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Fiscal divergence and current account imbalances in Europe
Schnabl, Gunther; Wollmershäuser, Timo - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10010291505
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Macroeconomic stabilization policies in the EMU : spillovers, asymmetries, and institutions
Di Bartolomeo, Giovanni; Engwerda, Jacob; Plasmans, Joseph - 2005
game approach of the endogenous coalition formation literature. The specific policy recommendations in the EMU context …
Persistent link: https://www.econbiz.de/10010261121
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Fiscal and monetary interaction : the role of asymmetries of the stability and growth pact in EMU
Governatori, Matteo; Eijffinger, Sylvester C. W. - 2004
policy, where the main features characterising the policy-making are similar to those in EMU. National governments choose the …
Persistent link: https://www.econbiz.de/10010272870
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Has the EMU reduced wage growth and unemployment? Testing a model of trade union behaviour
Mikosch, Heiner; Sturm, Jan-Egbert - 2011
(EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary …. Although we come up with some weak evidence for increased business cycle amplitudes within the EMU, we neither find a … significant general effect of the EMU on wage growth nor on unemployment. …
Persistent link: https://www.econbiz.de/10010274904
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What do we really know about fiscal sustainability in the EU?: a panel data diagnostic
Afonso, António; Rault, Christophe - 2008
We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel cointegration techniques developed by...
Persistent link: https://www.econbiz.de/10010264310
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Strategic interactions between fiscal and monetary authorities in a multi-country new-Keynesian model of a monetary union
Michalak, Tomasz; Engwerda, Jacob; Plasmans, Joseph - 2009
In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....
Persistent link: https://www.econbiz.de/10010264547
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The trade and FDI effects of EMU enlargement
Brouwer, Jelle; Paap, Richard; Viaene, Jean-Marie - 2007
European Monetary Union (EMU) to the ten countries that obtained EU membership in 2004. One-way and two-way error component …. Using a simulation-based technique, we find that estimates of FDI effects of EMU range between 18.5 percent for Poland and …
Persistent link: https://www.econbiz.de/10010264230
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The bail-out! Positive political economics of greek-type crises in the EMU
Fahrholz, Christian; Wójcik, Cezary - 2010
analysis suggests that, given EMU's present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process … with a future moral hazard problem. Based on our analysis, we suggest that the EMU's institutional design could be improved … processes as well as the conditions and parameters on which the scope and limits of fiscal redistribution in EMU depends. In …
Persistent link: https://www.econbiz.de/10010274897
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Fiscal policies and business cycles in an enlarged euro area
Staehr, Karsten - 2007
This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future members from Central and Eastern Europe. For the sample period 1995-2005, the fiscal balance exhibits less inertia and is more counter-cyclical in Central and Eastern European...
Persistent link: https://www.econbiz.de/10010264080
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Economic and political determinants of budget deficits in the European Union: a dynamic random coefficient approach
Bayar, Ali; Smeets, Bram - 2009
This paper formulates a dynamic Random Coefficient Model (RCM) to consider a set of popular determinants of public deficits in the EU-15 over the period 1971-2006, both at a country-specific level and from a population-wide perspective. Although the extent of government deficits and debt has...
Persistent link: https://www.econbiz.de/10010264557