This volume includes five self-contained chapters in the fields of public debt and fiscal transfer schemes. After an introduction to the topic, chapter 2 shows that the institutional setting of fiscal policy making needs to be considered when assessing the sustainability of fiscal policy. Using...

This dissertation deals with current account deficits and public debt in the Euro area. The thesis is in three parts. In part one, I assess movements in relative prices which are necessary to achieve an output-neutral reversal of the current account deficits that arose in Greece, Italy, Portugal...