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Austerity, Growth and Inflation - Remarks on the Eurozone's Unresolved Competitiveness Problem
Sinn, Hans-Werner - 2013
While the financial protection measures enacted by the ECB and the community of Eurozone members have calmed financial … markets, they have left the competitiveness problem of the Eurozone's southern countries and France unresolved. The paper …
Persistent link: https://www.econbiz.de/10013087283
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A Mechanism to Regulate Sovereign Debt Restructuring in the Euro Area
Andritzky, Jochen R. - 2016
To make the no-bailout clause credible and enhance the effectiveness of crisis assistance, a consistent institutional and legal framework is needed to ensure that private creditors contribute to crisis resolution. Getting activated as part of ESM crisis assistance, we propose a two-stage...
Persistent link: https://www.econbiz.de/10012982263
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Successful Fiscal Adjustments - Does Choice of Fiscal Instrument Matter?
Holden, Steinar; Midthjell, Nina - 2021
We examine fiscal adjustment episodes in 24 OECD countries in order to find how austerity affects debt and growth, and whether the choice of fiscal instrument matters for the results. Influential existing studies argue that spending cuts are more likely to successfully reduce debt and enhance...
Persistent link: https://www.econbiz.de/10013315701
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Cross-Border Effects of Fiscal Consolidations : Estimates Based on Narrative Records
Hebous, Shafik; Zimmermann, Tom - 2021
We estimate cross-border spillover effects of fiscal consolidation episodes on output, bilateral trade flows, interest rate, and the exchange rate, employing the new IMF action-based fiscal consolidation data. Results indicate a negative effect of foreign fiscal consolidation policies on...
Persistent link: https://www.econbiz.de/10013315746
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The Impact of Fiscal Rules on Public Finances : Theory and Empirical Evidence for the Euro Area
Marneffe, Wim - 2011
This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the...
Persistent link: https://www.econbiz.de/10013131350
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Estimating the Effects of Coordinated Fiscal Actions in the Euro Area
Hebous, Shafik - 2012
We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a similar size area-wide shock expressed as a weighted...
Persistent link: https://www.econbiz.de/10013101197
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The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...
Persistent link: https://www.econbiz.de/10013081055
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Fiscal Spillovers in the Euro Area
Caporale, Guglielmo Maria - 2012
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...
Persistent link: https://www.econbiz.de/10013112600
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Fiscal Policies and Business Cycles in an Enlarged Euro Area
Staehr, Karsten - 2008
This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future … counter-cyclical in Central and Eastern European countries than in members of the eurozone. The main differences arise from … the revenue side. Differences in the formation of fiscal policy between current and future eurozone countries decrease …
Persistent link: https://www.econbiz.de/10012773620
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Rent-Seeking Competition from State Coffers : A Calibrated DSGE Model of the Euro Area
Angelopoulos, Konstantinos - 2006
This paper incorporates an uncoordinated struggle for extra fiscal favors into an otherwise standard Dynamic Stochastic General Equilibrium model. This reflects the popular belief that interest groups compete for privileged transfers and tax treatment at the expense of the general public...
Persistent link: https://www.econbiz.de/10012781542