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International policy transmissions before and after establishing a monetary union
Rumler, Fabio - 1999
This paper analyzes the effects of the implementation of a monetary union on the international transmission of monetary and fiscal policies. A dynamic three-country general equilibrium model, exhibiting monopolistic competition and sticky prices, is used to show how asymmetric monetary and...
Persistent link: https://www.econbiz.de/10010291919
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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … policy autonomy in several areas, such as monetary policy and fiscal policy. The paper shows that EMU has helped reduce the …
Persistent link: https://www.econbiz.de/10011605002
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Fiscal divergence and current account imbalances in Europe
Schnabl, Gunther; Wollmershäuser, Timo - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10010291505
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Macroeconomic imbalances and institutional reforms in the EMU
Ederer, Stefan - 2015
The paper summarises the channels and mechanisms which lead to the emergence of macroeconomic imbalances in the EMU … before, in and after the crisis of 2008/09. It focuses on the role of the specific institutional setting of the EMU in these …
Persistent link: https://www.econbiz.de/10011337035
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Future of the Economic and Monetary Union
Gortsos, Christos V. - 2022
recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current … of the EMU.The following Section II (“The Impact of the Three Major Crises During the Period 2007-2021”) develops on how …
Persistent link: https://www.econbiz.de/10014077291
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Fiscal divergence and current account imbalances in Europe : conference paper
Schnabl, Gunther; Wollmershäuser, Timo - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10010339881
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Open Economy Public Finance
Wildasin, David E. - 2021
Many important questions in the field of public finance can be viewed as problems involving public policies in open economies. This paper draws together, from that perspective, a wide range of topics in public economics, emphasizing the implications of resource mobility for our understanding of...
Persistent link: https://www.econbiz.de/10013237225
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Open economy public finance
Wildasin, David E. - 2021
Many important questions in the field of public finance can be viewed as problems involving public policies in open economies. This paper draws together, from that perspective, a wide range of topics in public economics, emphasizing the implications of resource mobility for our understanding of...
Persistent link: https://www.econbiz.de/10012489638
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The dynamic relationship between government debt, fiscal consolidation, and economic growth in South Africa : a threshold analysis
Buthelezi, Eugene Msizi; Nyatanga, Phocenah - In: Cogent economics & finance 11 (2023) 2, pp. 1-23
This paper investigates the threshold impact of government debt on economic growth in the presence of fiscal consolidation in South Africa from 1979 to 2022. The autoregressive threshold regime (TAR) model and two-stage least squares (2SLS) are used. The contribution of the paper is on the...
Persistent link: https://www.econbiz.de/10014501250
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Fiscal Reform and Monetary Union in West Africa
Hefeker, Carsten - 2003
The paper explores the interaction between the proposed monetary union for ECOWAS and structural reforms of fiscal policy. The effects depend to a large extent on the degree of similarity of member countries. In a monetary union of similar countries, member states run a more distortive fiscal...
Persistent link: https://www.econbiz.de/10010295326