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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

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

Debt and the Effects of Fiscal Policy

Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2007

A shift in taxes or in government spending (a ”fiscal shock”) at some point in time puts a constraint on the path of taxes and spending in the future, since the government intertemporal budget constraint will eventually have to be met. This simple fact is surprisingly overlooked in analyses...

Persistent link: https://www.econbiz.de/10005497892

Welfare-Maximizing Operational Monetary and Tax Policy Rules

Kollmann, Robert - C.E.P.R. Discussion Papers - 2004

This Paper computes welfare-maximizing monetary and tax policy feedback rules, in a calibrated dynamic general equilibrium model with sticky prices. The government makes exogenous final good purchases, levies a proportional income tax, and issues nominal one-period bonds. A quadratic...

Persistent link: https://www.econbiz.de/10005497903

Public Saving and Policy Coordination in Ageing Economies

Flodén, Martin - C.E.P.R. Discussion Papers - 2002

In the coming decades, the share of people in working age will fall significantly in most developed countries. According to optimal taxation theory, public debts should be reduced before the baby-boom generation retires. I find that if debts are instead maintained at the current levels, welfare...

Persistent link: https://www.econbiz.de/10005497919

On the Relationship between Fiscal Plans in the European Union: An Empirical Analysis Based on Real-Time Data

Beetsma, Roel; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2007

We investigate the interdependence of fiscal policies, and in particular deficits, in the European Union using an empirical analysis based on real-time fiscal data. There are many potential reasons why fiscal policies could be interdependent, such as direct externalities due to cross-border...

Persistent link: https://www.econbiz.de/10005497943

The Confidence Effects of Fiscal Consolidations

Beetsma, Roel; Cimadomo, Jacopo; Furtuna, Oana; … - C.E.P.R. Discussion Papers - 2014

We explore how fiscal consolidations affect private sector confidence, a possible channel for the fiscal transmission that has received particular attention recently as a result of governments embarking on austerity trajectories in the aftermath of the crisis. Panel regressions based on the...

Persistent link: https://www.econbiz.de/10011083434

An Analysis of Eurobonds

Beetsma, Roel; Mavromatis, Konstantinos - C.E.P.R. Discussion Papers - 2012

We analyse different forms of international debt mutualisation in a simple framework with a political distortion and (partial) default under adverse economic circumstances. One form is a debt repayment guarantee, which can be "unlimited" or "limited", i.e. only be invoked when the guarantee...

Persistent link: https://www.econbiz.de/10011083437

Sovereign credit ratings in the European Union: a model-based fiscal analysis

Polito, Vito; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2013

We propose a model-based measure of sovereign credit ratings derived solely from the fiscal position of a country: a forecast of its future debt liabilities, and its potential to use tax policy to repay these. We use this measure to calculate credit ratings for fourteen European countries over...

Persistent link: https://www.econbiz.de/10011083470

Is the UK triple-A?

Polito, Vito; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2013

The immediate background to this paper is the downgrade of the U.K.'s credit rating in February 2013, the market's view that this should have occurred earlier and the emphasis in fiscal policy on reducing debt rather than recovery from recession. We propose a measure of the U.K. sovereign credit...

Persistent link: https://www.econbiz.de/10011084436