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Reviving fiscal policy in Europe: towards an implementation of the golden rule of public investment

Truger, Achim - In: European Journal of Economics and Economic Policies: … 13 (2016) 1, pp. 57-71

The implementation of a golden rule of public investment as a necessary institutional reform and an important step aimed at overcoming the constraints imposed by the new European Economic Governance are proposed. The rule is widely accepted in traditional public finance and can deliver both...

Persistent link: https://www.econbiz.de/10014363254

Making the euro viable: the Euro Treasury Plan

Bibow, Jörg - In: European Journal of Economics and Economic Policies: … 13 (2016) 1, pp. 72-86

The euro crisis remains unresolved and the euro currency union incomplete and extraordinarily vulnerable. The euro regime's essential flaw and ultimate source of vulnerability is the decoupling of central bank and treasury institutions in the euro currency union. We propose a Euro Treasury...

Persistent link: https://www.econbiz.de/10014363255

Monetary financing of public investment: a viable way forward for the euro area?

Watt, Andrew - In: European Journal of Economics and Economic Policies: … 13 (2016) 2, pp. 241-254

This article poses the question of whether monetary financing of public investment constitutes a viable way forward for the euro area. The problems of low inflation, high unemployment and public debts seem scarcely resolvable in an environment that is constrained by the virtual exhaustion of...

Persistent link: https://www.econbiz.de/10014363269

Do fiscal rules decrease public investment? Evidence from European panel data

Wijsman, Sebastiaan; Crombez, Christophe - In: European Journal of Economics and Economic Policies: … 18 (2021) 1, pp. 55-76

This paper studies the effects of fiscal rules on public investment. Economists argue that fiscal rules decrease public investment, as it is easier for governments to lower public investment than current expenditures. This paper presents an empirical assessment of the relationship between fiscal...

Persistent link: https://www.econbiz.de/10014363405

Inequality and the duration of growth

Ostry, Jonathan D. - In: European Journal of Economics and Economic Policies: … 12 (2015) 2, pp. 147-157

The relationship between income inequality and economic growth is complex. Some inequality is integral to the effective functioning of a market economy and the incentives needed for investment and growth. But inequality can also be destructive to growth, for example by amplifying the risk of...

Persistent link: https://www.econbiz.de/10014363231

Public expenditure and growth: the Indian case

Hakhu, A. Bhatt; Sardoni, Claudio - In: European Journal of Economics and Economic Policies: … 18 (2021) 1, pp. 77-101

The paper deals with the relationship between public spending and growth as well as the dynamics of the ratio of public debt to GDP. The authors show that a composition of public spending that favors productive expenditures, that is, those with a direct positive effect on the economy's long-run...

Persistent link: https://www.econbiz.de/10014363406

Review of literature on the productivity of public capital

Hamalainen, Pellervo - 2009

This paper summarizes previous results on the productivity of public capital. In recent literature, Aschauer's (1989) estimate for the productivity of public capital is often considered too high and the size of the effect is still open to debate. However, the positive effect of public capital on...

Persistent link: https://www.econbiz.de/10012503009

Offshoring, Relocation and the Speed of Convergence: Convergence in the Enlarged European Union

Alho, Kari E. O.; Kaitila, Ville; Widgrén, Mika - 2008

Economic convergence of the new member states (NMS) of the EU towards the old EU countries (EU-15), not only in terms … indebtedness. At the same time we evaluate the impact of convergence on the EU-15 countries also, by endogenising offshoring and … process of convergence. We find that in a general equilibrium setting fears of large adverse effects of a relocation of EU-15 …

Persistent link: https://www.econbiz.de/10012502995

Secular stagnation or stagnation policy? A post-Steindlian view

Hein, Eckhard - In: European Journal of Economics and Economic Policies: … 13 (2016) 2, pp. 160-171

The current debate on secular stagnation is suffering from some vagueness and several other shortcomings. The same is true for the economic policy implications. Therefore, I provide an alternative view on stagnation tendencies based on Josef Steindl's contributions. In particular Steindl's...

Persistent link: https://www.econbiz.de/10014363263

Financialisation and financial crisis in Iceland

Guðmundsson, Björn Rúnar - In: European Journal of Economics and Economic Policies: … 13 (2016) 3, pp. 292-322

Financialisation in Iceland should be seen as an evolving process driven by a mixture of global and domestic forces. Responding to fundamental issues underlying macroeconomic imbalances, the authorities introduced policies that proved particularly supportive of financial expansion at a time when...

Persistent link: https://www.econbiz.de/10014363274