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EMU and fiscal discipline: the end of the depreciation threat

Heinemann, Friedrich - 1998

Are the characteristics of the exchange rate regime relevant for the degree of fiscal discipline? What are the conclusions for fiscal behavior in Europe after the transition to EMU? These are the central questions that are analyzed in this paper from a theoretical point of view. After a general...

Persistent link: https://www.econbiz.de/10013428171

The EMU consolidation game - or: Does 3.0 really mean 3.0?

Heinemann, Friedrich - 1998

Within the economic profession, it is a widely held view that the fiscal criteria of the Maastricht treaty are arbitrary numbers without economic foundation. Much of this criticism seems to overlook an important aspect - the strategic dimension of the criteria. This paper focuses on one...

Persistent link: https://www.econbiz.de/10013428121

Capital mobility within EMU

Stirböck, Claudia; Heinemann, Friedrich - 1999

in the Eurozone. It is the aim of this paper to assess the likely degree of capital mobility in the FH sense within EMU …

Persistent link: https://www.econbiz.de/10013428227

Public deficits and borrowing costs : the missing half of market discipline

Heinemann, Friedrich; Winschel, Viktor - 2001

EMU driven interest rate convergence has led to a significant reduction of borrowing costs for some European governments in the second half of the nineties. The paper deals with the possible consequences for deficit behaviour. Although the impact of interest rates on deficits is a crucial...

Persistent link: https://www.econbiz.de/10013428400

Die Theorie der optimalen Währungsräume und die politische Reformfähigkeit - ein vernachlässigtes Kriterium

Heinemann, Friedrich - 1998

In this paper, a short survey is given on the contents and some problems of the theory of optimal currency areas. In … conventional theory is inspired by a phenomenon that can be observed for example in Germany but also in other European countries … the nominal exchange rate. The conventional theory with the focus on private agents' behaviour - e.g. in the context of …

Persistent link: https://www.econbiz.de/10013428120

The political economy of EU enlargement and the Treaty of Nice

Heinemann, Friedrich - 2000

The paper applies standard public choice reasoning to the negotiations on EU enlargement and the Treaty of Nice. The starting point is the assumption that accession can only be successfully completed if the interests of decisive actors in present EU countries are respected. Decisive actors in...

Persistent link: https://www.econbiz.de/10013428342

The political economy of euro area sovereign debt restructuring

Heinemann, Friedrich - 2021

The establishment of a sovereign debt restructuring mechanism (SDRM) is one of the important issues in the academic debate on a viable constitution for the European Monetary Union (EMU). Yet the topic seems to be taboo in official reform contributions to the debate. Against this backdrop, the...

Persistent link: https://www.econbiz.de/10012421950

Verschuldungsanreize in der Wirtschafts- und Währungsunion

Heinemann, Friedrich - 1994

Die Bestimmungen zur europäischen Wirtschafts- und Währungsunion (WWU) im Unionsvertrag haben die Anreize für öffentliche Verschuldung verändert. Die Analyse zeigt, daß trotz der Bemühungen, die nationale Eigenverantwortlichkeit zu bewahren, nicht mit einer effektiven Disziplinierung...

Persistent link: https://www.econbiz.de/10011621819

Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic

Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021 - This version: June 2021

We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU fiscal level - has been more crucial for the stabilization of...

Persistent link: https://www.econbiz.de/10012534642

Verschuldungsanreize in der Wirtschafts- und Währungsunion

Heinemann, Friedrich - 1994

Persistent link: https://www.econbiz.de/10013427969