Design and Implementation of the Stability and Growth Pact PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Design and Implementation of the Stability and Growth Pact PDF full book. Access full book title Design and Implementation of the Stability and Growth Pact by Fabrizio Coricelli. Download full books in PDF and EPUB format.
Author: Fabrizio Coricelli
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
Current developments in the design and management of fiscal rules in the European Union may have negative implications for New Member States. Loosening of the Stability and Growth Pact (SGP) and a growing degree of arbitrariness in its implementation reduce incentives for fiscal adjustment in New Member States, adjustment that would be crucial during the transition to the Eurozone. High budget deficits may prove a serious obstacle in the process of catching up of New Member States to the income levels of EU-15 countries.
Author: Fabrizio Coricelli
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
Current developments in the design and management of fiscal rules in the European Union may have negative implications for New Member States. Loosening of the Stability and Growth Pact (SGP) and a growing degree of arbitrariness in its implementation reduce incentives for fiscal adjustment in New Member States, adjustment that would be crucial during the transition to the Eurozone. High budget deficits may prove a serious obstacle in the process of catching up of New Member States to the income levels of EU-15 countries.
Author: Marco Buti
Publisher:
ISBN:
Category : Budget deficits
Languages : en
Pages : 48
Get Book Here
Book Description
Recoge: 1. Introduction - 2. Fiscal rules: design and compliance - 3. Critical issues in the implementation of the SGP - 4. Revisiting the SGP: main proposals - 5. Revisiting the SGP: workable improvements - 6. Conclusions.
Author: Martin Heipertz
Publisher: Cambridge University Press
ISBN: 1139484354
Category : Political Science
Languages : en
Pages : 333
Get Book Here
Book Description
The Stability and Growth Pact (SGP) is central to Economic and Monetary Union (EMU) in Europe. Initiated by Germany in 1995 and adopted in 1997, it regulates the fiscal policies of European Union Member States. Following numerous violations of its deficit reference value, the Pact's Excessive Deficit Procedure was suspended in 2003. The decision to suspend was brought before the European Court of Justice in 2004 and the SGP then underwent painstaking reform in 2005. After a period of economic prosperity and falling budgetary deficits, the global economic crisis put the system under renewed stress. Ruling Europe presents a comprehensive analysis of the political history of the SGP as the cornerstone of EMU. It examines the SGP through different theoretical lenses, offering a fascinating study of European integration and institutional design. One cannot understand the Euro without first understanding the SGP.
Author: Mr.George Kopits
Publisher: International Monetary Fund
ISBN: 9781557757043
Category : Business & Economics
Languages : en
Pages : 58
Get Book Here
Book Description
What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run stabilization? If so, what characteristics of fiscal rules make this contribution most effective? And in what circumstances and contexts, if any should the IMF encourage its member countries to adopt fiscal rules? This paper seeks to identify sensible fiscal policy rules that can succeed, if chosen by a member country, as an alternative to descretionary fiscal rules.
Author: Luc Eyraud
Publisher: International Monetary Fund
ISBN: 1484350936
Category : Business & Economics
Languages : en
Pages : 132
Get Book Here
Book Description
Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Author: Mr.Roel M. W. J. Beetsma
Publisher: International Monetary Fund
ISBN: 145185871X
Category : Business & Economics
Languages : en
Pages : 34
Get Book Here
Book Description
This paper analyzes the decision of a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact. The model shows that a pact may harm structural reforms, sacrificing future growth for present stability. The welfare gains brought about by a pact depend on a trade-off between the reduction in the deficit bias and the induced reduction in the amount of structural reform. A pact becomes more attractive (“smarter”) if it takes into account the fiscal impact of structural reforms, in line with a recent proposal by the European Commission.
Author: Roel Beetsma
Publisher:
ISBN:
Category : Economic papers (Brussels, Belgium)
Languages : en
Pages : 84
Get Book Here
Book Description
This paper explores how the Stability and Growth Pact may cope with the future costs of population ageing in the European Union. Clearly, population ageing has forced countries to reform their pension systems, and will continue to do so, both by reducing the generosity of pension arrangements and by switching to funding rather than relying on pure pay-as-you go pension provision. We study how such reforms affect the room for adhering to the Pact, but also how the Pact may induce or hamper the incentives for reform. In our analysis we will draw on recent literature on the Pact and on the pensions and the ageing problem. We will also calibrate a simple model for addressing intergenerational equity.
Author: Martin Heipertz
Publisher: Cambridge University Press
ISBN: 0521197503
Category : Business & Economics
Languages : en
Pages : 333
Get Book Here
Book Description
This book analyses the fraught history and politics of the Stability and Growth Pact from its origins to the present economic crisis.
Author: Commission on Growth and Development
Publisher: World Bank Publications
ISBN: 0821374923
Category : Business & Economics
Languages : en
Pages : 198
Get Book Here
Book Description
The result of two years work by 19 experienced policymakers and two Nobel prize-winning economists, 'The Growth Report' is the most complete analysis to date of the ingredients which, if used in the right country-specific recipe, can deliver growth and help lift populations out of poverty.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 9781589063518
Category : Business & Economics
Languages : en
Pages : 216
Get Book Here
Book Description
This paper tests uncovered interest parity (UIP) using interest rates on longer maturity bonds for the Group of Seven countries. These long-horizon regressions yield much more support for UIP—all of the coefficients on interest differentials are of the correct sign, and almost all are closer to the UIP value of unity than to zero. The paper also analyzes the decision by a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact.
