EU Finance Ministers, Capital Markets and Fiscal Outcomes

Antonio Afonso and Maria Guedes

No 2014/01, Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa

Abstract: We investigate the relevance of the characteristics of Ministers of Finance as an influence on the development of stock returns, sovereign yields and fiscal outcomes, which result from the implementation of their fiscal policies. For a panel of 27 EU countries, covering the period of 1980-2012, we find that academic background, tenure and gender, play a role in determining stock and bond market returns, as well as the general fiscal position of governments.

Keywords: finance minister; stock returns; sovereign yields; budget balance (search for similar items in EconPapers)
JEL-codes: G10 G12 H30 H62 (search for similar items in EconPapers)
Date: 2014-01
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Citations: View citations in EconPapers (2)

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More papers in Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa Department of Economics, ISEG - Lisbon School of Economics and Management, Universidade de Lisboa, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL.
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