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Sources of convergence in the European Union: the case of Portugal

Pontes, José Pedro - ISEG - School of Economics and Management, Department … - 2001

The paper surveys the main trends of per capita income convergence in the European Union. It stresses that income … disparities have ceased to diminish across the European regions since 1980, although convergence between countries has continued … behind income convergence are analized by means of the decomposition of per capita income in labor productivity and …

Persistent link: https://www.econbiz.de/10005463756

Regional Convergence in Portugal in the context of the European Union

Pontes, José Pedro - ISEG - School of Economics and Management, Department … - 2000

Main trends of per capita income convergence in Portugal and the European Union are surveyed. An explanation is given … to the fact that in the last two decades countries have converged, while no visible convergence has taken place among the … distribution of the stock of existing firms in the European Union is fixed, it is assumed that the degree of convergence follows …

Persistent link: https://www.econbiz.de/10005463763

Global business cycles: convergence or decoupling?

Kose, M. Ayhan; Otrok, Christopher M.; Prasad, Eswar S. - Deutsche Bundesbank - 2008

globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies … importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups …

Persistent link: https://www.econbiz.de/10005083323

Fiscal developments and financial stress: a threshold VAR analysis

Afonso, António; Baxa, Jaromír; Slavík, Michal - ISEG - School of Economics and Management, Department … - 2011

We use a threshold VAR analysis to study whether the effects of fiscal policy on economic activity differ depending on financial market conditions. In particular, we investigate the possibility of a non-linear propagation of fiscal developments according to different financial market stress...

Persistent link: https://www.econbiz.de/10008876242

The impact of fiscal policy on economic activity over the business cycle - evidence from a threshold VAR analysis

Baum, Anja; Koester, Gerrit B. - Deutsche Bundesbank - 2011

Does the state of the business cycle matter for the effects of fiscal policy shocks on GDP? This study analyses quarterly German data from 1976 to 2009 in a threshold SVAR, expanding the SVAR approach by Blanchard and Perotti (2002). In a linear benchmark SVAR, the analysis finds that hiking...

Persistent link: https://www.econbiz.de/10009372153

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

Afonso, António; Martins, Manuel M. F. - ISEG - School of Economics and Management, Department … - 2010

We study fiscal behaviour and the sovereign yield curve in the U.S. and Germany in the period 1981:I-2009:IV. The latent factors, level, slope and curvature, obtained with the Kalman filter, are used in a VAR with macro and fiscal variables, controlling for financial stress conditions. In the...

Persistent link: https://www.econbiz.de/10008752831

Interactions between Monetary Policy and Fiscal Policy

Afonso, António; Balhote, Raquel - ISEG - School of Economics and Management, Department … - 2014

Using a panel data set of 14 EU countries from 1970 to 2012, we study the type of monetary and fiscal policies of both authorities, and assess how they are influenced by certain economic variables and events (the Maastricht Treaty, the Stability and Growth Pact, the Euro and crises). Results...

Persistent link: https://www.econbiz.de/10010934501

Fiscal deficits, financial fragility, and the effectiveness of government policies

Kirchner, Markus; van Wijnbergen, Sweder - Deutsche Bundesbank - 2012

Recent macro developments in the euro area have highlighted the interactions between fiscal policy, sovereign debt, and financial fragility. We take a structural macroeconomic model with frictions in the financial intermediation process, in line with recent research, but introduce asset choice...

Persistent link: https://www.econbiz.de/10010957129

Fiscal Consolidations in the Central and Eastern European Countries

Afonso, António; Nickel, Christiane; Rother, Philipp - ISEG - School of Economics and Management, Department … - 2005

We study fiscal consolidations in the Central and Eastern European countries and what determines the probability of their success. We define consolidation events as substantive improvements in fiscal balances adjusting for the impact of cyclical effects. We use Logit models for the period...

Persistent link: https://www.econbiz.de/10005761294

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

Afonso, António; Grüner, Hans Peter; Kolerus, Christina - ISEG - School of Economics and Management, Department … - 2010

In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...

Persistent link: https://www.econbiz.de/10008483880