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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

Analysis of Fiscal Rules in the European Monetary Union

Šehović, Damir - In: Journal of Central Banking Theory and Practice 4 (2015) 1, pp. 19-33

The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific … features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common … internal market. Finally, the third segment refers to the fiscal policy coordination of the EMU member states related to …

Persistent link: https://www.econbiz.de/10012217803

Changes in the Response of Fiscal Policy to Monetary Policy in the EMU

Arora, Sanchit; Reicher, Claire - 2014

We study the evolution of the response of fiscal policy to monetary policy shocks in the EMU in the light of two … important events: the signing of the Maastricht treaty in 1992 and the introduction of the EMU in 1999. Based on impulse … policy acted as complements after the introduction of the EMU. These results holds for a set of 11 non-EMU countries as well …

Persistent link: https://www.econbiz.de/10010369612

Northern and Eastern Enlargement of EMU: Do Structural Reforms Matter?

Hallett, Andrew Hughes; Jensen, Svend E Hougaard; … - 2004

This paper studies the incentives to join or enlarge a monetary union under alternative assumptions about the extent of market reform within the union and in candidate countries. Lack of labour mobility, wage/price flexibility or fiscal reform brings costs for both new entrants and in the...

Persistent link: https://www.econbiz.de/10011689914

Transatlantic Monetary and Fiscal Policy Interaction

van Aarle, Bas; Garretsen, Harry; Huart, Florence - 2003

This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...

Persistent link: https://www.econbiz.de/10010316007

Fiscal policy coordination in the EMU: A problem with asymmetry and aggregation

Viren, Matti - 2011

-country estimates as point of reference. The empirical results clearly show that policy coordination within the EMU context is very …

Persistent link: https://www.econbiz.de/10012503024

Problems of fiscal consolidation and policy coordination

Viren, Matti - 2012

show that policy coordination within the EMU context is difficult because of these large country differences and …

Persistent link: https://www.econbiz.de/10012503036

European fiscal union : what is it?, does it work?, and are there really ‘no alternatives’?

Fuest, Clemens; Peichl, Andreas - 2012

The view is widespread that there are just two options for the future of the Eurozone – either it is complemented by a fiscal union, or it will fall apart. In this paper, we discuss five possible elements of a fiscal union, of which three are in the centre of the current debate on fiscal union...

Persistent link: https://www.econbiz.de/10009525226

Wage moderation in the public sector : the experiences of 11 EMU countries in the recent economic crisis ; 2008 - 2010

Park, Sung Ho; Young, Kevin - In: Economic and industrial democracy : EID ; an … 36 (2015) 4, pp. 575-609

Persistent link: https://www.econbiz.de/10011392147

Keynesian, non-Keynesian or no effects of fiscal policy changes? : the EMU case

Aarle, Bas van - 2001

period to the Economic andMonetary Union (EMU). Using several approaches suggested in the literatureon fiscal adjustments and … their macroeconomic effects and in the literatureon EMU, we analyze the effects of the fiscal adjustments during this … periodon private consumption. Thereby, we also take the specific context of thetransition towards EMU explicitly into …

Persistent link: https://www.econbiz.de/10011400376