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Playing by the rules : reforming fiscal governance in Europe

Eyraud, Luc; Wu, Tao - 2015

The paper contributes to the discussions on fiscal governance in Europe. It takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term. The issues covered include: (i) the growing complexity of the European framework and ways...

Persistent link: https://www.econbiz.de/10011281984

Das Public Kapital : how much would higher German public investment help Germany and the euro area?

Elekdaǧ, Selim Ali; Muir, Dirk - 2014

Persistent link: https://www.econbiz.de/10010479447

The European Union, the Euro, and Equity Market Integration

Bekaert, Geert - 2010

At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to …

Persistent link: https://www.econbiz.de/10013135396

The Euro and European Economic Conditions

Feldstein, Martin S. - 2011

exist in most Eurozone countries. Although the European Central Bank managed the euro in a way that achieved a low rate of … Greek departure from the Eurozone …

Persistent link: https://www.econbiz.de/10013118129

A Fiscal Union for the Euro : Some Lessons from History

Bordo, Michael D. - 2011

The recent financial crisis 2007-2009 was the longest and the deepest recession since the Great Depression of 1930. The crisis that originated in subprime mortgage markets was spread and amplified through globalised financial markets and resulted in severe debt crises in several European...

Persistent link: https://www.econbiz.de/10013120322

How Do Monetary and Fiscal Policy Interact in the European Monetary Union?

Canzoneri, Matthew B. - 2012

Formation of the Euro area raises new questions about the coordination of monetary and fiscal policy. Using a New Neoclassical Synthesis (NNS) model, we show that a common monetary policy, responding to area-wide aggregates, has asymmetric effects on countries within the union, depending on...

Persistent link: https://www.econbiz.de/10013100660

Over-Optimistic Official Forecasts in the Eurozone and Fiscal Rules

Frankel, Jeffrey A. - 2012

. The members of the eurozone are supposedly constrained by the fiscal caps of the Stability and Growth Pact. Yet ever since …:•Governments' budget forecasts are biased in the optimistic direction, especially among the Eurozone countries, especially when they have …-optimistic during booms.•Despite the well-known tendency of eurozone members to exceed the 3% cap on budget deficits, often in …

Persistent link: https://www.econbiz.de/10013102194

Strengthening the WAEMU regional fiscal framework

David, Antonio C.; Nguyen-Duong, Alexandre; Selim, Hoda - 2022

This paper assesses the adequacy and effectiveness of the WAEMU fiscal framework along three pillars that have proven to effectively support fiscal discipline in monetary unions-common fiscal rules (including adequacy of numerical ceilings as well as elements of design and enforcement), shared...

Persistent link: https://www.econbiz.de/10013170001

Insulation Impossible : Fiscal Spillovers in a Monetary Union

Cooper, Russell - 2010

This paper studies fiscal spillovers in a monetary union. The focus of the analysis is on the interaction between the fiscal policy of member countries (regions) and the central monetary authority. When capital markets are integrated, the fiscal policy of one country will influence equilibrium...

Persistent link: https://www.econbiz.de/10013151966

A Long Term Perspective on the Euro

Bordo, Michael D. - 2008

This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...

Persistent link: https://www.econbiz.de/10012772728