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Default risk and fiscal sustainability in PIIGS countries
Canale, Rosaria Rita - Volkswirtschaftliche Fakultät, … - 2011
European Monetary Union experiences the division into two major blocks according to their ability to respect fiscal criteria and replace their bonds on the market. The so-called PIIGS countries are asked to hardly reduce their deficit and debt in order to prevent speculative attacks and preserve...
Persistent link: https://www.econbiz.de/10009211205
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Macroeconomic co-ordination as an economic policy concept : opportunities and obstacles in the EMU
Truger, Achim; Hein, Eckhard - Wirtschafts- und Sozialwissenschaftliches Institut, … - 2004
-)Keynesian analysis is presented as a growth and employment-oriented alternative to this restrictive policy mix. Contrary to the strict … alternative requires the coordination of monetary, fiscal and wage policies in order to achieve growth, high employment and price …
Persistent link: https://www.econbiz.de/10009327899
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European Monetary Union: Nominal convergence, real divergence and slow growth? An investigation into the effects of changing macroeconomic policy institutions associated with monet...
Hein, Eckhard; Truger, Achim - Wirtschafts- und Sozialwissenschaftliches Institut, … - 2002
concept of money and their satisfaction may be largely endogenous to shifts in the economic policy regime. Growth and …, in this paper the effects of the new EMU institutional framework for monetary, fiscal and wage policies on overall growth … has neither been conducive to aggregate growth nor to real convergence across the euro area. In order to improve growth …
Persistent link: https://www.econbiz.de/10009327917
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Leitlinien für ein dauerhaftes Wachstum in der EU? Konzept und Wirkung der Grundzüge der Wirtschaftspolitik
Niechoj, Torsten; Hein, Eckhard - Wirtschafts- und Sozialwissenschaftliches Institut, … - 2004
growth and employment problems in the EU. These guidelines have been the EU-economic policy concept for ten years now, but … this concept has not been able to generate sustained growth in the EU. Examining the guidelines we show the weaknesses of … the economic policy model behind it and outline an alternative concept which promises more growth for Europe in the long …
Persistent link: https://www.econbiz.de/10009327942
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Finance-dominated capitalism, re-distribution and the financial and economic crises - a European perspective
Hein, Eckhard - Volkswirtschaftliche Fakultät, … - 2012
In this paper the euro crisis is viewed as the most recent episode of the crisis of finance-dominated capitalism. Therefore, two major features of finance-dominated capitalism, the increasing inequality of income distribution and the rising imbalances of current accounts, are analysed for a set...
Persistent link: https://www.econbiz.de/10009397198
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Finance-dominated capitalism in crisis – the case for a Global Keynesian New Deal
Hein, Eckhard; Truger, Achim - Volkswirtschaftliche Fakultät, … - 2010
We analyse the long-run imbalances of finance-dominated capitalism underlying the present crisis – which began in 2007 – with a focus on developments in the US and Germany. We argue that beyond inefficient regulation of the financial sector, the severeness of the present crisis has been...
Persistent link: https://www.econbiz.de/10008592982
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L'Unione monetaria europea fra integralismo monetario e dipendenza della politica fiscale. Alcune considerazioni
Canale, Rosaria Rita - Volkswirtschaftliche Fakultät, … - 1998
The aim of this note is to raise some doubts about the opportunity to abandon the economic policy strategies that support aggregate demand because it is a prerequisite to realize the credibility of the new currency- the Euro. Prevailing literature states that, in the choice between inflation and...
Persistent link: https://www.econbiz.de/10005835425
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Central bank reaction to public deficit and sound public finance: the case of the European Monetary Union
Canale, Rosaria Rita - Volkswirtschaftliche Fakultät, … - 2008
The paper aims to shed light on the relation between monetary and fiscal policy in EMU, focusing on the interest rates and deficit dynamics. We present a theoretical model in which monetary and fiscal policy independently interact in a closed economic system through their own instrument, namely,...
Persistent link: https://www.econbiz.de/10005616617
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Equilibrium income and monetary policy strategy: teaching macroeconomics with the MP curve
Canale, Rosaria Rita - Volkswirtschaftliche Fakultät, … - 2008
The aim of the paper is to present a derivation of a simple tool describing monetary policy behaviour, useful to teach macroeconomic policies in open economies, the MP curve. The objective is to overcome the limits of the standard IS-LM model and underline the importance of the central bank...
Persistent link: https://www.econbiz.de/10005789638
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Finance-dominated capitalism, re-distribution, household debt and financial fragility in a Kaleckian distribution and growth model
Hein, Eckhard - Volkswirtschaftliche Fakultät, … - 2011
In a Kaleckian distribution and growth model with workers’ debt we examine the short- and long-run effects of three …
Persistent link: https://www.econbiz.de/10009325648