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Sovereign indebtedness and financial and fiscal conditions

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dc.contributor.authorAfonso, António
dc.contributor.authorJalles, João Tovar
dc.date.accessioned2022-09-14T09:10:22Z
dc.date.available2022-09-14T09:10:22Z
dc.date.issued2020
dc.description.abstractWe 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.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationAfonso, António and João Tovar Jalles. (2020). "Sovereign indebtedness and financial and fiscal conditions." Applied Economics Letters Vol. 27, No.19: pp.1611-1616.pt_PT
dc.identifier.doi10.1080/13504851.2019.1707758pt_PT
dc.identifier.urihttp://hdl.handle.net/10400.5/25492
dc.language.isoengpt_PT
dc.publisherTaylor & Francis Grouppt_PT
dc.relationUECE is supported by FCT (Fundação para a Ciência e a Tecnologia, Portugal)pt_PT
dc.subjectSovereign Indebtednesspt_PT
dc.subjectPanel Datapt_PT
dc.subjectFinancial Stresspt_PT
dc.subjectGlobal Financial Crisispt_PT
dc.subjectEmerging Marketspt_PT
dc.titleSovereign indebtedness and financial and fiscal conditionspt_PT
dc.typejournal article
dspace.entity.typePublication
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT

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