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Fiscal Federalism, EMU and Shock Absorption Mechanisms: A Guide to the Literature

ECSA-Austria: European Integration online Papers

Fiscal federalism theory seeks to establish the optimal organization of a government, confined by certain geographic boundaries. The implications of that theory for the monetary unification process are shortly inquired. The literature measuring the redistribution and stabilization effects of the...

Persistent link: https://www.econbiz.de/10009483193

Could the Stability and Growth Pact be Substituted by the Financial Markets?

ECSA-Austria: European Integration online Papers

In the discussions on the need for fiscal rules and their usefulness in a monetary union, researchers have not agreed if financial markets have a sufficiently disciplining effect on governments, which would mean that the fiscal rules are not necessary. This paper investigates whether the...

Persistent link: https://www.econbiz.de/10009483205

Zur Glaubw??rdigkeit des EWU-Stabilit??tspaktes ?? Einfache Berechnungen und mehrfache Zweifel

ECSA-Austria: European Integration online Papers

reason for concern about the credible enforcement of the stability pact in future EMU. A game-theoretic approach supports …

Persistent link: https://www.econbiz.de/10009483192

The World Monetary System and External Relations of the EMU ?? Fasten your safety belts!

ECSA-Austria: European Integration online Papers

give an overview of the legal issues surrounding the representation of the EMU in the international monetary institutions …

Persistent link: https://www.econbiz.de/10009483196

The monetary framework after accession ?? a political economy analysis of ERM2

ECSA-Austria: European Integration online Papers

The paper discusses the framework of ERM2 (the exchange rate mechanism of EMU, the Economic and Monetary Union) and its … of EMU). Second it reviews how ERM2 is conducive to future euro-zone membership of the accession countries. From the …

Persistent link: https://www.econbiz.de/10009483197

A Co-integration Analysis Approach to European Union Integration: The Case of Acceding and Candidate Countries

ECSA-Austria: European Integration online Papers

This paper examines the long-term financial integration of second-round acceding and candidate countries?? with the European Union and the US stock markets during the Accession Process. The lowpair wise correlations between these markets imply portfolio diversification opportunities, yet...

Persistent link: https://www.econbiz.de/10009483198

The Economic Consequences of a Large EMU ?? Results of Macroeconomic Model Simulations

ECSA-Austria: European Integration online Papers

Recent economic forecasts increase the probability that firstly, the EMU can start as planned on January 1, 1999 and … large "non-optimal" EMU are as expected. On the one hand, there are positive income effects for all countries ?? although … ("soft-currency" countries). If the EMU will start with a large group there will be a tendency to devalue the Euro against …

Persistent link: https://www.econbiz.de/10009483202