Do financial markets reward government spending efficiency?

被引：8

作者：

Afonso, Antonio ^{[1
,2
]}

Jalles, Joao Tovar ^{[3
,4
,5
,6
,7
]}

Venancio, Ana ^{[1
,8
]}

机构：

[1] Univ Lisbon, ISEG, R Miguel Lupi 20, P-1249078 Lisbon, Portugal

[2] REM UECE, R Miguel Lupi 20, P-1249078 Lisbon, Portugal

[3] Univ Lisbon, Inst Super Econ & Gestao ISEG, Rua Quelhas 6, P-1200781 Lisbon, Portugal

[4] Univ Lisbon, Res Econ & Math REM, Rua Miguel Lupi 20, P-1249078 Lisbon, Portugal

[5] Univ Lisbon, Res Unit Complex & Econ UECE, ISEG, Rua Miguel Lupi 20, P-1249078 Lisbon, Portugal

[6] Univ Nova Lisboa, Nova Sch Business & Econ, Portugal Econ Policy, Rua Holanda 1, P-2775405 Lisbon, Portugal

[7] IPAG Business Sch, 184 Blvd St Germain, F-75006 Paris, France

[8] ADVANCE CSG, R Miguel Lupi 20, P-1249078 Lisbon, Portugal

来源：

JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2022年 / 77卷

关键词：

Government spending efficiency; DEA; Panel analysis; Ordered probit (logit); Sovereign ratings; Rating agencies; PUBLIC-SECTOR EFFICIENCY; SOVEREIGN CREDIT RATINGS; DETERMINANTS; EXPENDITURE;

D O I：

10.1016/j.intfin.2022.101505

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We provide a novel set of government spending efficiency scores for the OECD countries and then assess to what extent capital markets perceive government efficiency increases (decreases) as part of the determinants of sovereign rating decisions. Public efficiency scores are computed via data envelopment analysis. Then, we rely notably on ordered response models to estimate the response of sovereign ratings to changes in efficiency scores. Covering 35 OECD countries over the period 2007-2020, we find that increased public spending efficiency is rewarded by financial markets via higher sovereign debt ratings. In addition, higher inflation and government indebtedness lead to sovereign rating downgrades, while higher foreign reserves contribute to rating upgrades.

引用

页数：21

共 32 条

[1] Democracy Does Cause Growth
Acemoglu, Daron
Naidu, Suresh
Restrepo, Pascual
Robinson, James A.
[J]. JOURNAL OF POLITICAL ECONOMY, 2019, 127 (01) : 47 - 100
[2] Public sector efficiency: leveling the playing field between OECD countries
Adam, Antonis
Delis, Manthos
Kammas, Pantelis
[J]. PUBLIC CHOICE, 2011, 146 (1-2) : 163 - 183
[3] Public sector efficiency: An international comparison
Afonso, A
Schuknecht, L
Tanzi, V
[J]. PUBLIC CHOICE, 2005, 123 (3-4) : 321 - 347
[4] Afonso A.., 2019, 080119 REM WP
[5] Afonso A., 2003, J EC FINANCE, V27, P56, DOI [DOI 10.1007/BF02751590, 10.1007/BF02751590]
[6] Afonso A, 2017, DYNAM MOD ECON ECON, V23, P7, DOI 10.1007/978-3-319-54690-2_2
[7] Sovereign credit ratings and financial markets linkages: Application to European data
Afonso, Antonio
Furceri, Davide
Gomes, Pedro
[J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2012, 31 (03) : 606 - 638
[8] SHORT- AND LONG-RUN DETERMINANTS OF SOVEREIGN DEBT CREDIT RATINGS
Afonso, Antonio
Gomes, Pedro
Rother, Philipp
[J]. INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 2011, 16 (01) : 1 - 15
[9] Public sector efficiency: evidence for new EU member states and emerging markets
Afonso, Antonio
Schuknecht, Ludger
Tanzi, Vito
[J]. APPLIED ECONOMICS, 2010, 42 (17) : 2147 - 2164
[10] Amstad M., 2015, BIS Q REV DEC

← 1 2 3 4 →