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/

ISEG Lisbon School of Economics and Management,Universidade de Lisboa

Rua do Quelhas 6

LISBOA , 1200-781

Portugal

SCHOLARLY PAPERS

170

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21,609

SSRN CITATIONS
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Top 1,236

in Total Papers Citations

145

CROSSREF CITATIONS

689

Scholarly Papers (170)

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 1,084 (20,068)
Citation 26

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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 1,038 (20,980)
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 944 (24,578)

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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 646 (41,587)

Abstract:

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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 608 (45,108)
Citation 7

Abstract:

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Credit ratings, sovereign debt

6.

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 486 (59,987)
Citation 26

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

7.

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 International University of Applied Sciences Bad Honnef-Bonn
Downloads 468 (62,845)
Citation 3

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

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 459 (63,709)
Citation 5

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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 391 (77,164)
Citation 18

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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 55 (392,396)

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 397 (76,579)
Citation 7

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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 305 (102,597)
Citation 2

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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 53 (399,338)

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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 348 (89,185)
Citation 3

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Financial system, Economic growth, Panel analysis

13.

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 346 (89,745)
Citation 10

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fiscal policy, expansionary fiscal contractions, non-Keynesian effects

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 (133,842)

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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 (262,594)

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

15.

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 International University of Applied Sciences Bad Honnef-Bonn
Downloads 337 (92,437)
Citation 4

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Technical efficiency, DEA, regional expenditure, Italy

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 290 (108,394)
Citation 4

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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)

Abstract:

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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 287 (110,204)
Citation 7

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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 281 (112,708)
Citation 7

Abstract:

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tertiary education, efficiency, production possibility frontier, DEA

19.

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 279 (113,613)
Citation 3

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

20.

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 275 (115,321)

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fiscal policy, Bayesian Structural VAR, debt dynamics

21.

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 258 (123,324)
Citation 1

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

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 255 (124,201)
Citation 4

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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

23.

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 252 (126,308)

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

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 152 (201,448)

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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 93 (290,986)
Citation 19

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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

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 237 (133,842)
Citation 3

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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

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Fiscal policy, Government size, Fiscal volatility, Economic growth

26.

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 236 (134,950)

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

27.

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 UECE - Research Unit on Complexity in Economics
Downloads 234 (136,059)
Citation 4

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government debt, economic growth, thresholds

28.

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 234 (136,059)

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tertiary education, efficiency, DEA, Portugal

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 221 (143,831)
Citation 9

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Public hospitals, Data Envelopment Analysis, Malmquist indices, Portugal

30.

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 219 (145,096)
Citation 1

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fiscal policy, financial markets, threshold VAR

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 214 (148,211)
Citation 1

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

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 213 (148,599)
Citation 7

Abstract:

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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

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 211 (149,955)
Citation 11

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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 207 (152,951)
Citation 5

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

35.
Downloads 197 (160,270)
Citation 9

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 197 (160,108)
Citation 9

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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

36.

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 196 (161,008)

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fiscal policy, financial crisis, growth, OECD, EU, 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 192 (163,932)
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 190 (165,533)
Citation 3

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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 102 (273,556)

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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 81 (317,624)
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

40.

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 178 (175,626)

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

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 171 (181,880)

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long-term yields, panel cointegration, bootstrap

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 (264,389)

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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 64 (363,226)

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

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 163 (189,633)

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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 86 (306,003)

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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 72 (340,459)

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fiscal sustainability, EU, panel cointegration

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 121 (241,739)

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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 32 (487,787)
Citation 10

Abstract:

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

46.
Downloads 152 (201,091)
Citation 21

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 122 (240,216)

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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 (498,463)
Citation 2

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

47.

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 151 (202,168)
Citation 3

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

48.

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 139 (216,327)

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

49.

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 131 (226,758)
Citation 1

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

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 130 (228,867)

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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

51.

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 126 (233,614)

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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 120 (243,291)

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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

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Economic growth, Panel models, Fiscal policy, EU

53.

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 109 (259,523)

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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 109 (260,872)
Citation 3

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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

55.

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 108 (261,191)

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

56.

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 105 (266,445)

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Deficits, government debt, inflation, money stock

57.

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 103 (270,003)

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panel causality, fiscal policy, EU

58.

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 (271,813)

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Government efficiency, excess burden, taxes, spending

59.

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 (277,422)
Citation 7

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fiscal policy, financial crisis, growth, OECD, EU, panel 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 99 (279,301)

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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

61.

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 98 (279,203)
Citation 1

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Budget deficit, budget decomposition, panel analysis, panel causality

62.

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 (281,107)

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

63.

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 96 (283,035)
Citation 1

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government expenditures, goverment revenues, panel causality, GMM

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 92 (290,786)

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Government bonds, efficiency, non-linear tests, EU

65.

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 91 (292,799)
Citation 1

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interactions, monetary policy, fiscal policy, reaction functions

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 (297,232)
Citation 1

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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

67.

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 90 (294,863)

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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 88 (301,522)

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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)

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

69.

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 86 (303,413)
Citation 2

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Credit Ratings, Sovereign Debt, Rating Agencies

70.

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 85 (305,604)

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sovereign bonds, non-conventional monetary policy, panel data

71.

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 84 (307,837)

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

72.

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 83 (310,156)
Citation 3

Abstract:

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

73.

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 83 (310,156)

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

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 82 (315,259)

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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

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

75.

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 82 (312,425)

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

76.

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 (314,696)
Citation 1

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Portugal, public finances, fiscal imbalances

77.
Downloads 79 (319,315)

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 79 (322,443)

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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

78.

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 78 (321,722)
Citation 1

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

79.

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 (324,114)
Citation 1

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public finances, Portugal, fiscal consolidations, compensation of employees

80.

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 74 (331,665)
Citation 1

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

81.

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 73 (334,203)

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macro forecasts, revenue forecast errors, EU

82.

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 72 (336,717)

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basic and secondary education, efficiency, DEA, Tunisia

83.

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 71 (339,377)
Citation 1

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

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 71 (343,262)

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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

85.

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 69 (344,641)

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

86.

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 68 (347,459)
Citation 9

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EU, Business Cycle Synchronization

87.

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 66 (352,872)
Citation 4

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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 66 (357,307)

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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

89.

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 UECE - Research Unit on Complexity in Economics
Downloads 65 (355,753)
Citation 1

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

90.

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 65 (355,753)

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

91.

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 (358,573)

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

92.

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 64 (358,573)

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Government deficit, inflation, money supply, Portugal

93.

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 64 (358,573)

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Stock markets, efficiency, Portugal

94.

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 63 (361,534)
Citation 3

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

95.
Downloads 63 (361,534)

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 63 (366,319)

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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

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 62 (369,449)
Citation 4

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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

97.

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 61 (367,535)

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Fiscal Multiplier, Structural VAR, Fiscal Policy

98.

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 61 (367,535)
Citation 1

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

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 61 (372,579)

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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

100.

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 60 (370,559)

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101.

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 59 (373,611)
Citation 1

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

102.

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 57 (379,946)
Citation 2

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

103.

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 (386,393)

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sovereign yield spreads, spillover effects, contagion

104.

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 53 (392,977)

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

105.

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 53 (392,977)
Citation 1

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macro forecasts, fiscal forecasts, EU, Portugal

106.

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 52 (396,286)
Citation 1

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

107.

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 (396,286)
Citation 3

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

108.

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 51 (399,740)

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Government Size, Unemployment, Inflation, Emerging Market Economies

109.

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 50 (403,176)
Citation 1

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Sovereign bond spreads, panel data, EMU

110.

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 49 (406,639)

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Consumption, Wealth, Stock Returns, Bond Returns

111.

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 48 (410,169)

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

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 47 (421,376)

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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

113.
Downloads 44 (425,054)
Citation 3

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 (487,787)
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 (616,407)
Citation 6

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Fiscal regimes, Markov-switiching, EU

114.

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 (428,942)

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

115.

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 42 (432,824)

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

116.

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 (432,824)

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

117.

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 (432,824)
Citation 2

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macro forecasts, fiscal forecasts, sovereign yields

118.

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 42 (432,824)
Citation 2

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economic growth, public spending, efficiency, Malmquist index

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 40 (440,934)
Citation 8

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

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 40 (450,279)
Citation 2

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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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121.

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 39 (445,119)

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Fiscal regimes, Markov-switiching, EU

122.

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 36 (457,711)

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

123.

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 (457,711)
Citation 1

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

124.

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 35 (461,997)

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

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 (472,891)

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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

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fiscal policy, markup, VAR, PVAR

126.

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 34 (466,497)

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

127.

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 33 (471,089)

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government size, government efficiency, DEA, advanced economies

128.

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 (471,089)

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

129.

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 (471,089)

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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 (482,743)
Citation 14

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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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131.

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 31 (480,582)

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

132.

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 31 (480,582)

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finance minister, stock returns, sovereign yields, budget balance

133.

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 30 (485,552)

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

134.

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 29 (490,494)

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volatility, fiscal policy, inflation, GARCH, Consensus Forecasts

135.

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 28 (495,844)
Citation 1

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

136.

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 27 (501,131)

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

137.

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 26 (506,739)

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

138.

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 UECE - Research Unit on Complexity in Economics
Downloads 26 (506,739)

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

139.

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 26 (506,739)

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

140.

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 25 (512,312)
Citation 1

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

141.

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 24 (518,163)

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

142.

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 (518,163)

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

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 23 (523,992)

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sovereign yields spreads, spillovers, euro area, panel data

144.

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 (541,995)
Citation 12

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

145.

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 19 (548,197)

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

146.

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 19 (548,197)
Citation 1

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

147.

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 UECE - Research Unit on Complexity in Economics
Downloads 18 (554,390)

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Investment Growth, Tax systems, Fiscal Policy, Optimal taxation

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 18 (554,390)

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

149.

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 (554,390)

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business cycle, output gap, functional spending, panel analysis

150.

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 (560,419)

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current account cyclicality, financial markets, Portugal, Germany

151.

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 16 (566,481)

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

152.

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 (566,481)
Citation 1

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153.

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 14 (579,205)

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

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 14 (579,205)

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Debt Sustainability, Global Financial Crisis, Fiscal Policy, PALOP

155.

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 13 (585,676)

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

156.

Fiscal Episodes in the EMU: Elasticities and Non-Keynesian Effects

REM Working Paper 097-2019
Number of pages: 31 Posted: 11 Oct 2019
Antonio Afonso and Frederico Silva Leal
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL)
Downloads 12 (592,336)

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Non-Keynesian Effects, Fiscal Episodes, Fiscal policy, Fiscal Elasticities, EMU

157.

Sovereign Debt Crisis in Portugal and in Spain

REM Working Paper 112-2019
Number of pages: 33 Posted: 09 Jan 2020
Antonio Afonso and Nuno Verdial
University of Lisbon - ISEG (School of Economics and Management) and affiliation not provided to SSRN
Downloads 9 (612,111)

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Sovereign debt, Yield spreads, Crises, Unconventional Monetary Policy, Portugal, Spain

158.

Sovereign Indebtedness and Financial and Fiscal Conditions

REM Working Paper 111-2019
Number of pages: 10 Posted: 09 Jan 2020
Antonio Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 8 (618,833)

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sovereign indebtedness, panel data, financial stress, global financial crisis, emerging markets

159.

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 (663,721)
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160.

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)

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

161.

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)

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

162.

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

163.

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

164.

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

165.

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

166.

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

167.

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

168.

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

169.

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

170.

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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