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Fiscal devaluation in a monetary union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2014 - This version: 12.11.2013
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/10010235320
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Fiscal devaluation in a Monetary Union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 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/10010221275
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The Role of Fiscal Policies for External Imbalances : Evidence from the European Union
Afonso, António; Coelho, José - 2021
two deficits is asymmetric and the negative impact of the recent Eurozone banking and sovereign debt crisis on the current … positive impact of the budget balance on the current account balance is higher in the cases of non-Eurozone countries, high … budget deficit countries, and low exports countries, whereas it is lower in the cases of Eurozone countries, low budget …
Persistent link: https://www.econbiz.de/10013247757
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The role of fiscal policies for external imbalances : evidence from the European Union
Afonso, António; Coelho, José Carlos - 2021
two deficits is asymmetric and the negative impact of the recent Eurozone banking and sovereign debt crisis on the current … positive impact of the budget balance on the current account balance is higher in the cases of non-Eurozone countries, high … budget deficit countries, and low exports countries, whereas it is lower in the cases of Eurozone countries, low budget …
Persistent link: https://www.econbiz.de/10012504606
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Fiscal Stabilization in the United States : Lessons for Monetary Unions
Nikolov, Plamen - 2019
The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, such as the United States, has often been a reference. This paper enhances...
Persistent link: https://www.econbiz.de/10012871658
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Fiscal stabilization in the United States : lessons for monetary unions
Nikolov, Plamen; Pasimeni, Paolo - 2019
The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, such as the United States, has often been a reference. This paper enhances...
Persistent link: https://www.econbiz.de/10011999069
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The Economic Case for Monetary Union in the European Union
Buiter, Willem H. - 1997
Differential requirements for seigniorage provide a weak case for retaining monetary independence. As regards adjustment to asymmetric shocks, nominal exchange rate flexibility is at best a limited blessing and at worst a limited curse. Absence of significant fiscal redistribution mechanisms...
Persistent link: https://www.econbiz.de/10014089435
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Fiscal Stabilization in the United States : Lessons for Monetary Unions
Nikolov, Plamen; Pasimeni - 2022
The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and its relevance has suddenly increased further, after the recent Covid-19 shock. The analysis of fiscal stabilization in the United States, a monetary...
Persistent link: https://www.econbiz.de/10014084756
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Current account targeting hypothesis versus twin deficit hypothesis : the EMU experience of Portugal
Afonso, António; Coelho, José Carlos - 2021
investment rate negatively affects the cyclical component of the current account balance and contributes to the structural …
Persistent link: https://www.econbiz.de/10012595472
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State-of-play in implementing macroeconomic adjustment programmes in the euro area : short version
Gros, Daniel; Alcidi, Cinzia; Belke, Ansgar; Coutinho, … - 2014
makroökonomischen Anpassungsprogramme außerhalb der Eurozone (z.B. Lettland) waren noch viel strikter. Trotzdem erfolgte die Anpassung …
Persistent link: https://www.econbiz.de/10010349252