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Fiscal Sustainability And Policy Implications For The Euro Area
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Book Synopsis Fiscal Sustainability and Policy Implications for the Euro Area by : Fabrizio Balassone
Download or read book Fiscal Sustainability and Policy Implications for the Euro Area written by Fabrizio Balassone and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we examine the sustainability of euro area public finances against the backdrop of population ageing. We critically assess the widely used projections of the Working Group on Ageing Populations (AWG) of the EU's Economic Policy Committee and argue that ageing costs may be higher than projected in the AWG reference scenario. Taking into account adjusted headline estimates for ageing costs, largely based upon the sensitivity analysis carried out by the AWG, we consider alternative indicators to quantify sustainability gaps for euro area countries. With respect to the policy implications, we assess the appropriateness of different budgetary strategies to restore fiscal sustainability taking into account intergenerational equity. Our stylised analysis based upon the lifetime contribution to the government's primary balance of different generations suggests that an important degree of pre-funding of the ageing costs is necessary to avoid shifting the burden of adjustment in a disproportionate way to future generations. For many euro area countries this implies that the medium-term targets defined in the context of the revised stability and growth pact would ideally need to be revised upwards to significant surpluses.
Book Synopsis Fiscal Sustainability and Policy Implications for the Euro Area by :
Download or read book Fiscal Sustainability and Policy Implications for the Euro Area written by and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Sustainability and Policy Implications for the Euro Area by : Fabrizio Balassone
Download or read book Fiscal Sustainability and Policy Implications for the Euro Area written by Fabrizio Balassone and published by . This book was released on 2016 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we examine the sustainability of euro area public finances against the backdrop of population ageing. We critically assess the widely used projections of the Working Group on Ageing Populations (AWG) of the EU's Economic Policy Committee and argue that ageing costs may be higher than projected in the AWG reference scenario. Taking into account adjusted headline estimates for ageing costs, largely based upon the sensitivity analysis carried out by the AWG, we consider alternative indicators to quantify sustainability gaps for euro area countries. With respect to the policy implications, we assess the appropriateness of different budgetary strategies to restore fiscal sustainability taking into account intergenerational equity. Our stylised analysis based upon the lifetime contribution to the government's primary balance of different generations suggests that an important degree of pre-funding of the ageing costs is necessary to avoid shifting the burden of adjustment in a disproportionate way to future generations. For many euro area countries this implies that the medium-term targets defined in the context of the revised stability and growth pact would ideally need to be revised upwards to significant surpluses.
Book Synopsis The Effects of Monetary Policy Surprises and Fiscal Sustainability Regimes in the Euro Area by : António Afonso
Download or read book The Effects of Monetary Policy Surprises and Fiscal Sustainability Regimes in the Euro Area written by António Afonso and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn's (1998) approach through Schlicht's (2003) method. Then, by taking these sustainability coefficients in a nonlinear local projection model for the Euro Area (aggregate data), Germany, Italy, and Portugal, we analyze the interaction between both policies under (un)sustainable fiscal regimes. Our results show that in a Ricardian regime, output and prices respond to monetary tightening by contracting, while in a non-Ricardian regime the effect on output and price levels is negligible (or even positive). The dependence of the effectiveness of monetary policy on fiscal solvency is valid for Euro-Area and all the countries assessed, and does not depend on whether a country is "core" or "periphery", but on the policy conduct over time.
Book Synopsis Euro Area Time Varying Fiscal Sustainability by : António Afonso
Download or read book Euro Area Time Varying Fiscal Sustainability written by António Afonso and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Playing by the Rules by : Luc Eyraud
Download or read book Playing by the Rules written by Luc Eyraud and published by International Monetary Fund. This book was released on 2015-03-24 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper contributes to the discussions on fiscal governance in Europe. It takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term. The issues covered include: (i) the growing complexity of the European framework and ways to simplify it; (ii) the difficulties to measure and implement structural stance indicators; (iii) the challenge of reconciling fiscal sustainability and growth; (iv) the need to enhance coordination in the area of monitoring; and (v) the obstacles to compliance and proposals to strengthen enforcement.
Book Synopsis Euro Area Sovereign Risk During the Crisis by : Ms.Silvia Sgherri
Download or read book Euro Area Sovereign Risk During the Crisis written by Ms.Silvia Sgherri and published by International Monetary Fund. This book was released on 2009-10-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining fiscal sustainability. From this perspective, to what extent do movements in euro area sovereign spreads reflect country-specific solvency concerns? In line with previous studies, the paper suggests that euro area sovereign risk premium differentials tend to comove over time and are mainly driven by a common time-varying factor, mimicking global risk repricing. Since October 2008, however, there is evidence that markets have become progressively more concerned about the potential fiscal implications of national financial sectors' frailty and future debt dynamics. The liquidity of sovereign bond markets still seems to play a significant (albeit fairly limited) role in explaining changes in euro area spreads.
Book Synopsis Membership in the Euro Area and Fiscal Sustainability by :
Download or read book Membership in the Euro Area and Fiscal Sustainability written by and published by . This book was released on 2015 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Shared Problem, Shared Solution: Benefits from Fiscal-Monetary Interactions in the Euro Area by : Robert C. M. Beyer
Download or read book Shared Problem, Shared Solution: Benefits from Fiscal-Monetary Interactions in the Euro Area written by Robert C. M. Beyer and published by International Monetary Fund. This book was released on 2023-07-21 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper employs two established macroeconomic models to show that fiscal policy in the euro area can help monetary policy in reducing inflation. Specifically, a fiscal consolidation of 1 percent of GDP for two years and 0.5 percent in the third year across the euro area would ease the policy interest rate by 30-50 basis points relative to the baseline scenario, while lowering inflation. It would also put the public debt-to-GDP ratio on a downward path, with the output costs reversing after the second year. Additionally, a stronger fiscal contribution to the policy mix could mitigate financial fragmentation risks. In the current context of elevated inflation in all euro area economies, the findings suggest two key takeaways: first, synchronized fiscal and monetary policies offer gains even when monetary policy is unconstrained and, second, sharing the burden of lowering inflation through fiscal consolidation among euro area members is beneficial for union-wide inflation reduction, improving debt sustainability and inducing a lower policy rate path.
Download or read book Euro Area Fiscal Stance written by and published by . This book was released on 2016 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: In its current approach to achieve an appropriate euro area fiscal stance, the EU Commission asks countries with fiscal space to provide extra stimulus in order to compensate for countries that are constrained by debt sustainability considerations. However, the aggregate fiscal stance is not a particularly useful concept since it abstracts from too much relevant information at the country level. In particular, excessive stimulus in one country is likely to generate welfare losses there, since this may compromise fiscal sustainability and/or cause its economy to overheat. Additional spending in one country can help other countries only if (1) there are significant trade spillovers and (2) monetary policy does not respond to the increase in economic activity. Even then, the composition of national fiscal policies may be inappropriate, since additional spending may be called for in countries where it is not needed. To overcome these problems would entail moving towards a fiscal union (e.g. by implementing a cyclical risk-sharing mechanism), which can potentially loosen fiscal restrictions, but introduces risks of moral hazard and persistent one-sided transfers.
Book Synopsis Fiscal Sustainability Report, 2012 by :
Download or read book Fiscal Sustainability Report, 2012 written by and published by . This book was released on 2012 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2012 Fiscal Sustainability Report analyses the sustainability of public finances in the Member States, against the background of the impact of the financial, economic and fiscal crisis and the demographic aging projected in the 2012 Ageing Report. It responds to the Council request of 10 November 2009 for a new Sustainability Report to be prepared based on updated long-term budgetary projections incorporating the implications of aging populations.
Book Synopsis Restoring Fiscal Sustainability in the Euro Area by :
Download or read book Restoring Fiscal Sustainability in the Euro Area written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Sustainability of Health Systems Bridging Health and Finance Perspectives by : OECD
Download or read book Fiscal Sustainability of Health Systems Bridging Health and Finance Perspectives written by OECD and published by OECD Publishing. This book was released on 2015-09-24 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: The health systems we enjoy today, and expected medical advances in the future, will be difficult to finance from public resources without major reforms. Public health spending in OECD countries has grown rapidly over most of the last half century. These spending increases have contributed to ...
Book Synopsis Sustainability of EU Public Finances by : Fernando C. Ballabriga
Download or read book Sustainability of EU Public Finances written by Fernando C. Ballabriga and published by . This book was released on 2005 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Policy in the Southern European Union Countries by : Milan Bednář
Download or read book Fiscal Policy in the Southern European Union Countries written by Milan Bednář and published by Springer Nature. This book was released on 2023-05-10 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines public debt hoarding within the Euro Area, which is one of the most complicated challenges regarding modern fiscal policy-making. The author offers an up-to-date analysis of the fiscal situations of Italy, Spain, Portugal, and Greece. The book describes key mechanisms of debt transmission, discusses the potential establishment of fiscal and debt union in the EU, identifies numerous implications, and connects the fiscal positions of the examined countries with the structural flaws of the Euro Area and the monetary policy of the European Central Bank. Moreover, the work presents an estimation of structural budget balances, including a comparison with the estimates of major international institutions such as the IMF, OECD, and European Commission. A separate chapter is devoted to analysing the fiscal policy determinants, using time series since the late 19th century, and the issue of fiscal policy efficiency. Finally, the work provides an overview of debt resolution options. Overall, this book offers eight core chapters intended for the public, professional economists, and policymakers.
Book Synopsis Public Debt and Economic Growth by : Alfred Greiner
Download or read book Public Debt and Economic Growth written by Alfred Greiner and published by Springer Science & Business Media. This book was released on 2009-07-24 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: Starting point of this book is the observation that an increase in public debt must be accompanied by a rise in the primary surplus of the government to guarantee sustainability of public debt. The book first elaborates on that principle from a theoretical point of view and then tests whether empirical evidence for that rule can be found. Additional tests are implemented to gain further evidence on sustainability of public debt. In order to allow for time varying coefficients penalized spline estimations are performed. The theoretical chapters present endogenous growth models and assume that the primary surplus rises as public debt increases so that sustainability of public debt is given. Implications of public deficits and debt are studied assuming full employment and for unemployment. The conclusion summarizes the findings and compares the results of the different models. Finally, policy implications are given showing how governments should deal with high public debt to GDP ratios.
Book Synopsis Financial Regulation in the EU by : Raphaël Douady
Download or read book Financial Regulation in the EU written by Raphaël Douady and published by Springer. This book was released on 2017-08-29 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • A review of the recent regulatory changes from a legal and economic perspective • Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • How to improve securitization and new instruments under MIFID II • Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • How long term funding can be supplied in lieu of the non-conventional monetary policies • A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.
