000			01898nab a2200289 i 4500
003			ES-MaIEF
005			20190405144425.0
007			ta
008			190405t2019 uk ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_aeng
100	1		_930581 _aAlfonso, António
245			_aFiscal rules and Government financing costs _c António Afonso and João Tovar Jalles
260			_c2019
500			_aDisponible también en formato electrónico en la Biblioteca del IEF.
500			_aResumen.
504			_aBibliografía.
520			_aThis paper assesses the effect of fiscal rules on sovereign bond spreads over the short and medium term, for 34 advanced countries and 19 emerging market economies, over the period 1980–2016. Our results, based on impulse response functions, show that the dynamic impact of fiscal rules on sovereign yield spreads is negative and statistically significant, at around 1.2–1.8 percentage points, implying lower government borrowing costs. This result stems essentially from the advanced economies subsample. We also find that more fiscally responsible countries are the ones for which a fiscal rule reduces the government’s borrowing costs. Moreover, in times of recession, a fiscal rule leads financial markets to reduce the risk premiums on government bonds. Finally,when it comes to design features of fiscal rules, independent monitoring of compliance to the rule, done outside government, also reduces sovereign spreads.
650		4	_947460 _aIMPUESTOS
650		4	_948067 _aPOLITICA FISCAL
650		4	_933462 _aBONOS
650		4	_942647 _aDEUDA PUBLICA
700	1		_960498 _aJalles, João Tovar
773	0		_9159861 _oOP 1472/2019/1 _tFiscal Studies _w(IEF)55561 _x 0143-5671 [papel] _g v. 40, n. 1, March 2019, p. 71-90
856			_uhttps://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12182
942			_cART
999			_c140345 _d140345