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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

Fiscal and Monetary Interaction: The Role of Asymmetries of the Stability and Growth Pact in EMU

Eijffinger, Sylvester C W; Governatori, Matteo - C.E.P.R. Discussion Papers - 2004

The Paper builds a simplified model describing the economy of a currency union with decentralized national fiscal policy, where the main features characterizing the policy-making are similar to those in EMU. National governments choose the size of deficit taking into account the two main rules...

Persistent link: https://www.econbiz.de/10005789061

Electoral Institutions, Cabinet Negotiations, and Budget Deficits within the European Union

Hallerberg, Mark; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997

Two literatures in political economy argue that differences in political institutions help explain variation in the fiscal performance of countries. They indentify electoral systems and institutions that structure the formation of the budget as important determinants of the budget deficit. In...

Persistent link: https://www.econbiz.de/10005791607

Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?

Buti, Marco; Eijffinger, Sylvester C W; Franco, Daniele - C.E.P.R. Discussion Papers - 2003

The Stability and Growth Pact is under fire. Problems have appeared in sticking to the rules. Proposals to reform the Pact or ditch it altogether abound. But is the Pact a flawed fiscal rule? Against established criteria for an ideal fiscal rule, its design and compliance mechanisms fare...

Persistent link: https://www.econbiz.de/10005791638

Fiscal Policy: Institutions versus Rules

Wyplosz, Charles - C.E.P.R. Discussion Papers - 2002

The Paper explores how fiscal policy can be made both more disciplined and more counter-cyclical. It first examines whether the decline of public debts observed in the OECD area during the 1990s can be explained either by less activism or by a priority towards consolidation. It then argues that...

Persistent link: https://www.econbiz.de/10005791671

Fiscal Adjustment to Cyclical Developments in the OECD: An Empirical Analysis Based on Real-Time Data

Beetsma, Roel; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2008

We explore how fiscal policies in the OECD have responded to unexpected information about the economy during the period 1995-2006. In particular, we first estimate standard fiscal rules using ex-ante data (i.e. forecasts). We then estimate how fiscal policy reacts to new information, especially...

Persistent link: https://www.econbiz.de/10005791832

Reconciling VAR-based and Narrative Measures of the Tax-Multiplier

Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2010

The currently available empirical evidence shows remarkable differences between various estimates of the effects on U.S. output of an exogenous shift in Federal tax liabilities. Shocks identified via the narrative method imply a multiplier of about three over an horizon of three years. Tax...

Persistent link: https://www.econbiz.de/10008468626

The 2008 Financial Crisis and Taxation Policy

Hemmelgarn, Thomas; Nicodème, Gaëtan - C.E.P.R. Discussion Papers - 2010

The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....

Persistent link: https://www.econbiz.de/10008468635

Fiscal Policy and Labor Markets at Times of Public Debt

Bertola, Giuseppe - C.E.P.R. Discussion Papers - 2010

This paper explores the empirical relevance of public debt accumulation for labor market institutions and outcomes. In theory, since debt service obligations act as a constraint on policy choices, past debt accumulation and current interest rates should influence reform incentives and labor...

Persistent link: https://www.econbiz.de/10008684674