Published
papers
[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, forthcoming.
[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. (2023). Does government spending efficiency
improve fiscal sustainability?, European
Journal of Political Economy, forthcoming.
[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.
[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.