Sovereign indebtedness and financial and fiscal conditions
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/25492 |
Resumo: | 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. |
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Sovereign indebtedness and financial and fiscal conditionsSovereign IndebtednessPanel DataFinancial StressGlobal Financial CrisisEmerging MarketsWe 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.Taylor & Francis GroupRepositório da Universidade de LisboaAfonso, AntónioJalles, João Tovar2022-09-14T09:10:22Z20202020-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/25492engAfonso, António and João Tovar Jalles. (2020). "Sovereign indebtedness and financial and fiscal conditions." Applied Economics Letters Vol. 27, No.19: pp.1611-1616.10.1080/13504851.2019.1707758info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:55:03Zoai:www.repository.utl.pt:10400.5/25492Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:09:21.207420Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Sovereign indebtedness and financial and fiscal conditions |
title |
Sovereign indebtedness and financial and fiscal conditions |
spellingShingle |
Sovereign indebtedness and financial and fiscal conditions Afonso, António Sovereign Indebtedness Panel Data Financial Stress Global Financial Crisis Emerging Markets |
title_short |
Sovereign indebtedness and financial and fiscal conditions |
title_full |
Sovereign indebtedness and financial and fiscal conditions |
title_fullStr |
Sovereign indebtedness and financial and fiscal conditions |
title_full_unstemmed |
Sovereign indebtedness and financial and fiscal conditions |
title_sort |
Sovereign indebtedness and financial and fiscal conditions |
author |
Afonso, António |
author_facet |
Afonso, António Jalles, João Tovar |
author_role |
author |
author2 |
Jalles, João Tovar |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Afonso, António Jalles, João Tovar |
dc.subject.por.fl_str_mv |
Sovereign Indebtedness Panel Data Financial Stress Global Financial Crisis Emerging Markets |
topic |
Sovereign Indebtedness Panel Data Financial Stress Global Financial Crisis Emerging Markets |
description |
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. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020 2020-01-01T00:00:00Z 2022-09-14T09:10:22Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/25492 |
url |
http://hdl.handle.net/10400.5/25492 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Afonso, António and João Tovar Jalles. (2020). "Sovereign indebtedness and financial and fiscal conditions." Applied Economics Letters Vol. 27, No.19: pp.1611-1616. 10.1080/13504851.2019.1707758 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Taylor & Francis Group |
publisher.none.fl_str_mv |
Taylor & Francis Group |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131187802800128 |