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Saving Europe? : the unpleasant arithmetic of fiscal austerity in integrated economies
Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - 2014
What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore crosscountry spillovers of tax...
Persistent link: https://www.econbiz.de/10010426560
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Saving Europe? : the unpleasant arithmetic of fiscal austerity in integrated economies
Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - 2014
Europe's debt crisis casts doubt on the effectiveness of fiscal austerity in highly-integrated economies. Closed-economy models overestimate its effectiveness, because they underestimate tax-base elasticities and ignore cross-country tax externalities. In contrast, we study tax responses to debt...
Persistent link: https://www.econbiz.de/10010463574
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Saving Europe? : The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies
Mendoza, Enrique G. - 2014
What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore cross-country spillovers of tax...
Persistent link: https://www.econbiz.de/10013043953
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Saving Europe? : The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies
Mendoza, Enrique G. - 2014
What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore cross-country spillovers of tax...
Persistent link: https://www.econbiz.de/10013046730
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On the limits of EU differentiated integration : lessons from the Eurozone crisis and from Brexit
Bongardt, Annette; Torres, Francisco S. - In: Economic globalization and governance : essays in honor …, (pp. 149-163). 2021
European Union has reached its limits. Drawing on the lessons of the Eurozone crisis and of Brexit, this chapter argues that …
Persistent link: https://www.econbiz.de/10012310812
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Economic crisis in the European periphery : an assessment of EMU membership and home policy effects based on the Greek experience
Mpētros, Geōrgios K.; Batavia, Bala; Nandakumar, … - In: The North American journal of economics and finance : a … 36 (2016), pp. 312-327
Persistent link: https://www.econbiz.de/10011672691
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Economic crisis in the European periphery : an assessment of EMU membership and home policy effects based on the Greek experience
Mpētros, Geōrgios K.; Batavia, Bala; Nandakumar, … - In: Democracy and an open-economy world order, (pp. 181-206). 2017
Persistent link: https://www.econbiz.de/10014577182
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Eurozone Membership, Financial Integration, and Sovereign Creditworthiness
Wang, Songtao; Sundaram, Rangarajan K. - 2023
In this paper, we examine the impact of eurozone membership on sovereign creditworthiness over the period 1996-2017 and … the underlying channels through which the impact operates. We find that: (a) eurozone membership improved sovereign credit … ratings, on average by over one notch; (b) the ratings boost was significantly higher in the pre-crisis period (with eurozone …
Persistent link: https://www.econbiz.de/10014263269
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Economic and Monetary Union at twenty : a stocktaking of a tumultuous second decade
Howarth, David J. (ed.); Verdun, Amy (ed.) - 2021
Persistent link: https://www.econbiz.de/10012485207
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Saving Europe? : the unpleasant arithmetic of fiscal austerity in integrated economies
Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - 2014
Persistent link: https://www.econbiz.de/10010381028