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The view is widespread that there are just two options for the future of the Eurozone - either it is complemented by a fiscal union, or it will fall apart. In this paper, we discuss five possible elements of a fiscal union, of which three are in the centre of the current debate on fiscal union...
Persistent link: https://www.econbiz.de/10010331439
Persistent link: https://www.econbiz.de/10003125963
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This paper explores the determinants of deviations of ex-post budget outcomes from first-release outcomes published towards the end of the year of budget implementation. The predictive content of the first-release outcomes is important, because these figures are an input for the next budget and...
Persistent link: https://www.econbiz.de/10013125053
study the economic effects of introducing two elements of a fiscal union: Firstly, an EU-wide tax and transfer system and … secondly, an EU-wide system of fiscal equalisation. Using the European tax-benefit calculator EUROMOD, we exploit … countries. These effects depend on income levels and the structures of the existing national tax and transfer systems. The EU …
Persistent link: https://www.econbiz.de/10013105006
The 2008-09 crisis has shown that some euro area member countries were unable to sufficiently stabilize their economies which has given rise to a debate about deeper fiscal integration in Europe. In this paper, we analyze the redistributive and stabilizing effects of two scenarios of fiscal...
Persistent link: https://www.econbiz.de/10013072139
This paper develops a model of tax competition with three countries, which initially form a union where countries refrain from using different tax rates in different sectors of the economy. We study the impact of one country leaving the union. We show that the introduction of discriminatory...
Persistent link: https://www.econbiz.de/10012927512
Several member countries of the Eurozone are plagued by increasing government debt and weak economic growth, raising concerns about fiscal sustainability. This paper discusses policy options to improve fiscal sustainability, focusing on two proposals: more public investment and growth oriented...
Persistent link: https://www.econbiz.de/10015299655
Several member countries of the Eurozone are plagued by increasing government debt and weak economic growth, raising concerns about fiscal sustainability. This paper discusses policy options to improve fiscal sustainability, focusing on two proposals: more public investment and growth oriented...
Persistent link: https://www.econbiz.de/10015299665
Persistent link: https://www.econbiz.de/10003891863