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Monetary Union And Fiscal Policy Discipline
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Book Synopsis Market-Based Fiscal Discipline in Monetary Unions by : Mr.Morris Goldstein
Download or read book Market-Based Fiscal Discipline in Monetary Unions written by Mr.Morris Goldstein and published by International Monetary Fund. This book was released on 1991-09-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of market-based fiscal discipline posits that a government which runs persistent, excessive fiscal deficits will face an increased cost of borrowing and eventually, a reduced availability of credit, and that these market actions will provide an incentive to correct irresponsible fiscal behavior. This paper presents new empirical evidence on market-based fiscal discipline by estimating the relationship between the cost of borrowing and fiscal policy behavior across U.S. states. We find that U.S. states which have followed more prudent fiscal policies are perceived by the market as having lower default risk and are therefore able to reap the benefit of lower borrowing costs.
Book Synopsis Monetary Union and Fiscal Policy Discipline by : Charles Wyplosz
Download or read book Monetary Union and Fiscal Policy Discipline written by Charles Wyplosz and published by . This book was released on 1991 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effects of the European Economic and Monetary Union (EMU) on Taxation and Interest Spending of National Governments by : Mr.Francesco P. Mongelli
Download or read book Effects of the European Economic and Monetary Union (EMU) on Taxation and Interest Spending of National Governments written by Mr.Francesco P. Mongelli and published by International Monetary Fund. This book was released on 1997-07-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the interest spending and taxation channels through which EMU could affect the public finances. It provides a framework for examining different views on a further narrowing of interest rate differentials. A model of Blanchard and Fischer is amended to analyze the two channels, and empirical evidence on the tax harmonization process is presented. The paper argues that “high-debt” and “high-tax” countries pursuing prudent fiscal policies could benefit the most from EMU: if monetary and widespread fiscal discipline are jointly established, interest rates could decline rapidly, while tax harmonization is likely to be gradual.
Book Synopsis Fiscal Policy in Economic and Monetary Union by : Marco Buti
Download or read book Fiscal Policy in Economic and Monetary Union written by Marco Buti and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book has many merits, and represents an important contribution to the controversial topic of European fiscal policy. I appreciated in particular the high quality and rigor of the analysis and the fact that the pros and cons of the contending opinions are presented in a fair way. It is a rewarding reading. EAEPE Newsletter Buti and Franco present a series of interesting analytical information which should be read by as broad an audience as possible. . . the book is a good buy. László Csaba, Acta Oeconomica This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU s budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational nature. The authors, who have been at the forefront of the academic and policy debate on economic policy in Europe, argue that fiscal policy has always been at the core of the EMU debate. The Maastricht criteria and the Stability and Growth Pact are the most contentious building blocks of EMU s institutional architecture: they have aroused heated controversies between academics and policymakers ever since their adoption. As EMU s budgetary rules undergo their first severe shock, Europe is still searching for its fiscal soul. The book s basic premise is that one cannot fully understand EMU s fiscal framework and the recent debate on its reform without placing them in a historical and institutional perspective and abstracting from the uniqueness of EMU, where sovereign countries retain a large degree of fiscal independence, and monetary policy is entrusted to an independent central bank with the overriding mission of maintaining price stability. Analysing all aspects of EMU s fiscal rules and institutions, this book will strongly appeal to students, academics and researchers of macroeconomic policy and European integration. Policymakers and fiscal policy experts at both national and international levels will also find the book to be of great interest.
Book Synopsis Fiscal Discipline in the Monetary Union by : Charles Wyplosz
Download or read book Fiscal Discipline in the Monetary Union written by Charles Wyplosz and published by . This book was released on 2003 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Discipline in WAEMU by : Mr.Ermal Hitaj
Download or read book Fiscal Discipline in WAEMU written by Mr.Ermal Hitaj and published by International Monetary Fund. This book was released on 2013-10-23 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper gauges the scope for market discipline and the effectiveness of the regional surveillance framework in the West African Economic and Monetary Union (WAEMU). The paper finds that the responsiveness of sovereign bond rates to governments’ fiscal behavior in the regional financial market remains limited. In addition, the paper examines the effectiveness of fiscal rules and institutions in an environment where financial markets fall short of exerting a significant disciplining effect on governments.
Book Synopsis Fiscal Policy in the European Union by : J. Ferreiro
Download or read book Fiscal Policy in the European Union written by J. Ferreiro and published by Springer. This book was released on 2008-11-27 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive analysis of national fiscal policies in the European Union and in the European Monetary Union. Adopting a critical perspective, the book offers a deep insight into the consequences of the current strategy of national fiscal policies on economic activity.
Book Synopsis The Effects of the European Economic and Monetary Union (EMU)on National Fiscal Sustainability by : Mr.Francesco P. Mongelli
Download or read book The Effects of the European Economic and Monetary Union (EMU)on National Fiscal Sustainability written by Mr.Francesco P. Mongelli and published by International Monetary Fund. This book was released on 1996-07-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a methodology to analyze the responsiveness of fiscal sustainability to the “endogenous fiscal discipline” that will be strengthened by the EMU. This discipline arises in response to the harmonization of tax systems, the loss of control of current and prospective money financing, and the deepening of financial market-based discipline. The model used in this paper is a generalization of Blanchard’s (1984) model, in which the interest rate is determined endogenously. This provides the framework to analyze more features of the linkage between sustainability and endogenous fiscal discipline. This paper also presents a new intratemporal fiscal sustainability index.
Book Synopsis Monetary Policy in an Emerging European Economic and Monetary Union by : Mr.Jacob A. Frenkel
Download or read book Monetary Policy in an Emerging European Economic and Monetary Union written by Mr.Jacob A. Frenkel and published by International Monetary Fund. This book was released on 1990-08-01 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key issues relating to the design and implementation of monetary policy in an emerging European economic and monetary union. Specific institutional proposals for transition to EMU are neither endorsed nor dismissed. In examining the goals of monetary policy, the paper explores the interrelationships among price stability, current account equilibrium, and exchange rate stability. Turning to the implementation of monetary policy, the issues addressed are: coordination versus autonomy, rules versus discretion, and the role of sterilized official intervention. Finally, the last part of the paper emphasizes the importance of fiscal discipline, and evaluates several alternative mechanisms for encouraging it.
Book Synopsis Revisiting the Economic Case for Fiscal Union in the Euro Area by : Mr.Helge Berger
Download or read book Revisiting the Economic Case for Fiscal Union in the Euro Area written by Mr.Helge Berger and published by International Monetary Fund. This book was released on 2018-02-20 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.
Book Synopsis Toward A Fiscal Union for the Euro Area by : Céline Allard
Download or read book Toward A Fiscal Union for the Euro Area written by Céline Allard and published by International Monetary Fund. This book was released on 2013-09-25 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is on a highly topical issue and addresses a key policy issue for Europe—namely, reinforcing EMU institutional architecture along with the Banking Union. Some proposals have emerged in Europe, and it will be important to put out staff views on this issue. In that context, publication as an SDN is appropriate, given the high profile nature and relevance of the topic—much like the Banking Union paper done a few months ago.
Book Synopsis Fiscal Federalism and European Economic Integration by : Mark Baimbridge
Download or read book Fiscal Federalism and European Economic Integration written by Mark Baimbridge and published by Routledge. This book was released on 2005-06-28 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pace of economic integration amongst European Union (EU) member states has accelerated considerably during the past decade, highlighted by the process of Economic and Monetary Union (EMU). Many aspects of the EU's apparatus, however, have failed to evolve in order to meets these new challenges. This book explores the issue of fiscal federalism within the context of EU integration from theoretical, historical, policy and global perspectives. It contrasts the pace of integration amongst EU member states with the failure of financial and administrative apparatus to evolve to encompass fiscal federalism, i.e. the development of a centralised budgetary system. This impressive collection, with contributions from a range of internationally respected authors, shall interest students and researchers involved with European economics and economic integration. Its accessible style will also make it extremely useful to policy-makers and professionals for whom European economic integration is a daily topic of conversation.
Book Synopsis Fiscal Rules in the European Monetary Union by : Alberto Giovannini
Download or read book Fiscal Rules in the European Monetary Union written by Alberto Giovannini and published by . This book was released on 1991 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estudia diversos aspectos de la contradiccion que se da entre el establecimiento de una autoridad monetaria centralizada y su coexistencia con autoridades fiscales descentralizadas, e incluso divergentes, entre los paises miembros de la Union Economica y Monetaria (UEM). Analiza el problema de la coordinacion de la politica fiscal y la propuesta del Informe Delors, y los efectos de los desequilibrios fiscales en un area de moneda unica y politica monetaria comun. Considera que ni la disciplina monetaria impuesta por un banco central europeo, ni la disciplina de mercado prevendrian la indisciplina fiscal y sus consecuencias, sino que serian necesarias sanciones especificas. Propone, como sancion mas eficaz, el establecimiento de una clausula de no entrada en la union monetaria. Contiene graficos, cuadros estadisticos y bibliografia. (pgp).
Book Synopsis Effects of the European Economic and Monetary Union (Emu) on Taxation and Interest Spending of National Governments by : Francesco Paolo Mongelli
Download or read book Effects of the European Economic and Monetary Union (Emu) on Taxation and Interest Spending of National Governments written by Francesco Paolo Mongelli and published by . This book was released on 2006 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the interest spending and taxation channels through which EMU could affect the public finances. It provides a framework for examining different views on a further narrowing of interest rate differentials. A model of Blanchard and Fischer is amended to analyze the two channels, and empirical evidence on the tax harmonization process is presented. The paper argues that quot;high-debtquot; and quot;high-taxquot; countries pursuing prudent fiscal policies could benefit the most from EMU: if monetary and widespread fiscal discipline are jointly established, interest rates could decline rapidly, while tax harmonization is likely to be gradual.
Book Synopsis Governance of the European Monetary Union by : Erik Jones
Download or read book Governance of the European Monetary Union written by Erik Jones and published by Routledge. This book was released on 2018-02-05 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crisis in the euro area is a defining moment in the history of European integration. It has revealed major flaws in the architecture of the European Union; it has challenged European institutions to shape an appropriate response; and it has tested the patience of a European public that is eager to see their economic prospects improve again. This volume brings together some of the world’s top economists and policymakers to explain how this crisis came about and what is to be done. The policy agenda these chapters establish is going to be difficult to implement, not least because of popular misunderstanding and political opposition. This book argues, that it is essential that European policymakers push forward this agenda or they run the risk of seeing Europe’s economies fall back into crisis. This book was previously published as a special issue of the Journal of European Integration.
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 National Budgeting for Economic and Monetary Union by : Wildavsky
Download or read book National Budgeting for Economic and Monetary Union written by Wildavsky and published by Martinus Nijhoff Publishers. This book was released on 2023-12-14 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the need for fiscal coordination and for controlling national spending in particular have been widely justified, relatively little attention has been paid to identifying and analyzing concrete measures to make this feasible. Most studies on these aspects of the Economic and Monetary Union have been concerned with questions as to why the need exists for fiscal convergence and to what degree is it desirable. Attention has only recently been focused on examining what budgetary measures (rules, procedures, structures) can be taken by the Commission or finance ministries for European convergence. The objective of this book is to discuss and suggest alternative policy-option initiatives at EC and national levels encouraging convergent financial management behaviour. Analyses are focused on the following important questions: `What is the current capacity of EC and national governments to manage public spending? '; `What budgetary strategies are available to reduce deficits? '; `What should the role of the Commission be under these circumstances? '; `What is the Member States' responsibility for managing national budgets? '; `What budgetary norms and rules should be proposed and negotiated to guarantee convergence of integration? '; `What strategic and structural arrangements could facilitate integration? ', etc.
