The role of government debt in economic growth

We study the effect of public debt on economic growth for annual and 5-year average growth rates, as well as the existence of non-linearity effects of debt on growth for 14 European countries from 1970 until 2012. We also consider debt-to-GDP ratio interactions with monetary, public finance, institutional and macroeconomic variables. Our results show a negative impact of -0.01% for each 1% increment of public debt, although debt service has a 10 times worse effect on growth. In addition, we find average debt ratio thresholds of around 75%. Belonging to the Eurozone has a detrimental effect of at least -0.5% for real per capita GDP, and the banking crisis is the most harmful crisis for growth

Stock-flow adjustments and interest rates

We assess the effects of stock-flow adjustments (SFA) on short and long-term interest rates for 14 European countries between 1970 and 2015, in panel and SUR analysis. We conclude that an increase in SFA reduces long- and short-term interest rates, with higher reductions for short-term rates. Furthermore, the decreasing effects of an increment in the stock-flow have reduced since the 2008-2009 financial crisis. As expected, there is also an upward push on both interest rates from a rise in the debt ratio.info:eu-repo/semantics/publishedVersio

Optimal tax structure for consumption and income inequality : an empirical assessment

In the present empirical analysis, we try to assess the impact of taxation on investment growth. In particular, and by using gross _xed capital formation as a proxy for investment, we intend to evaluate the impact of the taxation structure in investment dynamics, in a short and a long-run perspectives. This empirical exercise was conducted for all OECD countries, during the 1980-2015 period. Through panel data econometric techniques, we find optimal tax-investment threshold values, especially higher for short-term than for long-term horizon. In addition, we find optimal income taxation around 9%, in percentage of GDP, an average optimal value of 12.7% for consumption taxes to promote annual investment growth.info:eu-repo/semantics/publishedVersio

Short and long-term interest rate risk: The sovereign balance-sheet nexus

We compute stock-flow adjustments (SFA) using sovereign balance sheet developments, and assess their effects on short and long-term interest rates for 14 European countries between 1970 and 2015, in a panel and SUR analysis. We find that an increase in SFA reduces long- and shortterm interest rates, with higher reductions for short-term rates. Furthermore, the decreasing effects of an increment in the stock-flow have reduced since the 2008–2009 financial crisis. As expected, there is also an upward push on both interest rates from a rise in sovereign indebtedness.info:eu-repo/semantics/publishedVersio

Reconsidering Wagner’s law : evidence from the functions of the government

We revisit Wagner’s law of increasing state expenditure by function of government expenditure. Using data of 14 European countries between 1996 and 2013, we apply panel data and SUR methods to assess public expenditure-income elasticities. We find that some functions of government spending for a few countries (e.g. Austria, France, the Netherlands, and Portugal) validate Wagner’s law. For the Netherlands expenditures with environment protection increase more than proportionately to eco- nomic growth, and for France that is the case of spending in housing and community amenities. In addition, Greece is the only country where two public spending items react more than one to one to growth

Does government spending efficiency improve fiscal sustainability?

We evaluate the impact of government spending efficiency on fiscal sustainability for a panel of 35 OECD countries during the period of 2007-2020. To answer our research question we first compute the magnitude of the responses of government revenues to changes in government spending. Next, we make use of so-called government spending efficiency scores, which efficiently indicate how governments can maintain their level of performance whilst using fewer inputs. Our results show that for the input efficiency scores obtained, countries’ fiscal balance and fiscal sustainability is directly improved by the use of less public resources, whilst maintaining the same level of output. In the cases of the output efficiency scores, the commitment of increased government outputs can lead to higher economic growth and the generation of additional government revenues, which also improves fiscal sustainability. Specifically, rationalising public expenditures without jeopardising the actual level of public goods and provision of services is a stronger determinant of fiscal sustainability, as well as for the improvement of the primary budget balance.info:eu-repo/semantics/publishedVersio

Tax structure for consumption and income inequality: an empirical assessment

In this study, we assess the relationship between several tax items and consumption and income inequality levels. For OECD countries between 1980 and 2015, we use panel data techniques and find tax threshold values regarding inequality levels and consumption. In particular, we obtain threshold values for social security contributions between 9.50 and 11.80% (of GDP), for long-run consumptions, while to promote a reduction in income inequalities we found a 15.51% share of social security contributions over GDP, in both short- and long-term perspectives. Lastly, our results would support higher taxes on firms, in GDP terms, to decrease income inequalities, although that might hamper aggregate consumption.info:eu-repo/semantics/publishedVersio

Are fiscal consolidation episodes helpful for public sector efficiency?

We assess the consequences of fiscal consolidation episodes on public sector efficiency (scores) for 35 OECD countries for the 2007-2020 period. We find that fiscal consolidations improve public sector efficiency and results are robust across efficiency models. Moreover, peripheral euro-area economies and economies with debt-to-GDP ratios between 60% and 90% are those whose public sector efficiency scores improve more when fiscal consolidation episodes occur. The evidence that fiscal consolidations enhance spending efficiency is an additional argument for fiscal consolidations, from a policy perspective.info:eu-repo/semantics/publishedVersio

Inserção profissional: análise comparativa de duas áreas de formação

Comunicação apresentada no XIII Encontro Nacional de Sociologia Industrial, das Organizações e do Trabalho, 12 e 13 de Maio de 2009A problemática da inserção profissional tem vindo a adquirir uma elevada visibilidade social e a ocupar um lugar de destaque na agenda da investigação científica. Tal visibilidade e destaque resultam não tanto de estarmos perante um fenómeno social novo mas, sobretudo, dos contornos que este tende a assumir num contexto em que a uma oferta crescente de diplomados com elevados níveis de escolaridade nem sempre tem correspondido uma capacidade de criação de empregos capaz de romper com o desemprego estrutural que tem sido apanágio das sociedades contemporâneas. Esta nova realidade tem feito com que os processos de inserção profissional sejam cada vez mais prolongados no tempo e atravessados por ritmos diferenciados (Charlot e Glassman, 1998; Murdoch e Paul, 2003; Alves, 2008) em função quer das dinâmicas socioeconómicas quer das estratégias dos diferentes actores sociais envolvidos de que se destacam os próprios diplomados, os responsáveis pelas empresas e os poderes públicos, estes na sua dupla condição de empregador e de regulador do funcionamento dos sistemas de educação, formação e emprego. Neste contexto, a análise comparativa do processo de inserção profissional de licenciados em Gestão de Recursos Humanos (GRH) e em Ciências da Educação (CE) adquire maior relevância, na medida em que estamos perante duas áreas de formação de criação recente correspondendo a campos de exercício profissional pouco consolidados e caracterizados por recorrerem a bases de recrutamento extremamente diversificadas. Assim, com base num inquérito por questionário a diplomados nestas duas áreas de formação, propomo-nos, com a presente comunicação, caracterizar: a composição sociográfica de ambos os grupos de diplomados, o processo de obtenção do emprego, a integração no campo profissional e a satisfação com o emprego

Oxidative stress and vascular disease in patients with Systemic Lupus Erythematosus and prima Antiphospholipid Syndrome

Systemic Lupus Erythematosus (SLE) and the Antiphospholipid Syndrome (APS) are related autoimmune diseases, characterised by a broad spectrum of clinical features associated with autoantibodies directed towards nuclear and phospholipid / protein antigens, respectively. Accelerated atherosclerosis has been recognized as a major feature of both conditions, however the mechanisms by which it occurs are not clear. Oxidative stress is an important factor in atherosclerosis and the presence of an increased oxidative state has been recognized in SLE and APS. The overall aim of this thesis is to identify possible factors that contribute to this oxidative stress and to evaluate the mechanisms involved. Two different animal models were used to study the effects of anti-CL antibodies on nitric oxide (NO) synthesis. In a short term functional rat model (4 hours), a human anti-CL IgG monoclonal antibody (IS4) increased NO production through induction of iNOS, whilst in a long term mouse model (30 days), IS4 was associated with a pro-oxidant status with a decrease in paraoxonase activity (an anti-oxidant enzyme present in HDL) and nitric oxide levels, resulting in a decrease in total anti-oxidant capacity of plasma. Nitrotyrosine levels were increased suggesting a previous increased NO production, confirming the findings of the short-term model. In a clinical study, serum from patients with APS, presented an inverse correlation between anti-phospholipid antibodies and paraoxonase activity, confirming the results reported in the animal models. In patients with SLE, anti-HDL antibodies were identified and inversely correlated with paraoxonase activity and with total anti-oxidant capacity of plasma. These antibodies were shown to be a heterogeneous group, represented by antibodies cross-reacting with cardiolipin and antibodies directed against a different antigen, probably apolipoprotein A-I. In another clinical setting, infertile women submitted to in vitro fertilization, positive for anti-cardiolipin antibodies but without the Antiphospholipid Antibody Syndrome, presented with similar pro-oxidant changes in their serum, suggesting that these can be a direct consequence of the antibodies rather than an independent characteristic of the syndrome. In conclusion, anti-phospholipid antibodies may induce oxidative stress in patients with SLE and APS through a short-term up-regulation of nitric oxide synthesis, associated with an inhibition of the anti-oxidant activity of paraoxonase. In long-term, these effects combine to create a pro-oxidant environment, which can explain the enhance atherogenesis and thrombogenesis found in these patients