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Medium-Term Budgetary Frameworks; Lessons for Austria From International Experience
Lundbäck, Erik J. - International Monetary Fund (IMF) - 2008
The Austrian government is about to introduce a new fiscal management framework. The first step is to introduce a medium-term budgetary framework, including an expenditure rule. The paper focuses on this first step. The purpose is to describe and evaluate the Austrian model in light of other...
Persistent link: https://www.econbiz.de/10005826033
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Can Budget Institutions Counteract Political Indiscipline?
Mody, Ashoka; Fabrizio, Stefania - International Monetary Fund (IMF) - 2006
The budget is an expression of political rather than economic priorities. We confirm this proposition for a group of new and potential members of the European Union, finding that politics dominates. The contemporary practice of democracy can increase budget deficits through not only ideological...
Persistent link: https://www.econbiz.de/10005599230
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Systemic Weaknesses of Budget Management in anglophone Africa
Lienert, Ian; Sarraf, Feridoun - International Monetary Fund (IMF) - 2001
This paper examines the merits of the British budget management system that was inherited in Anglophone African countries and which has changed substantially in the United Kingdom since the 1960s. It considers whether the disappointing budgetary performance in Africa is due to weaknesses in the...
Persistent link: https://www.econbiz.de/10005605219
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Testing the shape of EMU term structure of interest rates
Ruiz-Dotras, Elisabet; Bolance-Losilla, Catalina; … - In: International Journal of Financial Markets and Derivatives 1 (2010) 4, pp. 422-437
The creation of EMU raises the question whether the common monetary policy has the same impact in all member countries …. We analyse the convergence of interest rates in four major EMU countries from 1999 to 2007. We suggest to test the … statistically equal only in the early years of the EMU if we consider the four countries. If we consider Germany, France and Spain …
Persistent link: https://www.econbiz.de/10008755247
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Ten years EMU: an assessment of ten critical claims
Verdun, Amy - In: International Journal of Economics and Business Research 2 (2010) 1/2, pp. 144-163
This paper seeks to review a selection of ten salient critical claims about Economic and Monetary Union (EMU) that were … EMU that could undermine its viability. As we will see, based on an assessment of the first ten years of EMU, almost none …
Persistent link: https://www.econbiz.de/10010691755
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Tax competition and information sharing in Europe: a signalling game
Fourcans, Andre; Warin, Thierry - In: International Journal of Economics and Business Research 2 (2010) 1/2, pp. 76-86
This paper provides a challenging view to the tax harmonisation issue. The literature often proposes tax harmonisation to avoid free-riding behaviours in free-trade areas and more particularly in monetary unions. Without tax harmonisation, tax autonomy may lead to a "race to the bottom". The...
Persistent link: https://www.econbiz.de/10010691756
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On the relationship between systematic risk and financial and operating risk: the case of the Greek listed firms
Voulgaris, Fotini; Rizonaki, Athanasia - In: Global Business and Economics Review 13 (2011) 3/4, pp. 204-221
The study analyses the effect of operating and financial risk and other factors such as profitability, liquidity, dividend payout, size and growth on systematic risk for Greek listed firms, after Greece's entrance in the Monetary Union. The study also examines whether the explanatory power of...
Persistent link: https://www.econbiz.de/10010669086
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EMU's flawed economic constitution: macroeconomic policy disabled
Martin, Andrew - In: International Journal of Economics and Business Research 2 (2010) 1/2, pp. 60-75
EMU's design is seriously flawed. Monetary union was established without political union, creating a single eurozone … a eurozone-wide monetary-fiscal policy mix capable of combining growth and employment with price stability. EMU thus …
Persistent link: https://www.econbiz.de/10010669620
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Ten years of European Monetary Union: What's gone right and What's gone wrong
Kenen, Peter B. - In: International Journal of Economics and Business Research 2 (2010) 1/2, pp. 6-9
In 1991, the European Union undertook to form a full-fledged monetary union. It established the European Monetary Union with a European Central Bank (ECB) at its apex and a mandate to pursue price stability. The European regime differs from the US Federal Reserve System, which must pursue high...
Persistent link: https://www.econbiz.de/10010669628
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Looking backwards and living forwards: the EMU and the history of monetary unions in Western Europe
Barbezat, Daniel - In: International Journal of Economics and Business Research 2 (2010) 1/2, pp. 10-30
European monetary history prior to 1950 presents many attempts at international monetary coordination, but none were as bold and as far reaching as the European Monetary Union envisioned in the Delors Report of 1989 and enacted through the 1991 Treaty on the European Union in Maastricht. This...
Persistent link: https://www.econbiz.de/10010669631