Sovereign debt composition and time-varying public finance sustainability

António Afonso, João Tovar Jalles

Research output: Contribution to journalArticlepeer-review

4 Citations (Scopus)


We compute time-varying responses of the sovereign debt ratio to primary budget balances for 13 advanced economies between 1980 and 2012, and assess how fiscal sustainability reacts to different characteristics of government debt. We find that the sustainability time-varying coefficient increases and countries become more fiscally sustainable if they contract a higher share of long-term public debt, if more debt is held by the central bank or if it is easily marketable in capital markets.

Original languageEnglish
Pages (from-to)144-155
Number of pages12
JournalNorth American Journal of Economics and Finance
Publication statusPublished - 1 Nov 2017


  • Debt composition
  • Fiscal sustainability
  • Sovereign debt
  • TIME-varying coefficients


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