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Author: Marco Buti
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 33
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Book Description
Author: Marco Buti
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 33
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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: Marco Buti
Publisher:
ISBN:
Category : Economics
Languages : en
Pages :
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Book Description
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: Antonio Fatás
Publisher: Centre for Economic Policy Research
ISBN: 9781898128779
Category : Business & Economics
Languages : en
Pages : 112
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Book Description
The fiscal policy framework of the EMU is in a states of crisis. Since the start of EMU, fiscal conditions in some member states have slipped considerably beyond the limits set by the Maastricht Treaty and the Stability and Growth Pact. It is clear that the preventive arm of the Stability and Growth Pact has failed to preclude excessive deficits. There is no shortage of proposals to reform the current fiscal framework in this crisis situation. They range from calls for softening their implementation, and to proposals for closer coordination of national fiscal policies. None of these proposals offers a convincing solution to the problem at the heart of the current crisis: how to balance the need for effective long-run fiscal stability in EMU with the need for short-run flexibility of fiscal policy in the member states. After a detailed analysis of the virtues and defects of the current fiscal framework, this report presents a proposal for reform that addresses this issue. The authors argue that EMU should move away from rigid fiscal rules for annual deficits towards a more judgmental process of monitoring the sustainability of fiscal policies. This approach is guided by three principles: independence, transparency, and legitimacy. Together wit the ability to assess the fiscal situation and outlook of each euro-area member state, they are the keys to designing a framework that provides enough flexibility and, at the same time, can build the required credibility and political support. The authors propose the creation of a Sustainability Council for the EMU, and independent body with the sole statutory task of safeguarding the sustainability of public finances in the euro area. The Sustainability Council regularly and openly reports to the public and the European Parliament its assessment of the member states' fiscal policies, taking into account past performance, current perspectives and the future course of fiscal policies. Its mandate is the counterpart of the ECB's principal task of maintaining price stability. However, the Sustainability Council has no operative role in fiscal policy; it relies solely on the pressure of informed public opinion to discipline national governments. The use of the instruments of fiscal policy is entirely left to the national governments, and the Sustainability Council can only be conceived as a judge of national public finances.
Author: Marco Buti
Publisher:
ISBN:
Category : Budget
Languages : en
Pages : 52
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Book Description
Recoge: 1. Introduction. - 2. Fiscal policy in the early years of EMU: a snapshot. - 3. The reform of the SGP. - 4.A political economy view: renewed ownership or green light for collusion?. - 5. Conclusions.
Author: Patrick M. Crowley
Publisher: Nova Publishers
ISBN: 9781600219474
Category : Business & Economics
Languages : en
Pages : 160
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Book Description
The European Union (EU) has undergone remarkable change in the last century, from frequent conflicts in the first part of the last century, to peace, stability and unprecedented prosperity in the second half. As we move into the first half of the twenty-first century, there is also a sense that a fragile economic renaissance is underway in the EU, but one that is fraught with challenges and difficulties. Contrary to many of the vociferous critics of the single currency project (mostly US economists and some UK politicians, most notably Thatcher (2002), to date the project has met with remarkable success, despite the dramatic fall in the euro from its launch date and the strains imposed on EU economies following the recent downturn in the world economy. EU Enlargement has now been successfully completed, and although there have been painful discussions on EU institutional reform to accommodate the expansion, a breakdown in the 2005 budget negotiations and an controversy over the implementation of the Stability and Growth pact, it is likely that this will not impede the addition of new Member States from the east.
Author: Luigi Burroni
Publisher: Cornell University Press
ISBN: 1501761099
Category : Political Science
Languages : en
Pages : 291
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Book Description
Mediterranean Capitalism Revisited brings together leading experts on the political economies of southern Europe—specifically Greece, Italy, Spain, and Portugal—to closely analyze and explain the primary socioeconomic and institutional features that define "Mediterranean capitalism" within the wider European context. These economies share a number of features, most notably their difficulties to provide viable answers to the challenge of globalization. By examining and comparing such components as welfare, education and innovation policies, cultural dimensions, and labor market regulation, Mediterranean Capitalism Revisited attends to both commonalities and divergences between the four countries, identifying the main reasons behind the poor performance of their economies and slow recovery from the Great Recession of 2007–2008. This volume also sheds light on the process of diversification among the four countries and addresses whether it did and still does make sense to speak of a uniquely Mediterranean model of capitalism. Contributors: Alexandre Afonso, Leiden University; Lucio Baccaro, Max Planck Institute for the Study of Societies; Rui Branco, NOVA University of Lisbon; Fabio Bulfone, Max Planck Institute for the Study of Societies; Giliberto Capano, University of Bologna; Sabrina Colombo, University of Milan; Lisa Dorigatti, University of Milan; Ana M. Guillén, University of Oviedo; Matteo Jessoula, University of Milan; Andrea Lippi, University of Florence; Manos Matsaganis, Polytechnic University of Milan; Oscar Molina, Autonomous University of Barcelona; Manuela Moschella, Scuola Normale Superiore; Sofia A. Pérez, Boston University; Gemma Scalise, University of Bergamo; Arianna Tassinari, Max Planck Institute for the Study of Societies.
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.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 9781589063518
Category : Business & Economics
Languages : en
Pages : 216
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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.
