Afonso, António; Sousa, Ricardo M. - 2009
consumption and private investment. Consequently, we are
able to identify the potential “crowding-out” effects of fiscal policy … on private consumption; (iii) have a negative effect on private
investment; (iv) have a varied effect on housing prices … investment, as a result of the fiscal consolidation; (ii)
a positive effect on both housing prices and stock prices that later …