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Author : Roberto Golinelli
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.X/5 (3 download)
Download or read book Real-time Determinants of Fiscal Policies in the Euro Area written by Roberto Golinelli and published by . This book was released on 2006 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Filippo Vergara Caffarelli
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (15 download)
Download or read book Real-time Determinants of Fiscal Policies in the Euro Area written by Filippo Vergara Caffarelli and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luc Eyraud
Publisher : International Monetary Fund
ISBN 13 : 1475572913
Total Pages : 44 pages
Book Rating : 4.4/5 (755 download)
Download or read book Fiscal Politics in the Euro Area written by Luc Eyraud and published by International Monetary Fund. This book was released on 2017-01-30 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-time data for 19 countries participating in the euro area over 1999–2015. We look for, but do not find, conclusive evidence of bias in procedures in relation to country size. The paper also briefly reviews the literature on political economy factors and policy biases, and offers some reflections on the euro area architecture.
Author : Ms.Petya Koeva Brooks
Publisher : International Monetary Fund
ISBN 13 : 1498305539
Total Pages : 286 pages
Book Rating : 4.4/5 (983 download)
Download or read book The Mechanics of a Strong Euro Area written by Ms.Petya Koeva Brooks and published by International Monetary Fund. This book was released on 2015-10-21 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning. This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during four cycles of the IMF’s annual Article IV consultations (2012–15) with euro area authorities.
Author : Roberto Golinelli
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)
Download or read book The Cyclical Response of Fiscal Policies in the Euro Area written by Roberto Golinelli and published by . This book was released on 2008 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Carlberg
Publisher : Springer Science & Business Media
ISBN 13 : 3540298002
Total Pages : 298 pages
Book Rating : 4.5/5 (42 download)
Download or read book Monetary and Fiscal Policies in the Euro Area written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2006-03-14 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the interactions between monetary and fiscal poUcies in the euro area. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the European central bank, the American central bank, the German government, and the French government. As to policy cooperation, the focus is on the same institutions. These are higher-dimensional issues. The pohcy targets are price stability and full employment. The policy makers follow co- turkey or gradualist strategies. The policy decisions are taken sequentially or simultaneously. Monetary and fiscal policies have spillover effects. Special features of this book are numerical simulations of policy competition and numerical solutions to policy cooperation. 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. Other parts were presented at the International Conference on Macroeconomic Analysis, 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.
Author : Maritta Paloviita
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (13 download)
Download or read book Real Time Uncertainty in Fiscal Planning and Debt Accumulation in the Euro Area written by Maritta Paloviita and published by . This book was released on 2015 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores real time uncertainty in euro area fiscal policies since the late 1990s. Using real time data from the OECD Economic Outlook publications we investigate the impact of real time uncertainty on fiscal planning and debt accumulation separately for two country groups in the euro area: countries in geographical periphery (Greece, Ireland, Italy, Portugal and Spain) and other euro area countries (Austria, Belgium, Finland, France, Germany and the Netherlands). The results indicate that real time uncertainty substantially affects fiscal planning. Ex ante fiscal plans have generally been long-term oriented and counter-cyclical in the euro area, but in the periphery countries policies have been more sensitive to economic cycles and less long-term oriented than in the other countries. We find evidence that high indebtedness in the periphery countries cannot be explained by short-term pro-cyclical ex ante fiscal planning. Instead, high initial debt ratios, policy changes after the budget-planning stage and cumulated macroeconomic imbalances have contributed substantially to accumulated debt ratios. Overall, reliable statistics, balanced macroeconomic developments and longer-term policy orientation, which are central in the new EU fiscal framework, are crucial for sound and sustainable public finances.
Author : J. Ferreiro
Publisher : Springer
ISBN 13 : 0230228267
Total Pages : 235 pages
Book Rating : 4.2/5 (32 download)
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.
Author : Milan Bednář
Publisher : Springer Nature
ISBN 13 : 303129761X
Total Pages : 158 pages
Book Rating : 4.0/5 (312 download)
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.
Author : Ms.Era Dabla-Norris
Publisher : International Monetary Fund
ISBN 13 : 1484328922
Total Pages : 50 pages
Book Rating : 4.4/5 (843 download)
Download or read book Fiscal Spillovers in the Euro Area: Letting the Data Speak written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2017-11-15 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate a panel VAR model that captures cross-country, dynamic interlinkages for 10 euro area countries using quarterly data for the period 1999-2016. Our analysis suggests that fiscal spillovers are significant and tend to be larger for countries with close trade and financial links as well, as for fiscal shocks originating from larger countries. The current account appears to be the main channel of transmission, although strong trade integration among countries in the euro area and spillback effects tend to zero-out the net trade impact in some cases. A subsample analysis shows that the effects of fiscal policy have changed over time, with larger estimated domestic multipliers and spillovers between 2011 and 2014.
Author : Mr.Paolo Mauro
Publisher : International Monetary Fund
ISBN 13 : 1616358777
Total Pages : 53 pages
Book Rating : 4.6/5 (163 download)
Download or read book A Modern History of Fiscal Prudence and Profligacy written by Mr.Paolo Mauro and published by International Monetary Fund. This book was released on 2013-01-09 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We draw on a newly collected historical dataset of fiscal variables for a large panel of countries—to our knowledge, the most comprehensive database currently available—to gauge the degree of fiscal prudence or profligacy for each country over the past several decades. Specifically, our dataset consists of fiscal revenues, primary expenditures, the interest bill (and thus both the primary and the overall fiscal deficit), the government debt, and gross domestic product, for 55 countries for up to two hundred years. For the first time, a large cross country historical data set covers both fiscal stocks and flows. Using Bohn’s (1998) approach and other tests for fiscal sustainability, we document how the degree of prudence or profligacy varies significantly over time within individual countries. We find that such variation is driven in part by unexpected changes in potential economic growth and sovereign borrowing costs.
Author : Alberto Alesina
Publisher : University of Chicago Press
ISBN 13 : 9780226012834
Total Pages : 476 pages
Book Rating : 4.0/5 (128 download)
Download or read book Europe and the Euro written by Alberto Alesina and published by University of Chicago Press. This book was released on 2010-04-01 with total page 476 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.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451844239
Total Pages : 33 pages
Book Rating : 4.4/5 (518 download)
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.
Author : Cristina Checherita-Westphal
Publisher :
ISBN 13 : 9789289955164
Total Pages : 0 pages
Book Rating : 4.9/5 (551 download)
Download or read book Euro Area Inflation Differentials written by Cristina Checherita-Westphal and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive empirical analysis of the role of discretionary fiscal policy for inflation differentials across the 19 euro area countries over the period 1999-2019. The results confirm existing (older) literature that it is difficult to find robust evidence of the fiscal policy stance or impulse impacting directly on inflation differentials. We do find, however, support for an indirect effect of discretionary fiscal policy on inflation differentials working through the output gap channel. There is also some evidence that fiscal policy may be especially potent in influencing inflation differentials - with fiscal tightening cooling (and fiscal expansion increasing) inflation pressures - when the economy is above its potential. Finally, going from the overall fiscal stance or impulse to individual fiscal instruments, we find that value added tax (VAT) rate changes and public wage growth are statistically significant determinants of inflation differentials in our sample.
Author : António Afonso
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (961 download)
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:
Author : Servaas Deroose.
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (33 download)
Download or read book Constricted, Lame and Pro-cyclical? written by Servaas Deroose. and published by . This book was released on 2008 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: "It is often argued that fiscal stabilisation in the euro area compares unfavourably with the US, not least because of the perceived limitations of the Stability and Growth Pact. This paper qualifies this perception by taking a closer look at fiscal policy making since the mid-1990s. It examines a number of elements which are generally overlooked or not considered in the analysis of fiscal stabilisation. In particular, on top of discretionary fiscal policy, which generally is at the core of existing studies, it also takes into account the size of automatic stabilisers. Moreover, it considers the difference between policy intentions, as formulated or perceived in real time, and actual outturns, and possible reasons for the gap between the two. On the basis of such a more comprehensive analysis, fiscal stabilisation in the euro area appears less dire than commonly assumed. It also suggests a number of points on how to improve the track record, including by strengthening fiscal governance."--Publication information p.
Author : Alessandro Turrini
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (474 download)
Download or read book Fiscal Policy and the Cycle in the Euro Area written by Alessandro Turrini and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
