António 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

186

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281

CROSSREF CITATIONS

529

Scholarly Papers (186)

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
António 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 1,124 (24,401)
Citation 31

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

Public Sector Efficiency: An International Comparison

Number of pages: 38 Posted: 22 Sep 2003
António 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 1,099 (24,833)
Citation 10

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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
António 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
António Afonso, Pedro Gomes, Pedro Gomes and Philipp Rother
University of Lisbon - ISEG (School of Economics and Management), Universidad Carlos III de MadridUniversity of London - Economics, Mathematics and Statistics and European Central Bank (ECB)
Downloads 1,005 (28,670)

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

4.

Quality of Public Finances and Growth

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 771 (41,500)

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quality of public finances, efficiency, growth

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 605 (56,424)
Citation 22

Abstract:

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sovereign yields, government debt, panel analysis, credit ratings

The Determinants of Sovereign Bond Yield Spreads in the EMU

ECB Working Paper No. 1781
Number of pages: 39 Posted: 30 May 2015
University of Lisbon - ISEG (School of Economics and Management), University of Piraeus and University of Glasgow - Department of Economics
Downloads 68 (424,237)

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sovereign yields, government debt, panel analysis, credit ratings

6.

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

Number of pages: 29 Posted: 20 Feb 2002
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 653 (51,768)
Citation 10

Abstract:

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Credit ratings, sovereign debt

7.

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

ISEG-UTL Economics Working Paper No. 33/2006/DE/UECE
Number of pages: 32 Posted: 27 Dec 2006
António 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 598 (57,931)
Citation 31

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

8.

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
University of Lisbon - ISEG (School of Economics and Management) and MISE-UVAL-Regional Public AccountsInstitute for Media EconomicsInternational University of Applied Sciences Bad Honnef-Bonn
Downloads 486 (75,075)
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
António 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 483 (74,905)
Citation 11

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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
António 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

10.

Efficiency of Local Government Spending: Evidence for the Lisbon Region

Number of pages: 32 Posted: 20 Nov 2003
António Afonso and Sónia Fernandes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon
Downloads 437 (85,260)
Citation 8

Abstract:

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municipal expenditure, efficiency, production possibility frontier, FDH

11.

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
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 377 (101,135)
Citation 11

Abstract:

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fiscal policy, expansionary fiscal contractions, non-Keynesian effects

Credit Rationing and Monetary Transmission: Evidence for Portugal

ISEG Economics Department Working Paper No. 7/98
Number of pages: 22 Posted: 17 Sep 2002
António 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 313 (123,402)
Citation 2

Abstract:

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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
António 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 55 (472,456)

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

13.

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 366 (104,510)
Citation 4

Abstract:

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Financial system, Economic growth, Panel analysis

14.

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
António Afonso, José Alves and José Alves
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of EconomicsUECE - Research Unit on Complexity in Economics
Downloads 362 (105,799)
Citation 7

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government debt, economic growth, thresholds

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
António Afonso and João Teixeira
University of Lisbon - ISEG (School of Economics and Management) and Winton Capital Management
Downloads 247 (157,901)

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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
António Afonso and João Teixeira
University of Lisbon - ISEG (School of Economics and Management) and Winton Capital Management
Downloads 113 (308,581)

Abstract:

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

16.

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
University of Lisbon - ISEG (School of Economics and Management) and MISE-UVAL-Regional Public AccountsInstitute for Media EconomicsInternational University of Applied Sciences Bad Honnef-Bonn
Downloads 349 (110,214)
Citation 4

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Technical efficiency, DEA, regional expenditure, Italy

17.

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
António Afonso and Sebastian Hauptmeier
University of Lisbon - ISEG (School of Economics and Management) and European Central Bank (ECB) - Directorate General Economics
Downloads 309 (125,842)
Citation 5

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

18.

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
António Afonso and Sónia Fernandes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon
Downloads 304 (128,071)
Citation 5

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

19.

Fiscal Policy Sustainability: Some Unpleasant European Evidence

ISEG Working Paper No. 12/2000/DE/CISEP
Number of pages: 34 Posted: 11 Jul 2002
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 301 (129,916)
Citation 7

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

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

Number of pages: 53 Posted: 13 Feb 2004
António Afonso and Rolf Strauch
University of Lisbon - ISEG (School of Economics and Management) and European Central Bank (ECB)
Downloads 299 (129,695)
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
António 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

21.

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
António Afonso and Mariana Santos
University of Lisbon - ISEG (School of Economics and Management) and Economic Research and Forecasting Department (DGEP)
Downloads 294 (132,715)
Citation 8

Abstract:

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tertiary education, efficiency, production possibility frontier, DEA

22.

The Macroeconomic Effects of Fiscal Policy

ECB Working Paper No. 991
Number of pages: 55 Posted: 25 Jan 2009
António Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 279 (140,114)

Abstract:

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fiscal policy, Bayesian Structural VAR, debt dynamics

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
António Afonso and Yasfir Ibraimo
University of Lisbon - ISEG (School of Economics and Management) and Instituto de Estudos Sociais e Economicos (IESE)
Downloads 273 (143,341)

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

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

ECB Working Paper No. 1347
Number of pages: 45 Posted: 02 Jun 2011
António Afonso, Davide Furceri, Pedro Gomes and Pedro Gomes
University of Lisbon - ISEG (School of Economics and Management), University of Palermo and Universidad Carlos III de MadridUniversity of London - Economics, Mathematics and Statistics
Downloads 267 (146,016)
Citation 11

Abstract:

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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
António Afonso, Davide Furceri, Pedro Gomes and Pedro Gomes
University of Lisbon - ISEG (School of Economics and Management), University of Palermo and Universidad Carlos III de MadridUniversity of London - Economics, Mathematics and Statistics

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credit ratings, sovereign yields, rating agencies

25.

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

ECB Working Paper No. 864, Manchester School, Vol. 77, No. S1, pp. 21-39, 2009
Number of pages: 56 Posted: 26 Feb 2008
António 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 265 (147,681)
Citation 1

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

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
António Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 258 (151,175)
Citation 19

Abstract:

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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
António Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho

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27.

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
António Afonso and Carmen Blanco Arana
University of Lisbon - ISEG (School of Economics and Management) and University of Malaga
Downloads 256 (152,898)
Citation 8

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

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

Number of pages: 22 Posted: 16 Mar 2009
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 161 (233,992)
Citation 1

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

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

ISEG-UTL Economics Working Paper No. 02/2009/DE/UECE
Number of pages: 18 Posted: 23 Jan 2009
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 95 (347,189)
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
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics

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

29.

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
António Afonso and Mariana Santos
University of Lisbon - ISEG (School of Economics and Management) and Economic Research and Forecasting Department (DGEP)
Downloads 255 (153,509)

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tertiary education, efficiency, DEA, Portugal

Government Size, Composition, Volatility and Economic Growth

ECB Working Paper No. 849
Number of pages: 45 Posted: 27 Jan 2008
António Afonso and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management) and University of Palermo
Downloads 253 (154,173)
Citation 12

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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
António 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

31.

Economic Performance and Government Size

ECB Working Paper No. 1399
Number of pages: 44 Posted: 30 Nov 2011
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 251 (155,953)

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

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 246 (159,143)
Citation 13

Abstract:

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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
António 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

33.

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
António Afonso and Sónia Fernandes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon
Downloads 239 (163,549)
Citation 10

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Public hospitals, Data Envelopment Analysis, Malmquist indices, Portugal

34.

Fiscal Developments and Financial Stress: A Threshold VAR Analysis

ECB Working Paper No. 1319
Number of pages: 62 Posted: 11 Apr 2011
António 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 231 (168,968)
Citation 2

Abstract:

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fiscal policy, financial markets, threshold VAR

35.

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

ECB Working Paper No. 1217
Number of pages: 42 Posted: 28 Jun 2010
University of Lisbon - ISEG (School of Economics and Management), University of Mannheim and International Monetary Fund (IMF) - Research Department
Downloads 230 (169,705)

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

36.

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
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 230 (169,705)
Citation 7

Abstract:

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

37.

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
António Afonso and Mariana Santos
University of Lisbon - ISEG (School of Economics and Management) and Economic Research and Forecasting Department (DGEP)
Downloads 225 (173,321)
Citation 1

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

38.

Public Sector Efficiency: Evidence for Latin America

ISEG Economics Working Paper No. 20/2013/DE/UECE
Number of pages: 42 Posted: 09 Dec 2013
António Afonso, Alma Romero-Barrutieta and Emma Monsalve
University of Lisbon - ISEG (School of Economics and Management), University of Minnesota - Twin Cities and Inter-American Development Bank (IDB)
Downloads 224 (174,076)
Citation 12

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

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
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 138 (265,786)

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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

Number of pages: 52 Posted: 26 Feb 2008
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 83 (378,163)
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
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics

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

40.
Downloads 220 (177,065)
Citation 7

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
António Afonso, Pedro Gomes, Pedro Gomes and Philipp Rother
University of Lisbon - ISEG (School of Economics and Management), Universidad Carlos III de MadridUniversity of London - Economics, Mathematics and Statistics and European Central Bank (ECB)
Downloads 220 (176,717)
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
António Afonso, Pedro Gomes, Pedro Gomes and Philipp Rother
University of Lisbon - ISEG (School of Economics and Management), Universidad Carlos III de MadridUniversity 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

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

Number of pages: 39 Posted: 21 Jun 2005
António 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 212 (183,052)
Citation 4

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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
António 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
António Afonso and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management) and University of Palermo
Downloads 210 (184,706)
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
António 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

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

ECB Working Paper No. 1465
Number of pages: 40 Posted: 05 Sep 2012
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 159 (236,568)

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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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 36 (562,611)
Citation 11

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

Fiscal Policy, Housing and Stock Prices

ECB Working Paper No. 990
Number of pages: 45 Posted: 02 Feb 2009
António Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 108 (318,636)

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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
António Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 85 (372,778)

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

45.

Long-Run Determinants of Sovereign Yields

Number of pages: 13 Posted: 17 Aug 2010
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 190 (202,645)

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long-term yields, panel cointegration, bootstrap

Income Distribution Determinants and Public Spending Efficiency

ECB Working Paper No. 861
Number of pages: 55 Posted: 01 Feb 2008
António 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 173 (220,022)
Citation 5

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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
António 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

47.

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
António 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 167 (226,529)
Citation 2

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

48.
Downloads 164 (230,042)
Citation 6

Interactions between Private and Public Sector Wages

ECB Working Paper No. 971
Number of pages: 57 Posted: 29 Nov 2008
António Afonso, Pedro Gomes and Pedro Gomes
University of Lisbon - ISEG (School of Economics and Management) and Universidad Carlos III de MadridUniversity of London - Economics, Mathematics and Statistics
Downloads 131 (276,721)

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public wages, private wages, employment

Interactions between Private and Public Sector Wages

Number of pages: 35 Posted: 22 Nov 2010
António Afonso, Pedro Gomes and Pedro Gomes
University of Lisbon - ISEG (School of Economics and Management) and Universidad Carlos III de MadridUniversity of London - Economics, Mathematics and Statistics
Downloads 33 (579,900)
Citation 6

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

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: 17 Nov 2021
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 90 (359,479)

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fiscal sustainability, EU, panel cointegration

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

Number of pages: 47 Posted: 09 Sep 2008
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 73 (407,842)

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fiscal sustainability, 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
António 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 146 (253,959)

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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
António 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

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
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 145 (254,673)
Citation 2

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Budget balance, external balance, EU, panel cointegration

52.
Downloads 143 (257,542)
Citation 4

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

Number of pages: 12 Posted: 14 Jul 2009
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 143 (258,311)
Citation 4

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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
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics

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panel causality, fiscal policy, EU

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
António Afonso and Mina Kazemi
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - ISEG School of Economics and Management
Downloads 142 (259,770)
Citation 8

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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
António 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

54.

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
António Afonso and António Jorge Silva
University of Lisbon - ISEG (School of Economics and Management) and Bank of Portugal
Downloads 141 (260,339)

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

55.

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, LEM - CNRS (UMR 9221), International Monetary Fund (IMF) and Cracow University of Economics
Downloads 139 (263,365)
Citation 4

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

56.

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
António 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 133 (272,615)

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

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
António Afonso and Joana Sousa-Leite
University of Lisbon - ISEG (School of Economics and Management) and Bank of Portugal
Downloads 122 (292,002)
Citation 3

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

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

The Manchester School, Vol. 88, pp. 151-171, 2020
Number of pages: 21 Posted: 07 Oct 2020
António Afonso and Joana Sousa‐Leite
University of Lisbon - ISEG (School of Economics and Management) and affiliation not provided to SSRN
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bank‐lending channel, credit supply, Euro area, lending interest rates, Portugal, TLTRO, unconventional monetary policy

58.

Sovereign Credit Rating Mismatches

ISEG Economics Department Working Paper No. WP 02/2017/DE/UECE
Number of pages: 39 Posted: 16 Jan 2017
António Afonso and André Albuquerque
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - ISEG School of Economics and Management
Downloads 122 (290,683)

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

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

ECB Working Paper No. 1276
Number of pages: 63 Posted: 11 Dec 2010
António 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 116 (302,757)

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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
António Afonso and Manuel M. F. Martins
University of Lisbon - ISEG (School of Economics and Management) and University of Porto, cef.up, Faculdade de Economia

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yield curve, fiscal policy, financial markets

60.

Government Spending Efficiency, Measurement and Applications: A Cross-country Efficiency Dataset

REM Working Paper 0147-2020
Number of pages: 30 Posted: 02 Dec 2020
António 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 112 (308,831)
Citation 1

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government spending efficiency, public sector performance, non-parametric estimation, DEA, OECD

61.

Fiscal Composition and Long-Term Growth

ECB Occasional Paper No. 1518
Number of pages: 45 Posted: 08 Mar 2013
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 108 (316,737)
Citation 2

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Budget deficit, budget decomposition, panel analysis, panel causality

Ricardian Fiscal Regimes in the European Union

ECB Working Paper No. 558
Number of pages: 46 Posted: 05 Dec 2005
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 108 (318,636)
Citation 2

Abstract:

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

Abstract:

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Fiscal regimes, European Union, Panel data models

63.

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
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 108 (316,737)

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Deficits, government debt, inflation, money stock

64.

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
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 107 (318,760)

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panel causality, fiscal policy, EU

65.

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

REM Working Paper 022-2017
Number of pages: 32 Posted: 28 Dec 2017
António 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 104 (324,943)

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

66.

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 International Monetary Fund (IMF) - Research Department
Downloads 104 (324,943)
Citation 8

Abstract:

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

67.

Excess Burden and the Cost of Inefficiency in Public Services Provision

ECB Working Paper No. 601
Number of pages: 45 Posted: 25 Apr 2006
António Afonso and Vítor Gaspar
University of Lisbon - ISEG (School of Economics and Management) and Bank of Portugal
Downloads 104 (324,943)

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Government efficiency, excess burden, taxes, spending

68.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 103 (327,018)
Citation 2

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government expenditures, goverment revenues, panel causality, GMM

69.

Business Cycle Synchronization and Insurance Mechanisms in the EU

ECB Working Paper No. 844
Number of pages: 37 Posted: 21 Dec 2007
António Afonso and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management) and University of Palermo
Downloads 102 (329,178)
Citation 2

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

70.

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
António 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 99 (337,787)
Citation 1

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Government Size, Unemployment, Inflation, Emerging Market Economies

71.

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
António Afonso and Raquel Balhote
University of Lisbon - ISEG (School of Economics and Management) and ISEG - School of Economics and Management
Downloads 98 (337,787)
Citation 2

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interactions, monetary policy, fiscal policy, reaction functions

72.

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
António Afonso and João Teixeira
University of Lisbon - ISEG (School of Economics and Management) and Winton Capital Management
Downloads 97 (340,043)

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Government bonds, efficiency, non-linear tests, EU

73.

How 'Big' Should Government Be?

REM Working Paper 078-2019
Number of pages: 18 Posted: 01 May 2019
António Afonso and Ludger Schuknecht
University of Lisbon - ISEG (School of Economics and Management) and European Central Bank (ECB)
Downloads 96 (342,270)
Citation 2

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government size, government efficiency, DEA, advanced economies

74.

Sovereign Debt Crisis in Portugal and in Spain

REM Working Paper 112-2019
Number of pages: 33 Posted: 09 Jan 2020
António Afonso and Nuno Verdial
University of Lisbon - ISEG (School of Economics and Management) and affiliation not provided to SSRN
Downloads 94 (346,852)

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

75.

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
António Afonso and Mina Kazemi
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - ISEG School of Economics and Management
Downloads 92 (351,645)

Abstract:

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sovereign bonds, non-conventional monetary policy, panel data

76.

Government Indebtedness and European Consumers Behaviour

ISEG Economics Department WP 12/2001/DE/CISEP
Number of pages: 24 Posted: 26 Oct 2002
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 92 (351,645)

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

77.
Downloads 91 (354,060)

Appraising Fiscal Reaction Functions

ISEG-UTL Economics Working Paper No. 23/2011/DE/UECE
Number of pages: 16 Posted: 05 Nov 2011
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 91 (356,994)
Citation 1

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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
António 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 regimes, Panel VAR, cross-sectional dependence

78.

Do Fiscal Imbalances Deteriorate Sovereign Debt Ratings?

ISEG Economics Working Paper No. 24/2010/DE/UECE
Number of pages: 31 Posted: 27 Nov 2010
António Afonso, Pedro Gomes and Pedro Gomes
University of Lisbon - ISEG (School of Economics and Management) and Universidad Carlos III de MadridUniversity of London - Economics, Mathematics and Statistics
Downloads 90 (356,492)
Citation 2

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Credit Ratings, Sovereign Debt, Rating Agencies

The Dynamic Behaviour of Budget Components and Output

ECB Working Paper No. 775
Number of pages: 48 Posted: 11 Jul 2007
Peter Claeys and António Afonso
Vrije Universiteit Brussel (VUB) - Faculty of Economic, Social and Political Sciences and University of Lisbon - ISEG (School of Economics and Management)
Downloads 89 (362,071)

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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
António Afonso and Peter Claeys
University of Lisbon - ISEG (School of Economics and Management) and Vrije Universiteit Brussel (VUB) - Faculty of Economic, Social and Political Sciences

Abstract:

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

Fiscal Consolidations in the Central and Eastern European Countries

Number of pages: 43 Posted: 26 Apr 2005
António 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 (364,673)

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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
António 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

Fiscal Policy Responsiveness, Persistence and Discretion

ECB Working Paper No. 954
Number of pages: 47 Posted: 20 Nov 2008
António 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 87 (367,291)

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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
António 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

82.

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
António Afonso and Frederico Silva Leal
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL)
Downloads 86 (366,724)
Citation 1

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

83.

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
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 84 (372,021)
Citation 1

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Portugal, public finances, fiscal imbalances

84.

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 António Afonso
Vrije Universiteit Brussel (VUB) - Faculty of Economic, Social and Political Sciences and University of Lisbon - ISEG (School of Economics and Management)
Downloads 83 (374,635)

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

85.

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
António 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 82 (377,328)

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macro forecasts, revenue forecast errors, EU

86.

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
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 81 (380,117)
Citation 1

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public finances, Portugal, fiscal consolidations, compensation of employees

87.

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

Number of pages: 38 Posted: 19 Nov 2010
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 80 (382,915)
Citation 1

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

88.

Fiscal Multipliers in the Eurozone: A SVAR Analysis

REM Working Paper 047-2018
Number of pages: 28 Posted: 16 Aug 2018
António Afonso and Frederico Silva Leal
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL)
Downloads 79 (385,686)
Citation 2

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Fiscal Multiplier, Structural VAR, Fiscal Policy

89.

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, LEM - CNRS (UMR 9221), International Monetary Fund (IMF) and Cracow University of Economics
Downloads 78 (388,506)

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

90.

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
António Afonso, José Alves and José Alves
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of EconomicsUECE - Research Unit on Complexity in Economics
Downloads 78 (388,506)
Citation 1

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

91.

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

REM Working Paper 020-2017
Number of pages: 41 Posted: 11 Dec 2017
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 77 (391,374)
Citation 2

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

92.

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
António Afonso and Ana Sequeira
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of Economics
Downloads 77 (391,374)
Citation 9

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EU, Business Cycle Synchronization

93.

Taxation and Public Spending Efficiency: An International Comparison

REM Working Paper 080-2018
Number of pages: 40 Posted: 29 May 2019
António 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 75 (397,192)

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

94.

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
António 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 75 (397,192)

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basic and secondary education, efficiency, DEA, Tunisia

95.

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

Number of pages: 28 Posted: 09 Mar 2012
António 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 75 (397,192)

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

96.
Downloads 75 (397,192)
Citation 2

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 75 (401,522)
Citation 2

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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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)

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fiscal rules, growth, government size, panel analysis

Fiscal Volatility, Financial Crises and Growth

ISEG Economics Working Paper No. 06/2012/DE/UECE
Number of pages: 9 Posted: 23 Feb 2012
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 74 (404,663)

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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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)

Abstract:

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growth, fiscal volatility, crises, panel analysis

98.

Sovereign Credit Ratings, Market Volatility, and Financial Gains

ECB Working Paper No. 1654
Number of pages: 54 Posted: 20 Mar 2014
University of Lisbon - ISEG (School of Economics and Management), Universidad Carlos III de MadridUniversity of London - Economics, Mathematics and Statistics and Universidad Carlos III de Madrid
Downloads 73 (403,264)

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

99.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 69 (415,772)
Citation 2

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Expansionary Fiscal Consolidations in Europe: New Evidence

ECB Working Paper No. 675
Number of pages: 52 Posted: 12 Sep 2006
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 68 (424,237)

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

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

101.

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
António 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 67 (422,341)
Citation 4

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fiscal regimes, Markov Switching, Portugal

102.

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
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 67 (422,341)

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Government deficit, inflation, money supply, Portugal

103.

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
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 67 (422,341)

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Stock markets, efficiency, Portugal

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
António Afonso and Marcelo Alcântara
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - School of Economics and Management
Downloads 64 (432,441)

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

105.

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
António 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 64 (432,441)
Citation 3

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

106.

Fiscal Sustainability in the EU: A Panel Data Diagnostic

Number of pages: 20 Posted: 02 Feb 2012
António Afonso, Christophe Rault and Christophe Rault
University of Lisbon - ISEG (School of Economics and Management) and University of OrleansIZA Institute of Labor Economics
Downloads 64 (432,441)
Citation 2

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

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
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 64 (438,164)
Citation 6

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

Abstract:

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interest rates, macro forecasts, EU

108.

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
António 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 63 (435,945)
Citation 1

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

109.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 62 (439,421)
Citation 1

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

110.

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 59 (450,137)
Citation 5

Abstract:

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

111.

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
António 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 57 (457,631)
Citation 2

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macro forecasts, fiscal forecasts, EU, Portugal

112.

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
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
Downloads 56 (461,332)

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sovereign yield spreads, spillover effects, contagion

113.

A Longer-Run Perspective on Fiscal Sustainability

ISEG Working Paper No. 17
Number of pages: 30 Posted: 18 Sep 2011
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 56 (461,332)
Citation 3

Abstract:

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

114.

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
António Afonso and Manuel Reis
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of Economics
Downloads 51 (480,885)
Citation 1

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Sovereign bond spreads, panel data, EMU

Measuring the Success of Fiscal Consolidations

ISEG-UTL Economics Working Paper No. 22/2011/DE/UECE
Number of pages: 12 Posted: 06 Nov 2011
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 50 (493,440)

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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
António 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

116.

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
António Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 50 (485,040)
Citation 1

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Consumption, Wealth, Stock Returns, Bond Returns

117.

The Size of Government

REM Working Paper 0129-2020
Number of pages: 36 Posted: 22 Jun 2020
António Afonso, Ludger Schuknecht and Vito Tanzi
University of Lisbon - ISEG (School of Economics and Management), Bundesministerium der Finanzen and Inter-American Development Bank (IADB)
Downloads 48 (493,442)

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public spending; size of government; expenditure composition; public sector efficiency

118.

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

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 48 (493,442)
Citation 13

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

119.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 48 (493,442)

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

120.
Downloads 48 (493,442)
Citation 4

Fiscal Regimes in the EU

ISEG Economics Working Paper No. 10/2013/DE/UECE
Number of pages: 37 Posted: 28 Apr 2013
António Afonso and Priscilla Toffano
University of Lisbon - ISEG (School of Economics and Management) and KU Leuven
Downloads 34 (574,004)
Citation 6

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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
António Afonso and Priscilla Toffano
University of Lisbon - ISEG (School of Economics and Management) and KU Leuven
Downloads 14 (719,220)
Citation 8

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Fiscal regimes, Markov-switiching, EU

121.

Do Fiscal Rules Lower Government Financing Costs?

REM Working Paper 015-2017
Number of pages: 22 Posted: 29 Nov 2017
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 47 (497,831)

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

122.

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
António 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 45 (506,627)
Citation 1

Abstract:

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finance minister, stock returns, sovereign yields, budget balance

123.

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
António 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 45 (506,627)
Citation 3

Abstract:

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economic growth, public spending, efficiency, Malmquist index

124.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 44 (511,111)
Citation 1

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

125.

Fiscal Regimes in the EU

ECB Working Paper No. 1529
Number of pages: 38 Posted: 08 May 2013
António Afonso and Priscilla Toffano
University of Lisbon - ISEG (School of Economics and Management) and KU Leuven
Downloads 44 (511,111)

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Fiscal regimes, Markov-switiching, EU

126.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 43 (515,633)
Citation 1

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

127.

Economic Forecasts and Sovereign Yields

ISEG Economics Working Paper No. 02/2012/DE/UECE
Number of pages: 46 Posted: 07 Jan 2013
António Afonso and Ana Nunes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL)
Downloads 43 (515,633)
Citation 3

Abstract:

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macro forecasts, fiscal forecasts, sovereign yields

128.

Sovereign Ratings and Finance Ministers’ Characteristics

REM Working Paper 072-2019
Number of pages: 15 Posted: 09 Mar 2019
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 42 (520,304)

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

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
António Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho
Downloads 41 (535,895)
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
António Afonso and Ricardo M. Sousa
University of Lisbon - ISEG (School of Economics and Management) and University of Minho

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130.

Assessing Fiscal Episodes

ISEG Working Paper No. 15/2011/DE/UECE
Number of pages: 41 Posted: 17 Sep 2011
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 40 (529,842)
Citation 1

Abstract:

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

131.

The Relationship Between Fiscal and Current Account Imbalances in OECD Economies

REM Working Paper 061-2018
Number of pages: 37 Posted: 19 Dec 2018
António 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 39 (534,676)

Abstract:

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

132.

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
António 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 39 (534,676)

Abstract:

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

133.

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
António Afonso, Luís Gonçalves and Luís Gonçalves
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - School of Economics and ManagementISEG Lisbon School of Economics and Management,Universidade de Lisboa
Downloads 38 (539,755)

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

Market Power and Fiscal Policy in OECD Countries

ECB Working Paper No. 1173
Number of pages: 37 Posted: 22 Apr 2010
António 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 37 (556,961)

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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
António Afonso and Luís F. Costa
University of Lisbon - ISEG (School of Economics and Management) and ISEG - Lisbon School of Economics & Management of Universidade de Lisboa

Abstract:

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fiscal policy, markup, VAR, PVAR

135.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 36 (549,958)

Abstract:

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budgetary decomposition, crises, panel analysis

136.

Do Financial Markets Reward Government Spending Efficiency?

REM Working Paper 0166-2021
Number of pages: 36 Posted: 23 Mar 2021
António 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 35 (555,217)

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government spending efficiency, DEA, panel analysis, ordered probit (logit); sovereign ratings, rating agencies

137.

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
António 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 35 (555,217)

Abstract:

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

138.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 34 (560,582)

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

139.
Downloads 34 (560,582)
Citation 14

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 34 (574,004)
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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140.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 33 (566,061)

Abstract:

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volatility, fiscal policy, inflation, GARCH, Consensus Forecasts

141.

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
António 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 33 (566,061)
Citation 2

Abstract:

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

142.

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
António 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 32 (571,508)
Citation 1

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

143.

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
António Afonso and Manish Singh
University of Lisbon - ISEG (School of Economics and Management) and University of Barcelona
Downloads 32 (571,508)
Citation 3

Abstract:

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

144.

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
António 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 31 (577,118)

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

145.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 30 (582,876)

Abstract:

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

146.

The Interplay between Monetary and Fiscal Policies in the EU

REM Working Paper 0153-2020
Number of pages: 26 Posted: 18 Feb 2021
António Afonso and Alexandre Sousa
University of Lisbon - ISEG (School of Economics and Management) and ISEG Lisbon School of Economics and Management,Universidade de Lisboa
Downloads 29 (588,850)

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Monetary Policy, Fiscal Policy; Reaction Functions; Great Recession

147.

Structural Tax Reforms and Public Spending Efficiency

REM Working Paper 0146-2020
Number of pages: 47 Posted: 02 Dec 2020
António 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 29 (588,850)

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government spending efficiency; tax reforms; data envelopment analysis; non-parametric estimation; panel data; political economy

148.

Corruption and Economic Growth: Does the Size of the Government Matter?

REM Working Paper 164-2021
Number of pages: 35 Posted: 23 Feb 2021
António Afonso and Eduardo Rodrigues
University of Lisbon - ISEG (School of Economics and Management) and ISEG Lisbon School of Economics and Management,Universidade de Lisboa
Downloads 26 (607,722)

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Corruption, Economic Growth, Government Size, Generalized Method of Moments, Forward Orthogonal Deviations

149.

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

REM Working Paper 051-2018
Number of pages: 15 Posted: 04 Dec 2018
António Afonso, José Alves and José Alves
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of EconomicsUECE - Research Unit on Complexity in Economics
Downloads 26 (607,722)

Abstract:

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Investment Growth, Tax systems, Fiscal Policy, Optimal taxation

150.

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
António Afonso, José Alves and José Alves
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - Department of EconomicsUECE - Research Unit on Complexity in Economics
Downloads 26 (607,722)

Abstract:

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

151.

Sovereign Bond Yield Spreads Spillovers in the EMU

REM Working Paper 052-2018
Number of pages: 18 Posted: 14 Nov 2018
António Afonso and Mina Kazemi
University of Lisbon - ISEG (School of Economics and Management) and University of Lisbon - ISEG School of Economics and Management
Downloads 25 (614,364)

Abstract:

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sovereign yields spreads, spillovers, euro area, panel data

152.

Local Territorial Reform and Regional Spending Efficiency

REM Working Paper 071-2019
Number of pages: 40 Posted: 05 Mar 2019
António 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 23 (628,127)

Abstract:

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

153.

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

REM Working Paper 097-2019
Number of pages: 31 Posted: 11 Oct 2019
António Afonso and Frederico Silva Leal
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL)
Downloads 22 (635,172)

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

154.

Budgetary Decomposition and Yield Spreads

ISEG Economics Department Working Paper No. WP 05/2016/DE/UECE
Number of pages: 10 Posted: 08 Jan 2016
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 22 (635,172)

Abstract:

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

155.

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
António 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 21 (642,244)
Citation 1

Abstract:

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

156.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
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Citation 1

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

157.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
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imperfect competition, TFP, fiscal consolidation, local projection, business cycle, impulse response functions, GMM

158.

Expansionary Fiscal Consolidations in Europe – New Evidence

Number of pages: 24 Posted: 14 Feb 2012
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
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Citation 14

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

159.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
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business cycle, output gap, functional spending, panel analysis

160.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 19 (656,507)

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

161.

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
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Debt Sustainability, Global Financial Crisis, Fiscal Policy, PALOP

162.

The Role of Fiscal Policies for External Imbalances: Evidence from the European Union

REM Working Paper 0162-2021
Number of pages: 27 Posted: 18 Feb 2021
António Afonso and José Coelho
University of Lisbon - ISEG (School of Economics and Management) and ISEG Lisbon School of Economics and Management,Universidade de Lisboa
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budget deficit, external deficit, European Union, fiscal rules, panel data

163.

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
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
Downloads 18 (663,714)
Citation 1

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164.

Current Account Balance Cyclicality

ISEG Economics Department Working Paper No. WP 20/2016/DE/UECE
Number of pages: 11 Posted: 21 Sep 2016
António Afonso and Jorge Silva
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon (UTL) - School of Economics and Management
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current account cyclicality, financial markets, Portugal, Germany

165.

Labour Productivity in State-Owned Enterprises

REM Working Paper 0125-2020
Number of pages: 19 Posted: 04 Jun 2020
António Afonso, Maria João Guedes and Pankaj Patel
University of Lisbon - ISEG (School of Economics and Management), Technical University of Lisbon (UTL) - School of Economics and Management and Villanova University - School of Business
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labour productivity; state-owned enterprises; central government; panel data; Portugal

166.

(Non-)Keynesian Effects of Fiscal Austerity: New Evidence from a Large Sample

REM Working Paper 0158-2021
Number of pages: 42 Posted: 18 Feb 2021
University of Lisbon - ISEG (School of Economics and Management), Technical University of Lisbon (UTL) - Department of EconomicsUECE - Research Unit on Complexity in Economics and International Monetary Fund (IMF)
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non-Keynesian effects, fiscal consolidation, filtering, consumption, investment, financial crises, panel data, endogeneity

167.

Sovereign Indebtedness and Financial and Fiscal Conditions

REM Working Paper 111-2019
Number of pages: 10 Posted: 09 Jan 2020
António Afonso and João Tovar Jalles
University of Lisbon - ISEG (School of Economics and Management) and International Monetary Fund (IMF)
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sovereign indebtedness, panel data, financial stress, global financial crisis, emerging markets

168.

International Transmission of Interest Rates: The Role of International Reserves and Sovereign Debt

REM Working Paper 0156-2021
Number of pages: 31 Posted: 18 Feb 2021
University of Lisbon - ISEG (School of Economics and Management), Université de Lille, LEM - CNRS (UMR 9221), International Monetary Fund (IMF) and Cracow University of Economics
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interest rates, international reserves, government debt, spillover effects, monetary policy, fiscal policy, panel analysis

169.

Euro Area Time-Varying Cyclicality of Fiscal Policy

REM Working Paper 202-2021
Number of pages: 37 Posted: 10 Nov 2021
António Afonso and Francisco Tiago Carvalho
University of Lisbon - ISEG (School of Economics and Management) and ISEG Lisbon School of Economics and Management,Universidade de Lisboa
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Fiscal Policy, Cyclicality, Time-varying coefficient, Euro area

170.

60%, -4% and 6%, a Tale of Thresholds for EU Fiscal and Current Account Developments

REM Working Paper 196-2021
Number of pages: 31 Posted: 24 Sep 2021
António Afonso and José Coelho
University of Lisbon - ISEG (School of Economics and Management) and ISEG Lisbon School of Economics and Management,Universidade de Lisboa
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budget deficit, external deficit, European Union, panel data, time series

171.

Current Account Targeting Hypothesis versus Twin Deficit Hypothesis: the EMU Experience of Portugal

REM Working Paper 182-2021
Number of pages: 32 Posted: 02 Jul 2021
António Afonso and José Coelho
University of Lisbon - ISEG (School of Economics and Management) and ISEG Lisbon School of Economics and Management,Universidade de Lisboa
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budget balance, external balance, current account targeting hypothesis, twin deficits, government consumption, ARDL, causality, VAR, Portugal

172.

Does the Introduction of Stock Exchange Markets Boost Economic Growth in African Countries?

REM Working Paper 0160-2021
Number of pages: 29 Posted: 18 Feb 2021
António Afonso and Max Reimers
University of Lisbon - ISEG (School of Economics and Management) and ISEG Lisbon School of Economics and Management,Universidade de Lisboa
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AFRICAN STOCK EXCHANGE, ECONOMIC GROWTH, PANEL DATA, DIF-IN-DIF

173.

Unemployment and financial development: evidence for OECD countries

REM WP 204-2021
Number of pages: 20 Posted: 16 Nov 2021
António Afonso and Carmen Blanco Arana
University of Lisbon - ISEG (School of Economics and Management) and University of Malaga
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unemployment, financial development, panel data, OECD countries

174.

Public Debt and Economic Growth in Brazil

REM Working Paper 0148-2020
Number of pages: 41 Posted: 12 Feb 2021
António Afonso, Sergio Gadelha and Agatha Silva
University of Lisbon - ISEG (School of Economics and Management), Universidade de Brasília (UnB) and Brazilian National Treasury
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Granger causality; Vector Autoregressive; Autoregressive Distributed Lag; government debt; economic growth; Brazil

175.

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
António Afonso
University of Lisbon - ISEG (School of Economics and Management)
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176.

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
António Afonso, Pedro Gomes, Pedro Gomes and Philipp Rother
University of Lisbon - ISEG (School of Economics and Management), Universidad Carlos III de MadridUniversity 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

177.

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
António 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

178.

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
António Afonso and Sónia Fernandes
University of Lisbon - ISEG (School of Economics and Management) and Technical University of Lisbon

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

179.

Euler Testing Ricardo and Barro in the EU

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

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debt neutrality, private consumption, EU, panel data

180.

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
António Afonso and Davide Furceri
University of Lisbon - ISEG (School of Economics and Management) and University of Palermo

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EMU, Optimum Currency Areas, Stabilisation Costs, Insurance Mechanisms

181.

Should We Care for Structural Breaks When Assessing Fiscal Sustainability?

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

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fiscal sustainability, EU, panel cointegration

182.

Dupuit, Pigou and Cost of Inefficiency in Public Services Provision

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

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Government efficiency, excess burden, taxes, spending

183.

Measuring Local Government Spending Efficiency: Evidence for the Lisbon Region

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

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municipal expenditure, technical efficiency, DEA, Lisbon

184.

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

185.

Fiscal Sustainability: The Unpleasant European Case

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

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

186.

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

Posted: 16 Apr 2003
António Afonso
University of Lisbon - ISEG (School of Economics and Management)

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