Bootstrap panel Granger-causality between government spending and revenue in the EU (2009)
Afonso, António, Rault, Christophe
Using bootstrap panel analysis, allowing for cross-country correlation, without the need of pre-testing for unit roots, we study the causality between government revenue and spending for the EU in...
Should we care for structural breaks when assessing fiscal sustainability? (2008)
Afonso, António, Rault, Christophe
We apply recent panel cointegration methods to a structural equation between government expenditure and revenue. Allowing for multiple endogenous breaks and after computing appropriate bootstrap...
3-Step Analysis of Public Finances Sustainability: the Case of the European Union* (2008)
Afonso, António, Rault, Christophe
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the meanreverting behaviour of...
3-Step Analysis of Public Finances Sustainability: the Case of the European Union* (2008)
Afonso, António, Rault, Christophe
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the meanreverting behaviour of...
What do we really know about fiscal sustainability in the EU? A panel data diagnostic (2007)
Afonso, António, Rault, Christophe
We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in...
What do we really know about fiscal sustainability in the EU? A panel data diagnostic (2007)
Afonso, António, Rault, Christophe
We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in...
An avenue for expansionary fiscal contractions (2007)
Expansionary fiscal contractions were first illustrated by several fiscal episodes that occurred in Europe during the 1980s. This paper suggests a simple analytical textbook model that encompasses...
PUBLIC SECTOR EFFICIENCY EVIDENCE FOR NEW EU MEMBER STATES AND EMERGING MARKETS 1 (2006)
António Afonso, Ludger Schuknecht, Vito Tanzi, António Afonso, Ludger Schuknecht, Vito Tanzi
In 2006 all ECB publications will feature a motif taken from the €5 banknote.
* We are grateful to Fitch Ratings, Moody’s, and Standard & Poor’s for providing us historical sovereign rating data, to Renate Dreiskena for help with the data, to Vassilis Hajivassiliou and...
Public Debt Neutrality And Private Consumption Some Evidence From The Euro Area (1999)
Debt neutrality and the Ricardian Equivalence issue has been subject to extensive discussion and empirical research in modern macroeconomics. According to conventional macroeconomics, public debt has...
Public sector efficiency: evidence for new EU member states and emerging markets.
António Afonso, Ludger Schuknecht, Vito Tanzi
In this paper we analyse public sector efficiency in the new member states of the European Union compared to that in emerging markets. After a conceptual discussion of expenditure efficiency...
Non-parametric approaches to education and health efficiency in OECD countries
António Afonso, Miguel St. Aubyn
We address the efficiency in education and health sectors for a sample of OECD countries by applying two alternative non-parametric methodologies: FDH and DEA. Those are two areas where public...
Ricardian Fiscal Regimes in the European Union
The prevalence of either Ricardian or non-Ricardian fiscal regimes is important both for practical policy reasons and to assess fiscal sustainability, and this is of particular relevance for European...
Fiscal Consolidations in the Central and Eastern European Countries
António Afonso, Christiane Nickel, Philipp C. Rother
Fiscal policy, fiscal episodes, Central and Eastern Europe, logit models,
Expansionary fiscal consolidations in Europe - new evidence
In order to assess the existence of expansionary fiscal consolidations in Europe, panel data models for private consumption are estimated for the EU15 countries, using annual data over the period...
An avenue for expansionary fiscal contractions
Expansionary fiscal contractions were first illustrated by several fiscal episodes that occurred in Europe during the 1980s. This paper suggests a simple analytical textbook model that encompasses...
Euler testing Ricardo and Barro in the EU
According to Keynesian economics wisdom, government debt has an effect on the economy since consumers see government debt as net wealth. However, according to the debt neutrality hypothesis of...
António Afonso, Miguel St. Aubyn
Using annual data from 14 European Union countries, plus Canada, Japan and the United States, we evaluate the macroeconomic effects of public and private investment through VAR analysis. From impulse...
Should we care for structural breaks when assessing fiscal sustainability?
Christophe Rault, António Afonso
We apply recent panel cointegration methods to a structural equation between government expenditure and revenue. Allowing for multiple endogenous breaks and after computing appropriate bootstrap...
What do we really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic
António Afonso, Christophe Rault
We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in...
Dupuit, Pigou and cost of inefficiency in public services provision
Government efficiency, Excess burden, Taxes, Spending, D11, E62, H21, H50,
Income distribution determinants and public spending efficiency
António Afonso, Ludger Schuknecht, Vito Tanzi
In this paper we examine the impact of public spending, education, and institutions on income distribution in advanced economies. We also assess the efficiency of public spending in redistributing...
Government size, composition, volatility and economic growth
António Afonso, Davide Furceri
This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are...
Economic growth and budgetary components - a panel assessment for the EU
António Afonso, Juan González Alegre
In this paper we test whether a reallocation of government budget items can enhance long-term GDP growth in a set of European countries. We apply modern panel data techniques to the period 1970-2006,...
An Avenue for Expansionary Fiscal Contractions
Expansionary fiscal contractions were first illustrated by several fiscal episodes that occurred in Europe during the 1980s. This paper suggests a simple analytical textbook model that encompasses...
Government size, composition, volatility and economic growth
António Afonso, Davide Furceri
This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are...
Economic growth and budgetary components - a panel assessment for the EU
António Afonso, Juan González Alegre
In this paper we test whether a reallocation of government budget items can enhance long-term GDP growth in a set of European countries. We apply modern panel data techniques to the period 1970-2006,...
Business cycle synchronization and insurance mechanisms in the EU
António Afonso, Davide Furceri
In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union, and on the ability of insurance mechanisms and fiscal policies to smooth...
Fiscal policy events and interest rate swap spreads - evidence from the EU
In this paper we assess the importance given in capital markets to the credibility of the European fiscal framework. We evaluate to which extent relevant fiscal policy events taking place in the...
Ricardian fiscal regimes in the European Union
The prevalence of either Ricardian or non-Ricardian fiscal regimes is important both for practical policy reasons and to assess fiscal sustainability, and this is of particular relevance for European...
António Afonso, Miguel St. Aubyn
We address the efficiency of expenditure in education provision by comparing the output (PISA results) from the educational system of 25, mostly OECD, countries with resources employed (teachers per...
Fiscal consolidations in the Central and Eastern European countries
António Afonso, Christiane Nickel, Philipp Rother
We study fiscal consolidations in the Central and Eastern European countries and what determines the probability of their success. We define consolidation events as substantive improvements in fiscal...
Quality of public finances and growth
António Afonso, Werner Ebert, Ludger Schuknecht, Michael Thöne
In this paper we review the linkages between the quality of public finances, that is, the level and composition of public expenditure and its financing via revenue and deficits, and economic growth....
Excess burden and the cost of inefficiency in public services provision.
In this paper we revisit the literature on the economic consequences from inefficiency in public services provision. Following Dupuit (1844) and Pigou (1947) we argue that it is important to take the...
What “hides” behind sovereign debt ratings?
António Afonso, Pedro Gomes, Philipp Rother
In this paper we study the determinants of sovereign debt credit ratings using rating notations from the three main international rating agencies, for the period 1995-2005. We employ panel estimation...
Disturbing the fiscal theory of the price level: Can it fit the eu-15?
With the fiscal theory of the price level (FTPL), Leeper-Sims-Woodford (LSW) argued that the government budget constraint plays a key role in determining the price level. Indeed, there could even be...
Public sector efficiency: An international comparison
António Afonso, Ludger Schuknecht, Vito Tanzi
We compute public sector performance (PSP) and public sector efficiency (PSE) indicators, comprising a composite and seven sub-indicators, for 23 industrialised countries. The first four...
Fiscal Sustainability: The Unpleasant European Case
The sustainability of fiscal deficits has been receiving increasing attention. The issue is paramount for the newly formed euro area, and that is one of the motivations of this paper. In order to...
Measuring local government spending efficiency: Evidence for the Lisbon region
António Afonso, Sónia Fernandes
AFONSO A. and FERNANDES S. (2006) Measuring local government spending efficiency: evidence for the Lisbon region, Regional Studies 40, 39--53. The expenditure efficiency of Portuguese local...
3-Step Analysis of Public Finances Sustainability: the Case of the European Union
António Afonso, Christophe Rault
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the meanreverting behaviour of...
EMU enlargement, stabilization costs and insurance mechanisms
Afonso, António, Furceri, Davide
This paper considers the determinants of the macroeconomic costs of joining EMU for the new EU Member Sates, and compares them with those of the EMU members. Specifically, we investigate the business...
Should we care for structural breaks when assessing fiscal sustainability?
António Afonso, Christophe Rault
We apply recent panel cointegration methods to a structural equation between government expenditure and revenue. Allowing for multiple endogenous breaks and after computing appropriate bootstrap...
3-Step Analysis of Public Finances Sustainability: the Case of the European Union*
António Afonso, Christophe Rault
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the meanreverting behaviour of...
What do we really know about fiscal sustainability in the EU? A panel data diagnostic
António Afonso, Christophe Rault
We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in...
3-Step Analysis of Public Finances Sustainability: the Case of the European Union
António Afonso, Christophe Rault
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the mean-reverting behaviour of...
Ricardian fiscal regimes in the European Union
Fiscal regimes, European Union, Panel data models, C23, E62, H62,
3-step analysis of public finances sustainability - the case of the European Union
António Afonso, Christophe Rault
We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the meanreverting behaviour of...
Fiscal policy sustainability: some unpleasant European evidence
The sustainability of fiscal deficits has been receiving increasing attention from economists. The issue is paramount for the newly formed Euro area and this is one of the motivations of the paper....
Non-Keynesian Effects of Fiscal Policy in the EU-15
The possibility of the so called "non-Keynesian" was illustrated by several fiscal episodes in Europe during the last two decades, giving rise to a growing body of both theoretical and empirical...
Government indebtedness and european consumers behaviour
According to conventional macroeconomics, public debt has a significant effect on the economy since consumers see public debt as net wealth, however, according to the Ricardian Equivalence...
Disturbing the Fiscal Theory of the Price Level: Can it Fit the EU-15
With the fiscal theory of the price level (FTPL), Leeper- Sims-Woodford (LSW) argued that the government budget constraint plays a key role in determining the price level. Indeed, there could even be...
Understanding the Determinants of Government Debt Ratings: Evidence for the Two Leading Agencies
I conduct an analysis of the possible determinants of sovereign credit ratings assigned by the two leading credit rating agencies, Moody's and Standard and Poor's, by using both a linear and a...
Intermediaries, Financial Markets and Growth: Some more International Evidence
António Afonso, Raquel Ferreira, Edmund Freitas, Celso Nóbrega, José Pinheiro
Efficiency of Local Government Spending: Evidence for the Lisbon Region
António Afonso, Sónia Fernandes
In this paper we measure and analyse expenditure efficiency of Portuguese local governments using a non-parametric technique for production frontier estimation known as Free Disposal Hull. We first...
Non-parametric Approaches to Education and Health Expenditure Efficiency in OECD Countries
António Afonso, Miguel St. Aubyn
We address the efficiency of expenditure in education and health sectors for a sample of OECD countries by applying two alternative non-parametric methodologies: FDH and DEA. Those are two areas...
Public Tertiary Education Expenditure in Portugal: a Non-Parametric Efficiency Analysis
António Afonso, Mariana Santos
We employ a non-parametric methodology, Data Envelopment Analysis, to estimate efficiency scores for Portuguese public universities for 2001. Due to the tertiary education organisational features we...
Fiscal Consolidations in the Central and Eastern European Countries
António Afonso, Christiane Nickel, Philipp Rother
We study fiscal consolidations in the Central and Eastern European countries and what determines the probability of their success. We define consolidation events as substantive improvements in fiscal...
António Afonso, Miguel St. Aubyn
We address the efficiency of expenditure in education provision by comparing the output (PISA results) from the educational system of 25, mostly OECD, countries with resources employed (teachers per...
Students and Teachers: A DEA Approach to the Relative Efficiency of Portuguese Public Universities
António Afonso, Mariana Santos
We employ a non-parametric methodology, Data Envelopment Analysis, to estimate efficiency scores for Portuguese public universities, using data mainly for 2003. The input measures are constructed...
António Afonso, Sónia Fernandes
In this paper we measure the relative efficiency of Portuguese local municipalities in a non-parametric framework approach using Data Envelopment Analysis. As an output measure we compute a composite...
Public Sector Efficiency: Evidence for New EU Member States and Emerging Markets
António Afonso, Ludger Schuknecht, Vito Tanzi
In this paper we analyse public sector efficiency in the new member states of the European Union compared to that in emerging markets. After a conceptual discussion of expenditure efficiency...
Excess burden and the cost of inefficiency in public services provision
In this paper we revisit the literature on the economic consequences from inefficiency in public services provision. Following Dupuit (1844) and Pigou (1947) we argue that it is important to take the...
Expansionary fiscal consolidations in Europe: new evidence
In order to assess the existence of expansionary fiscal consolidations in Europe, panel data models for private consumption are estimated for the EU15 countries, using annual data over the period...
The main focus of this paper is the relation between the cyclical components of total revenues and expenditures and the budget balance in France, Germany, Portugal, and Spain. We try to uncover past...
Relative Efficiency of Health Provision: a DEA Approach with Non-discretionary Inputs
António Afonso, Miguel St. Aubyn
We estimate a semi-parametric model of health production process using a two-stage approach for OECD countries. By regressing data envelopment analysis output efficiency scores on non-discretionary...
Ordered Response Models for Sovereign Debt Ratings
António Afonso, Pedro Gomes, Philipp Rother
Using ordered logit and probit plus random effects ordered probit approaches, we study the determinants of sovereign debt ratings. We found that the last procedure is the best for panel data as it...
What “Hides” Behind Sovereign Debt Ratings?
António Afonso, Pedro Gomes, Philipp Rother
In this paper we study the determinants of sovereign debt credit ratings using rating notations from the three main international rating agencies, for the period 1995-2005. We employ panel estimation...
Public finances in Portugal: a brief longrun view
This paper provides a succinct overview of long-run developments regarding public finances in Portugal with an emphasis on the spending side. Issues addressed are the excessive deficit experiences of...
Sectoral Business Cycle Synchronization in the European Union
António Afonso, Davide Furceri
This paper analyses sectoral business cycle synchronization in an enlarged European Union using annual data for the period 1980-2005. In particular, we try to identify which sector for each country...
What We Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic.
António Afonso, Christophe Rault
We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second...
Business Cycle Synchronization and Insurance Mechanisms in the EU
António Afonso, Davide Furceri
In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union, and on the ability of insurance mechanisms and fiscal policies to smooth...
Economic Growth and Budgetary Components: a Panel Assessment for the EU
António Afonso, Juan González Alegre
In this paper we test whether a reallocation of government budget items can enhance long-term GDP growth in a set of European countries. We apply modern panel data techniques to the period 1970-2006,...
Should we Care for Structural Breaks When Assessing Fiscal Sustainability?
António Afonso, Christophe Rault
We apply recent panel cointegration methods to a structural equation between government expenditure and revenue. Allowing for multiple endogenous breaks and after computing appropriate bootstrap...
Government Size, Composition, Volatility and Economic Growth
António Afonso, Davide Furceri
This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are...
Income Distribution Determinants and Public Spending Efficiency
António Afonso, Ludger Schknecht, Vito Tanzi
In this paper we examine the impact of public spending, education, and institutions on income distribution in advanced economies. We also assess the efficiency of public spending in redistributing...
Macroeconomic Rates of Return of Public and Private Investment: Crowding-in and Crowding-out Effects
António Afonso, Miguel St.Aubyn
Using annual data from 14 European Union countries, plus Canada, Japan and the United States, we evaluate the macroeconomic effects of public and private investment through VAR analysis. From impulse...
Assessing Hospital Efficiency: Non-parametric Evidence for Portugal
António Afonso, Sónia Fernandes
We compute DEA efficiency scores and Malmquist indexes for a panel data set comprising 68 Portuguese public hospitals belonging to the National Health System (NHS) in the period 2000-2005, when...
Euler Testing Ricardo and Barro in the EUs
According to Keynesian economics wisdom, government debt has an effect on the economy since consumers see government debt as net wealth. However, according to the debt neutrality hypothesis of...
Fiscal policy responsiveness, persistence and discretion
António Afonso, Luca Agnello, Davide Furceri
We decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample of 132 countries, our results point out that fiscal policy tends to be more...
Bootstrap Panel Granger-Causality Between Government Spending and Revenue
António Afonso, Cristophe Rault
Using bootstrap panel analysis, allowing for cross-country correlation, without the need of pre-testing for unit roots, we study the causality between government revenue and spending for the EU in...
Budgetary and External Imbalances Relationship : a Panel Data Diagnostic
António Afonso, Christophe Rault
We assess the cointegration relationship between current account and budget balances, and effective real exchange rates, using recent bootstrap panel cointegration techniques and SUR methods. We...
Budgetary and external imbalances relationship - a panel data diagnostic.
António Afonso, Christophe Rault
We assess the cointegration relationship between current account and budget balances, and effective real exchange rates, using recent bootstrap panel cointegration techniques and SUR methods. We...
Interactions between private and public sector wages.
We analyse the interactions between public and private sector wages per employee in OECD countries. We motivate the analysis with a dynamic labour market equilibrium model with search and matching...
The Macroeconomic Effects of Fiscal Policy
Ricardo M. Sousa, António Afonso
We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector Autoregression approach. We build on a recursive identification scheme, but we: (i) include the feedback...
Fiscal Policy Responiveness, Persistence and Discretion
António Afonso, Luca Agnello, Davide Furceri
We decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample of 132 countries, our results point out that fiscal policy tends to be more...
Interactions between Private and Public Sector Wages
We analyse the interactions between public and private sector wages per employee in OECD countries. We motivate the analysis with a dynamic labour market equilibrium model with search and matching...
The Macroeconomic Effects of Fiscal Policy
António Afonso, Ricardo M. Sousa
We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector Autoregression approach. We build on a recursive identification scheme, but we: (i) include the feedback...
Fiscal Policy, Housing and Stock Prices
António Afonso, Ricardo M. Sousa
This paper investigates the link between fiscal policy shocks and movements in asset markets using a Fully Simultaneous System approach in a Bayesian framework. Building on the works of Blanchard and...
Fiscal Policy Responsiveness, Persistence, and Discretion
António Afonso, Luca Agnello, Davide Furceri
In this working paper, we decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample of 132 countries, our results point out that fiscal...
Assessing and explaining the relative efficiency of local government
Afonso, António, Fernandes, Sónia
We assess the relative efficiency of local municipalities using Data Envelopment Analysis and parametric analysis. As an output measure we compute a composite local government indicator of municipal...
The macroeconomic effects of fiscal policy
António Afonso, Ricardo M. Sousa
We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector Autoregression approach. We build on a recursive identification scheme, but we (i) include the feedback...
Fiscal policy, housing and stock prices
António Afonso, Ricardo M. Sousa
This paper investigates the link between fiscal policy shocks and movements in asset markets using a Fully Simultaneous System approach in a Bayesian framework. Building on the works of Blanchard and...
Assessing Long-Term Fiscal Developments: Evidence from Portugal
Ricardo M. Sousa, António Afonso
Drawing on quarterly data for Portugal, we use a Three-Stage Least Square method and a system of equations to recursively estimate two components of fiscal policy - responsiveness and persistence -...
Bootstrap Panel Granger-Causality Between Government Budget and External Deficits for the EU
António Afonso, Christophe Rault
We investigate the existence of Granger-causality between current account and government budget balances over the period 1970-2007, for different EU and OECD country groupings. We use a panel-data...
Assessing Long-Term Fiscal Developments: Evidence from Portugal
António Afonso, Ricardo M. Sousa
Drawing on quarterly data for Portugal, we use a Three-Stage Least Square method and a system of equations to recursively estimate two components of fiscal policy – responsiveness and persistence...
The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis
Ricardo M. Sousa, António Afonso
In the last twenty years Portugal struggled to keep public finances under control, notably in containing primary spending. We use a new quarterly dataset covering 1979:1-2007:4, and estimate a...
Budgetary and External Imbalances Relationship: A Panel Data Diagnostic
António Afonso, Christophe Rault
We assess the cointegration relationship between current account and budget balances, and effective real exchange rates, using recent bootstrap panel cointegration techniques and SUR methods. We...
Assessing Long-Term Fiscal Developments: a New Approach
António Afonso, Luca Agnello, Davide Furceri, Ricardo M. Sousa
We use a new approach to assess long-term fiscal developments. By analyzing the time-varying behaviour of the two components of government spending and revenue – responsiveness and persistence –...
Bootstrap Panel Granger-Causality between Government Budget and External Deficits for the EU
António Afonso, Christophe Rault
We investigate the existence of Granger-causality between current account and government budget balances over the period 1970-2007, for different EU and OECD country groupings. We use the panel-data...
Assessing long-term fiscal developments - a new approach.
António Afonso, Luca Agnello, Davide Furceri, Ricardo Sousa
We use a new approach to assess long-term fiscal developments. By analyzing the time varying behaviour of the two components of government spending and revenue – responsiveness and persistence –...
A DEA APPROACH TO THE RELATIVE EFFICIENCY OF PORTUGUESE PUBLIC UNIVERSITIES
António Afonso, Mariana Santos
We employ Data Envelopment Analysis, to estimate efficiency scores for Portuguese public universities. The input measures are constructed from the number of teachers and from universities’ spending...
Public Debt and Economic Growth: a Granger Causality Panel Data Approach
António Afonso, Sebastian Hauptmeier
This paper analyses the Granger-causality relationship between the growth of the real GDP per capita and the public debt, here represented by the ratio of the current primary surplus/GDP and the...
Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness.
António Afonso, Sebastian Hauptmeier
We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The results show that the existence of...
Assessing long-term fiscal developments - a new approach.
António Afonso, Luca Agnello, Davide Furceri, Ricardo Sousa
We use a new approach to assess long-term fiscal developments. By analyzing the time varying behaviour of the two components of government spending and revenue – responsiveness and persistence –...
Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness.
António Afonso, Sebastian Hauptmeier
We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The results show that the existence of...
Spend-and-tax: A Panel Data Investigation for the EU
António Afonso, Christophe Rault
Using bootstrap panel analysis, allowing for cross-country correlation, without the need of pre-testing for unit roots, we study the causality between government spending and revenue for the EU in...
Sustainability of fiscal policy in the EU-15
Finanzpolitik, Europäische Wirtschafts- und Währungsunion, Fiscal policy, European Economic and Monetary Union
A Note on Public Spending Efficiency
Öffentliche Ausgaben, Wirtschaftliche Effizienz, Public Expenditure, Economic efficiency
Fiscal Regime Shifts in Portugal
António Afonso, Peter Claeys, Ricardo M. Sousa
We estimate changes in fiscal policy regimes in Portugal with a Markov Switching regression of fiscal policy rules for the period 1978-2007, using a new dataset of fiscal quarterly series. We find...