Encontrados 14 documentos, a visualizar página 1 de 2
The impact of government spending on the private sector : crowding-out versus c...
Furceri, Davide; Sousa, Ricardo M.The aim of this paper is to analyze the impact of government spending on the private sector, assessing the existence of crowding-out versus crowding-in effects. Using a panel of 145 countries from 1960 to 2007, the results suggest that government spending produces important crowding-out effects, by negatively affecting both private consumption and investment. Moreover, while the effects do not seem to depend on...
Fiscal policy discretion, private spending, and crisis episodes?
Agnello, Luca; Furceri, Davide; Sousa, Ricardo M.NIPE_WP_31_2011 ; In this paper, we assess the impact of fiscal policy discretion on economic activity in the short and medium-term. Using a panel of 132 countries from 1960 to 2008, we find that fiscal policy discretion provides a net stimulus to the economy in the short-run and crowding-in effects are amplified once crisis episodes are controlled for– in particular, banking crises - giving a great scope for ...
Assessing long-term fiscal developments : a new approach
Afonso, António; Agnello, Luca; Furceri, Davide; Sousa, Ricardo M.We use a new approach to assess long-term fiscal developments. By analyzing the time-varying behaviour of the two components of government spending and revenue – responsiveness and persistence–, a feature not captured by automatic stabilisers, we are able to infer about the sources of fiscal deterioration (improvement). Drawing on quarterly data, we estimate recursively these components within a system of gover...
Sovereign credit ratings and financial markets linkages: application to Europea...
Afonso, António; Furceri, Davide; Gomes, PedroWe use EU sovereign bond yield and CDS spreads daily data to carry out an event study analysis on the reaction of government yield spreads before and after announcements from rating agencies (Standard & Poor’s, Moody’s, Fitch). Our results show: significant responses of government bond yield spreads to changes in rating notations and outlook, particularly in the case of negative announcements; announcements are...
Assessing long-term fiscal developments : a new approach
Afonso, António; Agnello, Luca; Furceri, Davide; Sousa, Ricardo M.We use a new approach to assess long-term fiscal developments. By analyzing the timevarying behaviour of the two components of government spending and revenue – responsiveness and persistence – we are able to infer about the sources of fiscal behaviour. Drawing on quarterly data we estimate recursively these components within a system of government revenue and spending equations using a Three-Stage Least Square...
Assessing long-term fiscal developments : a new approach
Afonso, António; Agnello, Luca; Furceri, Davide; Sousa, Ricardo M.We use a new approach to assess long-term fiscal developments. By analyzing the time varying behaviour of the two components of government spending and revenue -responsiveness and persistence - we are able to infer about the sources of fiscal behaviour. Drawing on quarterly data we estimate recursively these components within a system of government revenue and spending equations using a Three-Stage Least Square...
Assessing Long-Term Fiscal Developments: a New Approach
Afonso, António; Agnello, Luca; Furceri, Davide; Sousa, Ricardo M.We use a new approach to assess long-term fiscal developments. By analyzing the time-varying behaviour of the two components of government spending and revenue -responsiveness and persistence - we are able to infer about the sources of fiscal behaviour. Drawing on quarterly data we estimate recursively these components within a system of government revenue and spending equations using a Three-Stage Least Square...
Fiscal Policy Responiveness, Persistence and Discretion
Afonso, António; Agnello, Luca; Furceri, DavideWe decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample of 132 countries, our results point out that fiscal policy tends to be more persistent than to respond to output conditions. We also found that while the effect of cross-country covariates is positive (negative) for discretion, it is negative (positive) for persistence thereby suggesting that c...
Government size, composition, volatility and economic growth
Afonso, António; Furceri, DavideThis paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government revenue and spending, the results point out that i) indirect taxes (size and volatility); ii) social contributions (s...
Fiscal policy responsiveness, persistence and discretion
Afonso, António; Agnello, Luca; Furceri, DavideWe decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample of 132 countries, our results point out that fiscal policy tends to be more persistent than to respond to output conditions. We also found that while the effect of cross-country covariates is positive (negative) for discretion, it is negative (positive) for persistence thereby suggesting that c...
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