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Fiscal Transfers and Economic Convergence

Capella-Ramos, João; Checherita-Westphal, Cristina D.; … - 2021

Economic and Monetary Union (EMU) and increase its resilience, inter alia, by speeding up economic convergence. The impact of … transfers in real and business cycle convergence at a regional level. The paper distinguishes between net fiscal transfers – a … provides evidence that net fiscal transfers have contributed to income redistribution across regions and to faster convergence …

Persistent link: https://www.econbiz.de/10013314882

The reform and implementation of the Stability and Growth Pact

Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - 2006

Fiscal rules are instrumental for restraining deficit and spending biases in euro area Member States that could threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such as sufficient flexibility to allow for appropriate...

Persistent link: https://www.econbiz.de/10011606199

Fiscal policy challenges in oil-exporting countries – a review of key issues

Sturm, Michael; Gurtner, François; Alegre, Juan Gonzalez - 2009

Fiscal policy choices have a particularly significant impact on economic performance in oil-exporting countries, owing to the importance of the oil sector in the economy and the fact that in most countries oil revenues accrue to the government. At the same time, fiscal policy in oil-centred...

Persistent link: https://www.econbiz.de/10011606256

Public wage and pension indexation in the euro area: An overview

Checherita-Westphal, Cristina (contributor) - 2022

If the responses of wages - both private and public - and of pensions to an increase in inflation lead to second-round effects, this can make an inflationary shock more persistent, especially in the presence of automatic wage and pension indexation. This occasional paper presents an overview of...

Persistent link: https://www.econbiz.de/10013480188

The Size and Composition of Government Debt in the Euro Area

Hartwig Lojsch, Dagmar - 2011

This paper explains the various concepts of government debt in the euro area with particular emphasis on its size and composition. In terms of size, the paper focuses on different definitions that are in use, in particular the concept of gross general government debt used in the surveillance of...

Persistent link: https://www.econbiz.de/10013120240

Fiscal Composition and Long-Term Growth

Afonso, António - 2013

We assess the fiscal composition-growth nexus, using a large country panel, accounting for the usually encountered econometric pitfalls. Our results show that revenues have no significant impact on growth whereas expenditures have negative effects. The same is true for the OECD with the addition...

Persistent link: https://www.econbiz.de/10013086537

A Fiscal Capacity for the Euro Area : Lessons from Existing Fiscal-Federal Systems

Burriel, Pablo - 2020

After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional transfers in existing fiscal-federal systems,...

Persistent link: https://www.econbiz.de/10012837540

The Reform and Implementation of the Stability and Growth Pact

Morris, Richard - 2006

Persistent link: https://www.econbiz.de/10012783673

Euro Area Fiscal Policies and the Crisis

van Riet, Ad - 2010

In mid-September 2008, a global financial crisis erupted which was followed by the most serious worldwide economic recession for decades. As in many other regions of the world, governments in the euro area stepped in with a wide range of emergency measures to stabilise the financial sector and...

Persistent link: https://www.econbiz.de/10012758043

The Fiscal and Macroeconomic Effects of Government Wages and Employment Reform

Pérez, Javier J. - 2016

This paper examines the overall macroeconomic impact arising from reform in government wages and employment, at times of fiscal consolidation. Reform of these two components of the government wage bill appeared necessary for containing the deterioration of the public finances in several EU...

Persistent link: https://www.econbiz.de/10012984562