People
- Full member
Ricardo Sousa
Ph.D in Economics European Institute, London School of Economics and Political ScienceCampus de Gualtar - Edificio 8 - 2.11
About
Publications
Hammoudeh, S , Nguyen, D K , & Sousa, R M (2024)
China's monetary policy framework and global commodity prices
Energy Economics, 138, Article 107767 DOI
Forsström, V , Lind, K , Sousa, R M , Uddin, G S , & Jayasekera, R
Making sense of uncertainty: An application to the Scandinavian banking sector
International Journal of Finance and Economics DOI
Elsayed, A H , Sohag, K , & Sousa, R M (2024)
Oil shocks and financial stability in MENA countries
Resources Policy, 89 DOI
Agnello, L , Castro, V , & Sousa, R M (2023)
A quest between fiscal and market discipline
Economic Modelling, 119, 106119 DOI
Agnello, L , Castro, V , & Sousa, R M (2022)
On the international co-movement of natural interest rates
Journal of International Financial Markets, Institutions and Money, 80, 101610 DOI
Hammoudeh, S , Uddin, G S , Sousa, R M , Wadström, C , & Sharmi, R Z (2022)
Do pandemic, trade policy and world uncertainties affect oil price returns?
Resources Policy, 77, 102705 DOI
Selmi, R , Hammoudeh, S , Kasmaoui, K , Sousa, R M , & Errami, Y (2022)
The dual shocks of the COVID-19 and the oil price collapse: A spark or a setback for the circular economy?
Energy Economics, 109, 105913 DOI
Jana, R K , Ghosh, I , Jawadi, F , Uddin, G S , & Sousa, R M (2022)
COVID-19 news and the US equity market interactions: An inspection through econometric and machine learning lens
Annals of Operations Research, 1-22 DOI
Elsayed, A H , & Sousa, R M (2022)
International monetary policy and cryptocurrency markets: dynamic and spillover effects
The European Journal of Finance, 1-21 DOI
Balcilar, M , Gupta, R , Sousa, R M , & Wohar, M E (2021)
Linking U S State-level housing market returns, and the consumption-(dis)aggregate wealth ratio
International Review of Economics and Finance, 71, 779–810 DOI
Balcilar, M , Gupta, R , Sousa, R M , & Wohar, M E (2021)
What Can Fifty-Two Collateralizable Wealth Measures Tell Us About Future Housing Market Returns? Evidence from U S State-Level Data
Journal of Real Estate Finance and Economics, 62(1), 81–107 DOI
Hammoudeh, S M , Nguyen, D K , & Sousa, R M (2014)
Energy prices and CO2 emission allowance prices: A quantile regression approach
Energy Policy, 70, 201–206 DOI
Carvalho, M , & Cerejeira, J (2019)
Level Leverage decisions and manager characteristics
(No 9) Universidade do Minho, NIPE DOI
Agnello, L , Castro, V , & Sousa, R M (2023)
Interest rate gaps in an uncertain global context: why “too” low (high) for “so” long?
Empirical Economics, 64(2), 539-565 DOI
Hammoudeh, S , Lahiani, A , Nguyen, D K , & Sousa, R M (2015)
An empirical analysis of energy cost pass-through to CO2 emission prices
Energy Economics, 49, 149–156 DOI
Agnello, L , Castro, V , & Sousa, R M (2015)
Is fiscal fatigue a threat to consolidation programmes?
Environment and Planning C: Government and Policy, 33(4), 765–779 DOI
Hammoudeh, S M , Nguyen, D K , & Sousa, R M (2014)
What explain the short-term dynamics of the prices of CO2 emissions?
Energy Economics, 46, 122–135 DOI
Costantini, M , & Sousa, R M (2022)
What uncertainty does to euro area sovereign bond markets: Flight to safety and flight to quality
Journal of International Money and Finance, 122, 102574 DOI
Agnello, L , Castro, V , & Sousa, R M (2021)
On the duration of sovereign ratings cycle phases
Journal of Economic Behavior and Organization, 182, 512–526 DOI
Avdjiev, S , Binder, S , & Sousa, R (2021)
External debt composition and domestic credit cycles
Journal of International Money and Finance, 115, 102377 DOI
Costantini, M , Maaitah, A , Mishra, T , & Sousa, R M (2023)
Bitcoin market networks and cyberattacks
Physica A: Statistical Mechanics and its Applications, 630 DOI
Agnello, L , Castro, V , & Sousa, R M (2018)
Financial Markets'' Shutdown and Reaccess
Economic Inquiry, 56(1), 562–571 DOI
Elsayed, A H , Hammoudeh, S , & Sousa, R M (2021)
Inflation synchronization among the G7and China: The important role of oil inflation
Energy Economics, 100, 105332 DOI
Agnello, L , Castro, V , & Sousa, R M (2020)
The Housing Cycle: What Role for Mortgage Market Development and Housing Finance?
Journal of Real Estate Finance and Economics, 61(4), 607–670 DOI
Agnello, L , Castro, V , Dufrénot, G , Jawadi, F , & Sousa, R M (2020)
Unconventional monetary policy reaction functions: Evidence from the US
Studies in Nonlinear Dynamics and Econometrics, 24(4), 20180088 DOI
Agnello, L , Castro, V , Hammoudeh, S , & Sousa, R M (2020)
Global factors, uncertainty, weather conditions and energy prices: On the drivers of the duration of commodity price cycle phases
Energy Economics, 90(104862) DOI
Agnello, L , Castro, V , Jawadi, F , & Sousa, R M (2020)
How does monetary policy respond to the dynamics of the shadow banking sector?
International Journal of Finance and Economics, 25(2), 228–247 DOI
Nguyen, D K , Sensoy, A , Sousa, R M , & Uddin, G S (2020)
U S equity and commodity futures markets: Hedging or financialization?
Energy Economics, 86, 104660 DOI
Costantini, M , & Sousa, R M (2020)
Consumption, asset wealth, equity premium, term spread, and flight to quality
European Financial Management, 26(3), 778–807 DOI
Agnello, L , Castro, V , & Sousa, R M (2019)
A competing risks tale on successful and unsuccessful fiscal consolidations
Journal of International Financial Markets, Institutions and Money, 63(101148) DOI
Cabral, R , & Sousa, R (2019) Os 20 anos do euro: O problema das lentes a “preto e zero ” Crítica Económica e Social, Nov-Dez(20), 19–24
DOI
Caporale, G M , Sousa, R M , & Wohar, M E (2019)
Can the Consumption–Wealth Ratio Predict Housing Returns? Evidence from OECD Countries
Real Estate Economics, 47(4), 935–976 DOI
Sousa, J M , & Sousa, R M (2019)
Asset Returns Under Model Uncertainty: Evidence from the Euro Area, the US and the UK
Computational Economics, 54(1), 139–176 DOI
Agnello, L , Castro, V , & Sousa, R M (2018)
Economic Activity, Credit Market Conditions, and the Housing Market
Macroeconomic Dynamics, 22(7), 1769–1789 DOI
Agnello, L , Castro, V , & Sousa, R M (2018)
Financial Markets'' Shutdown and Reaccess
Economic Inquiry, 56(1), 562–571 DOI
Agnello, L , Castro, V , & Sousa, R M (2018)
Systemic financial crises and the housing market cycle
Applied Economics Letters, 25(10), 724–729 DOI
Agnello, L , Castro, V , & Sousa, R M (2018)
The Legacy and the Tyranny of Time: Exit and Re-Entry of Sovereigns to International Capital Markets
Journal of Money, Credit and Banking, 50(8), 1969–1994 DOI
Agnello, L , Castro, V , Jalles, J T , & Sousa, R M (2018)
The Impact of Fiscal Consolidation on Human Development
Journal of International Development, 30(3), 399–429 DOI
An, Z , Jalles, J T , Loungani, P , & Sousa, R M (2018)
Do IMF fiscal forecasts add value?
Journal of Forecasting, 37(6), 650–665 DOI
Armendáriz, S , Gavilán, A , & Sousa, R (2018)
Lessons from the last euro area capital flows boom-bust cycle
In E S Mechanism (Ed ), Cross-border capital flows and capital markets union: Quo vadis Europe? (Vol 2018, pp 5–18) Luxembourg, Luxembourg: European Stability Mechanism DOI
Balcilar, M , Gupta, R , Sousa, R M , & Wohar, M E (2018)
Wealth-to-income ratio and stock market movements: Evidence from a nonparametric causality test
International Review of Finance, 18(3), 495–506 DOI
Agnello, L , Caporale, G M , & Sousa, R M (2017)
How do Fiscal Consolidation and Fiscal Stimuli Impact on the Synchronization of Business Cycles?
Bulletin of Economic Research, 69(4), 309–329 DOI
Agnello, L , Castro, V , Hammoudeh, S , & Sousa, R M (2017)
Spillovers from the oil sector to the housing market cycle
Energy Economics, 61, 209–220 DOI
Agnello, L , Castro, V , Jalles, J T , & Sousa, R M (2017)
Income inequality, fiscal stimuli and political (in)stability
International Tax and Public Finance, 24(3), 484–511 DOI
Balcilar, M , Gupta, R , Sousa, R M , & Wohar, M E (2017)
Do cay and cayMS predict stock and housing returns? Evidence from a nonparametric causality test
International Review of Economics and Finance, 48, 269–279 DOI
Benbouzid, N , Mallick, S K , & Sousa, R M (2017)
An international forensic perspective of the determinants of bank CDS spreads1
Journal of Financial Stability, 33, 60–70 DOI
Benbouzid, N , Mallick, S K , & Sousa, R M (2017)
Do country-level financial structures explain bank-level CDS spreads?
Journal of International Financial Markets, Institutions and Money, 48, 135–145 DOI
Jawadi, F , Soparnot, R , & Sousa, R M (2017)
Assessing financial and housing wealth effects through the lens of a nonlinear framework
Research in International Business and Finance, 39, 840–850 DOI
Mallick, S K , & Sousa, R M (2017)
The skill premium effect of technological change: New evidence from United States manufacturing
International Labour Review, 156(1), 113–131 DOI
Sousa, J , & Sousa, R M (2017)
Predicting risk premium under changes in the conditional distribution of stock returns
Journal of International Financial Markets, Institutions and Money, 50, 204–218 DOI
Agnello, L , Castro, V , Jalles, J T , & Sousa, R M (2016)
Financial stress and sovereign debt composition
Applied Economics Letters, 23(9), 678–683 DOI
Agnello, L , Fazio, G , & Sousa, R M (2016)
National fiscal consolidations and regional inequality in Europe
Cambridge Journal of Regions, Economy and Society, 9(1), 59–80 DOI
Caporale, G M , & Sousa, R M (2016)
Consumption, wealth, stock and housing returns: Evidence from emerging markets
Research in International Business and Finance, 36, 562–578 DOI
Jawadi, F , Mallick, S K , & Sousa, R M (2016)
Fiscal and monetary policies in the BRICS: A panel VAR approach
Economic Modelling, 58, 535–542 DOI
Sousa, R M , Vivian, A , & Wohar, M E (2016)
Predicting asset returns in the BRICS: The role of macroeconomic and fundamental predictors
International Review of Economics and Finance, 41, 122–143 DOI
Agnello, L , & Sousa, R M (2015)
Can re-regulation of the financial sector strike back public debt?
Economic Modelling, 51, 159–171 DOI
Agnello, L , Castro, V , & Sousa, R M (2015)
Booms, Busts, and Normal Times in the Housing Market
Journal of Business and Economic Statistics, 33(1), 25–45 DOI
Agnello, L , Castro, V , & Sousa, R M (2015)
Is fiscal fatigue a threat to consolidation programmes?
Environment and Planning C: Government and Policy, 33(4), 765–779 DOI
Agnello, L , Castro, V , Jalles, J T , & Sousa, R M (2015)
Do debt crises boost financial reforms?
Applied Economics Letters, 22(5), 356–360 DOI
Agnello, L , Castro, V , Jalles, J T , & Sousa, R M (2015)
Fiscal consolidation and financial reforms
Applied Economics, 47(34-35), 3740–3755 DOI
Agnello, L , Castro, V , Jalles, J T , & Sousa, R M (2015)
What determines the likelihood of structural reforms?
European Journal of Political Economy, 37, 129–145 DOI
Agnello, L , Dufrénot, G , & Sousa, R M (2015)
Nonlinear effects of asset prices on fiscal policy: Evidence from the UK, Italy and Spain
Economic Modelling, 44, 358–362 DOI
Armada, M J R , Sousa, R M , & Wohar, M E (2015)
Consumption growth, preference for smoothing, changes in expectations and risk premium
Quarterly Review of Economics and Finance, 56, 80–97 DOI
Hammoudeh, S , Lahiani, A , Nguyen, D K , & Sousa, R M (2015)
An empirical analysis of energy cost pass-through to CO2 emission prices
Energy Economics, 49, 149–156 DOI
Hammoudeh, S , Nguyen, D K , & Sousa, R M (2015)
US monetary policy and sectoral commodity prices
Journal of International Money and Finance, 57, 61–85 DOI
Nguyen, D K , Sousa, R M , & Uddin, G S (2015)
Testing for asymmetric causality between U S equity returns and commodity futures returns
Finance Research Letters, 12, 38–47 DOI
Sousa, R M (2015)
Linking wealth and labour income with stock returns and government bond yields
European Journal of Finance, 21(10-11), 806–825 DOI
Sousa, R M (2015)
What is the impact of wealth shocks on asset allocation?
Quantitative Finance, 15(3), 493–508 DOI
Agnello, L , & Sousa, R M (2014)
How does fiscal consolidation impact on income inequality?
Review of Income and Wealth, 60(4), 702–726 DOI
Agnello, L , & Sousa, R M (2014)
The determinants of the volatility of fiscal policy discretion
Fiscal Studies, 35(1), 91–115 DOI
Agnello, L , Castro, V , Jalles, J T , & Sousa, R M (2014)
Fiscal adjustments, labour market flexibility and unemployment
Economics Letters, 124(2), 231–235 DOI
Hammoudeh, S , Nguyen, D K , & Sousa, R M (2014)
Energy prices and CO2 emission allowance prices: A quantile regression approach
(No 6) University of Minho, NIPE DOI
Hammoudeh, S M , Nguyen, D K , & Sousa, R M (2014)
What explain the short-term dynamics of the prices of CO2 emissions?
Energy Economics, 46, 122–135 DOI
Jawadi, F , & Sousa, R M (2014)
Modelling the relationship between consumption and wealth in the US, the UK and the euro area
Revue d'Economie Politique, 124(4 ), 637–650 DOI
Jawadi, F , Mallick, S K , & Sousa, R M (2014)
Fiscal policy in the BRICs
Studies in Nonlinear Dynamics and Econometrics, 18(2), 201–215 DOI
Jawadi, F , Mallick, S K , & Sousa, R M (2014)
Nonlinear monetary policy reaction functions in large emerging economies: The case of Brazil and China
Applied Economics, 46(9), 973–984 DOI
Sila, U , & Sousa, R M (2014)
Windfall gains and labour supply: Evidence from the European Household Panel
IZA Journal of Labor Economics, 3(1), 1–27 DOI
Sousa, R M (2014)
The effects of monetary policy in a small open economy: the case of Portugal
Applied Economics, 46(2), 240–251 DOI
Sousa, R M (2014)
Wealth, asset portfolio, money demand and policy rule
Bulletin of Economic Research, 66(1), 95–111 DOI
Agnello, L , & Sousa, R M (2013)
Fiscal policy and asset prices
Bulletin of Economic Research, 65(2), 154–177 DOI
Agnello, L , & Sousa, R M (2013)
Political, institutional, and economic factors underlying deficit volatility
Review of International Economics, 21(4), 719–732 DOI
Agnello, L , Castro, V , & Sousa, R M (2013)
What determines the duration of a fiscal consolidation program?
Journal of International Money and Finance, 37, 113–134 DOI
Agnello, L , Dufrénot, G , & Sousa, R M (2013)
Using time-varying transition probabilities in Markov switching processes to adjust US fiscal policy for asset prices
Economic Modelling, 34, 25–36 DOI
Agnello, L , Furceri, D , & Sousa, R M (2013)
Discretionary Government Consumption, Private Domestic Demand, and Crisis Episodes
Open Economies Review, 24(1), 79–100 DOI
Agnello, L , Furceri, D , & Sousa, R M (2013)
How best to measure discretionary fiscal policy? Assessing its impact on private spending
Economic Modelling, 34, 15–24 DOI
Jawadi, F , & Sousa, R M (2013)
Modelling money demand: Further evidence from an international comparison
Applied Economics Letters, 20(11), 1052–1055 DOI
Jawadi, F , & Sousa, R M (2013)
Money demand in the euro area, the US and the UK: Assessing the role of nonlinearity
Economic Modelling, 32(1), 507–515 DOI
Jawadi, F , & Sousa, R M (2013)
Structural breaks and nonlinearity in US and UK public debts
Applied Economics Letters, 20(7), 653–657 DOI
Mallick, S K , & Sousa, R M (2013)
Commodity Prices, Inflationary Pressures, and Monetary Policy: Evidence from BRICS Economies
Open Economies Review, 24(4), 677–694 DOI
Mallick, S K , & Sousa, R M (2013)
The real effects of financial stress in the Eurozone
International Review of Financial Analysis, 30, 1–17 DOI
Afonso, A , & Sousa, R M (2012)
The macroeconomic effects of fiscal policy
Applied Economics, 44(34), 4439–4454 DOI
Agnello, L , & Sousa, R M (2012)
Fiscal adjustments and income inequality: A first assessment
Applied Economics Letters, 19(16), 1627–1632 DOI
Agnello, L , & Sousa, R M (2012)
How do banking crises impact on income inequality?
Applied Economics Letters, 19(15), 1425–1429 DOI
Agnello, L , Castro, V , & Sousa, R M (2012)
How does fiscal policy react to wealth composition and asset prices?
Journal of Macroeconomics, 34(3), 874–890 DOI
Agnello, L , Mallick, S K , & Sousa, R M (2012)
Financial reforms and income inequality
Economics Letters, 116(3), 583–587 DOI
Armada, M J R , & Sousa, R M (2012)
Can the wealth-to-income ratio be a useful predictor in alternative finance? evidence from the housing risk premium
International Symposia in Economic Theory and Econometrics, 22, 67–79 DOI
Castro, V , & Sousa, R M (2012)
How do central banks react to wealth composition and asset prices?
Economic Modelling, 29(3), 641–653 DOI
Mallick, S K , & Sousa, R M (2012)
Real effects of monetary policy in large emerging economies
Macroeconomic Dynamics, 16(SUPPL 2), 190–212 DOI
Peltonen, T A , Sousa, R M , & Vansteenkiste, I S (2012)
Investment in emerging market economies
Empirical Economics, 43(1), 97–119 DOI
Peltonen, T A , Sousa, R M , & Vansteenkiste, I S (2012)
Wealth effects in emerging market economies
International Review of Economics and Finance, 24, 155–166 DOI
Sousa, R M (2012)
Time-varying expected returns: Evidence from the united states and the United Kingdom
Applied Economics Letters, 19(5), 413–416 DOI
Sousa, R M (2012)
Wealth-to-income ratio and stock returns: Evidence from the Euro Area
Applied Economics Letters, 19(7), 619–622 DOI
Sousa, R M (2012)
Wealth-to-income ratio, government bond yields and financial stress in the Euro Area
Applied Economics Letters, 19(11), 1822/14869 DOI
Afonso, A , & Sousa, R M (2011)
Assessing long-term fiscal developments: Evidence from Portugal
Applied Economics Letters, 18(1), 1–5 DOI
Afonso, A , & Sousa, R M (2011)
Consumption, wealth, stock and government bond returns: International evidence
Manchester School, 79(6), 1294–1232 DOI
Afonso, A , & Sousa, R M (2011)
The macroeconomic effects of fiscal policy in Portugal: A Bayesian SVAR analysis
Portuguese Economic Journal, 10(1), 61–82 DOI
Afonso, A , & Sousa, R M (2011)
What are the effects of fiscal policy on asset markets?
Economic Modelling, 28(4), 1871–1890 DOI
Afonso, A , Agnello, L , Furceri, D , & Sousa, R M (2011)
Assessing long-term fiscal developments: A new approach
Journal of International Money and Finance, 30(1), 130–146 DOI
Afonso, A , Claeys, P , & Sousa, R M (2011)
Fiscal regime shifts in Portugal
Portuguese Economic Journal, 10(2), 83–108 DOI
Agnello, L , & Sousa, R (2011)
Can fiscal policy stimulus boost economic recovery?
Revue Economique, 62(6), 1045–1066 DOI
Furceri, D , & Sousa, R M (2011)
Does government spending crowd-out private consumption and investment? Theory and some empirical evidence
World Economics, 12(3), 1–16 DOI
Furceri, D , & Sousa, R M (2011)
The Impact of Government Spending on the Private Sector: Crowding-out versus Crowding-in Effects
Kyklos, 64(4), 516–533 DOI
Sousa, R M (2011)
Building proxies that capture timevariation in expected returns using a VAR approach
Applied Financial Economics, 21(3), 147–163 DOI
Sousa, R M (2010)
Collateralizable wealth, asset returns, and systemic risk: International evidence
International Symposia in Economic Theory and Econometrics, 20, 1–27 DOI
Sousa, R M (2010)
Consumption, (dis)aggregate wealth, and asset returns
Journal of Empirical Finance, 17(4), 606–622 DOI
Sousa, R M (2010)
Housing wealth, financial wealth, money demand and policy rule: Evidence from the euro area
North American Journal of Economics and Finance, 21(1), 88–105 DOI
Sousa, R M (2010)
How do consumption and asset returns react to wealth shocks: evidence from the U S and the U K
Empirical Economics Letters, 9(5), 515–522 DOI
Sousa, R M (2010)
The consumption-wealth ratio and asset returns: The Euro Area, the UK and the US
Journal of Money, Investment and Banking, 16, 12–29 DOI
Sousa, R M (2010)
Wealth effects on consumption: evidence from the euro area
Banks and Bank Systems, 5(2), 70–78 DOI
Sousa, R M (2008)
Financial wealth, housing wealth, and consumption
International Research Journal of Finance and Economics, 19, 167–191 DOI
Balcilar, M , Gupta, R , Sousa, R M , & Wohar, M E (2021)
What Can Fifty-Two Collateralizable Wealth Measures Tell Us About Future Housing Market Returns? Evidence from U S State-Level Data
Journal of Real Estate Finance and Economics, 62(1), 81–107 DOI
Jawadi, F , Sousa, R M , & Traverso, R (2017)
On the macroeconomic and wealth effects of unconventional monetary policy
Macroeconomic Dynamics, 21(5), 1189-1204 DOI
Cabral, D , & Sousa, R (1999)
Dynamics of development of the municipalities of Cávado’s Valley: a reflection from employment indicators
Cadernos De Estudos Municipais, 243–253 DOI
Benbouzid, N , Kumar, A , Mallick, S K , Sousa, R M , & Stojanovic, A (2022)
Bank credit risk and macro-prudential policies: Role of counter-cyclical capital buffer
Journal of Financial Stability, 63, 101084 DOI
Peltonen, T A , Sousa, R M , & Vansteenkiste, I S (2009)
Fundamentals, Financial Factors and The Dynamics of Investment in Emerging Markets
(No 19) Universidade do Minho, NIPE DOIProjects
The Linkages Between Wealth, Stock Returns, Government Bond Yields, Housing Risk Premium and Systemic Crisis Episodes
Funding: Europlace Institute of Finance
Duration: 2012-09-01 - 2014-12-31
Teaching
Macroeconomia Avançada II
Doutoramento
Macroeconomia II
Licenciatura
Tópicos de Economia Financeira
Mestrado
SDG
