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EMU and the External Value of the Euro
Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 1999
The size and economic relevance of Europe may imply a new role for the EURO in the international financial markets. But … will the EURO compete with the $US and the Yen for a place in the basket of international currencies? Will that induce a … run trend of the EURO depends on the economic performance of the partner countries as well as on the properties of the new …
Persistent link: https://www.econbiz.de/10005662141
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The Emergence of the Euro as an International Currency
Alogoskoufis, George; Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1997
*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … financial markets and thickness externalities in the use of the euro as means of payment will be the major factors determining … the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and …
Persistent link: https://www.econbiz.de/10005662175
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The Euro is good after all : evidence from corporate valuations
Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - 2003
Persistent link: https://www.econbiz.de/10001762189
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Korruption in Europa : Die Rettungsprogramme des ESM unter dem Blickwinkel der Korruptionsbekämpfung
Berger, Jens - 2022
Einleitung -- Das Phänomen der Korruption -- Ansatzpunkte zur Korruptionsbekämpfung auf nationalstaatlicher Ebene -- Grundlagen des ESM und dessen Rettungsprogramme -- Analyse der Korruptionsbekämpfung in den Rettungsprogrammen des ESM -- Ableitungen und Empfehlungen für die...
Persistent link: https://www.econbiz.de/10013210127
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The Composition of the Government Budget and the Dynamics of Public Debt
Köhler-Töglhofer, Walpurga; Zagler, Martin - In: FinanzArchiv: Public Finance Analysis 63 (2007) 2, pp. 244-263
This paper investigates compositional effects on public-debt dynamics. Our contribution is twofold. First, we improve the methodology by taking explicit account of public-debt dynamics, eliminating a bias present in previous studies. Second, we estimate the evolution of debt dynamics induced by...
Persistent link: https://www.econbiz.de/10005823443
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Capital Taxation and Ownership when Markets are Incomplete
Farhi, Emmanuel - National Bureau of Economic Research (NBER) - 2007
This paper analyzes the theoretical and quantitative implications of optimal capital taxation in the neoclassical growth model with aggregate shocks and incomplete markets. The model features a representative-agent economy with proportional taxes on labor and capital. I first consider the case...
Persistent link: https://www.econbiz.de/10005829854
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The Net Asset Position of the U.S. National Government, 1784-1802: Hamilton's Blessing or the Spoils of War?
Grubb, Farley - National Bureau of Economic Research (NBER) - 2005
The War for Independence left the National Government deeply in debt. The spoils from winning that war also gave it an empire of land. So, post-1783, was the National Government solvent? Was its net asset position, land assets minus debt liabilities, positive or negative? Evidence is gathered to...
Persistent link: https://www.econbiz.de/10005830402
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Fiscal Policy over the Real Business Cycle: A Positive Theory
Battaglini, Marco; Coate, Stephen - National Bureau of Economic Research (NBER) - 2008
This paper presents a political economy theory of the behavior of fiscal policy over the business cycle. The theory predicts that, in both booms and recessions, fiscal policies are set so that the marginal cost of public funds obeys a submartingale. In the short run, fiscal policy can be...
Persistent link: https://www.econbiz.de/10005830407
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The Intergenerational Transfer of Public Pension Promises
Novy-Marx, Robert; Rauh, Joshua D. - National Bureau of Economic Research (NBER) - 2008
The value of pension promises already made by US state governments will grow to approximately $7.9 trillion in 15 years. We study investment strategies of state pension plans and estimate the distribution of future funding outcomes. We conservatively predict a 50% chance of aggregate...
Persistent link: https://www.econbiz.de/10005830505
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Austerity and Anarchy: Budget Cuts and Social Unrest in Europe, 1919-2008
Ponticelli, Jacopo; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2011
Does fiscal consolidation lead to social unrest? Using cross-country evidence for the period 1919 to 2008, we examine the extent to which societies become unstable after budget cuts. The results show a clear correlation between fiscal retrenchment and instability. We test if the relationship...
Persistent link: https://www.econbiz.de/10009201119