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Fiscal Consolidation in the Euro Area; How Much Can Structural Reforms Ease the Pain?
Anderson, Derek; Hunt, Ben; Snudden, Stephen - International Monetary Fund (IMF) - 2013
The IMF’s Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to put public debt back on a sustainable path. The results suggest that structural reforms in core...
Persistent link: https://www.econbiz.de/10011242309
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Target-Kredite, Leistungsbilanzsalden und Kapitalverkehr: Der Rettungsschirm der EZB
Sinn, Hans-Werner; Wollmershäuser, Timo - In: Ifo Schnelldienst 64 (2011) 06, pp. 01-29
ökonomischen Interpretation der Kreditverlagerung – Target-Kredite, Leistungsbilanz und Kapitalverkehr – Fünf vor zwölf – Target …
Persistent link: https://www.econbiz.de/10009293517
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Fiscal Devaluation in a Monetary Union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - International Monetary Fund (IMF) - 2014
Using a DSGE model calibrated to the euro area, we analyze the international effects of a fiscal devaluation (FD) implemented as a revenue-neutral shift from employer's social contributions to the Value Added Tax. We find that a FD in ‘Southern European countries’ has a strong...
Persistent link: https://www.econbiz.de/10011142031
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Twin deficits: new evidence from a developing (oil vs. non-oil) countries’ perspective
Eldemerdash, Hany; Metcalf, Hugh; Maioli, Sara - In: Empirical Economics 47 (2014) 3, pp. 825-851
We test the relationship between the current account and fiscal policy for a group of small open developing economies with fixed exchange rates some of which are oil exporters. Specifically, we test the viewpoint of a Ricardian infinite-horizon representative agent model in which lower public...
Persistent link: https://www.econbiz.de/10010994453
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India’s Recent Macroeconomic Performance: An Assessment and Way Forward
Kapur, Muneesh; Mohan, Rakesh - International Monetary Fund (IMF) - 2014
The macroeconomic policy response in India after the North Atlantic financial crisis (NAFC) was rapid. The overshooting of the stimulus and its gradual withdrawal sowed seeds for inflationary and BoP pressures and growth slowdown, then exacerbated by domestic policy bottlenecks and volatility in...
Persistent link: https://www.econbiz.de/10011142116
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Euro Area Policies: Selected Issues
International Monetary Fund (IMF); International … - 2014
This Selected Issues paper assesses the youth unemployment problem in advanced European economies, especially the euro area. Youth unemployment rates increased sharply in the euro area after the crisis. Much of these increases can be explained by output dynamics and the greater sensitivity of...
Persistent link: https://www.econbiz.de/10011244439
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Fiscal Devaluation in a Monetary Union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
Between 1999 and the onset of the economic crisis in 2008 real ex-change rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange...
Persistent link: https://www.econbiz.de/10010735915
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Fiscal devaluation in a Monetary Union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - Fachbereich Wirtschaftswissenschaft, Freie Universität … - 2013
Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...
Persistent link: https://www.econbiz.de/10010983224
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High Noon at the EU corral. An economic plan for Europe, September 2011
Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2011
investment areas under foreign law (think of Magna Graecia). (2) EUR 400 billion can be injected in eurozone equity (and not … eurozone bonds) in banks to allow the increase from the 8% to the 10.5% target. This equity can be managed by newly created … independent ERC Investment Banks (ERBs), where the shares are allocated to eurozone member states in proportion to their GDP. This …
Persistent link: https://www.econbiz.de/10009294940
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Money as gold versus money as water
Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2013
The rules of the Eurozone cause the euro to function as the gold standard. The US economy performs better in some … dependent upon current ad hoc measures, with the loss of welfare over the years 2008-2013+. If Eurozone nations create their own … of Greece and Italy. Their participation in the Eurozone was a political decision and thus the Eurozone must bear the …
Persistent link: https://www.econbiz.de/10011107257