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In order to quantitatively assess the potential effects from the ongoing transformation of the fiscal framework of the European Union, we evaluate the economic and public finance stabilization properties of two benchmark fiscal rules using a New Keynesian small open economy model. If these...
Persistent link: https://www.econbiz.de/10015065544
The aim of our paper is to contribute to the debate on optimal fiscal rules in a monetary union: in terms of global budgetary deficit, of structural budgetary deficit, or of public debt. Indeed, these rules seem to be mixed in the framework of the European Economic and Monetary Union, with the...
Persistent link: https://www.econbiz.de/10010482338
This paper examines the impact of budgetary institutions on public finances in the European Union on the basis of a critical survey of the relevant theoretical and empirical literature. In general, the authors find that fiscal institutions (namely fiscal rules) have successfully contributed to...
Persistent link: https://www.econbiz.de/10012598898
We will study in this paper the relation between public investment, public debt and fiscal rules in the European Union countries. The strict fiscal rules imposed by EU have negatively affected the investments. The decline in public investment in European Union is related to the fiscal rules...
Persistent link: https://www.econbiz.de/10011964940
Fiscal consolidation is a traditional concern, we can say at the European institutional level, ratified and gradually taken over by the member countries, implemented through the Stability and Growth Pact, and enshrined in the Treaty of Maastricht, which is part of the permanent bailouts of...
Persistent link: https://www.econbiz.de/10011964952
The aim of this paper is to analyze the dynamic interaction between monetary and fiscal policies in Indonesia for the period of 1999 - 2010. First, we propose the reaction function between monetary and fiscal policies. Second, we identify the main determinants of both interaction decisions, i.e....
Persistent link: https://www.econbiz.de/10010480258
Debt Sustainability Analysis (DSA) relies on macroeconomic and fiscal policy assumptions; it plays an essential role in providing an anchor for bilateral negotiations and surveillance in the context of reformed EU fiscal rules. While the European Commission assumes a constant short-run fiscal...
Persistent link: https://www.econbiz.de/10015163454
Current fiscal regulations worsened the economic situation in the euro area during the financial and sovereign debt crisis. Regulations that allow more flexibility during downturns and have a countercyclical effect are needed. Five suggestions for a new fiscal package: new spending rules,...
Persistent link: https://www.econbiz.de/10012007500
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