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Does it pay to fulfill the Maastricht convergence criteria? : reflections on the public debt and growth nexus for selected European economies
Bökemeier, Bettina; Clemens, Christiane - 2016
the public budget and participation in the Euro-zone. The analysis is based on data of European economies with a special … focus on twelve Euro-zone members and a control group of six non-Euro countries for the years from 1970 to 2014. The results … European economies outside the Euro-zone shows higher growth values for Euro-members than for the control group. Regression …
Persistent link: https://www.econbiz.de/10011557773
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Entry and exit dynamics of 'Excessive Deficits' in the European Union
Bayar, Ali H. - 1999
The extent of government deficits and debt has been one of the most debated issues in recent years. However, very little has been contributed about their dynamics . Yet, the issue of entering into and exiting from excessive deficits will be critical in the European monetary union since the...
Persistent link: https://www.econbiz.de/10009781711
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Economic, political and institutional determinants of budget deficits in the European Union
Bayar, Ali H.; Smeets, Bram - 2009
Using an extended data set of EU countries ranging from 1971-2006 and relevant econometric methods, we investigate the economic, political, and institutional determinants of government deficits in the EU. The results show a strong opportunistic behaviour of policymakers which leads to political...
Persistent link: https://www.econbiz.de/10003831961
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Economic and political determinants of budget deficits in the European Union : a dynamic random coefficient approach
Bayar, Ali H.; 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/10003808131
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Keynesian, non-Keynesian or no effects of fiscal policy changes? : the EMU case
Aarle, Bas van - 2001
This paper studies the experiences with fiscal adjustments in the EuropeanUnion (EU) countries during the transition period to the Economic andMonetary Union (EMU). Using several approaches suggested in the literatureon fiscal adjustments and their macroeconomic effects and in the literatureon...
Persistent link: https://www.econbiz.de/10011400376
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Monetary and fiscal policy interaction in the EMU : a dynamic game approach
Aarle, Bas van; Engwerda, Jacob Christiaan; Plasmans, … - 2001
The interaction of monetary and fiscal policies is a crucial issue in a highly integrated economic area as the European Union. We argue that EMU, which introduced a common monetary policy and restrictions on fiscal policy at the national level, increases the need for macroeconomic policy...
Persistent link: https://www.econbiz.de/10011398097
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Is fiscal policy coordination in EMU desirable?
Beetsma, Roel; Debrun, Xavier; Klaassen, Franc - 2001
It is widely argued that Europe's unified monetary policy calls for the international coordination at the fiscal level. We survey the issues involved with such coordination of fiscal policy as a demand management tool and we use a simple model to investigate the circumstances under which...
Persistent link: https://www.econbiz.de/10011400878
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Staying together or breaking apart : policy-makers endogenous coalitions formation in the European economic and monetary union
Aarle, Bas van; Di Bartolomeo, Giovanni; Engwerda, … - 2002
In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their...
Persistent link: https://www.econbiz.de/10011410410
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Fiscal and monetary interaction : the role of asymmetries of the stability and growth pact in EMU
Governatori, Matteo (contributor);  … - 2004
The paper builds a simplified model describing the economy of a currency union with decentralised national fiscal policy, where the main features characterising 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/10002522745
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Monetary and fiscal policy design under EMU : a dynamic game approach
Aarle, Bas van; Engwerda, Jacob Christiaan; Plasmans, … - 2000
This paper analyzes the problem of designing macroeconomic stabilization policies within the European Monetary Union (EMU) as a dynamic game between a centralized monetary authority, the European Central Bank (ECB), and national fiscal policy makers. Non-cooperative feedback Nash equilibrium and...
Persistent link: https://www.econbiz.de/10009781533