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Sovereign indebtedness and financial and fiscal conditions
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Autores
Orientador(es)
Resumo(s)
We empirically assess the magnitudes of sovereign indebtedness responses for a sample of 123
Advanced and Emerging Market Economies, between 1980 and 2018, taking into account the
changing characteristics of financial markets, notably the Global and Financial Crisis. Our results
show that when the financial conditions are more stressful, for instance, higher yield spreads or
a heightened degree of financial stress, fiscal authorities use more actively their primary balance to
reduce sovereign indebtedness, which is not the case when financial market conditions are more
benign. This is notably true for the case of Emerging Market Economies sovereigns, who most likely
then struggle more to fund themselves.
Descrição
Palavras-chave
Sovereign Indebtedness Panel Data Financial Stress Global Financial Crisis Emerging Markets
Contexto Educativo
Citação
Afonso, António and João Tovar Jalles. (2020). "Sovereign indebtedness and financial and fiscal conditions." Applied Economics Letters Vol. 27, No.19: pp.1611-1616.
Editora
Taylor & Francis Group