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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

State-owned enterprises, fiscal transparency, and the circumvention of fiscal rules : the case of Germany

Heinemann, Friedrich; Nover, Justus - 2023

State-owned enterprises (SOEs) provide opportunities for a more flexible and market-based provision of public services. At the same time, they may impair fiscal transparency and offer politicians discretion in the presence of strict fiscal rules if these only constrain the core udget. Using a...

Persistent link: https://www.econbiz.de/10014471782

Fiscal sustainability duringthe COVID-19 pandemic

Hürtgen, Patrick - 2020

The "Great Lockdown" implemented in response to the COVID-19 pandemic has led to a severe world-wide economic crisis. In euro area countries, sovereign debt-to-GDP ratios are on the rise and reductions in expected fiscal surpluses raise sustainability concerns amongst investors. This paper...

Persistent link: https://www.econbiz.de/10012250617

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

Konsolidierung der Staatsfinanzen

Steiner, Viktor - 2010

verbunden sein wird, erscheint die Konsolidierung der Staatsfinanzen geboten. Der Konsolidierungsbedarf sollte nach der Krise …Die Konsolidierung der Staatsfinanzen nach der gegenwärtigen Finanz- und Wirtschaftskrise wird eines der zentralen … BIP. Aber auch bei einer erfolgreichen Konsolidierung würde die Staatsverschuldung in 2016 noch ca. 75% des BIP betragen …

Persistent link: https://www.econbiz.de/10003962932

Exchange rate regimes and fiscal discipline in OECD countries

Heinemann, Friedrich - 1999

Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to consequences for the exchange rate. This might lower fiscal discipline. In order to shed light on the empirical relevance of this consideration, the impact of the exchange rate...

Persistent link: https://www.econbiz.de/10000683878

Does globalization restrict budgetary autonomy? : a multidimensional approach

Heinemann, Friedrich - 1999

Does globalization restrict the leeway for national budgetary policy? With the help of cluster and discriminant analysis this study provides evidence on the basis of the experience of OECD countries since the 1970s. Four budgetary dimensions are included in the analysis: tax structure,...

Persistent link: https://www.econbiz.de/10013428253

Provincial involvement in regulating the business cycle: justification, scope and terms

Fortin, Pierre - 1982

Persistent link: https://www.econbiz.de/10003528178

Gauging the effects of the German COVID-19 fiscal stimulus package

Hinterlang, Natascha; Moyen, Stéphane; Röhe, Oke; … - 2021

We simulate the fiscal stimulus packages set up by the German government to allevi-ate the costs of the COVID-19 pandemic in a dynamic New Keynesian multi-sectorgeneral equilibrium model. We find that, cumulated over 2020-2022, output lossesrelative to steady state can be reduced by more than 4...

Persistent link: https://www.econbiz.de/10012671256

Exchange rate depreciations and local business cycles : the role of bank loan supply

Beck, Thorsten; Bednarek, Peter; Kaat, Daniel Marcel te; … - 2021

This paper uses matched bank-firm-level data and the 2014 depreciation of the euro to show that exchange rate depreciations lead to increased bank loan supply of large banks with significant net foreign asset exposure. This increase in lending can be explained by a shift in credit towards both...

Persistent link: https://www.econbiz.de/10012792736