Fiscal Politics In The Euro Area
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Fiscal Politics In The Euro Area
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Author : Luc Eyraud
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-30
Fiscal Politics In The Euro Area written by Luc Eyraud and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-30 with Business & Economics categories.
This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-time data for 19 countries participating in the euro area over 1999–2015. We look for, but do not find, conclusive evidence of bias in procedures in relation to country size. The paper also briefly reviews the literature on political economy factors and policy biases, and offers some reflections on the euro area architecture.
Fiscal Policy In An Estimated Open Economy Model For The Euro Area
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Author : Marco Ratto
language : en
Publisher:
Release Date : 2006
Fiscal Policy In An Estimated Open Economy Model For The Euro Area written by Marco Ratto and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Fiscal policy categories.
Recoge: Introduction - 1. The Model - 2. Estimation - 3. Assessing the Role of Fiscal Policy - 4. Conclusion.
Fiscal Policies In High Debt Euro Area Countries
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Author : Antonella Cavallo
language : en
Publisher: Springer
Release Date : 2017-11-15
Fiscal Policies In High Debt Euro Area Countries written by Antonella Cavallo and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-15 with Business & Economics categories.
This book explores the role of national fiscal policies in a selected group of Euro-area countries under the European Economic and Monetary Union (EMU). In particular, the authors characterize the response of output to fiscal consolidations and expansions in the small Euro-area open economies affected by high public and private debt. It is shown that the macroeconomic outcome of fiscal shocks is strongly related to debt levels. The Euro-area countries included in the investigation are Greece, Ireland, Italy, the Netherlands, Spain, and Portugal, over the sample period 1999–2016, i.e., the EMU period. The main econometric tools used in this research are structural vector autoregressive (VAR) models, including panel VAR models. The available literature relating to the subject is also fully reviewed. A further closely investigated topic is the potential spillover effects of German fiscal policies on the selected small Euro-area economies. Moreover, in the perspective of the evolution of the Euro Area towards a full Monetary and Fiscal Union, the authors study the effects of area-wide government spending shocks on aggregate output and other macroeconomic variables during the EMU period. The closing chapter of the book considers evidence on the consequences of austerity policies for European labour markets during recent years.
Fiscal Spillovers In The Euro Area Letting The Data Speak
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Author : Ms.Era Dabla-Norris
language : en
Publisher: International Monetary Fund
Release Date : 2017-11-15
Fiscal Spillovers In The Euro Area Letting The Data Speak written by Ms.Era Dabla-Norris and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-15 with Business & Economics categories.
We estimate a panel VAR model that captures cross-country, dynamic interlinkages for 10 euro area countries using quarterly data for the period 1999-2016. Our analysis suggests that fiscal spillovers are significant and tend to be larger for countries with close trade and financial links as well, as for fiscal shocks originating from larger countries. The current account appears to be the main channel of transmission, although strong trade integration among countries in the euro area and spillback effects tend to zero-out the net trade impact in some cases. A subsample analysis shows that the effects of fiscal policy have changed over time, with larger estimated domestic multipliers and spillovers between 2011 and 2014.
Toward A Fiscal Union For The Euro Area
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Author : Céline Allard
language : en
Publisher: International Monetary Fund
Release Date : 2013-09-25
Toward A Fiscal Union For The Euro Area written by Céline Allard and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-25 with Business & Economics categories.
This is on a highly topical issue and addresses a key policy issue for Europe—namely, reinforcing EMU institutional architecture along with the Banking Union. Some proposals have emerged in Europe, and it will be important to put out staff views on this issue. In that context, publication as an SDN is appropriate, given the high profile nature and relevance of the topic—much like the Banking Union paper done a few months ago.
Revisiting The Economic Case For Fiscal Union In The Euro Area
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Author : Mr.Helge Berger
language : en
Publisher: International Monetary Fund
Release Date : 2018-02-20
Revisiting The Economic Case For Fiscal Union In The Euro Area written by Mr.Helge Berger and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-20 with Business & Economics categories.
The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.
Monetary And Fiscal Policies In The Euro Area
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Author : Michael Carlberg
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-03-14
Monetary And Fiscal Policies In The Euro Area written by Michael Carlberg and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-14 with Business & Economics categories.
This book studies the interactions between monetary and fiscal poUcies in the euro area. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the European central bank, the American central bank, the German government, and the French government. As to policy cooperation, the focus is on the same institutions. These are higher-dimensional issues. The pohcy targets are price stability and full employment. The policy makers follow co- turkey or gradualist strategies. The policy decisions are taken sequentially or simultaneously. Monetary and fiscal policies have spillover effects. Special features of this book are numerical simulations of policy competition and numerical solutions to policy cooperation. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association. Other parts were presented at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, and at the Passau Workshop on International Economics.
Fiscal Policy In The European Union
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Author : J. Ferreiro
language : en
Publisher: Springer
Release Date : 2008-11-27
Fiscal Policy In The European Union written by J. Ferreiro and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-27 with Business & Economics categories.
This book provides a comprehensive analysis of national fiscal policies in the European Union and in the European Monetary Union. Adopting a critical perspective, the book offers a deep insight into the consequences of the current strategy of national fiscal policies on economic activity.
Enlarging The Euro Area
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Author : Kenneth Dyson
language : en
Publisher: OUP Oxford
Release Date : 2006-11-02
Enlarging The Euro Area written by Kenneth Dyson and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-02 with Political Science categories.
This book seeks to offer the first in-depth and systematic analysis of the challenges of the Euro Area and the eastward enlargement of the European Union. It focuses in particular on how the prolonged process of accession to the Euro Area is affecting domestic economic policies in the accession states of east central Europe. It contributes to Europeanization studies, comparative political economy and to studies of Economic and Monetary Union. It also provides a picture of processes of domestic transformation in such countries as the three Baltic States, Bulgaria, the Czech Republic, Hungary, Poland and Romania. The book brings together a range of recognized experts from across Europe and combines country and sectoral case studies with a thematic treatment. It begins by offering an 'outside-in' perspective, which situates the effects of EMU on the accession states in the wider context of the development of global economic norms. The second part focuses on an 'inside-out' analysis of how Euro Area accession affects the states of east central Europe - their policies, politics and public institutions. The final part assesses how Euro Area accession is affecting key policy sectors in east central Europe: financial market regulation, fiscal policies and welfare states and labour markets.
Designing A European Fiscal Union
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Author : Mr.Carlo Cottarelli
language : en
Publisher: International Monetary Fund
Release Date : 2014-12-05
Designing A European Fiscal Union written by Mr.Carlo Cottarelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-05 with Business & Economics categories.
Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.