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Download or read book Fiscal Dimensions of EMU written by Paul R. Masson and published by . This book was released on 1994 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fiscal Dimensions of EMU written by Paul R. Masson and published by . This book was released on 1996 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author: Francesco Forte
Publisher:
Published: 2016
Total Pages:
ISBN-13:
DOWNLOAD EBOOKPurpose - The aim of the paper is to evaluate fiscal adjustments that have occurred in the Economic and Monetary Union (EMU) countries in the last 35 years, and their consequences on the economic growth process by using the mean group (MG) estimators.Design/methodology/approach - Our emphasis is on the effects of different composition of fiscal stimuli and consolidations. We compare the effects on the economic growth rate of different compositions of major fiscal changes. We use a cyclically adjusted value of the fiscal variables to leave aside variations of the fiscal variables induced by business cycle fluctuations.Findings - Our empirical research of the effects of large changes in fiscal policy, both in case of a fiscal consolidation and of fiscal stimulus in the 18EMUcountries from 1980 to 2015, shows that adjustments by cutting current expenditures, rather than by tax increases are more likely to boost economic growth. It also shows that cuts of investment expenditures may reduce GDP growth. During fiscal stimulus episodes, tax cuts and public investments are more likely to increase growth than current public expenditure.Originality/value - This is the first study devoted to the EMU countries. It should be underlined that the results obtained as for EMU countries are not necessarily applicable to other countries, as the different government size as well as different market institutions may influence the results.
Download or read book Fiscal Policies in EMU Countries written by Francesco Forte and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose - The aim of the paper is to evaluate fiscal adjustments that have occurred in the Economic and Monetary Union (EMU) countries in the last 35 years, and their consequences on the economic growth process by using the mean group (MG) estimators.Design/methodology/approach - Our emphasis is on the effects of different composition of fiscal stimuli and consolidations. We compare the effects on the economic growth rate of different compositions of major fiscal changes. We use a cyclically adjusted value of the fiscal variables to leave aside variations of the fiscal variables induced by business cycle fluctuations.Findings - Our empirical research of the effects of large changes in fiscal policy, both in case of a fiscal consolidation and of fiscal stimulus in the 18EMUcountries from 1980 to 2015, shows that adjustments by cutting current expenditures, rather than by tax increases are more likely to boost economic growth. It also shows that cuts of investment expenditures may reduce GDP growth. During fiscal stimulus episodes, tax cuts and public investments are more likely to increase growth than current public expenditure.Originality/value - This is the first study devoted to the EMU countries. It should be underlined that the results obtained as for EMU countries are not necessarily applicable to other countries, as the different government size as well as different market institutions may influence the results.
Author: Marco Buti
Publisher: Cambridge University Press
Published: 2003-11-13
Total Pages: 376
ISBN-13: 9780521832151
DOWNLOAD EBOOKLeading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.
Download or read book Monetary and Fiscal Policies in EMU written by Marco Buti and published by Cambridge University Press. This book was released on 2003-11-13 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.
Author: Mr.Francesco P. Mongelli
Publisher: International Monetary Fund
Published: 1997-07-01
Total Pages: 37
ISBN-13: 1451951272
DOWNLOAD EBOOKThis 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.
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.
Author: Mr.Antonio Lemus
Publisher: International Monetary Fund
Published: 2012-01-01
Total Pages: 23
ISBN-13: 1463980353
DOWNLOAD EBOOKThis paper studies the nature of the shocks affecting the Eastern Caribbean Currency Union (ECCU), and examines whether a hypothetical Eastern Caribbean fiscal insurance mechanism could insure member countries of the union against asymmetric national income shocks. The empirical results suggest that a one dollar reduction in an ECCU member country's per capita personal income could trigger, through reduced income taxes and increased transfers, flows equivalent to about 7 percent of the initial income shock. Each member of the currency union could benefit as well, although the extent of shock mitigation differs across individual countries.
Download or read book The Eastern Caribbean Currency Union written by Mr.Antonio Lemus and published by International Monetary Fund. This book was released on 2012-01-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the nature of the shocks affecting the Eastern Caribbean Currency Union (ECCU), and examines whether a hypothetical Eastern Caribbean fiscal insurance mechanism could insure member countries of the union against asymmetric national income shocks. The empirical results suggest that a one dollar reduction in an ECCU member country's per capita personal income could trigger, through reduced income taxes and increased transfers, flows equivalent to about 7 percent of the initial income shock. Each member of the currency union could benefit as well, although the extent of shock mitigation differs across individual countries.
Author: OECD
Publisher: OECD Publishing
Published: 2000-03-29
Total Pages: 181
ISBN-13: 9264181202
DOWNLOAD EBOOKThis study assesses economic developments and policies during the inaugural year of Europe's single currency regime. It analyses the economic performance and prospects of the euro area as a whole, and highlights to what extent aggregate trends are shaped by convergence or divergence.
Download or read book EMU One Year on written by OECD and published by OECD Publishing. This book was released on 2000-03-29 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study assesses economic developments and policies during the inaugural year of Europe's single currency regime. It analyses the economic performance and prospects of the euro area as a whole, and highlights to what extent aggregate trends are shaped by convergence or divergence.
Author: Marco Buti
Publisher: Edward Elgar Publishing
Published: 2005-01-01
Total Pages: 321
ISBN-13: 1845426711
DOWNLOAD EBOOKThe 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.
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.
Author: Norbert Berthold
Publisher: International Monetary Fund
Published: 1999-06-01
Total Pages: 34
ISBN-13: 1451850522
DOWNLOAD EBOOKEMU started with eleven member countries as scheduled on January 1, 1999. The paper shows that the primacy of politics over economics in this decision could have serious consequences concerning the stability of EMU in the transition phase. Speculative attacks against currencies which are in economic distress due to asymmetric shocks can still happen. A speculative attack as such cannot force a country out of EMU. However, the country concerned might voluntarily decide to leave the system as the costs of staying inside EMU, e.g., due to further rising unemployment, become too large to bear.
Download or read book Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase written by Norbert Berthold and published by International Monetary Fund. This book was released on 1999-06-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: EMU started with eleven member countries as scheduled on January 1, 1999. The paper shows that the primacy of politics over economics in this decision could have serious consequences concerning the stability of EMU in the transition phase. Speculative attacks against currencies which are in economic distress due to asymmetric shocks can still happen. A speculative attack as such cannot force a country out of EMU. However, the country concerned might voluntarily decide to leave the system as the costs of staying inside EMU, e.g., due to further rising unemployment, become too large to bear.
Author: Paulo Vila Maior
Publisher: LAP Lambert Academic Publishing
Published: 2010-07
Total Pages: 224
ISBN-13: 9783838308319
DOWNLOAD EBOOKMany economists argued that Economic and Monetary Union (EMU) is flawed for the absence of 'conventional fiscal federalism'. They claim that the political-economic rationale of EMU ruled out national mechanisms of adjustment, exposing fragile member states to economic shocks. This, in turn, reinforces the case for 'conventional fiscal federalism' in the European Union (EU). The book engages on a comparative exercise between the EU and five federations where fiscal federalism is key to their political- economic organisation. To that purpose, three analytical dimensions of fiscal policy are tested on the centralisation- decentralisation spectrum: resource allocation, redistribution and macroeconomic stabilisation. The uniqueness of the EU is the independent variable in the comparative analysis. It is, at the same time, the major obstacle to the political feasibility of 'conventional fiscal federalism' in the EU context. To this extent, the book should be useful to students of European integration in general, especially to those working on the political economy of EMU, and to students of federalism.
Download or read book Economic and Monetary Union with Fiscal Federalism written by Paulo Vila Maior and published by LAP Lambert Academic Publishing. This book was released on 2010-07 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many economists argued that Economic and Monetary Union (EMU) is flawed for the absence of 'conventional fiscal federalism'. They claim that the political-economic rationale of EMU ruled out national mechanisms of adjustment, exposing fragile member states to economic shocks. This, in turn, reinforces the case for 'conventional fiscal federalism' in the European Union (EU). The book engages on a comparative exercise between the EU and five federations where fiscal federalism is key to their political- economic organisation. To that purpose, three analytical dimensions of fiscal policy are tested on the centralisation- decentralisation spectrum: resource allocation, redistribution and macroeconomic stabilisation. The uniqueness of the EU is the independent variable in the comparative analysis. It is, at the same time, the major obstacle to the political feasibility of 'conventional fiscal federalism' in the EU context. To this extent, the book should be useful to students of European integration in general, especially to those working on the political economy of EMU, and to students of federalism.
