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How To Save The Stability And Growth Pact
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Book Synopsis How to Save the Stability and Growth Pact by : Moritz Kraemer
Download or read book How to Save the Stability and Growth Pact written by Moritz Kraemer and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Commission's proposal to reform the Stability and Growth Pact (SGP) is old wine in new bottles. It fails to address the central problem that has contributed to the SGP’s failure from the onset – the lack of political will to implement the Pact’s provisions. Blatant conflicts of interest need to be tackled head on. A long time ago, elected politicians realised that they cannot be trusted with providing stable monetary policy. Consequently, they have delegated the task to independent central banks. More than two decades of trying have provided ample evidence that, similar to the case of monetary policy, elected officials also cannot be entrusted with activating financial sanctions when rules are being broken. Give this role to an independent fiscal council. Fiscal policies are still determined by democratically-elected governments. But the judgement on whether those policies conform with the agreed legal framework cannot be credibly performed by the same set of people that have broken the rules in the first place.
Book Synopsis The Stability and Growth Pact by : A. Brunila
Download or read book The Stability and Growth Pact written by A. Brunila and published by Springer. This book was released on 2001-09-20 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis National Saving and the Stability and Growth Pact by : Martin Weale
Download or read book National Saving and the Stability and Growth Pact written by Martin Weale and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Legal Foundations of EU Economic Governance by : Antonio Estella de Noriega
Download or read book Legal Foundations of EU Economic Governance written by Antonio Estella de Noriega and published by Cambridge University Press. This book was released on 2018-09-06 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: A critical analysis of the legal dimension of European Union economic governance.
Book Synopsis Fiscal Policy Rules by : Mr.George Kopits
Download or read book Fiscal Policy Rules written by Mr.George Kopits and published by International Monetary Fund. This book was released on 1998-07-22 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Fiscal Rules to Tame the Political Budget Cycle by : Lorenzo Forni
Download or read book Fiscal Rules to Tame the Political Budget Cycle written by Lorenzo Forni and published by International Monetary Fund. This book was released on 2017-01-20 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides evidence that fiscal rules can limit the political budget cycle. It focuses on the application of the Italian fiscal rule at the sub-national level over the period 2004-2006 and shows that: 1) municipalities are subject to political budget cycles in capital spending; 2) the Italian subnational fiscal rule introduced in 1999 has been enforced by the central government; 3) municipalities subject to the fiscal rule show more limited political budget cycles than municipalities not subject to the rule. In order to identify the effect, we rely on the fact that the domestic fiscal rule does not apply to municipalities below 5,000 inhabitants. We find that the political budget cycle increases real capital spending by about 35 percent on average in the years prior to municipal elections and that the sub-national fiscal rule reduces these figures by about two thirds.
Book Synopsis Governing the Euro Area in Good Times and Bad by : Dermot Hodson
Download or read book Governing the Euro Area in Good Times and Bad written by Dermot Hodson and published by Oxford University Press. This book was released on 2011-08-25 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Can the euro area survive without a more centralized economic policy? What lessons can be drawn from Economic and Monetary Union about new modes of policy-making in the European Union? Have euro area members spoken with one voice on the international stage and what does this mean for the European Union's ambitions to be a global actor in its own right? This book explores these three key questions through an in-depth analysis of euro area governance from the launch of the single currency in 1999 to the sovereign debt crisis of 2010. Drawing insights from the study of European Union politics, comparative political economy and international political economy, it examines: Economic and Monetary Union's break from the Community method of policy-making; the European Central Bank's ambivalence about the pursuit of ever closer union; the Eurogroup's rise and fall as a forum for economic policy coordination; the interplay between national fiscal institutions and the stability and growth pact; the broad economic policy guidelines' failure to apply peer pressure; the European Union's influence within the G20 and the International Monetary Fund at the height of the global financial crisis; euro diplomacy towards China and other rising powers; and current debates about the fate of EMU and the reform of euro area governance in the aftermath of the global financial crisis. The book's conclusions challenge claims that the euro area is in crisis because of its decentralized approach to decision-making alone and the corollary that the euro can be saved only through a further transfer of sovereignty to the supranational level.
Book Synopsis Solidarity as a Public Virtue? by : Veronica Federico
Download or read book Solidarity as a Public Virtue? written by Veronica Federico and published by Nomos Verlagsgesellschaft. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction /Christian Lahusen and Veronica Federico --Denmark /Deniz Neriman Duru, Thomas Spejlborg Sejersen and Hans-Jörg Trenz --France /Manilo Cinalli, Carlo de Nuzzo --Germany /Ulrike Zschache --Greece /Maria M. Mexi --Italy /Veronica Federico and Nicola Maggini --Poland /Janina Petelczyc --Switzerland /Eva Fernández G.G. and Délia Girod --The United Kingdom /Tom Montgomery and Simone Baglioni --Solidarity in the European Union in times of crisis : towards "European solidarity"? /Ester di Napoli and Deborah Russo --Solidarity in times of crisis : disability, immigration and unemployment in Denmark /Deniz Neriman Duru, Thomas Spejlborg Sejersen and Hans-Jörg Trenz --Disability, unemployment, immigraiton : does solidarity matter in times of crisis in France? /Manilo Cinalli, Carlo de Nuzzo --Disability, unemployment, immigration : the implicit role of solidarity in German legislation /Ulrike Zschache --Greece in times of multiple crises : solidarity under stress? /Maria M. Mexi --Disability, unemployment, immigration : does solidarity matter at times of crisis in Italy? /Veronica Federico and Nicola Maggini --Disability, unemployment, immigration : does solidarity matter in times of crisis? : the Polish case /Janina Petelczyc --Switzerland : vulnerable groups and multiple solidarities in a composite state /Eva Fernández G.G. and Tania Abbiate --Solidarity in austerity Britain : the cases of disability, unemployment and migration /Tony Montgomery and Simone Baglioni --Conclusion:Solidarity as a public virture? /Veronica Federico.
Download or read book Zombie Economics written by John Quiggin and published by Princeton University Press. This book was released on 2012-05-06 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the graveyard of economic ideology, dead ideas still stalk the land. The recent financial crisis laid bare many of the assumptions behind market liberalism—the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated mainstream economics, and their influence created a system where an unthinking faith in markets led many to view speculative investments as fundamentally safe. The crisis seemed to have killed off these ideas, but they still live on in the minds of many—members of the public, commentators, politicians, economists, and even those charged with cleaning up the mess. In Zombie Economics, John Quiggin explains how these dead ideas still walk among us—and why we must find a way to kill them once and for all if we are to avoid an even bigger financial crisis in the future. Zombie Economics takes the reader through the origins, consequences, and implosion of a system of ideas whose time has come and gone. These beliefs—that deregulation had conquered the financial cycle, that markets were always the best judge of value, that policies designed to benefit the rich made everyone better off—brought us to the brink of disaster once before, and their persistent hold on many threatens to do so again. Because these ideas will never die unless there is an alternative, Zombie Economics also looks ahead at what could replace market liberalism, arguing that a simple return to traditional Keynesian economics and the politics of the welfare state will not be enough—either to kill dead ideas, or prevent future crises. In a new chapter, Quiggin brings the book up to date with a discussion of the re-emergence of pre-Keynesian ideas about austerity and balanced budgets as a response to recession.
Book Synopsis Fiscal Policy, Stabilization, and Growth by : Guillermo E. Perry
Download or read book Fiscal Policy, Stabilization, and Growth written by Guillermo E. Perry and published by World Bank Publications. This book was released on 2007-10-19 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.
Author :Commission on Growth and Development Publisher :World Bank Publications ISBN 13 :0821374923 Total Pages :198 pages Book Rating :4.8/5 (213 download)
Book Synopsis The Growth Report by : Commission on Growth and Development
Download or read book The Growth Report written by Commission on Growth and Development and published by World Bank Publications. This book was released on 2008-07-23 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Resilient Liberalism in Europe's Political Economy by : Vivien A. Schmidt
Download or read book Resilient Liberalism in Europe's Political Economy written by Vivien A. Schmidt and published by Cambridge University Press. This book was released on 2013-08-29 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why have neo-liberal economic ideas been so resilient since the 1980s, despite major intellectual challenges, crippling financial and political crises, and failure to deliver on their promises? Why do they repeatedly return, not only to survive but to thrive? This groundbreaking book proposes five lines of analysis to explain the dynamics of both continuity and change in neo-liberal ideas: the flexibility of neo-liberalism's core principles; the gaps between neo-liberal rhetoric and reality; the strength of neo-liberal discourse in debates; the power of interests in the strategic use of ideas; and the force of institutions in the embedding of neo-liberal ideas. The book's highly distinguished group of authors shows how these possible explanations apply across the most important domains - fiscal policy, the role of the state, welfare and labour markets, regulation of competition and financial markets, management of the Euro, and corporate governance - in the European Union and across European countries.
Download or read book Saving Europe written by Carlo Bastasin and published by Rowman & Littlefield. This book was released on 2012-03-08 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: Three times in the few years since the global financial crisis erupted, the euro has come close to extinction, endangering both the world economy and history's most ambitious project in shared sovereignty. Yet each time, the case for a common currency proved to be more compelling than its weaknesses, and the euro survived. Saving Europe reveals how the nexus of international economics and national politics pushed monetary union to the brink of a breakup, how that disastrous development was avoided, and why the long-term viability of a common currency challenges politics as we know it. Carlo Bastasin reveals and analyzes what has been happening behind the scenes in European negotiations since the financial crisis began with the collapse of major financial institutions in 2008. He argues that the crisis in the euro zone actually has a political origin, having emerged from the self-interested abuses of national politics. Moreover, the crisis is reinforced even now by the obstinate defense of national prerogatives in politics and finance as well as by the lack of commitment for shared or supranational sovereignty. While the prevalent view is that monetary union was a flawed project from the start and is in need of amending, Bastasin shows that the failures have to do almost entirely with national opportunism—not only in Greece but in most countries, including Germany—and concludes that the crisis will lead to Europe's political union. Bastasin's work is an engrossing historical chronicle, interweaving moments of high drama with individual personalities on the world stage. German ChancellorAngela Merkel, French President Nicolas Sarkozy, and national and European central bankers, among others, play key roles. Saving Europe is also a rigorous attempt to make larger sense of what has happened in the euro zone and what might happen next. Given the central importance of Europe within the fragile world economy as well as growing speculation
Book Synopsis Fiscal Institutions and Fiscal Performance by : James M. Poterba
Download or read book Fiscal Institutions and Fiscal Performance written by James M. Poterba and published by University of Chicago Press. This book was released on 2008-04-15 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unprecedented rise and persistence of large-scale budget deficits in many developed and developing nations during the past three decades has caused great concern. The widespread presence of such deficits has proved difficult to explain. Their emergence in otherwise diverse nations defies particularistic explanations aimed at internal economic developments within a specific country. Fiscal Institutions and Fiscal Performance shifts emphasis away from narrow economic factors to more broadly defined political and institutional factors that affect government policy and national debt. This collection brings together new theoretical models, empirical evidence, and a series of in-depth case studies to analyze the effect of political institutions, fiscal regulations, and policy decisions on accumulating deficits. It provides a fascinating overview of the political and economic issues involved and highlights the role of budgetary institutions in the formation of budget deficits.
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 Reforming the Stability and Growth Pact by : Mr.Michael Deppler
Download or read book Reforming the Stability and Growth Pact written by Mr.Michael Deppler and published by International Monetary Fund. This book was released on 2005-02-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rules-based fiscal framework, such as the EU’s Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP’s adoption, shortcomings remain. These, however, are rooted in the policies rather than the rules, where few changes seem necessary. Specifically, the Excessive Deficit Procedure needs a stronger focus on policies rather than outcomes, while staying operationally simple and transparent. Furthermore, reforms are needed to foster time-consistent national policies, budgetary transparency, and ownership of the Pact. Accordingly, parliaments should debate national Stability Programs and national fiscal councils should review these programs for parliaments.
Book Synopsis Rewriting the Rules of the European Economy: An Agenda for Growth and Shared Prosperity by : Joseph E. Stiglitz
Download or read book Rewriting the Rules of the European Economy: An Agenda for Growth and Shared Prosperity written by Joseph E. Stiglitz and published by W. W. Norton & Company. This book was released on 2020-01-28 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: A companion to his acclaimed work in Rewriting the Rules of the American Economy, Joseph E. Stiglitz, along with Carter Dougherty and the Foundation for European Progressive Studies, lays out the economic framework for a Europe with faster growth that is more equitably shared. Europe is in crisis. Sluggish economic growth in many countries, widespread income stagnation, and recession have led to severe political and social consequences. Social protections for citizens have been cut back. Governments offer timid responses to deep-seated problems. These economic and political failures have contributed to the rise of extremist parties on the right. Marginalized populations are being made scapegoats for Europe’s woes. But the problems of today’s Europe stem from decisions based on a blind worship of markets in too many areas of policy. If Europe is to return to an innovative and dynamic economy—and if there is to be shared prosperity, social solidarity, and justice—then EU countries need to break with their current, destructive trajectory. This volume offers concrete strategies for renewal that would also reinvigorate the project of European integration, with fresh ideas in the areas of both macroeconomics and microeconomics, including central banking, public investment, corporate governance and competition policy, social policy, and international trade.
