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Bordignon, Massimo; Brusco, Sandro - 2003

Should a subset of member states of a federation be allowed to form a sub-union on some policy issue? When centralization is not politically feasible, allowing an enhanced cooperation agreement among a subset of countries permits the latter to gain benefits which would otherwise be lost....

Persistent link: https://www.econbiz.de/10011508107

Who needs foreign banks?

Gros, Daniel - 2003

This paper shows that countries with weak banking system and fiscal institutions, should benefit from the presence of foreign banks, which can constitute a commitment and transparency device. Foreign banks can also reduce the probability of self-fulfilling speculative attacks. A strong presence...

Persistent link: https://www.econbiz.de/10011508110

Following in their footsteps : comparing interest parity conditions in Central European economies to the Euro countries

Mansori, Kashif - 2003

in the pre-euro EU. The results suggest that capital mobility and exchange rate market efficiency in Central Europe are …This paper investigates capital market integration in the major Central European emerging economies by testing the … covered and uncovered interest parity conditions vis-à-vis the U.S. dollar and the DM/euro. The results for the Central …

Persistent link: https://www.econbiz.de/10011509413

Bargaining and distribution of power in the EU's Conciliation Committee

Napel, Stefan; Widgrén, Mika - 2003

The European Union (EU) has moved towards bicameralism, making the codecision procedure its most important mechanism for decision making. To gauge if European Parliament (EP) and Council of Ministers (CM) are equally powerful codecision makers , understanding of the final stage of the procedure...

Persistent link: https://www.econbiz.de/10011509443

Transatlantic monetary and fiscal policy interaction

Aarle, Bas van; Garretsen, Harry; Huart, Florence - 2003

This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between … the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is … constructed. It is analyzed how monetary and fiscal rules affect the adjustment dynamics in the individual euro-area countries …

Persistent link: https://www.econbiz.de/10011509484

Output smoothing in EMU and OECD : can we forego government contribution? : a risk sharing approach

Marinheiro, Carlos Fonseca - 2003

whether the private capital markets will be able to replace the government in providing output smoothing in the euro-area, in … countries, the EU-15 or euro-area countries, for the period 1970-1999. However, there were shown to be considerable differences … between the euro-area and the successful monetary union of the USA: the euro-area showed a much lower insurance of asymmetric …

Persistent link: https://www.econbiz.de/10011509508

Tax competition and fiscal equalization under corporate income taxation

Liesegang, Caterina; Runkel, Marco - 2016

This paper challenges the view that tax base equalization by the so-called Representative Tax System (RTS) removes inefficient undertaxation in corporate tax competition. The innovation of the paper is that it focuses on a tax on corporate income, instead of the unit tax on capital considered in...

Persistent link: https://www.econbiz.de/10011509514

Is there a European business cycle?

Artis, Michael J. - 2003

The paper uses quarterly GDP data for some 30 years up to and including 2001, to examine the identity and development of the European business cycle. Cycles are identified by using a band-pass filter version of the Hodrick-Prescott filter and affiliations are examined using clustering techniques...

Persistent link: https://www.econbiz.de/10011509523

A mechanism to regulate sovereign debt restructuring in the Euro area

Andritzky, Jochen; Christofzik, Désirée I.; Feld, Lars P. - 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/10011521803

Euro-area fiscal stance : from theory to practical implementation

Bénassy-Quéré, Agnès - 2016

Despite large automatic stabilizers, the performance of the Euro area as a whole in terms of fiscal stabilization is … relatively poor. This report argues that a meaningful fiscal stance for the Euro area should rely on the current account as a …

Persistent link: https://www.econbiz.de/10011521835