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Economic and Monetary Union in Europe and Constraintson National Budgetary Policies

International Monetary Fund - 1990

This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity...

Persistent link: https://www.econbiz.de/10014396369

Monetary Policy Interaction within the EMS

International Monetary Fund - 1989

A simple two-country stochastic model is used to analyze monetary policy interaction in a system of exchange rate bands such as the EMS, in the context of internationally-integrated financial markets. We consider the widely-acknowledged asymmetry of the system, as it pertains to member...

Persistent link: https://www.econbiz.de/10014396204

Optimal Taxation Policies in the EMS : A Two-Country Model of Public Finance

International Monetary Fund - 1989

This paper analyzes, in a public finance context, how the optimal use of the inflation and the consumption tax is … by 1992. Two main questions are addressed: first, how the constraint of having to share a common inflation tax, in order … to preserve fixed-exchange rates, influences the optimal policy decisions concerning the inflation tax; secondly, how the …

Persistent link: https://www.econbiz.de/10014396346

Fund Surveillance Over Members of Currency Unions

International Monetary Fund - 2005

Effective Fund surveillance over the members of currency unions entails discussions at the regional level. This requirement derives from the fact that currency union members have devolved responsibility for policy areas that are central to Fund surveillance, notably monetary and exchange rate...

Persistent link: https://www.econbiz.de/10014409950

The Relevance of Fiscal Conditions for the Success of European Monetary Integration

International Monetary Fund - 1989

The paper argues that international differences in fiscal conditions influence the relative attractiveness of locating production facilities in different countries and could prove to be a troublesome source of instability for the European economies. Even though physical capital movements tend to...

Persistent link: https://www.econbiz.de/10014396443

Fiscal Policy Independence in a European Monetary Union

International Monetary Fund - 1990

and German economies are considered: an appreciation of their joint exchange rate against other currencies, an inflation …

Persistent link: https://www.econbiz.de/10014396463

Fiscal Rules-Anchoring Expectations for Sustainable Public Finances

International Monetary Fund - 2009

The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules...

Persistent link: https://www.econbiz.de/10014410177

Government Debt Issuance in the Euro Area : The Impact of the Financial Crisis

International Monetary Fund - 2011

This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 2007-09, we find evidence of a shift away from pre-crisis standards of best funding...

Persistent link: https://www.econbiz.de/10014403688

European Policy Convergence and the EMS

International Monetary Fund - 1990

In this paper we analyze the degree of policy convergence of EMS member countries relative to that of some non-EMS countries. Interestingly, we find convergence for the nominal and real exchange rates and money supplies of the EMS members but not for the non-EMS countries. We also provide some...

Persistent link: https://www.econbiz.de/10014396029

Staff Report on the Monetary and Exchange Rate Policies of the Euro Area and the Trade Policies of the European Union : Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director on Monetary and Exchange Rate Policies of the Euro Area

International Monetary Fund - 2002

weaker and inflation higher than generally expected. To a large extent, this is the result of a series of unanticipated …

Persistent link: https://www.econbiz.de/10014406355