Published
papers
[186] Afonso, A., Alves, J., Leal, F. (2026). The Stabilizing Role of
Government Scale: Impacts on Output Volatility and Economic Losses, Empirica, forthcoming.
[185] Afonso, A., Alves, J., Jalles, J., Monteiro, S. (2026). The Pressure is On: How Geopolitical Tensions impact Institutional
Fiscal and External Stability Responses, Scottish Journal of
Political Economy, forthcoming.
[184] Afonso, A, Alves, J., Matvejevs, O., Tkacevs, O. (2026). Impact of Sovereign
Debt Maturity on Fiscal Sustainability. International
Journal of Finance and Economics, forthcoming.
[183]
Afonso,
A., Miranda, C. (2026). Compliance with fiscal sustainability and the euro. Empirica, forthcoming.
[182] Afonso, A., Alves, J., Jalles, J., Monteiro, S. (2026). Inflation Tales:
the Heterogenous Price Effects from Current Account Dynamics, Journal
of International Financial Markets, Institutions & Money, 108,
102287.
[180] Afonso, A., Alves, Grabowski, W,
Monteiro, S. (2025). Stock and sovereign returns linkages:
time-varying causality and extreme-quantile determinants, International
Review of Financial Analysis, 108, Part A, 104707..
[179] Afonso, A., Gomes-Pereira, F. (2025). Does monetary policy influence euro area fiscal sustainability?, Economic
Modelling, 152, November 2025, 107273. Data source, code.
[178]
Afonso,
A., Caiado, J., Kaanan, O. (2025). Investment dynamics
and economic growth: a robust VAR analysis of public and private investments
across 18 advanced economies, Applied Economics, forthcoming.
[177] Afonso, A., Alves, J., Jalles, J., Monteiro, S. (2025). Energy Price
Dynamics in the Face of Uncertainty Shocks and the role of Exchange Rate
Regimes: A Global Cross-Country Analysis, Journal
of Economic Asymmetries, Vol 32, November 2025, e00425.
[176] Afonso, A.; Teixeira, A. (2025). The Paradox of Macroprudential Policy and Sovereign Risk, Journal
of Financial Stability, Vol 79, June 2025, 101411.
[175] Afonso, A., Alves,
Ionta, S. (2025). Monetary policy surprises and fiscal sustainability:
the case of the Euro Area, Economic
Change and Restructuring,
forthcoming.
[174] Afonso, A., Alves, Ionta, S. (2025). Monetary policy
surprise shocks under different fiscal regimes: a panel analysis of the Euro
Area, Journal
of International Money and Finance, Volume
156, June 2025, 103341. Codes
and data used
[173]
Afonso,
A., Alves, Monteiro, S. (2025). Echoes of Instability: How Geopolitical Risks Shape
Government Debt Holdings, Economic
Change and Restructuring, 58, 41.
[172] Afonso, A., Blanco-Arana, M. Carmen (2025). Does fiscal policy
boost economic growth in the LDCs? The role of fiscal ratings and key fiscal
variables, South African Journal
of Economics, 93 (3), 256-269.
[171] Afonso, A., Blanco-Arana, M. Carmen (2025). The persistence of
gender pay and employment gaps in European countries, Comparative
Economic Studies, forthcoming.
[170] Afonso, A., Moreira, C., Sousa, R. (2025). Portuguese
exchange rates during and after the Napoleonic wars, Journal of European Economic History, forthcoming.
[169]
Afonso,
A., Montes, A., Domínguez, J.
(2024). A dynamic efficiency analysis for tax revenues in OECD
countries, Empirica, forthcoming.
[168] Afonso, A., Alves, Monteiro, S. (2024). Banks’ portfolio of government
debt and sovereign risk: From Safe Havens to Stormy Seas, Finance
Research Letters, forthcoming.
[167]
Afonso,
A., Alves, J., Beck, K., Jackson, K. (2024). Financial,
institutional, and macroeconomic determinants of cross-country portfolio equity
flows: the case of developed countries, Economic
Modelling, 141, 106902.
[166] Afonso, A., Alves, J., Jalles, J., Monteiro, S. (2024). Beyond the Centre: Tracing Decentralization’s Influence on Time-varying
Fiscal Sustainability, International
Review of Economics & Finance, 96, Part A, 103662.
[165]
Afonso,
A., Rodrigues, E. (2024). Consumption patterns of indebted households:
unravelling the relevance of fiscal policy, International Journal of
Economic Policy Studies, forthcoming.
[164] Afonso, A., Huart, F.,
Jalles, J., Stanek, P. (2024). Determinants and international transmission of
interest rates: do foreign reserves and sovereign debt matter? Review of International
Economics, forthcoming.
[163]
Afonso,
A., Morão, H. (2024). Commonalities and Heterogeneity in the Iberian Business
Cycle, Journal
of Economic Asymmetries, 30, November 2024, e00375
[162]
Afonso,
A., Alves, J., Monteiro, J. (2024), Sovereign risk dynamics in the EU: the time
varying relevance of fiscal and external (im)balances, Journal
of International Financial Markets, Institutions & Money, 94,
102026.
[161] Afonso, A., Alves, J., Beck, K. (2025). Drivers of migration flows in the European Union. Earnings or
unemployment?, International
Labour Review, 164 (2)..
[160] Afonso, A.,
Jalles, J., Venâncio, A. (2024). Fiscal Decentralization and Public Sector
Efficiency: Do Natural Disasters matter? Economic
Modelling, forthcoming
[159] Afonso, A., Alves,
J., Monteiro, S. (2024). Beyond Borders: Assessing the Influence of Geopolitical
Tensions on Sovereign Risk Dynamics, European
Journal of Political Economy, 83, 102550.
[158] Afonso, A.,
Mignon, V., Saadaoui, J. (2024), On the time-varying impact of China's
bilateral political relations on its trading partners: doux commerce or trade
follows the flag?, China
Economic Review, 85, 102184.
[157] Afonso, A., Blanco-Arana,
M. Carmen (2024). The Nexus Between Economic
Freedom And Economic Growth in the LDCs. An Empirical Analysis for the Period
2000-2021, CZECH JOURNAL OF ECONOMICS AND FINANCE, forthcoming.
[156] Afonso, A.,
Coelho, J. (2024). Fiscal sustainability, fiscal reactions, pitfalls and
determinants, Applied Economics, forthcoming.
[155] Afonso, A., Alves, J., Coelho, J. (2024). Determinants of the degree of
fiscal sustainability, International
Journal of Finance and Economics, 178, 100486.
[154] Afonso, A.,
Coelho, J. (2024). Drivers of fiscal sustainability: A time-varying analysis
for Portugal, International
Economics, 178, 100486.
[153] Afonso, A.,
Jalles, J., Venâncio, A. (2024), A tale of government spending efficiency and
trust in the State, Public Choice, 200 (1-2), 89-118.
[152] Afonso, A., Blanco-Arana,
M. Carmen (2024). DOES FINANCIAL INCLUSION
ENHANCE ECONOMIC GROWTH IN THE LEAST DEVELOPED COUNTRIES?, International
Economics, 177, 100479.
[151] Afonso, A., Fraga,
G. (2024). Government
spending efficiency in Latin America, Empirica, 51
(127-160).
[150] Afonso, A.,
Pereira, F. (2025). Unconventional Monetary Policy in the Euro Area. Impacts on
Loans, Employment, and Investment, International
Journal of Finance and Economics, 30 (1), 190-220.
[149] Afonso, A., Blanco-Arana, M. Carmen (2023). Unemployment and
financial development: evidence for OECD countries, Comparative
Economic Studies, forthcoming.
[148] Afonso, A.,
Coelho, J. (2023). Twin Deficits through the Looking Glass: Time-Varying
Analysis in the Euro Area, Economic
Change and Restructuring, 56, 2087-2110.
[147] Afonso, A., Sousa,
A. (2024). Monetary and fiscal interplay: does it work both ways?, Economic Systems, 48, 101188.
[146] Afonso, A., Alves,
J. (2025). Does government spending efficiency improve fiscal sustainability?, European
Journal of Political Economy, 90, Part A,
December 2025, 102403..
[145] Afonso, A.,
Rodrigues, E. (2024). Is public investment in construction and in R&D,
growth enhancing? A PVAR Approach Applied Economics, 56 (24), 2875-2899.
[144] Afonso, A.,
Coelho, J. (2023). Public finances
solvency in the Euro Area: true or false, Economic
Analysis and Policy, .
[143] Afonso, A.,
Coelho, J. (2024). Fiscal and current account imbalances: the
cases of Germany and Portugal, World Economy,
47 (1), 145-168.
[142] Afonso, A., Jalles, J., Venter, Z. (2023). Minimum Wage and Collective
Bargaining Shocks: A Narrative Database for Advanced Economies, IZA Journal
of Labor Policy, 13 (1). Narrative
database.
[141] Afonso, A., Alves,
J., Jalles, J. (2022). To consolidate or not to consolidate? A multi-step
analysis to assess needed fiscal sustainability, International
Economics, 172, 106-123.
[140] Afonso, A., Alves,
J. (2022).
Are fiscal consolidation episodes helpful for public sector efficiency? Applied Economics,
forthcoming
[138] Afonso, A., Opoku,
P. (2023). THE NEXUS BETWEEN FISCAL AND CURRENT ACCOUNT IMBALANCES IN OECD
ECONOMIES, Applied Economics,
[137] Afonso, A.,
Alves, J., Jalles, J. (2022). The
(Non-)Keynesian Effects of Fiscal Austerity: New Evidence from a large sample, Economic Systems, 46 (2), 100981.
[136] Afonso, A.,
Coelho, J. (2022). Current Account Targeting Hypothesis versus Twin Deficit
Hypothesis: the EMU experience of
Portugal, Cuadernos Económicos de ICE,
nº 103, 2022/I.
[135] Afonso, A.,
Reimers, M. (2022). Does the Introduction of Stock Exchange Markets Boost
Economic Growth in African Countries?, Journal
of Comparative Economics, 77, 101505.
[134] Afonso, A., Jalles, J., Venâncio, A. (2022). Do
Financial Markets Reward Government Spending Efficiency?, Journal
of International Financial Markets, Institutions & Money, 77, 101505.
[133] Afonso, A., Blanco-Arana, M. Carmen (2022). Financial and economic development in the context of the global 2008-09
financial crisis, International
Economics, 169, 30-42.
[132] Afonso, A.,
Alves, J., Jalles, J. (2022). Fiscal Reaction
Functions in the EU: a tale of r-g and whether it matters, Révue française d’économie, VOL XXXVI (3), 55-70.
[131] Afonso, A., Jalles, J., Venâncio, A. (2021). Structural Tax Reforms and Public
Spending Efficiency, Open Economies Review, 32, 1017–1061.
[130] Afonso, A., Leão, E., Tiny, D., Bhimjee, C. (2022). Fiscal Sustainability in the
PALOP Economies, Notas Económicas, 54.
[129]
Afonso,
A., Fortes, E. (2022). Corruption and economic growth: does the size of the
government matter? Economic Change and Restructuring,
55, 543–576.
[128]
Afonso,
A., Guedes, M., Patel, P. (2021). Labour Productivity in State-Owned
Enterprises, Comparative Economic Studies,
63 (3), 450-465.
[127] Afonso, A., Huart, F., Jalles, J., Stanek, P. (2022). Twin Deficits
Revisited: a role for fiscal institutions? Journal
of International Money and Finance,
121, 102506.
[126]
Afonso,
A., Coelho, J. (2022). The Role of Fiscal Policies for External Imbalances:
Evidence from the European Union, Economic Systems,
46 (2), 100985.
[125]
Afonso, A., Jalles, J., Venâncio, A. (2021). Taxation and Public Spending
Efficiency: An International Comparison, Comparative Economic Studies,
63 (3), 356-383.
[124] Afonso, A., Gadelha, S., Silva. A. (2021).
Public Debt and Economic Growth in Brazil, Public
Finance Notebooks, 20 (30), 1-46.
[123] Afonso, A.,
Kazemi, M. (2022). Sovereign Bond Yield Spreads Spillovers in the EMU, International
Journal of Finance and Economics, 27 (2), 2615-2626.
[122]
Afonso,
A., Sen, H., Kaya, A. (2021). Government Size, Unemployment, and Inflation Nexus
in Eight Large Emerging Market Economies; Review of Public Economics, 236-(1/2021),
133-170.
[121] Afonso, A., Leal,
F. (2022). Fiscal episodes in the Economic and Monetary Union: Elasticities and
non-keynesian effects, International
Journal of Finance and Economics, 27 (1), 571-593.
[120] Afonso, A., Leite,
J. (2020). THE TRANSMISSION OF UNCONVENTIONAL MONETARY POLICY TO BANK CREDIT
SUPPLY: EVIDENCE FROM THE TLTRO, Manchester
School, 88 (S1), 151-171.
[118] Afonso, A.,
Jalles, J. (2019). Sovereign Ratings and Finance Ministers' Characteristics, Economics Bulletin,
39 (4).
[117] Afonso, A.,
Jalles, J. (2019). Sovereign Indebtedness and Financial and Fiscal Conditions, Applied Economics
Letters, 27 (19), 1611-1616.
[116] Afonso, A., Huart, F., Jalles, J., Stanek, P. (2020). Long-run
relationship between exports and imports: current account sustainability tests
for the EU, Portuguese Economic Journal,
19 (2), 155–170..
[115] Afonso, A.,
Venâncio, A. (2020). Local Territorial Reform and Regional Spending Efficiency,
Local Government Studies,
46 (6). 888-910.
[114] Afonso, A.,
Jalles, J. (2020). Stock Flow Adjustments in Sovereign Debt Dynamics: The role of Fiscal
Frameworks, International
Review of Economics and Finance, 65, 1-16.
[113] Afonso, A.,
Schuknecht, L. (2019). How Big Should
Government Be? Economics and
Business Letters, 8 (2), 84-95.
[112]
Afonso,
A., Ibraimo, Y. (2020). The Macroeconomic Effects of Public Debt: An Empirical
Analysis of Mozambique, Applied Economics, 52 (2), 2012-226.
[111]
Afonso,
A., Leal, F. (2019). Fiscal Multipliers in the Eurozone: A SVAR Analysis, Applied Economics, 51 (51),
5577-5593.
[110]
Afonso,
A., Alves, J. (2019). Tax Structure for Consumption and Income Inequality: an
Empirical Assessment, SERIEs - Journal of the
Spanish Economic Association, 74, 129-147.
[109] Afonso,
A., Cardoso, P. (2019). Exchange-traded
Funds as an Alternative Investment Option: a Case Study, Notas Económicas, 48, 7-37.
[108] Afonso, A.,
Jalles, J. (2019). The Fiscal Consequences of Deflation: Evidence from the
Golden Age of Globalization, Quarterly
Review of Economics and Finance, 79, 129-147.
[107] Afonso, A., Alves, J., Balhote, R. (2019). Interactions between Monetary
and Fiscal Policies, Journal
of Applied Economics, 22 (1), 131-150.
[106]
Afonso,
A., Jalles, J. (2019). Fiscal Rules and Government Financing Costs, Fiscal Studies,
40 (1), 71-90.
[105]
Afonso,
A., Alves, J. (2018). Short and Long-Term Interest Rate Risk: The Sovereign Balance-Sheet
Nexus, Finance
Research Letters, 31, 294-299.
[104]
Afonso,
A., Jalles, J. (2019). Quantitative Easing and Sovereign Yield Spreads:
Euro-Area Time-Varying Evidence, Journal
of International Financial Markets, Institutions & Money, 58,
208-224.
[103]
Afonso,
A., Jalles, J. (2019). Fiscal Reaction Functions Across the World: A Battle
of Statistical (In-)Significance, FinanzArchiv, 75 (3), 207-228.
[102] Afonso, A., Gonçalves, L. (2020). The Policy Mix in
the US and EMU: Evidence from a SVAR Analysis, North
American Journal of Economics and Finance, 51.
[101]
Afonso,
A., Jalles, J. (2020). A Note on Inflation Dynamics, Price Volatility and Fiscal
Activism, Macroeconomic
Dynamics, 24 (5), 1299-1313.
[99] Afonso, A.,
Jalles, J. (2020). Economic Volatility and Sovereign Yields' Determinants: a
Time-Varying Approach, Empirical Economics, 58 (2), 427–451.
[98] Afonso, A.,
Jalles, J. (2018). Decomposing and Analysing the Determinants of Current Accounts’ Cyclicality:
Evidence from the Euro Area, Open Economies Review,
30 (1), 133-156.
[97] Afonso, A., Albuquerque, A. (2018). Sovereign Credit Rating Mismatches,
Notas Económicas, 46,
49-70.
[96] Afonso,
A., Arghyrou, M., Gadea, M., Kontonikas, A. (2018). Whatever
it takes to resolve the European sovereign debt crisis? Bond pricing regime
switches and monetary policy effects, Journal
of International Money and Finance, 86, 1-30.
[95] Afonso, A., Silva,
J. (2019). Effects of euro area monetary policy on institutional sectors: the
case of Portugal, Cuadernos de
Economia, 42 (120), 219-236.
[94] Afonso, A., St.
Aubyn, M. (2019). Economic Growth, Public, and Private Investment Returns in 17 OECD Economies, Portuguese Economic
Journal, 18 (1), 47-65.
[93] Afonso, A., Kazemi,
M. (2018). Euro Area Sovereign Yields and the Power of Unconventional Monetary
Policy, Finance a úvěr-Czech Journal of
Economics and Finance, 68 (2), 100-119.
[92] Afonso, A., Jalles, J. (2017). SOVEREIGN DEBT
COMPOSITION AND TIME-VARYING PUBLIC FINANCE SUSTAINABILITY, North American Journal of Economics
and Finance, 42, 144-155.
[91] Afonso, A.,
Jalles, J. (2017). Euro area time varying fiscal sustainability, International
Journal of Finance and Economics, 22 (3), 244-254.
[90] Afonso, A., Silva,
J. (2018). Debt crisis and 10-year sovereign yields in Ireland and in Portugal, Applied Economics Letters, 25 (4), 217-222.
[89] Afonso, A., Baxa, J., Slavik, M. (2018). Fiscal developments and
financial stress: a threshold VAR analysis, Empirical Economics, 54
(2), 395-423.
[88] Afonso, A.,
Jalles, J. (2017). Fiscal Episodes and Market
Power, Open Economies Review, 28 (2), 233-250.
[87] Afonso, A., Silva,
J. (2017). Current account balance cyclicality, Applied Economics Letters, 24 (13), 911-917.
[86] Afonso, A., Ayadi, M., Ramzi, S. (2016). Assessment of efficiency in basic and
secondary education in Tunisia: A regional analysis, International
Journal of Educational Development, 51, 62-76.
[85] Afonso, A., Jalles,
J. (2017). The Price Relevance of Fiscal Developments, International
Economic Journal, 31 (1), 36-50.
[84] Afonso, A., Alves,
J. (2017). Reconsidering Wagner's Law: Evidence from the Functions of the
Government, Applied Economics Letters, 24(5), 346-350.
[83] Afonso, A., Silva,
J. (2017). Determinants of non-resident government debt ownership, Applied Economics Letters, 24 (2), 107-112.
[82] Afonso, A.,
Jalles, J. (2016). Budgetary decomposition and yield spreads, Applied Economics Letters, 23 (15),
1093-1098.
[81] Afonso, A.,
Jalles, J. (2016). The Elusive Character of Fiscal Sustainability, Applied Economics, 48 (28), 2651-2664.
[80] Afonso, A.,
Martins, L. (2016). Monetary Developments and Expansionary Fiscal
Consolidations: Evidence from the EMU, International
Journal of Finance and Economics, 21, 247-265.
[79] Afonso, A.,
Venâncio, A. (2016). The relevance of commuting zones for regional spending
efficiency, Applied Economics, 48 (10), 865-877.
[78] Afonso, A. Alves, J.
(2015). The role of government debt in economic growth, Review of Public Economics, 215-(4/2015): 9-26.
[77] Afonso, A., Silva,
J. (2015). THE TRACK RECORD OF FISCAL FORECASTING IN THE EU, Economics
Bulletin, 35 (2), 1318-1329.
[76] Afonso, A.,
Jalles, J. (2016). Markups’ Cyclical Behavior: The role of Demand and Supply
Shocks,
Applied Economics Letters, 23 (1) 1-5.
[75] Afonso, A.,
Jalles, J. (2015). How does fiscal policy affect investment? Evidence from a
large panel, International
Journal of Finance and Economics, 20 ( 4), 310-327.
[74] Afonso, A.,
Jalles, J. (2016). Economic Performance, Government Size, and Institutional
Quality, Empirica, 43 (1), 83-109.
[73] Afonso, A., Rault,
C. (2015). Short and Long-run Behaviour of Long-term Sovereign Bond Yields, Applied Economics, 47
(37), 3971-3993.
[72] Afonso, A.,
Jalles, J. (2015). Fiscal Sustainability: A Panel Assessment of Advanced
Economies, Applied Economics Letters, 22 (11), 925-929.
[71] Afonso, A.,
Guimarães, A. (2014). The relevance of fiscal rules for fiscal and sovereign
yield developments, Applied Economics Letters, 22
(11), 920-924.
[70] Afonso, A., Rault,
C. (2015). Multi-step analysis of public finances sustainability, Economic
Modelling, 48, 199-209.
[69] Afonso, A., Arghyrou,
M., Bagdatoglou, G., Kontonikas, A. (2015). On the time-varying
relationship between EMU sovereign spreads and their determinants, Economic
Modelling, 44, 363-371.
[68] Afonso, A., Ayadi, M., Ramzi, S.
(2013). Assessing Productivity Performance of Basic and
Secondary Education in Tunisia: A Malmquist Analysis, Journal of Business &
Economics 5 (1), 104-128.
[67] Afonso, A.,
Jalles, J. (2014). Causality for the government budget and economic growth, Applied Economics Letters, 21 (17), 1198-1201.
[66] Afonso, A., Nunes,
S. (2015). Economic forecasts and sovereign yields, Economic
Modelling, 44, 319-326.
[65] Afonso, A., Gomes,
P. (2014). Interactions between private and public sector wages, Journal of
Macroeconomics, 39, 97-112.
[64] Afonso, A.,
Jalles, J. (2014). A Longer-run Perspective on Fiscal Sustainability, Empirica, 41(4), 821-847.
[63] Afonso, A.,
Jalles, J. (2014). Assessing Fiscal Espisodes, Economic
Modelling, 37, 255-270.
[62] Afonso,
A., Gomes, P., Taamouti, A. (2014). Sovereign credit ratings, market volatility,
and financial gains, Computational
Statistics and Data Analysis, 76, 20-33. Data used.
[61] Afonso, A.,
Jalles, J. (2014). Fiscal Composition and Long-term Growth, Applied Economics. 46 (3). 349-358,
[60] Afonso, A., Rault, C., Estay, C. (2013). Budgetary
and external imbalances relationship: a panel data diagnostic, Journal of Quantitative
Economics, 11
(1-2), 45-71.
[59] Afonso, A., Arghyrou, M., Kontonikas, A.
(2014). Pricing sovereign bond risk in the EMU area:
an empirical investigation, International
Journal of Finance and Economics, 19 (1), 49–56.
[58] Afonso, A., Costa,
L.
(2013). Market power and fiscal policy in OECD countries, Applied Economics, 45
(32), 4509-4519. Data
set.
[57] Afonso, A., St. Aubyn, M.
(2013). Public and Private Inputs in Aggregate Production and Growth: A
Cross-country Efficiency Approach, Applied Economics, 45 (32), 4451-4466.
[56] Afonso, A.,
Jalles, J. (2013). The cyclicality of education, health, and social security
government spending, Applied Economics Letters, 20 (7), 669–672.
[55] Afonso, A.,
Jalles, J. (2013). Growth and Productivity: the role of Government Debt, International
Review of Economics and Finance, 25, 384-407.
[54] Afonso, A.,
Jalles, J. (2013). Do fiscal rules matter for growth? Applied Economics Letters, 20 (1), 34-40.
[53] Afonso, A., Jalles, J. (2012). Fiscal
Volatility, Financial Crises and Growth, Applied Economics Letters, 19 (18),
1821-1826.
[52] Afonso, A., Martins, M. (2012). Level,
Slope, Curvature of the Sovereign Yield Curve, and Fiscal Behaviour, Journal
of Banking and Finance, 36 (6), 1789-1907.
[51] Afonso, A., Jalles, J. (2011). Appraising fiscal reaction functions, Economics Bulletin, 31
(4), 3320-3330.
[50] Afonso, A., Jalles, J. (2012). Measuring
the success of fiscal consolidations, Applied Financial
Economics, 22 (13), 1053-1061.
[49] Afonso, A., Furceri, D., Gomes, P.
(2012). Sovereign
credit ratings and financial markets linkages: application to European data, Journal of International Money and
Finance, 31 (3), 606-638.
[48] Afonso, A., Sousa,
R. (2012). The Macroeconomic Effects of Fiscal Policy, Applied
Economics, 44 (34), 4439-4454. Data used.
[47] Afonso, A., Gomes, P. (2011). Do fiscal imbalances deteriorate
sovereign debt ratings?, Revue Économique, 62
(6), 1123-1134.
[46] Afonso, A., Sousa, R. (2011). What are the Effects of Fiscal
Policy on Asset Markets? Economic
Modelling, 28 (4), 1871-1890.
[45] Afonso, A., Rault,
C. (2011). Long-run Determinants of Sovereign Yields, Economics Bulletin,
31 (1), 367-374.
[44] Afonso, A., Sousa, R. (2011). The
Macroeconomic Effects of Fiscal Policy in
[43] Afonso, A., St. Aubyn, M. (2011).
Assessing health efficiency across countries with a two-step and bootstrap
analysis, Applied Economics Letters, 18 (15), 1427-1430.
[42] Afonso, A., Sousa,
R. (2011). Consumption, Wealth, Stock and Government Bond Returns:
International Evidence, Manchester
School, 79 (6), 1294-1322.
[41] Afonso, A.; Agnello, L.;
Furceri, D.; Sousa, R. (2011). Assessing Long-Term Fiscal Developments: a New
Approach, Journal
of International Money and Finance, 30 (1), 130–146.
[40] Afonso, A.; Claeys, P.; Sousa, R. (2011). Fiscal Regime Shifts in Portugal, Portuguese Economic Journal, 10 (2), 83-108.
[39] Afonso, A., González
Alegre, J. (2011). Economic Growth and Budgetary Components: a Panel Assessment for the EU,
Empirical Economics,
41 (3), 703-723.
[38] Afonso, A., Schuknecht,
L. Tanzi, V. (2010). Income Distribution Determinants and Public Spending
Efficiency, Journal of Economic
Inequality, 8 (3), 367-389.
[37] Afonso, A.,
Furceri, D. (2010). Government Size, Composition, Volatility and Economic
Growth, European
Journal of Political Economy, 26 (4), 517-532.
[36] Afonso, A.,
Furceri, D. (2009). Sectoral Business Cycle Synchronization in the European
Union, Economics Bulletin, 29
(4), 2996-3014.
[35] Afonso, A., Agnello, L.,
Furceri, D. (2010). Fiscal Policy Responsiveness, Persistence, and Discretion, Public
Choice, 145 (3-4), 503-530.
[34] Afonso, A., Gomes,
P., Rother, P. (2011). Short and Long-run Determinants of Sovereign Debt
Credit Ratings, International
Journal of Finance and Economics, 16 (1), 1-15. Data
used.
[33] Afonso, A., Sousa,
R. (2011). Assessing Long-Term Fiscal Developments: Evidence from Portugal, Applied Economics Letters, 18 (1), 1-5.
[32] Afonso, A., Rault,
C. (2009). Spend-and-tax: a panel data investigation for the EU, Economics Bulletin, 29 (4),
2545-2551.
[31] Afonso, A. (2010).
Long-term Government Bond Yields and Economic Forecasts: Evidence for the EU, Applied Economics Letters, 17 (15),
1437-1441.
[30] Afonso, A., Rault,
C. (2009). Bootstrap panel Granger-causality between government budget and
external deficits for the EU, Economics Bulletin, 29 (2),
1036-1043.
[29] Afonso, A., St.
Aubyn, M. (2009). Macroeconomic Rates of Return of Public and Private Investment:
Crowding-in and Crowding-out Effects, Manchester
School, 77 (S1), 21-39.
[28] Afonso, A., Rault,
C. (2010). What do we really know about fiscal sustainability in the EU? A panel
data diagnostic, Review
of World Economics, 145 (4), 731-755.
[27] Afonso, A., St.
Aubyn, M. (2010). Public and Private Investment Rates of Return: Evidence for
Industrialised Countries, Applied Economics Letters, 17 (9), 839 - 843.
[26] Afonso, A. (2008).
Euler testing Ricardo and Barro in the EU, Economics Bulletin, 5
(16), 1-14.
[25] Afonso, A. (2008).
Ricardian Fiscal Regimes in the European Union, Empirica,
35 (3), 313–334.
[24] Afonso, A., Rault,
C. (2007). Should we care for structural breaks when assessing fiscal
sustainability? Economics
Bulletin, 3 (63), 1-19.
[23] Afonso, A.;
Schuknecht, L., Tanzi, V. (2010). Public Sector Efficiency: Evidence for New EU
Member States and Emerging Markets, Applied Economics, 42 (17),
2147-2164.
[22] Afonso, A. (2010).
Expansionary fiscal consolidations in Europe: new evidence, Applied Economics Letters, 17 (2), 105-109.
[21] Afonso, A.,
Furceri, D. (2008). EMU Enlargement, Stabilisation Costs and Insurance
Mechanisms, Journal
of International Money and Finance, 27 (2), 169-187.
[20] Afonso, A. (2007).
An avenue for expansionary fiscal contractions, IUP Journal of Public Finance,
5 (3),
7-15.
[19] Afonso, A., Claeys,
P. (2007). The dynamic behaviour of budget components and output, Economic
Modelling, 25 (1), 93-117.
[18] Afonso, A., Santos,
M. (2008). A DEA Approach to the Relative Efficiency of Portuguese Public
Universities, Portuguese
Journal of Management Studies, 13 (1), 65-85.
[17] Afonso, A., Gaspar,
V. (2007). Dupuit, Pigou and cost of inefficiency in public services provision,
Public Choice, 132 (3-4),
485-502.
[16] Afonso, A.,
Fernandes, S. (2008). Assessing and Explaining the Relative efficiency of Local
Government, Journal
of Socio-Economics, 37(5), 1946-1979.
[15]
Afonso, A.; Gomes, P., Rother, P.
(2009). Ordered
Response Models for Sovereign Debt Ratings, Applied Economics
Letters, 16 (8), 769-773.
[14] Afonso, A., St. Aubyn,
M. (2006). Cross-country Efficiency of Secondary Education Provision: a
Semi-parametric Analysis with Non-discretionary Inputs, Economic
Modelling, 2006, 22 (3), 476-491.
[13] Afonso, A.,
Strauch, R. (2007). Fiscal Policy Events and Interest Rate Swap Spreads: some
Evidence from the EU, Journal
of International Financial Markets, Institutions & Money, 17
(3), 261-276, 2007.
[12] Afonso, A.; Nickel, C., Rother,
P. (2006). Fiscal consolidations in the Central and Eastern European countries, Review of World Economics,
142 (2), 402-421.
[11] Afonso, A., Fernandes, S.
(2006). Measuring Local Government Spending Efficiency: Evidence for the Lisbon
Region, Regional
Studies, 40 (1), 39-53.
[10] Afonso, A. (2005). Fiscal
Sustainability: the Unpleasant European Case, FinanzArchiv, 61 (1), 19-44.
[9] Afonso, A., St.
Aubyn, M. (2005). Non-parametric Approaches to Education and Health Efficiency in OECD
Countries, Journal
of Applied Economics, 8 (2), 227-246.
[8] Afonso, A.; Schuknecht,
L., Tanzi, V. (2005). Public Sector Efficiency: an International Comparison,
Public Choice,
123 (3-4), 321-347.
[7] Afonso, A. (2003).
Understanding the Determinants of Government Debt Ratings: Evidence for the Two
Leading Agencies, Journal of
Economics and Finance, 27 (1), 56-74.
[6] Afonso, A.,
Teixeira, J. (1999). Non-linear Tests of Weakly Efficient Markets: Evidence from
Portugal, Estudos de Economia, 19 (2), 169-187.
(on SSRN)
[5] Afonso, A., St.
Aubyn, M. (1999). Credit Rationing and Monetary Transmission: Evidence for Portugal,
Estudos de Economia, 19 (1), 5-19. (on SSRN)
[4] Afonso, A.
Teixeira, J. (1998). Non-linear Tests of Weakly Efficient Markets: Evidence from
Government Bond Markets in the Euro Area, Cadernos
do Mercado de Valores Mobiliários, 3 (2nd Half), 43-70,
Comissão do Mercado de Valores Mobiliários. (on SSRN)
[3] Afonso, A. (1997). Normality and
Efficiency in Portuguese Stock Exchange Indexes, Estudos de Economia,
16-17 (1), 101-106. (on SSRN)
[2] Afonso, A. (1995). Public
Deficits and Inflation, some more Results for Portugal, Estudos de Economia,
15 (3), 273-286.
(on SSRN)
[1] Afonso, A. (1993). Causality
between Public Deficits and Inflation: Some Tests for the Portuguese Case, Estudos
de Economia, 13 (4), 349-362. (on SSRN)
Other
papers/publications
[10] Afonso, A.,
Cerqueira, P., Stoian, A. (2020). Fiscal Policy in Europe: An Introduction. Comparative
Economic Studies, 62, 355-357.
[9] Afonso, A., Arghyrou, M., Dufrénot, G.
(2015). Economic and Financial Adjustments in Europe, Economic
Modelling, 44, 317-318.
[8] Comment on Fiscal Policy, Structural Reforms and
External Imbalances, Moneda
y Credito, 2011, 232.
[7] Afonso, A. (2009).
Neck, R. and Sturm, J.-E. (eds). Sustainability of Public Debt Journal
of Economics, 97 (1), 95-96.
[6] Afonso, A.,
Schuknecht, L. (2008). Introduction to the Symposium on How to achieve Fiscal
Sustainability in Industrialised Countries? Public Finance and Management, 8 (3),
302-305.
[5] Afonso, A. (2006). A eficiência do Estado, Boletim
de Desenvolvimento Fiscal, 2006, 03, 8-19. Instituto de Pesquisa
Económica Aplicada, Ministério do Planejamento, Orçamento e Gestão do Brasil.
[4] Afonso, A. (2006). Sustainability of
Fiscal Policy in the EU15, CESifo DICE Report, Journal for
Institutional Comparisons, 4 (1), Spring, 34-38, 2006.
[3] Afonso, A. (2004).
Book review of Tax Expenditures – Shedding Light on Government Spending through the Tax
System: Lessons from Developed and Transition Economies, Hana Brixi,
Christian Valenduc and Zhicheng Swift, eds, the World Bank, Washington D.C.,
2004, 245 pp., Reflets
et Perspectives, 43 (2), 95-96, 2004.
[2] Afonso, A. (2004).
A Note on Public Spending Efficiency, CESifo DICE Report, Journal for
Institutional Comparisons, 2 (1), Spring, 35-39, 2004.
[1] Afonso, A. (1999).
A Segurança Social e o Orçamento do Estado, [Social Security and
the State Budget], Teaching Manual, PROFISS (Projecto de Formação Inicial
Qualificante para a Solidariedade e Segurança Social), Sate Secretary of Social
Security and Labour Relations, Ministry of Labour and Solidarity, 1999.
Books/chapters
in books/proceedings
[32] The size of the
government, Afonso, A., Schuknecht, L., Tanzi, V. (2023). Handbook on Public Sector Efficiency,
Edited by António Afonso, João Tovar Jalles and Ana Venâncio. March 2023.
Edward Elgar.
[31] Government
spending efficiency, measurement and applications: A cross-country efficiency
dataset,
Afonso, A, Jalles, J., Venâncio, A. (2023). Handbook on Public Sector Efficiency,
Edited by António Afonso, João Tovar Jalles and Ana Venâncio. March 2023.
Edward Elgar.
[236] Exploring Political Budget Cycles
in the EU-27 , with Jose Alves, Frederico Silva Leal, Research in Economics and Mathematics, REM
Working Paper 405-2026. CESifo
Working Paper No. 12440.
[235] Financial Literacy
and Saving Behavior: Global Cross-Sectional Evidence, with Eduardo Rodrigues, Research in
Economics and Mathematics, REM Working Paper 403-2026. CESifo Working Paper No.
12400.
[234] Climate Resilience
and the Adaptation Trap: A Macroeconomic Framework for Joint Fiscal-External
Sustainability, with Jose Alves, Joao Jalles, Sofia Monteiro, Research in
Economics and Mathematics, REM Working Paper 400-2026. CESifo Working Paper No. 12389.
[227] The ECB's Pandemic Emergency Purchase Programme
and Fiscal Policy: Synergies or Conflict? with Jorge Ferreira. Research in
Economics and Mathematics, REM Working Paper 378-2024. CESifo Working Paper No.
11864.
[225] Shaken Balances: Climate
Risks and the Dynamics of Fiscal and External Sustainability, with José Alves,
João Jalles, Sofia Monteiro, Research in Economics and Mathematics, REM Working
Paper 375-2024. CESifo Working Paper No. 11818.
[221] Private
investment and public investment: total rates of return and global balances in
the OECD, with José Alves, Sofia Monteiro, Research in
Economics and Mathematics, REM Working Paper 363-2025. CESifo Working Paper No.
11634.
[220] Inflation Tales: the Heterogenous Price Effects from
Current Account Dynamics, with José Alves, João Jalles, Sofia Monteiro, Research in Economics and Mathematics, REM Working
Paper 359-2024. CESifo Working Paper No.
11512.
[219] IMPACT OF
SOVEREIGN DEBT MATURITY ON FISCAL SUSTAINABILITY, with José Alves, Oļegs Matvejevs, Oļegs Tkacevs,
Research
in Economics and Mathematics, REM Working Paper 358-2023. Latvijas Banka WP
05/2024. CESifo Working Paper No. 11499.
[218] Public Sector
Efficiency and the Functions of the Government, with José Alves, Najat Bazah, Research in Economics and
Mathematics, REM Working Paper 357-2024. CESifo Working Paper No.
11487.
[217] “Determinants
of trade partner concentration: An analysis for European countries”, with José
Alves, Lucas Menescal, Sofia Monteiro, Research in Economics and Mathematics, REM Working Paper 356-2024. CESifo Working Paper No. 11481.
[216] Public and Private
Investments: A VAR Analysis of Their Impact on Economic Growth in 18 Advanced
Economies, with Jorge Caiado, Omar Kanaan, Research in Economics and
Mathematics, REM Working Paper 350-2024. CESifo Working Paper No. 11426.
[215] Fiscal
Policy Spillovers in the Euro Area - a new assessment, with Daniel Loureiro, Research in Economics and Mathematics, REM Working
Paper 347-2024. CESifo Working Paper No.
11406.
[214] The
Role of Global Uncertainty in Shaping Trade Flow Relations: A Cross-Country
Analysis for Europe, with José Alves, Lucas Menescal, Sofia Monteiro, Research in Economics and Mathematics, REM Working
Paper 346-2024. CESifo Working Paper No.
11401.
[213] Energy
Price Dynamics in the Face of Uncertainty Shocks and the role of Exchange Rate
Regimes: A Global Cross-Country Analysis, with José Alves, João Jalles, Sofia Monteiro, Research in Economics and Mathematics, REM Working Paper 344-2024. CESifo Working Paper No. 11384.
[212] Measuring Tax Burden
Efficiency in OECD Countries: an International Comparison, with Ana Patricia Montes, José M. Domínguez, Research in Economics and Mathematics, REM Working
Paper 339-2024. CESifo Working Paper No.
11333.
[211] The Persistence of Gender Pay and Employment
Gaps in European Countries, with M. Carmen Blanco-Arana, Research in Economics and Mathematics, REM Working
Paper 338-2024. CESifo Working Paper No.
11315.
[210] Does monetary
policy influence euro area fiscal sustainability? with Francisco Gomes Pereira,
Research
in Economics and Mathematics, REM Working Paper 335-2024. CESifo Working
Paper No. 11266.
[209] Echoes
of Instability: How Geopolitical Risks Shape Government Debt Holdings, with
José Alves, Sofia Monteiro, Research
in Economics and Mathematics, REM Working Paper 333-2024. CESifo Working Paper No. 11235.
[208] The role
of fiscal policy rating variables on economic growth in the LDCs, with M.
Carmen Blanco-Arana, Research in
Economics and Mathematics, REM Working Paper 331-2024. CESifo Working Paper No. 11208.
[207] Budgetary constrained
governments: drivers of time varying fiscal sustainability in OECD countries, with José Carlos Coelho, Research in Economics and
Mathematics, REM Working Paper 325-2024. CESifo Working Paper No.
11137.
[206] Beyond
the Centre: Tracing Decentralization’s Influence on Time-varying Fiscal
Sustainability, with José Alves, João Jalles, Sofia Monteiro, Research in Economics and Mathematics, REM Working
Paper 324-2024. CESifo Working Paper No.
11132.
[205] Bank’s risk-taking channel of monetary policy and TLTRO:
Evidence from the Eurozone, with Jorge Braga Ferreira, Research in
Economics and Mathematics, REM Working Paper 320-2024. CESifo Working Paper No.
11116.
[204] The pressure is on: how geopolitical tensions impact
institutional fiscal and external stability responses, with José Alves, Sofia
Monteiro, Research in Economics and
Mathematics, REM Working Paper 318-2024. CESifo Working Paper No. xxxxx.
[203] Afonso, A., Blanco-Arana, M. Carmen (2024).
DOES FINANCIAL INCLUSION ENHANCE ECONOMIC GROWTH IN THE LEAST DEVELOPED
COUNTRIES? Research in Economics and Mathematics, REM Working Paper 316-2024. CESifo Working
Paper No. xxxxx.
[202] Sovereign risk
dynamics in the EU: the time varying relevance of fiscal and external
(im)balances , with José Alves, Sofia Monteiro, Research in Economics and
Mathematics, REM Working Paper 311-2024. CESifo Working Paper No.
10979.
[201] Fiscal sustainability: the role of inflation,
with José Alves, Oļegs
Matvejevs, Oļegs Tkacevs, Research in
Economics and Mathematics, REM Working Paper 303-2023. Latvijas Banka WP
08/2023. CESifo Working Paper No. 10843.
[200] On the time-varying impact of China’s
bilateral political relations on its trading partners (1960–2022), with
Valérie Mignon, Jamel Saadaoui, Research in Economics and Mathematics, REM Working
Paper 301-2023. CESifo Working Paper No. 10814.
[199] Beyond Borders:
Assessing the Influence of Geopolitical Tensions on Sovereign Risk Dynamics, with José Alves,
Sofia Monteiro, Research in Economics and Mathematics, REM Working Paper 0300-2023. CESifo Working
Paper No. 10801.
[198] The nexus between
economic freedom and economic growth in the LDCs. An empirical analysis for the
period 2000-2021, with M. Carmen Blanco-Arana, Research in Economics and
Mathematics, REM Working Paper 0297-2023. CESifo Working Paper No.
10757.
[197] Banks’ portfolio of government debt and sovereign risk, with José Alves,
Sofia Monteiro, Research in Economics and Mathematics, REM Working Paper 289-2023. CESifo Working
Paper No. 10692.
[195] Monetary surprises shocks under different
fiscal regimes: a panel analysis of the Euro Area, with José Alves,
Serena Ionta, Research in Economics and Mathematics, REM Working Paper 284-2023. CESifo Working
Paper No. 10627.
[194] Consumption patterns of indebted households:
unravelling the relevance of fiscal policy, with Eduardo Rodrigues, Research in
Economics and Mathematics, REM Working Paper 282-2023. CESifo Working Paper No.
10565.
[193] The effects of
monetary policy surprises and fiscal sustainability regimes in the Euro Area,
with José Alves, Serena Ionta, Research in Economics and Mathematics, REM Working
Paper 281-2023. CESifo Working Paper No. 10558.
[192] Banking Regulation
and Sovereign Risk: a Paradox, with André Teixeira, Research in Economics and
Mathematics, REM Working Paper 272-2023. CESifo Working Paper No.
10434.
[191] Government
Spending and Tax Revenue Decentralization and Public
Sector Efficiency: Do Natural Disasters matter?, with João Jalles, Ana Venâncio,
Research
in Economics and Mathematics, REM Working Paper 271-2023. CESifo Working
Paper No. 10424.
[190] Determinants of
the degree of fiscal sustainability, with José Alves, José Carlos Coelho, Research in Economics
and Mathematics, REM Working Paper 255-2023. CESifo Working Paper No.
10225.
[189] Pay and unemployment determinants of migration flows in the European
Union with José Alves, Krzysztof Beck, Karen
Jackson, Research in Economics and Mathematics, REM Working Paper 251-2022. CESifo Working
Paper No. 10131.
[188]
Government
spending efficiency in Latin America, with Gabriela
Baquero Fraga, Research in Economics and Mathematics, REM
Working Paper 250-2022. CESifo Working Paper No.
10096.
[187] A Tale of Government
Spending Efficiency and Trust in the State, with João Jalles, Ana Venâncio, Research in Economics and
Mathematics, REM Working Paper 253-2022. CESifo Working Paper No. 10075.
[186] Is public investment in construction and in
R&D, growth enhancing? A PVAR Approach with Eduardo Rodrigues, Research in
Economics and Mathematics, REM Working Paper 249-2022. CESifo Working Paper No.
10048.
[185] Determinants of stock market correlations. Accounting for model uncertainty
and reverse causality in a large panel setting with Krzysztof Beck, Karen Jackson,
Research in Economics and Mathematics, REM Working Paper 246-2022. CESifo Working
Paper No. 9956.
[172] 60%, -4% and 6%, a tale of
thresholds for EU fiscal and current account developments with José Carlos
Coelho, Research in Economics and Mathematics, REM Working Paper 196-2021.
[171] Current Account Targeting
Hypothesis versus Twin Deficit Hypothesis: the EMU experience of Portugal with
José Carlos Coelho, Research in Economics and
Mathematics, REM Working Paper 182-2021.
[170] Do Financial Markets Reward
Government Spending Efficiency? with João Jalles, Ana Venâncio. Research in Economics and Mathematics, REM Working
Paper 166-2020.
[169] Corruption and economic
growth: does the size of the government matter? with
Eduardo Rodrigues. Research in Economics and Mathematics, REM Working Paper
164-2021.
[168] The
Role of Fiscal Policies for External Imbalances: Evidence from the European Union,
with José Coelho. Research in Economics and Mathematics, REM Working Paper 162-2021.
[167] Does the Introduction of Stock
Exchange Markets Boost Economic Growth in African Countries?, with Max Reimers. Research in Economics and Mathematics, REM Working
Paper 160-2021.
[166] (Non-) Keynesian Effects of
Fiscal Austerity: New Evidence from a large sample, with José Alves, João Tovar Jalles. Research in Economics and Mathematics, REM Working Paper 158-2021.
[165] International transmission of
interest rates: the role of international reserves and sovereign debt, with Florence Huart, João Tovar Jalles, Piotr Stanek. Research in Economics and Mathematics, REM Working
Paper 156-2021.
[164] The Interplay between Monetary
and Fiscal Policies in the EU, with
Alexandre Sousa. Research in Economics and Mathematics, REM Working Paper
150-2020.
[163] Public Debt and Economic
Growth in Brazil, with Sérgio Gadelha, Agatha Silva.
Research in Economics and Mathematics, REM Working Paper 148-2020.
[162] Government Spending
Efficiency, Measurement and Applications: a Cross-country Efficiency Dataset,
with João Jalles, Ana Venâncio. Research in
Economics and Mathematics, REM Working Paper 147-2020. Dataset
[161] Structural Tax Reforms and
Public Spending Efficiency, with
João Jalles, Ana Venâncio. Research in
Economics and Mathematics, REM Working Paper 146-2020.
[160] The size of government, with Ludger Schuknecht, Vito Tanzi. Research in Economics and Mathematics, REM Working Paper 129-2020.
[159] Labour
Productivity in State-Owned Enterprises, with Maria João Guedes, Pankaj C. Patal. Research in Economics and Mathematics, REM Working Paper 125-2020.
[158] Sovereign debt crisis in Portugal and in Spain, with Nuno Verdial. Research
in Economics and Mathematics, REM Working Paper 112-2019.
[157] Sovereign
Indebtedness and Financial and Fiscal Conditions, with João Jalles. Research in
Economics and Mathematics, REM Working Paper 111-2019.
[156] Fiscal episodes in
the EMU: Elasticities and non-keynesian effects, with Frederico Silva Leal.
Research in Economics and Mathematics, REM Working Paper 097-2019.
[155] Taxation and Public
Spending Efficiency: An International Comparison, with João Jalles, Ana
Venâncio. Research in Economics and Mathematics, REM Working Paper 080-2019.
[153] Sovereign Ratings
and Finance Ministers’ Characteristics, with João Jalles. Research in Economics
and Mathematics, REM Working Paper 072-2019.
[152] Local territorial
reform and regional spending efficiency, with Ana Venâncio. Research in
Economics and Mathematics, REM Working Paper 071-2019.
[151] The Effects of
Macroeconomic, Fiscal and Monetary Policy Announcements on Sovereign Bond
Spreads: An Event Study from the EMU, with João Jalles, Mina Kazemi. Research
in Economics and Mathematics, REM Working Paper 067-2019. EconPol Working Paper
22.
[150] Stock Flow
Adjustments in Sovereign Debt Dynamics: The Role of Fiscal Frameworks, with João Jalles.
Research in Economics and Mathematics, REM Working Paper 066-2019.
[149] The Transmission of
Unconventional Monetary Policy to Bank Credit Supply: Evidence from the TLTRO, with Joana Sousa-Leite. Research
in Economics and Mathematics, REM Working Paper 065-2019; Banco de Portugal WP
2019-01.
[148] THE
RELATIONSHIP BETWEEN FISCAL AND CURRENT ACCOUNT IMBALANCES IN OECD ECONOMIES,
with Philemon Kwame Opoku. Research
in Economics and Mathematics, REM Working Paper 061-2018.
[147] Sovereign
Bond Yield Spreads Spillovers in the EMU, with Mina Kazemi. Research in Economics and
Mathematics, REM Working Paper 052-2018.
[146] Optimal
Tax Structure for Consumption and Income Inequality: an Empirical Assessment,
with José Alves. Research in
Economics and Mathematics, REM Working Paper 051-2018.
[145] Fiscal Multipliers in the Eurozone: A SVAR Analysis, with Frederico
Silva Leal. Research in
Economics and Mathematics, REM Working Paper 047-2018.
[144] Financial
Development and Economic Growth: A Study for OECD Countries in the Context of
Crisis,
with M.
Carmen Blanco-Arana. Research in Economics and
Mathematics, REM Working Paper 046-2018.
[143] Decomposing and
Analysing the Determinants of Current Accounts’ Cyclicality: Evidence from the
Euro Area, with João Jalles. Research
in Economics and Mathematics, REM Working Paper 042-2018.
[142] Government Size,
Unemployment, and Inflation Nexus in Eight Large Emerging Market Economies with António Afonso, Hüseyin Şen, Ayşe
Kaya. Research in Economics and Mathematics, REM Working
Paper 038-2018.
[140] The Macroeconomic
Effects of Public Debt: An Empirical Analysis of Mozambique, António Afonso,
Yasfir Ibraimo, REM, Working Paper
029-2018.
[139] The Policy Mix in the US and EMU: Evidence from a SVAR Analysis,
António Afonso, Luís Gonçalves. Research in Economics and Mathematics, REM
Working Paper 028-2018.
[138] Exchange-traded Funds as an
Alternative Investment Option: a Case Study, António Afonso, Pedro
Cardoso. Research in Economics and Mathematics, REM Working Paper 022-2017.
[137] Quantitative Easing and Sovereign Yield Spreads: Euro-Area Time-Varying
Evidence, António Afonso, João Jalles. Research in Economics and Mathematics,
REM Working Paper 020-2017.
[136] Do Fiscal Rules
Lower Government Financing Costs, António Afonso, João Jalles. Research in
Economics and Mathematics, REM Working Paper 015-2017.
[135] Fiscal Reaction
Functions Across the World: A Battle of Statistical (In-) Significance, António
Afonso, João Jalles. Research in Economics and Mathematics, REM Working Paper
016-2017.
[134] Whatever it takes
to resolve the European sovereign debt crisis? Bond pricing regime switches and
monetary policy effects, António Afonso, Michael G. Arghyrou, María Dolores
Gadea, Alexandros Kontonikas, Research in Economics and Mathematics, REM
Working Paper 002-2017. Cardiff Economics Working Papers, Working Paper No. E2017/12.
[133] Fiscal Sustainability Analysis: The Case of PALOP Economies, António Afonso, Emanuel Reis Leão, Dilson Tiny, Diptes C.
P. Bhimjee, Department of
Economics, ISEG-UL, Working Paper nº 14/2017/DE/UECE.
[132] Effects of euro area monetary policy on institutional sectors: the case
of Portugal, António Afonso, Jorge Silva, Department
of Economics, ISEG-UL, Working Paper nº 15/2017/DE/UECE.