Fiscal volatility, financial crises and growth

Joao Jalles, Antonio Afonso

Research output: Contribution to journalArticlepeer-review

12 Citations (Scopus)


We use a panel of developed and emerging countries for the period 1970 to 2008 to assess how fiscal policy volatility and financial crises affect growth. We find that economic growth is lower in the presence of more volatile fiscal policy. Moreover, with a financial crisis government spending is stickier than revenue.
Original languageEnglish
Pages (from-to)1821-1826
Number of pages6
JournalApplied Economics Letters
Issue number18
Early online date23 Mar 2012
Publication statusPublished - 2012


  • growth
  • fiscal volatility
  • crises
  • panel analysis


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