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Author: Roel M. W. J. Beetsma
Publisher:
ISBN:
Category : Budget deficits
Languages : en
Pages : 0
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Book Description
Author: Roel M. W. J. Beetsma
Publisher:
ISBN:
Category : Budget deficits
Languages : en
Pages : 0
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Book Description
Author: Fabrizio Coricelli
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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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: R. Morris
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
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Book Description
Author: Marco Buti
Publisher:
ISBN:
Category : Budget deficits
Languages : en
Pages : 48
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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: Michael J. Artis
Publisher:
ISBN:
Category : Budget
Languages : en
Pages : 56
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Book Description
Author: A. Brunila
Publisher: Springer
ISBN: 0230629261
Category : Business & Economics
Languages : en
Pages : 446
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Book Description
The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyse the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.
Author: Mr.Roel M. W. J. Beetsma
Publisher: International Monetary Fund
ISBN: 145185871X
Category : Business & Economics
Languages : en
Pages : 34
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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: European Commission. Directorate-General for Economic and Financial Affairs
Publisher:
ISBN: 9789279293528
Category :
Languages : en
Pages : 112
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Book Description
This vade mecum is a manual prepared by DG ECFIN presenting the procedures and methodologies for implementing the Stability and Growth Pact (SGP). It is primarily aimed at individuals and organisations working on public finance issues in EU countries, but should be of interest to anyone wanting an in-depth understanding of the SGP's functioning or searching for details on its implementation. (It is not, however, aimed at those seeking a general overview of the Pact - instead, a more immediately accessible guide, 'Building a strengthened fiscal framework in the European Union: a guide to the stability and growth pact' is also available.) This manual describes the implementation of the SGP at the time of writing, step by step, and should not be considered to be definitive, in two ways. First, the electronic copy will be updated when there are changes or clarifications to the way the Pact is implemented. For example, when the legislative package known as the Two Pack, which is currently going through the European legislative process, becomes law, the vade mecum will be updated to reflect the changes to the surveillance procedures. Second, in many parts the vade mecum presents an agreed or historic interpretation of a feature of the SGP which might be adapted as the need arises.
Author: Roel M. W. J. Beetsma
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
The paper analyzes some key policy trade-offs involved in the implementation of the Stability and Growth Pact. Greater "procedural" flexibility in the Pact's implementation may improve welfare. Procedural flexibility designates the enforcer's room to apply judgment on underlying policies and to set a consolidation path that does not discourage high-quality measures. Budgetary opaqueness may hinder the qualitative assessment of fiscal policy; therefore, better monitoring and greater transparency would increase the benefits from procedural flexibility. Overall, a simple deficit rule with conditional procedural flexibility can contain excessive deficits, lower unproductive spending, and increase high-quality outlays.
Author: Leila Simona Talani
Publisher: Edward Elgar Publishing
ISBN: 1848441509
Category : Business & Economics
Languages : en
Pages : 213
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Book Description
Very comprehensive and based on a detailed economic and political analysis, Between Growth and Stability is clearly a vital book for both students and seasoned economists. . . Thomas Bauwens, Bibliothèque Européenne Combining economic and political science perspectives, this timely and important book describes and analyses the circumstances and events leading to the demise and subsequent reform of the Stability and Growth Pact (SGP). Between Growth and Stability aims to find a solution to the dilemmas posed by fiscal policy coordination in the context of a single currency area, as well as contrasting the alternative heuristic frameworks and theoretical perspectives employed. It focuses particularly on the question of credibility, its definition and its meaning in the day-to-day workings of economic and monetary union. The book examines the actual performance of the SGP and proposes ways in which the integrity of European fiscal rule making might be improved in the future. This book will be essential reading for policymakers, politicians, members of European institutions and international organizations. The in-depth analysis will also be invaluable to scholars of international relations and economics, as well as undergraduate and postgraduate students in international relations, political science and economics.
