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Author :
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (953 download)
Download or read book The 2005 Reform of the Stability and Growth Pact written by and published by . This book was released on 2006 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fabian Amtenbrink
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Reforming the Stability and Growth Pact written by Fabian Amtenbrink and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this multidisciplinary contribution the authors argue both from a normative and economic perspective that the 2005 reform of the European Stability and Growth Pact, which is limited to an amendment of secondary Community law, cannot remedy the basic shortcomings of the rules on economic coordination in EMU in place. Although the reform results in some stricter obligations for the Member States and a sharpening of the multilateral surveillance procedure, a more flexible approach in dealing with excessive deficits in the Member States is introduced. As some of the new Member States, are likely to join the ranks of some of the old Member States, especially the large ones, in frequently running excessive deficits, lack of enforcement is aggravated.
Author : Martin Heipertz
Publisher : Cambridge University Press
ISBN 13 : 1139484354
Total Pages : 333 pages
Book Rating : 4.1/5 (394 download)
Download or read book Ruling Europe written by Martin Heipertz and published by Cambridge University Press. This book was released on 2010-03-18 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Stability and Growth Pact (SGP) is central to Economic and Monetary Union (EMU) in Europe. Initiated by Germany in 1995 and adopted in 1997, it regulates the fiscal policies of European Union Member States. Following numerous violations of its deficit reference value, the Pact's Excessive Deficit Procedure was suspended in 2003. The decision to suspend was brought before the European Court of Justice in 2004 and the SGP then underwent painstaking reform in 2005. After a period of economic prosperity and falling budgetary deficits, the global economic crisis put the system under renewed stress. Ruling Europe presents a comprehensive analysis of the political history of the SGP as the cornerstone of EMU. It examines the SGP through different theoretical lenses, offering a fascinating study of European integration and institutional design. One cannot understand the Euro without first understanding the SGP.
Author : Mr.Marcos Poplawski-Ribeiro
Publisher : International Monetary Fund
ISBN 13 : 1455218944
Total Pages : 42 pages
Book Rating : 4.4/5 (552 download)
Download or read book Fiscal Expectations Under the Stability and Growth Pact written by Mr.Marcos Poplawski-Ribeiro and published by International Monetary Fund. This book was released on 2011-03-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper uses survey data to analyze whether financial market expectations on government budget deficits changed in France, Germany, Italy, and the United Kingdom during the period of the Stability and Growth Pact (SGP). Our findings indicate that accuracy of financial expert deficit forecasts increased in France. Convergence between the European Commission's and market experts’ deficit forecasts also increased in France, Italy, and the United Kingdom, particularly during the period after SGP’s reform in 2005. Yet, convergence between markets’ forecasts and those of the French, German, and Italian national fiscal authorities seems not to have increased significantly during the SGP.
Author : Lars Jonung
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (129 download)
Download or read book 101 Proposals to Reform the Stability and Growth Pact written by Lars Jonung and published by . This book was released on 2010 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The failure of key EU Member States to respect the provisions of the Stability and Growth Pact (SGP) a few years after its inception triggered a heated debate on how to reform the framework of fis-cal policy coordination in the Economic and Monetary Union (EMU). This paper analyzes 101 reform proposals presented by professional academic and non-academic economists prior to March 2005, when the Council of the European Union adopted a revised version of the SGP. Roughly four different schools of thought concerning the reform of the SGP are identified. In line with the main findings of the political economy literature, all four schools of thought share the view that in the absence of specific rules fiscal policy would lead to excessive deficits and hence af-fect the conduct of the common monetary policy. However, beyond this common denominator, there is no consensus on how best to co-ordinate fiscal policy. We present several explanations for the multitude of proposals, the most important being the present lack of a consensus in the economics profession concerning the role of fiscal policy. Econo-mists hold diverging views on the goals, instruments, efficiency and institutions for fiscal policy-making. This state of affairs is in sharp contrast to the case of monetary policy. Also, the euro area is the first case where monetary policy-making is centralized while fiscal policy-making is decentralized to national governments.
Author : Marco Buti
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (664 download)
Download or read book The Stability Pact Pains: a Forward-looking Assessment of the Reform Debate written by Marco Buti and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David Liebl
Publisher : GRIN Verlag
ISBN 13 : 3638953297
Total Pages : 25 pages
Book Rating : 4.6/5 (389 download)
Download or read book How to Deal with the Stability and Growth Pact - A Critical Disquisition on the Stability Tool of the EMU written by David Liebl and published by GRIN Verlag. This book was released on 2008-06 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2005 in the subject Politics - International Politics - Topic: European Union, grade: A, University of Copenhagen (Departement of Political Science Copenhagen), course: Financial Globalization, 14 entries in the bibliography, language: English, abstract: Within the field of International Political Economy the case of monetary unions has become a big issue. Especially the establishment of the EMU has led to numerous academic publications. An intense political but also scientific discussion arose about the Stability and Growth Pact of the European Monetary Union. In March 2005 the ministers of finance and economics of the European Union decided to form the Stability and Growth Pact in a more flexible way. In the future countries that are above the 3 % limit should be judged as individual cases. In the academic discussion few economists already claim this, to be the pacts death. The paper starts by providing some basic facts about the terms of the pact and it's application during the last years. Chapter 4 provides a short overview about the theoretical background to the field, which can be simplified as Monetarism vs. Keynesian Economics. The main research question is, how we should deal with the pact. Should it be kept like it is today? Or are there good options to change the pact? In chapter 5 I will point out the most important arguments for keeping the pact and for changing it. Chapter 6 finally goes into the latest academic discussion about a reform of the pact and presents different approaches in doing so.
Author : Jonas Fischer
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.3/5 ( download)
Download or read book 101 Proposals to Reform the Stability and Growth Pact written by Jonas Fischer and published by . This book was released on 2006 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The failure of key EU Member States to respect the requirements of the Stability and Growth Pact (SGP) a few years after its inception triggered a heated debate on how to reform the framework of fiscal policy coordination in the Economic and Monetary Union (EMU). This paper systematically analyzes 101 reform proposals presented by professional academic and non-academic economists prior to March 2005, when the Council of the European Union adopted a revised version of the SGP. Each proposal is characterized by a set of variables reflecting features such as the degree of modification of the SGP, the background of its author(s), the main aim attached to fiscal policy coordination in the EMU, the timing of the proposal and the type of proposal made. Using multivariate statistical analysis, roughly four different schools of thought concerning the reform of the SGP are identified. In line with the main findings of the political economy literature, all four schools of thought share the view that in the absence of specific rules fiscal policy would lead to excessive deficits and hence affect the conduct of the common monetary policy. However, beyond this common denominator, there is no consensus on how best to co-ordinate fiscal policy. Several explanations for the multitude of proposals are presented, the most important being the present lack of a consensus in the economics profession concerning the role of fiscal policy.
Author :
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (16 download)
Download or read book 101 Proposals to Reform the Stability and Growth Pact written by and published by . This book was released on 2006 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The failure of key EU Member States to respect the requirements of the Stability and Growth Pact (SGP) a few years after its inception triggered a heated debate on how to reform the framework of fiscal policy coordination in the Economic and Monetary Union (EMU). This paper systematically analyzes 101 reform proposals presented by professional academic and non-academic economists prior to March 2005, when the Council of the European Union adopted a revised version of the SGP. Each proposal is characterized by a set of variables reflecting features such as the degree of modification of the SGP, the background of its author(s), the main aim attached to fiscal policy coordination in the EMU, the timing of the proposal and the type of proposal made. Using multivariate statistical analysis, roughly four different schools of thought concerning the reform of the SGP are identified. In line with the main findings of the political economy literature, all four schools of thought share the view that in the absence of specific rules fiscal policy would lead to excessive deficits and hence affect the conduct of the common monetary policy. However, beyond this common denominator, there is no consensus on how best to co-ordinate fiscal policy. Several explanations for the multitude of proposals are presented, the most important being the present lack of a consensus in the economics profession concerning the role of fiscal policy.
Author : A. Brunila
Publisher : Springer
ISBN 13 : 0230629261
Total Pages : 446 pages
Book Rating : 4.2/5 (36 download)
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.
Author : Mr.George Kopits
Publisher : International Monetary Fund
ISBN 13 : 9781557757043
Total Pages : 58 pages
Book Rating : 4.7/5 (57 download)
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.
Author :
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.:/5 (951 download)
Download or read book The Reform of the Stability and Growth Pact - a Historical Institutionalist Analysis written by and published by . This book was released on 2005 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roel Beetsma
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.3/5 ( download)
Download or read book Pension Systems, Ageing and the Stability and Growth Pact written by Roel Beetsma and published by . This book was released on 2007 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how the Stability and Growth Pact may cope with the future costs of population ageing in the European Union. Clearly, population ageing has forced countries to reform their pension systems, and will continue to do so, both by reducing the generosity of pension arrangements and by switching to funding rather than relying on pure pay-as-you go pension provision. We study how such reforms affect the room for adhering to the Pact, but also how the Pact may induce or hamper the incentives for reform. In our analysis we will draw on recent literature on the Pact and on the pensions and the ageing problem. We will also calibrate a simple model for addressing intergenerational equity.
Author : Luc Eyraud
Publisher : International Monetary Fund
ISBN 13 : 1484350936
Total Pages : 132 pages
Book Rating : 4.4/5 (843 download)
Download or read book Second-Generation Fiscal Rules written by Luc Eyraud and published by International Monetary Fund. This book was released on 2018-04-13 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Author : Martin Heipertz
Publisher : Cambridge University Press
ISBN 13 : 0521197503
Total Pages : 333 pages
Book Rating : 4.5/5 (211 download)
Download or read book Ruling Europe written by Martin Heipertz and published by Cambridge University Press. This book was released on 2010-03-18 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the fraught history and politics of the Stability and Growth Pact from its origins to the present economic crisis.
Author : Great Britain. Parliament. House of Lords. European Union Committee
Publisher : Stationery Office/Tso
ISBN 13 : 9780104006368
Total Pages : 24 pages
Book Rating : 4.0/5 (63 download)
Download or read book Evidence from the Financial Secretary on the Proposed Reforms of the Stability and Growth Pact written by Great Britain. Parliament. House of Lords. European Union Committee and published by Stationery Office/Tso. This book was released on 2005-03-16 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report contains the oral evidence given by the Financial Secretary to the Treasury. The key topics covered are: the Governments position on reform of the Growth and Stability pact; the position of other Member States; greater flexibility in interpreting the Pact; a 'golden rule' for Europe; the quality of the fiscal statistics of Member States; the importance of debt; early warnings. Also included is a summary of the Committee's previous conclusions on the Growth and Stability Pact.
Author : James M. Poterba
Publisher : University of Chicago Press
ISBN 13 : 0226676307
Total Pages : 402 pages
Book Rating : 4.2/5 (266 download)
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.
