recovery. In line with the overall sentiment in the European Union (the EU), Bulgaria made maintaining fiscal stability a … macroeconomic indicators. The subsequent sovereign debt crisis in Europe further aggravated the situation and blocked its path to … are among the lowest in the EU). These accomplishments underlie international institutions' greater confidence in Bulgaria …

recovery. In line with the overall sentiment in the European Union (the EU), Bulgaria made maintaining fiscal stability a … macroeconomic indicators. The subsequent sovereign debt crisis in Europe further aggravated the situation and blocked its path to … are among the lowest in the EU). These accomplishments underlie international institutions' greater confidence in Bulgaria …

liquidity requirements will require financial institutions from 1 January 2013, as Basel III. Financial integration in Europe is … systemically important institutions. Also, the Basel Committee adopted in September 2010 new standard relating to capital and … of it. These benefits to financial stability complement the critical role that capital markets play in efficient resource …

the ongoing economic integration in Europe, the question about the need for better co-ordination of national fiscal … introduction of monetary union in Europe, the discussion about the need for fiscal policy co-ordination has intensified. While …WORKING PAPER SERIES NO. 325 / MARCH 2004 WHAT ARE THE SPILL-OVERS FROM FISCAL SHOCKS IN EUROPE? AN EMPIRICAL …

the ongoing economic integration in Europe, the question about the need for better co-ordination of national fiscal … introduction of monetary union in Europe, the discussion about the need for fiscal policy co-ordination has intensified. While …WORKING PAPER SERIES NO. 325 / MARCH 2004 WHAT ARE THE SPILL-OVERS FROM FISCAL SHOCKS IN EUROPE? AN EMPIRICAL …

. 12 Changing Patterns of Fiscal Policy Multipliers in Europe and the US tailed data description). Importantly, except for …No 2006 – 24 December Changing Patterns of Domestic and Cross-Border Fiscal Policy Multipliers in Europe and the US … _____________ Agnès Bénassy-Quéré Jacopo Cimadomo Changing Patterns of Domestic and Cross-Border Fiscal Policy Multipliers in Europe and …

This paper reviews the arguments for and against the ‘Stability and Growth Pact’ signed by the countries of the Euro … suggest the view that the Stability Pact is a public social norm, and that a country’s adherence to that norm is in fact a … opposite, and equally plausible conclusions. We also argue that evidence in favour of a Pact-like rule is scant. We therefore …

remarking that this trend is contradictory with the current economic institutions of Europe, which rely exclusively on automatic … stabilisation for the conduct of fiscal policy, we argue that increasing flexibility, one alternative way to reduce cyclical … fiscal policy in the short and long run …

suggests themes for further research. 2 The Debate on Fiscal Rules and on the Sta- bility Pact The institutions of Europe, in … involved procyclical fiscal policies during at least the years 1995-97. When growth later resumed in Europe, this in turn pro … monetary sovereignty only in exchange for an insur- ance of prudent fiscal behaviour. Alternatively it could be, as many argue …

Dynamic Stability and Reform of Political Institutions Roger Lagunoff∗ November, 2008 Abstract When are political …. It turns out that the stability of a political rule depends on whether its choices are dynamically consistent. For …: Endogenous political institutions, recursive, dynamic political games, reform, stability, dynamically consistent rules, forward …