[179] Afonso, A.; Pereira, F. (2025) "Does monetary policy influence euro area fiscal sustainability?", Economic Modelling, forthcoming. Data source, code.
[178] Afonso, A., Caiado, J., Kaanan, O. (2025). "Investment dynamics and economic growth: a robust VAR analysis of public and private investments across 18 advanced economies", Applied Economics, forthcoming.
[177] Afonso, A., Alves, J., Jalles, J., Monteiro, S. (2025). “Energy Price Dynamics in the Face of Uncertainty Shocks and the role of Exchange Rate Regimes: A Global Cross-Country Analysis”, Journal of Economic Asymmetries, Vol 32, November 2025, e00425.
[176] Afonso, A.; Teixeira, A. (2025). “The Paradox of Macroprudential Policy and Sovereign Risk”, Journal of Financial Stability, Vol 79, June 2025, 101411.
[175] Afonso, A., Alves, Ionta, S. (2025). “Monetary policy surprises and fiscal sustainability: the case of the Euro Area”, Economic Change and Restructuring, forthcoming.
[174] Afonso, A., Alves, Ionta, S. (2025). “Monetary policy surprise shocks under different fiscal regimes: a panel analysis of the Euro Area”, Journal of International Money and Finance, Volume 156, June 2025, 103341.
[173] Afonso, A., Alves, Monteiro, S. (2025). “Echoes of Instability: How Geopolitical Risks Shape Government Debt Holdings”, Economic Change and Restructuring, 58, 41.
[172] Afonso, A., Blanco-Arana, M. Carmen (2025). “Does fiscal policy boost economic growth in the LDCs? The role of fiscal ratings and key fiscal variables”, South African Journal of Economics, forthcoming.
[171] Afonso, A., Blanco-Arana, M. Carmen (2025). “The persistence of gender pay and employment gaps in European countries”, Comparative Economic Studies, forthcoming.
[170] Afonso, A., Moreira, C., Sousa, R. (2025). “Portuguese exchange rates during and after the Napoleonic wars”, Journal of European Economic History, forthcoming.
[169] Afonso, A., Montes, A., Domínguez, J. (2024). “A dynamic efficiency analysis for tax revenues in OECD countries”, Empirica, forthcoming.
[168] Afonso, A., Alves, Monteiro, S. (2024). “Banks’ portfolio of government debt and sovereign risk: From Safe Havens to Stormy Seas”, Finance Research Letters, 70 106277.
[167] Afonso, A., Alves, J., Beck, K., Jackson, K. (2024). “Financial, institutional, and macroeconomic determinants of cross-country portfolio equity flows: the case of developed countries”, Economic Modelling, 141, 106902.
[166] Afonso, A., Alves, J., Jalles, J., Monteiro, S. (2024). “Beyond the Centre: Tracing Decentralization’s Influence on Time-varying Fiscal Sustainability”, International Review of Economics & Finance, 96, Part A, 103662.
[165] Afonso, A., Rodrigues, E. (2024). “Consumption patterns of indebted households: unravelling the relevance of fiscal policy”, International Journal of Economic Policy Studies, forthcoming.
[164] Afonso, A., Huart, F., Jalles, J., Stanek, P. (2024). ”Determinants and international transmission of interest rates: do foreign reserves and sovereign debt matter?” Review of International Economics, forthcoming.
[163] Afonso, A., Morão, H. (2024). “Commonalities and Heterogeneity in the Iberian Business Cycle”, Journal of Economic Asymmetries, 30, November 2024, e00375.
[162] Afonso, A., Alves, J., Monteiro, J. (2024), “Sovereign risk dynamics in the EU: the time varying relevance of fiscal and external (im)balances”, Journal of International Financial Markets, Institutions & Money, 94, 102026.
[161] Afonso, A., Alves, J., Beck, K. (2025). “Drivers of migration flows in the European Union. Earnings or unemployment?”, International Labour Review, 164 (2).
[160] Afonso, A., Jalles, J., Venâncio, A. (2024). “Fiscal Decentralization and Public Sector Efficiency: Do Natural Disasters matter?” Economic Modelling, forthcoming
[159] Afonso, A., Alves, J., Monteiro, S. (2024). “Beyond Borders: Assessing the Influence of Geopolitical Tensions on Sovereign Risk Dynamics”, European Journal of Political Economy, 83, 102550.
[158] Afonso, A., Mignon, V., Saadaoui, J. (2024), “On the time-varying impact of China's bilateral political relations on its trading partners: "doux commerce" or "trade follows the flag?”, China Economic Review, 85, 102184.
[157] Afonso, A., Blanco-Arana, M. Carmen (2024). “The Nexus Between Economic Freedom And Economic Growth in the LDCs. An Empirical Analysis for the Period 2000-2021”, CZECH JOURNAL OF ECONOMICS AND FINANCE, forthcoming.
[156] Afonso, A., Coelho, J. (2024). “Fiscal sustainability, fiscal reactions, pitfalls and determinants”, Applied Economics, forthcoming.
[155] Afonso, A., Alves, J., Coelho, J. (2024). “Determinants of the degree of fiscal sustainability”, International Journal of Finance and Economics, forthcoming.
[154] Afonso, A., Coelho, J. (2024). “Drivers of fiscal sustainability: A time-varying analysis for Portugal”, International Economics, forthcoming.
[153] Afonso, A., Jalles, J., Venâncio, A. (2024). “A tale of government spending efficiency and trust in the State”, Public Choice, 200 (1-2), 89-118.
[152] Afonso, A., Blanco-Arana, M. Carmen (2024). “DOES FINANCIAL INCLUSION ENHANCE ECONOMIC GROWTH IN THE LEAST DEVELOPED COUNTRIES?”, International Economics, 177, 100479.
[151] Afonso, A., Fraga, G. (2024). “Government spending efficiency in Latin America”, Empirica, 51 (127-160).
[150] Afonso, A., Pereira, F. (2025). “Unconventional Monetary Policy in the Euro Area. Impacts on Loans, Employment, and Investment”, International Journal of Finance and Economics, 30 (1), 190-220.
[149] Afonso, A., Blanco-Arana, M. Carmen (2023). “Unemployment and financial development: evidence for OECD countries”, Comparative Economic Studies, forthcoming.
[148] Afonso, A., Coelho, J. (2023). “Twin Deficits through the Looking Glass: Time-Varying Analysis in the Euro Area”, Economic Change and Restructuring, 56, 2087-2110.
[147] Afonso, A., Sousa, A. (2024). “Monetary and fiscal interplay: does it work both ways?”, Economic Systems, 48, 101188.
[146] Afonso, A., Alves, J. (2023). “Does government spending efficiency improve fiscal sustainability?”, European Journal of Political Economy, forthcoming.
[145] Afonso, A., Rodrigues, E. (2024). “Is public investment in construction and in R&D, growth enhancing? A PVAR Approach” Applied Economics, 56 (24), 2875-2899.
[144] Afonso, A., Coelho, J. (2023). “Public finances solvency in the Euro Area: true or false”, Economic Analysis and Policy, 77, 642–657.
[143] Afonso, A., Coelho, J. (2024). “Fiscal and current account imbalances: the cases of Germany and Portugal”, World Economy, 47 (1), 145-168.
[142] Afonso, A., Jalles, J., Venter, Z. (2023). “Minimum Wage and Collective Bargaining Shocks: A Narrative Database for Advanced Economies”, IZA Journal of Labor Policy, 13 (1),
[141] Afonso, A., Alves, J., Jalles, J. (2022). “To consolidate or not to consolidate? A multi-step analysis to assess needed fiscal sustainability”, International Economics, 172, 106-123.
[140] Afonso, A., Alves, J. (2023). “Are fiscal consolidation episodes helpful for public sector efficiency?” Applied Economics, 55 (31), 3547-3560.
[139] Afonso, A., Carvalho, F. (2022). “Euro area time-varying cyclicality of fiscal policy”, North American Journal of Economics and Finance, 62, 101778.
[138] Afonso, A., Opoku, P. (2023). “THE NEXUS BETWEEN FISCAL AND CURRENT ACCOUNT IMBALANCES IN OECD ECONOMIES”, Applied Economics, 55 (13), 1389–1406.
[137] Afonso, A., Alves, J., Jalles, J. (2022). “(Non-)Keynesian Effects of Fiscal Austerity: New Evidence from a large sample”, Economic Systems, 46 (2), 100981.
[136] Afonso, A., Coelho, J. (2022). “Current Account Targeting Hypothesis versus Twin Deficit Hypothesis: the EMU experience of Portugal”, Cuadernos Económicos de ICE, nº 103, 2022/I.
[135] Afonso, A., Reimers, M. (2022). “Does the Introduction of Stock Exchange Markets Boost Economic Growth in African Countries?”, Journal of Comparative Economics, 77, 101505.
[134] Afonso, A., Jalles, J., Venâncio, A. (2022). “Do Financial Markets Reward Government Spending Efficiency?”, Journal of International Financial Markets, Institutions & Money, 77, 101505.
[133] Afonso, A., Blanco-Arana, M. Carmen (2022). “Financial Development and Economic Growth: A Study for OECD Countries in the Context of Crisis”, International Economics, 169, 30-42.
[132] Afonso, A., Alves, J., Jalles, J. (2022). “Fiscal Reaction Functions in the EU: a tale of “r-g” and whether it matters”, Révue française d’économie, VOL XXXVI (3), 55-70.
[131] Afonso, A., Jalles, J., Venâncio, A. (2021). “Structural Tax Reforms and Public Spending Efficiency”, Open Economies Review, 32, 1017–1061.
[130] Afonso, A., Leão, E., Tiny, D., Bhimjee, C. (2022). “Fiscal Sustainability in the PALOP Economies”, Notas Económicas, 54.
[129] Afonso, A., Fortes, E. (2022). “Corruption and economic growth: does the size of the government matter?” Economic Change and Restructuring, 55, 543–576.
[128] Afonso, A., Guedes, M., Patel, P. (2021). “Labour Productivity in State-Owned Enterprises”, Comparative Economic Studies, 63 (3), 450-465.
[127] Afonso, A., Huart, F., Jalles, J., Stanek, P. (2022). “Twin Deficits Revisited: a role for fiscal institutions?” Journal of International Money and Finance, 121, 102506.
[126] Afonso, A., Coelho, J. (2022). “The Role of Fiscal Policies for External Imbalances: Evidence from the European Union”, Economic Systems, 46 (2), 100985.
[125] Afonso, A., Jalles, J., Venâncio, A. (2021). “Taxation and Public Spending Efficiency: An International Comparison”, Comparative Economic Studies, 63 (3), 356-383.
[124] Afonso, A., Gadelha, S., Silva. A. (2021). “Public Debt and Economic Growth in Brazil”, Public Finance Notebooks, 20 (30), 1-46.
[123] Afonso, A., Kazemi, M. (2022). “Sovereign Bond Yield Spreads Spillovers in the EMU”, International Journal of Finance and Economics, 27 (2), 2615-2626.
[122] Afonso, A., Sen, H., Kaya, A. (2021). “Government Size, Unemployment, and Inflation Nexus in Eight Large Emerging Market Economies”; Review of Public Economics, 236-(1/2021), 133-170.
[121] Afonso, A., Leal, F. (2022). “Fiscal episodes in the Economic and Monetary Union: Elasticities and non-keynesian effects”, International Journal of Finance and Economics, 27 (1), 571-593.
[120] Afonso, A., Leite, J. (2020). “THE TRANSMISSION OF UNCONVENTIONAL MONETARY POLICY TO BANK CREDIT SUPPLY: EVIDENCE FROM THE TLTRO”, Manchester School, 88 (S1), 151-171.
[118] Afonso, A., Jalles, J. (2019). “Sovereign Ratings and Finance Ministers' Characteristics”, Economics Bulletin, 39 (4).
[117] Afonso, A., Jalles, J. (2020). “Sovereign Indebtedness and Financial and Fiscal Conditions”, Applied Economics Letters, 27 (19), 1611-1616.
[116] Afonso, A., Huart, F., Jalles, J., Stanek, P. (2020). “Long-run relationship between exports and imports: current account sustainability tests for the EU”, Portuguese Economic Journal, 19 (2), 155–170.
[115] Afonso, A., Venâncio, A. (2020). “Local Territorial Reform and Regional Spending Efficiency”, Local Government Studies, 46 (6), 888-910.
[114] Afonso, A., Jalles, J. (2020). “Stock Flow Adjustments in Sovereign Debt Dynamics: The role of Fiscal Frameworks”, International Review of Economics and Finance, 65, 1-16.
[113] Afonso, A., Schuknecht, L. (2019). “How “Big” Should Government Be?” Economics and Business Letters, 8 (2), 84-95.
[112] Afonso, A., Ibraimo, Y. (2020). “The Macroeconomic Effects of Public Debt: An Empirical Analysis of Mozambique”, Applied Economics, 52 (2), 2012-226.
[111] Afonso, A., Leal, F. (2019). “Fiscal Multipliers in the Eurozone: A SVAR Analysis”, Applied Economics, 51 (51), 5577-5593.
[110] Afonso, A., Alves, J. (2019). “Tax Structure for Consumption and Income Inequality: an Empirical Assessment”, SERIEs - Journal of the Spanish Economic Association, 74, 129-147.
[109] Afonso, A., Cardoso, P. (2019). “Exchange-traded Funds as an Alternative Investment Option: a Case Study”, Notas Económicas, 48, 7-37.
[108] Afonso, A., Jalles, J. (2019). “The Fiscal Consequences of Deflation: Evidence from the Golden Age of Globalization”, Quarterly Review of Economics and Finance,.
[107] Afonso, A., Alves, J., Balhote, R. (2019). “Interactions between Monetary and Fiscal Policies”, Journal of Applied Economics, 22 (1), 131-150.
[106] Afonso, A., Jalles, J. (2019). “Fiscal Rules and Government Financing Costs”, Fiscal Studies, 40 (1), 71-90.
[105] Afonso, A., Alves, J. (2019). “Short and Long-Term Interest Rate Risk: The Sovereign Balance-Sheet Nexus”, Finance Research Letters, 31, 294-299.
[104] Afonso, A., Jalles, J. (2019). “Quantitative Easing and Sovereign Yield Spreads: Euro-Area Time-Varying Evidence”, Journal of International Financial Markets, Institutions & Money, 58, 208-224.
[103] Afonso, A., Jalles, J. (2019). “Fiscal Reaction Functions Across the World: A Battle of Statistical (In-)Significance”, FinanzArchiv, 75 (3), 207-228.
[102] Afonso, A., Gonçalves, L. (2020). “The Policy Mix in the US and EMU: Evidence from a SVAR Analysis”, North American Journal of Economics and Finance, 51.
[101] Afonso, A., Jalles, J. (2020). “A Note on Inflation Dynamics, Price Volatility and Fiscal Activism”, Macroeconomic Dynamics, 24 (5), 1299-1313.
[100] Afonso, A., Huart, F., Jalles, J., Stanek, P. (2019). “Assessing the Sustainability of External Imbalances in the European Union”, World Economy, 42 (2), 320-348.
[99] Afonso, A., Jalles, J. (2020). “Economic Volatility and Sovereign Yields' Determinants: a Time-Varying Approach”, Empirical Economics, 58 (2), 427–451.
[98] Afonso, A., Jalles, J. (2018). “Decomposing and Analysing the Determinants of Current Accounts’ Cyclicality: Evidence from the Euro Area”, Open Economies Review, 30 (1), 133-156.
[97] Afonso, A., Albuquerque, A. (2018). “Sovereign Credit Rating Mismatches”, Notas Económicas, 46, 49-70.
[96] Afonso, A., Arghyrou, M., Gadea, M., Kontonikas, A. (2018). ““Whatever it takes” to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects”, Journal of International Money and Finance, 86, 1-30.
[95] Afonso, A., Silva, J. (2019). “Effects of euro area monetary policy on institutional sectors: the case of Portugal”, Cuadernos de Economia, 42 (120), 219-236.
[94] Afonso, A., St. Aubyn, M. (2019). “Economic Growth, Public, and Private Investment Returns in 17 OECD Economies”, Portuguese Economic Journal, 18 (1), 47-65.
[93] Afonso, A., Kazemi, M. (2018). “Euro Area Sovereign Yields and the Power of Unconventional Monetary Policy”, Finance a úvěr-Czech Journal of Economics and Finance, 68 (2), 100-119.
[92] Afonso, A., Jalles, J. (2017). “SOVEREIGN DEBT COMPOSITION AND TIME-VARYING PUBLIC FINANCE SUSTAINABILITY”, North American Journal of Economics and Finance, 42, 144-155.
[91] Afonso, A., Jalles, J. (2017). “Euro area time varying fiscal sustainability”, International Journal of Finance and Economics, 22 (3), 244-254.
[90] Afonso, A., Silva, J. (2018). “Debt crisis and 10-year sovereign yields in Ireland and in Portugal”, Applied Economics Letters, 25 (4), 217-222.
[89] Afonso, A., Baxa, J., Slavik, M. (2018). “Fiscal developments and financial stress: a threshold VAR analysis”, Empirical Economics, 54 (2), 395-423.
[88] Afonso, A., Jalles, J. (2017). “Fiscal Episodes and Market Power”, Open Economies Review, 28 (2), 233-250.
[87] Afonso, A., Silva, J. (2017). “Current account balance cyclicality”, Applied Economics Letters, 24 (13), 911-917.
[86] Afonso, A., Ayadi, M., Ramzi, S. (2016). “Assessment of efficiency in basic and secondary education in Tunisia: A regional analysis”, International Journal of Educational Development, 51, 62-76.
[85] Afonso, A., Jalles, J. (2017). “The Price Relevance of Fiscal Developments”, International Economic Journal, 31 (1), 36-50.
[84] Afonso, A., Alves, J. (2017). “Reconsidering Wagner's Law: Evidence from the Functions of the Government”, Applied Economics Letters, 24(5), 346-350.
[83] Afonso, A., Silva, J. (2017). “Determinants of non-resident government debt ownership”, Applied Economics Letters, 24 (2), 107-112.
[82] Afonso, A., Jalles, J. (2016). “Budgetary decomposition and yield spreads”, Applied Economics Letters, 23 (15), 1093-1098.
[81] Afonso, A., Jalles, J. (2016). “The Elusive Character of Fiscal Sustainability”, Applied Economics, 48 (28), 2651-2664.
[80] Afonso, A., Martins, L. (2016). “Monetary Developments and Expansionary Fiscal Consolidations: Evidence from the EMU”, International Journal of Finance and Economics, 21, 247-265.
[79] Afonso, A., Venâncio, A. (2016). “The relevance of commuting zones for regional spending efficiency”, Applied Economics, 48 (10), 865-877.
[78] Afonso, A. Alves, J. (2015). “The role of government debt in economic growth”, Review of Public Economics, 215-(4/2015): 9-26.
[77] Afonso, A., Silva, J. (2015). “THE TRACK RECORD OF FISCAL FORECASTING IN THE EU”, Economics Bulletin, 35 (2), 1318-1329.
[76] Afonso, A., Jalles, J. (2016). “Markups’ Cyclical Behavior: The role of Demand and Supply Shocks”, Applied Economics Letters, 23 (1) 1-5.
[75] Afonso, A., Jalles, J. (2015). “How does fiscal policy affect investment? Evidence from a large panel”, International Journal of Finance and Economics, 20 (4), 310-327.
[74] Afonso, A., Jalles, J. (2016). “Economic Performance, Government Size, and Institutional Quality”, Empirica, 43 (1), 83-109.
[73] Afonso, A., Rault, C. (2015). “Short and Long-run Behaviour of Long-term Sovereign Bond Yields”, Applied Economics, 47 (37), 3971-3993.
[72] Afonso, A., Jalles, J. (2015). “Fiscal Sustainability: A Panel Assessment of Advanced Economies”, Applied Economics Letters, 22 (11), 925-929.
[71] Afonso, A., Guimarães, A. (2014). “The relevance of fiscal rules for fiscal and sovereign yield developments”, Applied Economics Letters, 22 (11), 920-924.
[70] Afonso, A., Rault, C. (2015). “Multi-step analysis of public finances sustainability”, Economic Modelling, 48, 199-209.
[69] Afonso, A., Arghyrou, M., Bagdatoglou, G., Kontonikas, A. (2015). “On the time-varying relationship between EMU sovereign spreads and their determinants”, Economic Modelling, 44, 363-371.
[68] Afonso, A., Ayadi, M., Ramzi, S. (2013). “Assessing Productivity Performance of Basic and Secondary Education in Tunisia: A Malmquist Analysis”, Journal of Business & Economics 5 (1), 04-128.
[67] Afonso, A., Jalles, J. (2014). “Causality for the government budget and economic growth”, Applied Economics Letters, 21 (17), 1198-1201.
[66] Afonso, A., Nunes, S. (2015). “Economic forecasts and sovereign yields”, Economic Modelling, 44, 319-326.
[65] Afonso, A., Gomes, P. (2014). “Interactions between private and public sector wages”, Journal of Macroeconomics, 39, 97-112.
[64] Afonso, A., Jalles, J. (2014). “A Longer-run Perspective on Fiscal Sustainability”, Empirica, 41 (2), 821-847.
[63] Afonso, A., Jalles, J. (2014). “Assessing Fiscal Espisodes”, Economic Modelling, 37, 255-270.
[62] Afonso, A., Gomes, P., Taamouti, A. (2014). “Sovereign credit ratings, market volatility, and financial gains”, Computational Statistics and Data Analysis, 76, 20-33.
[61] Afonso, A., Jalles, J. (2014). “Fiscal Composition and Long-term Growth”, Applied Economics, 46 (3), 349-358.
[60] Afonso, A., Rault, C., Estay, C. (2013). “Budgetary and external imbalances relationship: a panel data diagnostic”, Journal of Quantitative Economics, 11 (1-2), 45-71.
[59] Afonso, A., Arghyrou, M., Kontonikas, A. (2014). “Pricing sovereign bond risk in the EMU area: an empirical investigation”, International Journal of Finance and Economics, 19 (1), 49–56.
[58] Afonso, A., Costa, L. (2013). “Market power and fiscal policy in OECD countries”, Applied Economics, 45 (32), 4509-4519.
[57] Afonso, A., St. Aubyn, M. (2013). “Public and Private Inputs in Aggregate Production and Growth: A Cross-country Efficiency Approach”, Applied Economics, 45 (32), 4451-4466.
[56] Afonso, A., Jalles, J. (2013). “The cyclicality of education, health, and social security government spending”, Applied Economics Letters, 20 (7), 669–672.
[55] Afonso, A., Jalles, J. (2013). “Growth and Productivity: the role of Government Debt”, International Review of Economics and Finance, 25, 384-407.
[54] Afonso, A., Jalles, J. (2013). “Do fiscal rules matter for growth?” Applied Economics Letters, 20 (1), 34-40.
[53] Afonso, A., Jalles, J. (2012). “Fiscal Volatility, Financial Crises and Growth”, Applied Economics Letters, 19 (18), 1821-1826.
[52] Afonso, A., Martins, M. (2012). “Level, Slope, Curvature of the Sovereign Yield Curve, and Fiscal Behaviour”, Journal of Banking and Finance, 36 (6), 1789-1907.
[51] Afonso, A., Jalles, J. (2011). “Appraising fiscal reaction functions”, Economics Bulletin, 31 (4), 3320-3330.
[50] Afonso, A., Jalles, J. (2012). “Measuring the success of fiscal consolidations”, Applied Financial Economics, 22 (13), 1053-1061.
[49] Afonso, A., Furceri, D., Gomes, P. (2011). “Sovereign credit ratings and financial markets linkages: application to European data”, Journal of International Money and Finance, 27 (2), forthcoming.
[48] Afonso, A., Sousa, R. (2012). “The Macroeconomic Effects of Fiscal Policy”, Applied Economics, 44 (34), 4439-4454.
[47] Afonso, A., Gomes, P. (2011). “Do fiscal imbalances deteriorate sovereign debt ratings?”, Revue Économique, 62 (6), 1123-1134.
[46] Afonso, A., Sousa, R. (2011). “What are the Effects of Fiscal Policy on Asset Markets?” Economic Modelling, 28 (4), 1871–1890.
[45] Afonso, A., Rault, C. (2011). “Long-run Determinants of Sovereign Yields”, Economics Bulletin, 31 (1), 367-374.
[44] Afonso, A., Sousa, R. (2011). “The Macroeconomic Effects of Fiscal Policy in Portugal: a Bayesian SVAR Analysis”, Portuguese Economic Journal, 10 (1), 61-82.
[43] Afonso, A., St. Aubyn, M. (2011). “Assessing health efficiency across countries with a two-step and bootstrap analysis”, Applied Economics Letters, 18 (15), 1427-1430.
[42] Afonso, A., Sousa, R. (2011). “Consumption, Wealth, Stock and Government Bond Returns: International Evidence”, Manchester School, 79 (6), 1294-1322.
[41] Afonso, A.; Agnello, L.; Furceri, D.; Sousa, R. (2011). “Assessing Long-Term Fiscal Developments: a New Approach”, Journal of International Money and Finance, 30 (1), 130–146.
[40] Afonso, A.; Claeys, P.; Sousa, R. (2011). “Fiscal Regime Shifts in Portugal”, Portuguese Economic Journal, 10 (2), 83-108.
[39] Afonso, A., González Alegre, J. (2011). “Economic Growth and Budgetary Components: a Panel Assessment for the EU”, Empirical Economics, 41 (3), 703-723.
[38] Afonso, A., Schuknecht, L. Tanzi, V. (2010). “Income Distribution Determinants and Public Spending Efficiency”, Journal of Economic Inequality, 8 (3), 367-389.
[37] Afonso, A., Furceri, D. (2010). “Government Size, Composition, Volatility and Economic Growth”, European Journal of Political Economy, 26 (4), 517-532.
[36] Afonso, A., Furceri, D. (2009). “Sectoral Business Cycle Synchronization in the European Union”, Economics Bulletin, 29 (4), 2996-3014.
[35] Afonso, A., Agnello, L., Furceri, D. (2010). “Fiscal Policy Responsiveness, Persistence, and Discretion”, Public Choice, 145 (3-4), 503-530.
[34] Afonso, A., Gomes, P., Rother, P. (2011). “Short and Long-run Determinants of Sovereign Debt Credit Ratings”, International Journal of Finance and Economics, 16 (1), 1-15.
[33] Afonso, A., Sousa, R. (2011). “Assessing Long-Term Fiscal Developments: Evidence from Portugal”, Applied Economics Letters, 18 (1), 1-5.
[32] Afonso, A., Rault, C. (2009). “Spend-and-tax: a panel data investigation for the EU”, Economics Bulletin, 29 (4), 2545-2551.
[31] Afonso, A. (2010). “Long-term Government Bond Yields and Economic Forecasts: Evidence for the EU”, Applied Economics Letters, 17 (15), 1437-1441.
[30] Afonso, A., Rault, C. (2009). “Bootstrap panel Granger-causality between government budget and external deficits for the EU”, Economics Bulletin, 29 (2), 1036-1043.
[29] Afonso, A., St. Aubyn, M. (2009). “Macroeconomic Rates of Return of Public and Private Investment: Crowding-in and Crowding-out Effects”, Manchester School, 77 (S1), 21-39.
[28] Afonso, A., Rault, C. (2010). “What do we really know about fiscal sustainability in the EU? A panel data diagnostic”, Review of World Economics, 145 (4), 731-755.
[27] Afonso, A., St. Aubyn, M. (2010). “Public and Private Investment Rates of Return: Evidence for Industrialised Countries”, Applied Economics Letters, 17 (9), 839 - 843.
[26] Afonso, A. (2008). “Euler testing Ricardo and Barro in the EU”, Economics Bulletin, 5 (16), 1-14.
[25] Afonso, A. (2008). “Ricardian Fiscal Regimes in the European Union”, Empirica, 35 (3), 313–334.
[24] Afonso, A., Rault, C. (2007). “Should we care for structural breaks when assessing fiscal sustainability?” Economics Bulletin, 3 (63), 1-19.
[23] Afonso, A.; Schuknecht, L., Tanzi, V. (2010). “Public Sector Efficiency: Evidence for New EU Member States and Emerging Markets”, Applied Economics, 42 (17), 2147-2164.
[22] Afonso, A. (2010). “Expansionary fiscal consolidations in Europe: new evidence”, Applied Economics Letters, 17 (2), 105-109.
[21] Afonso, A., Furceri, D. (2008). “EMU Enlargement, Stabilisation Costs and Insurance Mechanisms”, Journal of International Money and Finance, 27 (2), 169-187.
[20] Afonso, A. (2007). “An avenue for expansionary fiscal contractions”, Icfai Journal of Public Finance, 5 (3), 7-15.
[19] Afonso, A., Claeys, P. (2007). “The dynamic behaviour of budget components and output”, Economic Modelling, 25 (1), 93-117.
[18] Afonso, A., Santos, M. (2008). “A DEA Approach to the Relative Efficiency of Portuguese Public Universities”, Portuguese Journal of Management Studies, 13 (1), 65-85.
[17] Afonso, A., Gaspar, V. (2007). “Dupuit, Pigou and cost of inefficiency in public services provision”, Public Choice, 132 (3-4), 485-502.
[16] Afonso, A., Fernandes, S. (2008). “Assessing and Explaining the Relative efficiency of Local Government”, Journal of Socio-Economics, 37 (5), 1946-1979.
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[10] Afonso, A. (2005). “Fiscal Sustainability: the Unpleasant European Case,” FinanzArchiv, 61 (1), 19-44.
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[8] Afonso, A.; Schuknecht, L., Tanzi, V. (2005). “Public Sector Efficiency: an International Comparison,” Public Choice, 123 (3-4), 321-347.
[7] Afonso, A. (2003). “Understanding the Determinants of Government Debt Ratings: Evidence for the Two Leading Agencies,” Journal of Economics and Finance, 27 (1), 56-74.
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[5] Afonso, A., St. Aubyn, M. (1999). “Credit Rationing and Monetary Transmission: Evidence for Portugal,” Estudos de Economia, 19 (1), 5-19.
[4] Afonso, A. Teixeira, J. (1998). “Non-linear Tests of Weakly Efficient Markets: Evidence from Government Bond Markets in the Euro Area,” Cadernos do Mercado de Valores Mobiliários, 3 (2nd Half), 43-70, Comissão do Mercado de Valores Mobiliários.
[3] Afonso, A. (1997). “Normality and Efficiency in Portuguese Stock Exchange Indexes,” Estudos de Economia, 16-17 (1), 101-106.
[2] Afonso, A. (1995). “Public Deficits and Inflation, some more Results for Portugal,” Estudos de Economia, 15 (3), 273-286.
[1] Afonso, A. (1993). “Causality between Public Deficits and Inflation: Some Tests for the Portuguese Case,” Estudos de Economia, 13 (4), 349-362.