiscal Sustainability

Assessing Long-Term Fiscal Developments: A New Approach

Journal of International Money and Finance, Vol. 30, No. 1, 2011
Posted: 25 Apr 2011
University of Lisbon - ISEG (School of Economics and Management), University of Palermo - Department of Economics, Business and Statistics, University of Palermo and University of Minho

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129.

Monetary Developments and Expansionary Fiscal Consolidations: Evidence from the EMU

ISEG Economics Department Working Paper No. 12/2014/DE/UECE
Number of pages: 43 Posted: 02 Aug 2014
Antonio Afonso and Luis Martins
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - School of Economics and Management
Downloads 32 (455,198)

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fiscal consolidation, monetary expansion non-Keynesian effects, panel data, probit

130.

The Relevance of Fiscal Rules for Fiscal and Yield Developments

Department of Economics, ISEG-UL, Working Paper nº 05/2014/DE/UECE
Number of pages: 45 Posted: 05 Feb 2014
Antonio Afonso and Ana Sofia Guimarães
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)
Downloads 30 (464,618)

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numerical fiscal rules, expenditure rules, budget balance, sovereign yields

131.

EU Finance Ministers, Capital Markets and Fiscal Outcomes

ISEG-UL Economics Working Paper No. 01/2014/DE/UECE
Number of pages: 17 Posted: 05 Feb 2014
Antonio Afonso and Maria João Guedes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - School of Economics and Management
Downloads 28 (474,379)

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finance minister, stock returns, sovereign yields, budget balance

132.

Fiscal Activism and Price Volatility: Evidence from Advanced and Emerging Economies

ISEG Economics Department Working Paper No. WP 04/2017/DE/UECE
Number of pages: 25 Posted: 23 Jan 2017
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 27 (479,515)

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volatility, fiscal policy, inflation, GARCH, Consensus Forecasts

133.

Is the Supply of Long-Term Debt Independent of the Term Premia? Evidence from Portugal

Department of Economics, ISEG-UL, Working Paper nº 11/2016/DE/UECE
Number of pages: 29 Posted: 01 Jul 2016
Antonio Afonso and Manish Singh
University of Lisbon - ISEG (School of Economics and Management) and University of Barcelona
Downloads 27 (479,515)

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sovereign debt management, long-term interest rate, portfolio balance channel

134.

Stock-Flow Adjustments and Interest Rates

ISEG Economics Department Working Paper No. WP 05/2017/DE/UECE
Number of pages: 8 Posted: 01 Feb 2017
Antonio Afonso and José Alves
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of Economics
Downloads 26 (484,824)

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Stock-flow adjustment; Debt; Interest rates; SUR; Panel

135.

Fiscal Reaction Functions Across the World: A Battle of Statistical (In-)Significance

REM Working Paper 016-2017
Number of pages: 33 Posted: 29 Nov 2017
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 25 (490,292)

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fiscal regimes, FTPL, panel data, panel VAR, panel stationarity, cross-sectional dependence, global financial crisis

136.

Markups’ Cyclical Behavior: The Role of Demand and Supply Shocks

ISEG Economics Department Working Paper No. WP08/2015/DE/UECE
Number of pages: 9 Posted: 08 May 2015
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 24 (495,861)

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Blanchard-Quah, mark-up, VAR, impulse response function, local projection

137.

The Relevance of Commuting Zones for Regional Spending Efficiency

ISEG-UTL Economics Working Paper No. 17/20013/DE/UECE/ADVANCE
Number of pages: 22 Posted: 11 Oct 2013
Antonio Afonso and Ana Venâncio
University of Lisbon - ISEG (School of Economics and Management) and ISEG Lisbon School of Economics and Management, Universidade de Lisboa
Downloads 24 (495,861)

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public spending efficiency, local government, data envelopment analyis (DEA), commuting

138.

Debt Crisis and 10-Year Sovereign Yields in Ireland and in Portugal

ISEG Economics Department Working Paper No. WP 06/2017/DE/UECE
Number of pages: 11 Posted: 28 Feb 2017
Antonio Afonso and Jorge Silva
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - School of Economics and Management
Downloads 23 (501,349)

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10-year sovereign yield, economic and financial adjustment programme, Portugal, Ireland

139.

The Relationship Between Fiscal and Current Account Imbalances in OECD Economies

REM Working Paper 061-2018
Number of pages: 37 Posted: 19 Dec 2018
Antonio Afonso and Philemon Kwame Opoku
University of Lisbon - ISEG (School of Economics and Management) and ISEG Lisbon School of Economics and Management,Universidade de Lisboa
Downloads 22 (507,158)

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Fiscal Imbalances, Current Account, Twin-Deficit, Panel Analysis

140.

How 'Big' Should Government Be?

REM Working Paper 078-2019
Number of pages: 18 Posted: 01 May 2019
Antonio Afonso and Ludger Schuknecht
University of Lisbon - ISEG (School of Economics and Management) and European Central Bank (ECB)
Downloads 21 (512,982)

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government size, government efficiency, DEA, advanced economies

141.

Sovereign Ratings and Finance Ministers’ Characteristics

REM Working Paper 072-2019
Number of pages: 15 Posted: 09 Mar 2019
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 21 (512,982)

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sovereign ratings, ordered probit, sovereign debt, panel data, principal components

142.

Expansionary Fiscal Consolidations in Europe – New Evidence

Number of pages: 24 Posted: 14 Feb 2012
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 20 (518,734)
Citation 9

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fiscal policy, expansionary fiscal consolidations, panel data models, European Union

143.

Sovereign Bond Yield Spreads Spillovers in the EMU

REM Working Paper 052-2018
Number of pages: 18 Posted: 14 Nov 2018
Antonio Afonso and Mina Kazemi
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - ISEG School of Economics and Management
Downloads 19 (530,411)

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sovereign yields spreads, spillovers, euro area, panel data

144.

Budgetary Decomposition and Yield Spreads

ISEG Economics Department Working Paper No. WP 05/2016/DE/UECE
Number of pages: 10 Posted: 08 Jan 2016
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 18 (530,411)

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fiscal components, bond yields, Great Recession, PVAR, impulse responses

145.

The Price Relevance of Fiscal Developments

ISEG Economics Department Working Paper No. WP 16/2015/DE/UECE
Number of pages: 18 Posted: 25 Nov 2015
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 18 (530,411)
Citation 1

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price level, yields, Ricardian regimes, SURE, local projection, impulse response function

146.

The Cyclicality of Education, Health, and Social Security Government Spending

ISEG Economics Working Paper No. 30/2012/DE/UECE
Number of pages: 7 Posted: 25 Nov 2012
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 18 (530,411)

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business cycle, output gap, functional spending, panel analysis

147.

Current Account Balance Cyclicality

ISEG Economics Department Working Paper No. WP 20/2016/DE/UECE
Number of pages: 11 Posted: 21 Sep 2016
Antonio Afonso and Jorge Silva
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - School of Economics and Management
Downloads 17 (536,240)

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current account cyclicality, financial markets, Portugal, Germany

148.

Fiscal Episodes, Technological Progress and Market Power

ISEG Economics Department Working Paper No. WP09/2015/DE/UECE
Number of pages: 26 Posted: 16 Jul 2015
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 17 (536,240)

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imperfect competition, TFP, fiscal consolidation, local projection, business cycle, impulse response functions, GMM

149.

Decomposing and Analysing the Determinants of Current Accounts’ Cyclicality: Evidence from the Euro Area

REM Working Paper 042-2018
Number of pages: 28 Posted: 14 Jul 2018
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 16 (541,988)

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150.

Taxation and Public Spending Efficiency: An International Comparison

REM Working Paper 080-2018
Number of pages: 40 Posted: 29 May 2019
Antonio Afonso, João Tovar Jalles and Ana Venâncio
University of Lisbon - ISEG (School of Economics and Management), International Monetary Fund (IMF) and ISEG Lisbon School of Economics and Management, Universidade de Lisboa
Downloads 14 (553,952)

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government spending efficiency, public sector performance, tax structure, data envelopment analysis (DEA), Malmquist indices, non-parametric estimation, panel data, OECD

151.

Optimal Tax Structure for Consumption and Income Inequality: An Empirical Assessment

REM Working Paper 051-2018
Number of pages: 15 Posted: 04 Dec 2018
Antonio Afonso and José Alves
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of Economics
Downloads 13 (559,853)

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Investment Growth, Tax systems, Fiscal Policy, Optimal taxation

152.

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

ISEG Economics Department Working Paper No. WP 15/2017/DE/UECE
Number of pages: 37 Posted: 30 Jul 2017
Antonio Afonso and Jorge Silva
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - School of Economics and Management
Downloads 13 (559,853)

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Monetary Policy, Euro Area, Portugal, Non-Conventional Instruments, Institutional Sectors, Financial Integration

153.

Stock Flow Adjustments in Sovereign Debt Dynamics: The Role of Fiscal Frameworks

REM Working Paper 066-2019
Number of pages: 24 Posted: 04 Feb 2019
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 12 (566,154)

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Government Debt, Budget Deficit, Structural Deficit, Intertemporal Government Budget Constraint, Fiscal Rules, Panel Data, System GMM, Filtering

154.

Fiscal Sustainability Analysis: The Case of PALOP Economies

ISEG Economics Department Working Paper No. WP 14/2017/DE/UECE
Number of pages: 9 Posted: 30 Jul 2017
University of Lisbon - ISEG (School of Economics and Management), University Institute of Lisbon (IUL) - Department of Economics, Central Bank of São Tomé and Príncipe - Research Department and ISCTE-IUL
Downloads 12 (566,154)

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Debt Sustainability, Global Financial Crisis, Fiscal Policy, PALOP

155.

Local Territorial Reform and Regional Spending Efficiency

REM Working Paper 071-2019
Number of pages: 40 Posted: 05 Mar 2019
Antonio Afonso and Ana Venâncio
University of Lisbon - ISEG (School of Economics and Management) and ISEG Lisbon School of Economics and Management, Universidade de Lisboa
Downloads 10 (578,557)

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public spending efficiency, local government, data envelopment analysis (DEA), local organizational reform

156.

Consumption, Wealth, Stock and Government Bond Returns: International Evidence

The Manchester School, Vol. 79, Issue 6, pp. 1294-1232, 2011
Number of pages: 29 Posted: 20 Oct 2011
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 2 (635,562)
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157.

Short and Long-Run Determinants of Sovereign Debt Credit Ratings

International Journal of Finance and Economics, Vol. 16, No.1, pp. 1-15, 2011
Posted: 18 Jul 2010 Last Revised: 24 Mar 2011
Antonio Afonso, Pedro Gomes and Philipp Rother
University of Lisbon - ISEG (School of Economics and Management), University of London - Economics, Mathematics and Statistics and European Central Bank (ECB)

Abstract:

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Credit Ratings, Sovereign Debt, Rating Agencies, Panel Data, Random Effects Ordered Probit

158.

Public and Private Investment Rates of Return: Evidence For Industrialised Countries

Applied Economics Letters, Vol. 17, No. 9, pp. 839-843, 2010
Posted: 13 Jun 2010
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)

Abstract:

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public investment, private investment, impulse response, VAR, European Union

159.

Assessing and Explaining the Relative Efficiency of Local Government

Journal of Socio-Economics, Vol. 37, No. 5, pp. 1946-1979, 2008
Posted: 20 Sep 2008
Antonio Afonso and Sónia Fernandes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon

Abstract:

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Local government, technical efficiency, socio-economic factors, DEA, Tobit

160.

Euler Testing Ricardo and Barro in the EU

Economics Bulletin, Vol. 5, No. 16, pp. 1-14, 2008
Posted: 09 Apr 2008
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)

Abstract:

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debt neutrality, private consumption, EU, panel data

161.

EMU Enlargement, Stabilisation Costs and Insurance Mechanisms

Journal of International Money and Finance, Vol. 27, No. 2, pp. 169-187, 2008
Posted: 11 Mar 2008
Antonio Afonso and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management) and University of Palermo

Abstract:

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EMU, Optimum Currency Areas, Stabilisation Costs, Insurance Mechanisms

162.

Should We Care for Structural Breaks When Assessing Fiscal Sustainability?

Economics Bulletin, Vol. 3 No. 63, pp. 1-9, 2007
Posted: 04 Jan 2008
Antonio Afonso and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of Orleans

Abstract:

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fiscal sustainability, EU, panel cointegration

163.

Dupuit, Pigou and Cost of Inefficiency in Public Services Provision

Public Choice, Vol. 127, No. 3, pp. 485-502, 2007
Posted: 13 Sep 2007
Antonio Afonso and Vítor Gaspar
University of Lisbon - ISEG (School of Economics and Management) and Bank of Portugal

Abstract:

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Government efficiency, excess burden, taxes, spending

164.

Measuring Local Government Spending Efficiency: Evidence for the Lisbon Region

Regional Studies, Vol. 40, No. 1, pp. 39-53, 2006
Posted: 16 Dec 2005
Antonio Afonso and Sónia Fernandes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon

Abstract:

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municipal expenditure, technical efficiency, DEA, Lisbon

165.

Non-Parametric Approaches to Education and Health Efficiency in OECD Countries

Journal of Applied Economics, Vol. 8, No. 2, pp. 227-246, November 2005
Posted: 30 Nov 2005
Antonio Afonso and Miguel St. Aubyn
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon - ISEG (School of Economics and Management)

Abstract:

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education, health, expenditure efficiency, production possibility frontier, FDH, DEA

166.

Fiscal Sustainability: The Unpleasant European Case

FinanzArchiv, Vol. 61, No. 1, pp. 19-44, 2005
Posted: 24 Apr 2005
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)

Abstract:

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Deficit, intertemporal budget constraint, fiscal policy sustainability, European Union

167.

Understanding the Determinants of Sovereign Debt Ratings: Evidence for the Two Leading Agencies

Journal of Economics and Finance, Vol. 27, No. 1, Spring 2003
Posted: 16 Apr 2003
Antonio Afonso
University of Lisbon - ISEG (School of Economics and Management)

Abstract:

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