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Economic Spillover And Policy Coordination In The Euro Area
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Book Synopsis Economic Spillover and Policy Coordination in the Euro Area by : Klaus Weyerstrass
Download or read book Economic Spillover and Policy Coordination in the Euro Area written by Klaus Weyerstrass and published by . This book was released on 2006 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: Executive symmary. 1. A working definition of spillover. - Part 1: Theory. - 2. A working definition of spillover. - Part 2: Empirical findings. - 3. Budgetary spillover and short-term interest rates. - 4. Budgetary spillover and long-term interest rates. - 5. Budgetary stabilisation and the level of public debt. - 6. Spillover form economic reform. - 7. Macroeconomic and welfare effects of structural and budgetary policies: spillover in the MSG3 model. - Part 3: conclusions. - 8. Summary, recommendations and future research. - Appendix. - References.
Book Synopsis Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area by : Bas van Aarle
Download or read book Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area written by Bas van Aarle and published by Springer Science & Business Media. This book was released on 2007-10-31 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes economic interdependence in the Euro Area. It offers expert estimates of the sign and size of economic spillovers. Moreover, the authors explore the impact of economic policy coordination on economic performance in the Euro Area. Among the many topics explored are the link between fiscal and monetary policies in the Euro Area and the coordination of fiscal policies and of structural reforms.
Book Synopsis Economic Spillover and Policy Coordination in the Euro Area by : European Commission
Download or read book Economic Spillover and Policy Coordination in the Euro Area written by European Commission and published by . This book was released on 2006 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Policy Coordination in the Euro Area by : Armin Steinbach
Download or read book Economic Policy Coordination in the Euro Area written by Armin Steinbach and published by Routledge. This book was released on 2014-05-09 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European debt crisis has given new impetus to the debate on economic policy coordination. In economic literature, the need for coordination has long been denied based on the view that fiscal, wage and monetary policy actors should work independently. However, the high and persistent degree of macroeconomic disparity within the EU and the absence of an optimum currency area has led to new calls for examining policy coordination. This book adopts an institutional perspective, exploring the incentives for policymakers that result from coordination mechanisms in the fields of fiscal, monetary and wage policy. Based on the concept of externalities, the work examines cross-border spillovers (e.g. induced by fiscal policy) and cross-policy spillovers (e.g. between fiscal and monetary policies), illuminating how they have empirically changed over time and how they have been addressed by policymakers. Steinbach introduces a useful classification scheme that distinguishes between vertical and horizontal coordination as well as between cross-border and cross-policy coordination. The author discusses farther-reaching forms of fiscal coordination (e.g. debt limits, insolvency proceedings, Eurobonds) with special attention to how principals of state organization affect their viability. Federal states and Bundesstaaten differ in the incentives they offer for debt accumulation – and thus in their suitability for fiscal coordination. Steinbach finds that the originally strict separation between policy areas has undergone significant change during the debt crisis. Indeed, recent efforts to coordinate policy are no longer limited to one policy area, but now extend to several areas. Steinbach argues that further fiscal policy coordination can be effectively deployed to address policy externalities, but that the coordination mechanisms used must match the form of state organization in the first place. Regarding wage policies, there are significant barriers to coordination. Notwithstanding some empirical successes in the implementation of a productivity-oriented wage policy, the high heterogeneity of national wage-setting institutions is likely to prevent any wage coordination.
Book Synopsis ECONOMIC Spillover and Policy Coordination in the Euro Area by :
Download or read book ECONOMIC Spillover and Policy Coordination in the Euro Area written by and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Spillover and Policy Coordination in the Euro Area by :
Download or read book Economic Spillover and Policy Coordination in the Euro Area written by and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Economic Policy Coordination by : Michael Carlberg
Download or read book International Economic Policy Coordination written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2005-08-15 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the international coordination of monetary and fiscal policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary and fiscal competition between Europe and America. Similarly, as to policy cooperation, the focus is on monetary and fiscal cooperation between Europe and America. The spillover effects of monetary policy are negative while the spillover effects of fiscal policy are positive. The policy targets are price stability and full employment. The policy makers follow either cold-turkey or gradualist strategies. Policy expectations are adaptive or rational. The world economy consists of two, three or more regions. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association in Lisbon. Other parts were presented at the International Institute of Public Finance, at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, and at the Passau Workshop on International Economics.
Book Synopsis The European Union's Structures and Procedures for Macroeconomic Policy Coordination - Do They Amount to a Form of "Economic Government"? by : Sara Buckow
Download or read book The European Union's Structures and Procedures for Macroeconomic Policy Coordination - Do They Amount to a Form of "Economic Government"? written by Sara Buckow and published by GRIN Verlag. This book was released on 2011 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay aus dem Jahr 2010 im Fachbereich Politik - Internationale Politik - Thema: Europäische Union, University of Bath, Sprache: Deutsch, Abstract: "To become the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion" was the main objective at the Lisbon European Council meeting in 2000 (European Commission, 2002). A decade later - in March 2010 - the Commission set a new strategic goal under the name "Europe 2020". Achieving a "new economic policy coordination process" and again "smart, sustainable and inclusive growth" are the aims of this strategy announced by the Commission in 2010 (European Commission 2010). It becomes obvious that realising these goals requires harmonious coordination of macroeconomic policies. Therefore, this essay explores the different structures and procedures in place to coordinate the macroeconomic policy in the European Union (EU). It will focus upon fiscal and monetary policy-making as well as the Broad Economic Policy Guidelines and the Stability and Growth pact against the background of current debates. Identifying gaps in the policy-making processes will be the emphasis of the first part whereas the second part will be devoted to the exploring whether a form of "Economic Government" exists. This essay argues that the discrepancy between supranational monetary policy-making and national fiscal policy-making is an obstacle to the achievement of "Economic Government". Due to increasing interdependence in form of institutions such as the Single Market and especially the introduction of the Economic and Monetary Union (EMU), coordination has become an imperative. In the view of the European Commission (2002), coordination of economic policies is highly desirable in order to "account for direct cross-border spillover effects of national policies on neighbouring countries". For instance, policy decisions on a national level have an impact on the inflation and exchange rates, which in turn influences the European Central Bank's (ECB) policy decision-making. Begg et al (2003) categorise arising expenses as social costs, as established fiscal policies become destructive to previously implemented guidelines and harm the stability of the overall coordination. Thus a coherent coordination system reduces social costs. [...]
Book Synopsis Macroeconomic Policy Coordination in EMU by : Theresa Petra Hauck
Download or read book Macroeconomic Policy Coordination in EMU written by Theresa Petra Hauck and published by GRIN Verlag. This book was released on 2016-09-14 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2016 in the subject Economics - Macro-economics, general, grade: 1,0, University of Bamberg, language: English, abstract: The financial crisis and the subsequent European sovereign debt crisis have highlighted the high degree of interdependence among EMU member states. The crisis period made much more clear that a macroeconomic policy coordination framework is indispensable as there is great sensibility and high risk for contagion effects. The structure of EMU in its highest level of integration as of one monetary authority vis-à-vis many fiscal authorities brings about several specific aspects regarding coordination. In order to achieve and ensure economic stability in such a unique constellation there have been established several measures and frameworks with the Stability and Growth Pact as the centre point. Designed on the grounds of and motivated by the objective of stabilising the overall economy, the pact promotes fiscal discipline through limiting government deficits and debts in order to prevent adverse fiscal spillover effects and freeriding behaviour of national fiscal authorities which could risk price and overall macroeconomic stability of the common currency area. This however brings about limitations for governments to discretionarily react to national economic needs and conditions. This bachelor thesis addresses the resulting tension between a theoretical and fundamental need for macroeconomic policy coordination in a monetary union environment and the politico-economic reality. The main goals are: to examine the main arguments in favour and against the pact under the areas of content, objectives and enforcement design; to highlight the resulting trade-offs; and to link these to developments and reforms of the pact but also to different economic contexts, namely the time period before and the time period during and after the crisis. The main finding is that reforms regarding macroeconomic policy coordination which were introduced after the beginning of the crisis period do not represent a rearrangement of the SGP framework and rather address the same debate on economic trade-offs only with a changed set of conditions. The reforms regarding the pact can be described as developments refocusing on the core of the pact while still shifting it in the directions of some propositions along with criticism which had been expressed long before the crisis period.
Book Synopsis Macroeconomic Policy Coordination in Europe by : Joachim Scheide
Download or read book Macroeconomic Policy Coordination in Europe written by Joachim Scheide and published by . This book was released on 2003 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Policy Coordination in the Euro Area by :
Download or read book Economic Policy Coordination in the Euro Area written by and published by . This book was released on 2015 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Semester is a well-intentioned attempt to foster macroeconomic policy coordination between Member states. However, the concept of euro area fiscal stance lacks operational instruments, the concept of macroeconomic imbalances is loosely defined, the Macroeconomic Imbalance Procedure (MIP) is weakened by its complexity, and its blurred frontier with respect to the Europe 2020 process further obscures the Semester. The euro area is still not well equipped to design a consistent macroeconomic policy and reduce the risk of long-lasting stagnation. We propose to use the future European Fiscal Board to promote an integrated view of fiscal policy, to make the MIP symmetric to the Stability and Growth Pact (SGP), with a flagship indicator (the current account) complemented with a limited number of indicators related to medium-term imbalances. Growth-enhancing policies would all fall under the Europe 2020 process ("integrated guidelines"), with alternating building blocks.
Book Synopsis Redefining European Economic Governance by : Michele Chang
Download or read book Redefining European Economic Governance written by Michele Chang and published by Routledge. This book was released on 2016-04-14 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis and sovereign debt crisis exposed the inadequacy of European economic governance. Despite the multitude of new mechanisms and institutions that have arisen over the last few years, many contend that economic governance remains inadequate and the EU must integrate even further to calm still-volatile markets. A tension exists between creating effective instruments that will not overstep the authority delegated to an EU that has integrated economically but not politically. Can the EU’s economic governance system satisfy the demands of markets and politics? Relevant issues include the ability of supranational institutions to dictate policy to national governments, the harmonization of economic policies and institutions across Europe, and a substantial increase in the transfer of funds across borders. Can monetary union continue without political union? How will the new institutions alter the distribution of power between EU institutions as well as between member states? This edited volume analyzes the major policy challenges and institutional mechanisms at the EU- and international levels to combat the global financial crisis and the EU’s sovereign debt crisis such as financial integration, fiscal cooperation, and the rising power of the ECB. This book was published as a special issue of the Journal of European Integration.
Book Synopsis Economic Policy Coordination in the Euro Area Under the European Semester by : Daniel Gros
Download or read book Economic Policy Coordination in the Euro Area Under the European Semester written by Daniel Gros and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The implementation record of the Country Specific Recommendations (CSRs) has declined over time, as financial turbulence lessened and the economic outlook started to improve. Urgency for reforms seemingly receded to leave room to request member states to move towards more accommodative stances. It is mainly the small countries that implement, at least partially, the recommendations addressed to them. Unfortunately, there is little that the EU can do to change the status quo. Yet, the President of the Eurogroup could be held accountable for the implementation of the recommendations addressed to the euro area. The creation of National Competitiveness Boards risks making the European Semester even more complex and likely to have little impact in the countries that need them most, namely large countries and those with poor governance. To make it effective, a procedure would be needed to make national wage norms consistent at the euro-area level, which may be a very difficult objective to achieve.
Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Book Synopsis Europe and the Euro by : Alberto Alesina
Download or read book Europe and the Euro written by Alberto Alesina and published by University of Chicago Press. This book was released on 2010-04-15 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number of important issues, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. While adoption of the euro may not have met the expectations of its most optimistic proponents, the benefits have been many, and there is reason to believe that the euro is robust enough to survive recent economic shocks. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.
Book Synopsis Exit Strategies and Their Impact on the Euro Area by : Ansgar Hubertus Belke
Download or read book Exit Strategies and Their Impact on the Euro Area written by Ansgar Hubertus Belke and published by . This book was released on 2014 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper comments on the pros and cons of exit strategies. The focus is on the impact on the Euro area economy of the exit from unconventional monetary policies (UMP) by the Fed, which appears to be the first central bank to lay out an exiting path. In this context, it discusses the issue of policy coordination between central banks in the light of the substantial potential spillover effects via capital flows and exchange rate adjustments of unconventional monetary policies. The risks of a premature versus a delayed exit are assessed. In particular, the paper looks at the risk associated to spillover effects from UMP exit and the different shapes of exit paths. It also analyses exit strategies in a wider context and the associated financial stability risks, with a specific focus on the role of uncertainty. The paper presents estimates of the impact of the Fed's exit from UMP in 2014 on the Euro area economy using new and innovative global IMF models. Finally, specific policy options to minimize exit risks are discussed and compared.
Book Synopsis Economic Crisis in Europe by : Paul van den Noord
Download or read book Economic Crisis in Europe written by Paul van den Noord and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European economy is emerging from its deepest recession since the 1930s. This volume, which brings together economic analysis from the European Commission services, explains how swift policy response avoided a financial meltdown. Europe also needs an improved co-ordinated crisis-management framework to help it respond to any similar situations that may arise in the future. Economic Crisis in Europe is a much-anticipated volume which shows that the beginnings of such a crisis-management framework are emerging, building on existing institutions and legislation and complemented by new initiatives.
