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Taxation, corruption and the exchange rate regime

Hefeker, Carsten - 2009

countries with regard to the level of corruption. -- Exchange rate regime ; monetary policy ; fiscal policy ; seigniorage …The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime …. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption …

Persistent link: https://www.econbiz.de/10003808666

Fiscal transfers in a monetary union with exit option

Hefeker, Carsten; Neugart, Michael - 2015

It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...

Persistent link: https://www.econbiz.de/10010492336

Structural reforms and the enlargement of monetary union

Hefeker, Carsten - 2003

The paper addresses the question what effects the enlargement of a monetary union will have on necessary structural reforms in the (low distortion) member countries and the (high distortion) candidate countries. While monetary union lowers reforms in the candidate countries, members of the...

Persistent link: https://www.econbiz.de/10011509539

The economics of a multilateral investment agreement

Che, Jiahua; Willmann, Gerald - 2009

This paper models a multilateral agreement on investment (MAI) as a coordination device. Multinational enterprises can invest in any number of countries. Without a multilateral investment agreement, expropriation triggers an investment stop by the single MNE. Under a multilateral agreement,...

Persistent link: https://www.econbiz.de/10003808670

Can the Central Bank alleviate fiscal burdens?

Reis, Ricardo - 2017

Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal...

Persistent link: https://www.econbiz.de/10011704682

Fiscal multipliers and the choice of zero lower bound modeling

Siemsen, Thomas; Watzka, Sebastian - 2013

In this note we elaborate on the effect of the modeling choice of the zero lower bound on the size of the fiscal multiplier. To this end we contrast two different ways to implement the ZLB in a New Keynesian model: the ZLB modeled as an endogenous central bank reaction to a contractionary demand...

Persistent link: https://www.econbiz.de/10009772911

Sustainability and solvency of government finances under the euro : illustrations and policy Options

Oksanen, Heikki - 2020

In this paper, sound public finances under the euro means sustainability in the long term instead of short- and medium-term fiscal discipline. The challenges to sustainability are identified for the four largest euro area member states, and several policy options for sustainability are...

Persistent link: https://www.econbiz.de/10012238506

Reforming the euro pragmatically : towards sustainable fiscal policy and a revamped eurosystem

Oksanen, Heikki - 2019

The conflicting standpoints on reforming the euro are creating more controversies than practical results. Mistrust between the participants led to short-sighted fiscal discipline that has amplified the economic disturbances. Expert analysis on the proposed reforms is often deficient as the...

Persistent link: https://www.econbiz.de/10012119522

Corruption under austerity

Daniele, Gianmarco; Giommoni, Tommaso - 2021

We study how policies limiting the spending capacity of local governments may reduce corruption. We exploit the … both recorded corruption rates and corruption charges per euro spent. This effect emerges only in areas in which the DSP … put a binding cap on municipal capital expenditures. The reduction in corruption is linked to accountability incentives as …

Persistent link: https://www.econbiz.de/10012437907

Macroeconomic policy making and current account imbalances in the euro area

Murai, Taiki; Schnabl, Gunther - 2021

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

Persistent link: https://www.econbiz.de/10012550195

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