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Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness
Afonso, António; Hauptmeier, Sebastian - European Central Bank - 2009
We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The resultsshow that the existence of effective fiscal rules, the degree of public spendingdecentralization, and the electoral cycle can...
Persistent link: https://www.econbiz.de/10005866594
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Monetary stabilisation in a currency union of small open economies
Sánchez, Marcelo - European Central Bank - 2008
This paper studies stabilisation policies in a multi-country currency union of small open economies. It abstracts from … exogenous to the factors studied here. Demand-side shocks hamper monetary union stabilisation unless members face identical …
Persistent link: https://www.econbiz.de/10005816227
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Government spending volatility and the size of nations
Furceri, Davide; Poplawski Ribeiro, Marcos - European Central Bank - 2008
This paper provides empirical evidence showing that smaller countries tend to have more volatile government spending for a sample of 160 countries from 1960 to 2000. We argue that the larger size of a country decreases the volatility of government spending because it acts as an insurance against...
Persistent link: https://www.econbiz.de/10005222361
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Public Pension, Pension Reform and Fiscal Policy.
Davis, E.P. - European Central Bank - 1996
This paper seeks to contribute to debate on the issue of reform of pension systems in the EU, in the context of the direct effects of such provisions on fiscal policy.
Persistent link: https://www.econbiz.de/10005780903
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The reform and implementation of the Stability and Growth Pact
Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - European Central Bank - 2006
threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such …-based framework for fiscal polices in EMU. However, the implementation of the Pact was less than fully satisfactory. One year ago, the …
Persistent link: https://www.econbiz.de/10005344800
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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … policy autonomy in several areas, such as monetary policy and fiscal policy. The paper shows that EMU has helped reduce the …
Persistent link: https://www.econbiz.de/10005530784
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The impact of numerical expenditure rules on budgetary discipline over the cycle
Holm-Hadulla, Fédéric; Hauptmeier, Sebastian; Rother, … - European Central Bank - 2010
We study the impact of numerical expenditure rules on the propensity of governments to deviate from expenditure targets in response to surprises in cyclical conditions. Theoretical considerations suggest that due to political fragmentation in the budgetary process expenditure policy might be...
Persistent link: https://www.econbiz.de/10008476138
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Is time ripe for a currency union in emerging East Asia? The role of monetary stabilisation
Sánchez, Marcelo - European Central Bank - 2005
This paper assesses the prospects for monetary integration between Emerging East Asian (EEA) economies. Our empirical analysis is based on a simple analytical framework for currency unions of small open economies, with a focus on the conduct of monetary policy in the presence of different types...
Persistent link: https://www.econbiz.de/10005530692
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Economic reactions to public finance consolidation - a survey of the literature
Briotti, Maria Gabriella - European Central Bank - 2005
The paper reviews the theoretical and empirical literature that has investigated the conditions under which a contractionary fiscal policy is effective in reducing debt and deficit, but does not have a negative effect on growth. The issue is central to macroeconomics and policy making, given...
Persistent link: https://www.econbiz.de/10005162870
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An Analysis of the Sectoral Balances in EY Countries.
Kennedy, N.O. - European Central Bank - 1996
This study addresses the issue of relations between the balances of individual sectors, applying standard statistical measures. A number of general observations were make. First, it is apparent that imbalances of the public, private and external sectors in most EU countries have tended to...
Persistent link: https://www.econbiz.de/10005486857