Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/11677
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Campo DC | Valor | Idioma |
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dc.contributor.author | Agnello, Luca | - |
dc.contributor.author | Sousa, Ricardo M. | - |
dc.date.accessioned | 2011-02-07T17:14:01Z | - |
dc.date.available | 2011-02-07T17:14:01Z | - |
dc.date.issued | 2010 | - |
dc.identifier.citation | AGNELLO, Luca ; SOUSA, Ricardo M. - “Fiscal policy and asset prices“ [Em linha]. Braga : Núcleo de Investigação em Políticas Económicas, 2010. [Consult. 7 Fev. 2011]. Disponível em WWW: <URL:www3.eeg.uminho.pt/economia/nipe/docs/2010/NIPE_WP_25_2010.pdf>. | por |
dc.identifier.uri | https://hdl.handle.net/1822/11677 | - |
dc.description.abstract | We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. As a result, the attempts of fiscal policy to mitigate stock price developments may severely de-stabilize housing markets. The empirical findings also point to: (i) a contractionary effect of fiscal policy on output in line with the existence of crowding-out effects; (ii) a weakening of the effectiveness of fiscal policy in recent times; (iii) significant fiscal multiplier effects in the context of severe housing busts; and (iv) an increase of the sensitivity of asset prices to fiscal policy shocks following the process of financial deregulation and mortgage liberalization. Finally, the evidence suggests that changes in equity prices may help governments towards consolidation of public finances. | por |
dc.description.sponsorship | Fundação para a Ciência e a Tecnologia (FCT) - Programa Operacional Ciência e Inovação 2010 (POCI 2010) | por |
dc.description.sponsorship | Fundo Europeu de Desenvolvimento Regional (FEDER) | por |
dc.language.iso | eng | por |
dc.publisher | Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE) | por |
dc.rights | openAccess | por |
dc.subject | Fscal policy | por |
dc.subject | Asset prices | por |
dc.subject | Panel VAR | por |
dc.title | Fiscal policy and asset prices | por |
dc.type | workingPaper | por |
dc.peerreviewed | no | por |
Aparece nas coleções: | NIPE - Documentos de Trabalho |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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NIPE_WP_25_2010.pdf | 582,19 kB | Adobe PDF | Ver/Abrir |