Economic Spillover And Policy Coordination In The Euro Area
Economic Spillover And Policy Coordination In The Euro Area Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of Economic Spillover And Policy Coordination In The Euro Area book. This book definitely worth reading, it is an incredibly well-written.
Economic Spillover and Policy Coordination in the Euro Area by Klaus Weyerstrass Pdf
Recoge: Executive symmary. 1. A working definition of spillover. - Part 1: Theory. - 2. A working definition of spillover. - Part 2: Empirical findings. - 3. Budgetary spillover and short-term interest rates. - 4. Budgetary spillover and long-term interest rates. - 5. Budgetary stabilisation and the level of public debt. - 6. Spillover form economic reform. - 7. Macroeconomic and welfare effects of structural and budgetary policies: spillover in the MSG3 model. - Part 3: conclusions. - 8. Summary, recommendations and future research. - Appendix. - References.
Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area by Bas van Aarle,Klaus Weyerstrass Pdf
This book analyzes economic interdependence in the Euro Area. It offers expert estimates of the sign and size of economic spillovers. Moreover, the authors explore the impact of economic policy coordination on economic performance in the Euro Area. Among the many topics explored are the link between fiscal and monetary policies in the Euro Area and the coordination of fiscal policies and of structural reforms.
Economic Policy Coordination in the Euro Area by Armin Steinbach Pdf
The European debt crisis has given new impetus to the debate on economic policy coordination. In economic literature, the need for coordination has long been denied based on the view that fiscal, wage and monetary policy actors should work independently. However, the high and persistent degree of macroeconomic disparity within the EU and the absence of an optimum currency area has led to new calls for examining policy coordination. This book adopts an institutional perspective, exploring the incentives for policymakers that result from coordination mechanisms in the fields of fiscal, monetary and wage policy. Based on the concept of externalities, the work examines cross-border spillovers (e.g. induced by fiscal policy) and cross-policy spillovers (e.g. between fiscal and monetary policies), illuminating how they have empirically changed over time and how they have been addressed by policymakers. Steinbach introduces a useful classification scheme that distinguishes between vertical and horizontal coordination as well as between cross-border and cross-policy coordination. The author discusses farther-reaching forms of fiscal coordination (e.g. debt limits, insolvency proceedings, Eurobonds) with special attention to how principals of state organization affect their viability. Federal states and Bundesstaaten differ in the incentives they offer for debt accumulation – and thus in their suitability for fiscal coordination. Steinbach finds that the originally strict separation between policy areas has undergone significant change during the debt crisis. Indeed, recent efforts to coordinate policy are no longer limited to one policy area, but now extend to several areas. Steinbach argues that further fiscal policy coordination can be effectively deployed to address policy externalities, but that the coordination mechanisms used must match the form of state organization in the first place. Regarding wage policies, there are significant barriers to coordination. Notwithstanding some empirical successes in the implementation of a productivity-oriented wage policy, the high heterogeneity of national wage-setting institutions is likely to prevent any wage coordination.
International Economic Policy Coordination by Michael Carlberg Pdf
This book studies the international coordination of monetary and fiscal policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary and fiscal competition between Europe and America. Similarly, as to policy cooperation, the focus is on monetary and fiscal cooperation between Europe and America. The spillover effects of monetary policy are negative while the spillover effects of fiscal policy are positive. The policy targets are price stability and full employment. The policy makers follow either cold-turkey or gradualist strategies. Policy expectations are adaptive or rational. The world economy consists of two, three or more regions. 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 in Lisbon. Other parts were presented 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.
The European Union's Structures and Procedures for Macroeconomic Policy Coordination - Do They Amount to a Form of "Economic Government"? by Sara Buckow Pdf
Essay aus dem Jahr 2010 im Fachbereich Politik - Internationale Politik - Thema: Europäische Union, University of Bath, Sprache: Deutsch, Abstract: “To become the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion” was the main objective at the Lisbon European Council meeting in 2000 (European Commission, 2002). A decade later – in March 2010 – the Commission set a new strategic goal under the name “Europe 2020”. Achieving a “new economic policy coordination process” and again “smart, sustainable and inclusive growth” are the aims of this strategy announced by the Commission in 2010 (European Commission 2010). It becomes obvious that realising these goals requires harmonious coordination of macroeconomic policies. Therefore, this essay explores the different structures and procedures in place to coordinate the macroeconomic policy in the European Union (EU). It will focus upon fiscal and monetary policy-making as well as the Broad Economic Policy Guidelines and the Stability and Growth pact against the background of current debates. Identifying gaps in the policy-making processes will be the emphasis of the first part whereas the second part will be devoted to the exploring whether a form of “Economic Government” exists. This essay argues that the discrepancy between supranational monetary policy-making and national fiscal policy-making is an obstacle to the achievement of “Economic Government”. Due to increasing interdependence in form of institutions such as the Single Market and especially the introduction of the Economic and Monetary Union (EMU), coordination has become an imperative. In the view of the European Commission (2002), coordination of economic policies is highly desirable in order to “account for direct cross-border spillover effects of national policies on neighbouring countries”. For instance, policy decisions on a national level have an impact on the inflation and exchange rates, which in turn influences the European Central Bank’s (ECB) policy decision-making. Begg et al (2003) categorise arising expenses as social costs, as established fiscal policies become destructive to previously implemented guidelines and harm the stability of the overall coordination. Thus a coherent coordination system reduces social costs. [...]
Economic Government of the EU by C. Meyer,I. Linsenmann,W. Wessels Pdf
The creation of Monetary Union marked a major step in the evolution of the European Union. Is the EU now taking the next step of deeper integration towards a fully-fledged economic government? The book seeks to answer this question by studying the evolution, execution and performance of new modes of economic policy co-ordination as potential stepping-stones towards more institutionalized forms of economic governance.
Macroeconomic Policy Coordination in EMU by Theresa Petra Hauck Pdf
Bachelor Thesis from the year 2016 in the subject Economics - Macro-economics, general, grade: 1,0, University of Bamberg, language: English, abstract: The financial crisis and the subsequent European sovereign debt crisis have highlighted the high degree of interdependence among EMU member states. The crisis period made much more clear that a macroeconomic policy coordination framework is indispensable as there is great sensibility and high risk for contagion effects. The structure of EMU in its highest level of integration as of one monetary authority vis-à-vis many fiscal authorities brings about several specific aspects regarding coordination. In order to achieve and ensure economic stability in such a unique constellation there have been established several measures and frameworks with the Stability and Growth Pact as the centre point. Designed on the grounds of and motivated by the objective of stabilising the overall economy, the pact promotes fiscal discipline through limiting government deficits and debts in order to prevent adverse fiscal spillover effects and freeriding behaviour of national fiscal authorities which could risk price and overall macroeconomic stability of the common currency area. This however brings about limitations for governments to discretionarily react to national economic needs and conditions. This bachelor thesis addresses the resulting tension between a theoretical and fundamental need for macroeconomic policy coordination in a monetary union environment and the politico-economic reality. The main goals are: to examine the main arguments in favour and against the pact under the areas of content, objectives and enforcement design; to highlight the resulting trade-offs; and to link these to developments and reforms of the pact but also to different economic contexts, namely the time period before and the time period during and after the crisis. The main finding is that reforms regarding macroeconomic policy coordination which were introduced after the beginning of the crisis period do not represent a rearrangement of the SGP framework and rather address the same debate on economic trade-offs only with a changed set of conditions. The reforms regarding the pact can be described as developments refocusing on the core of the pact while still shifting it in the directions of some propositions along with criticism which had been expressed long before the crisis period.
Challenges for Economic Policy Coordination Within European Monetary Union by Andrew Hughes Hallett,Peter Mooslechner,Martin Schürz Pdf
The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice. There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU. The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges for Economic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.
Economic Policy Coordination in the Euro Area by Armin Steinbach Pdf
The European debt crisis has given new impetus to the debate on economic policy coordination. In economic literature, the need for coordination has long been denied based on the view that fiscal, wage and monetary policy actors should work independently. However, the high and persistent degree of macroeconomic disparity within the EU and the absence of an optimum currency area has led to new calls for examining policy coordination. This book adopts an institutional perspective, exploring the incentives for policymakers that result from coordination mechanisms in the fields of fiscal, monetary and wage policy. Based on the concept of externalities, the work examines cross-border spillovers (e.g. induced by fiscal policy) and cross-policy spillovers (e.g. between fiscal and monetary policies), illuminating how they have empirically changed over time and how they have been addressed by policymakers. Steinbach introduces a useful classification scheme that distinguishes between vertical and horizontal coordination as well as between cross-border and cross-policy coordination. The author discusses farther-reaching forms of fiscal coordination (e.g. debt limits, insolvency proceedings, Eurobonds) with special attention to how principals of state organization affect their viability. Federal states and Bundesstaaten differ in the incentives they offer for debt accumulation – and thus in their suitability for fiscal coordination. Steinbach finds that the originally strict separation between policy areas has undergone significant change during the debt crisis. Indeed, recent efforts to coordinate policy are no longer limited to one policy area, but now extend to several areas. Steinbach argues that further fiscal policy coordination can be effectively deployed to address policy externalities, but that the coordination mechanisms used must match the form of state organization in the first place. Regarding wage policies, there are significant barriers to coordination. Notwithstanding some empirical successes in the implementation of a productivity-oriented wage policy, the high heterogeneity of national wage-setting institutions is likely to prevent any wage coordination.
Cross-Country Spillovers of Fiscal Consolidations in the Euro Area by Mr.Tigran Poghosyan Pdf
This paper revisits the issue of cross-country spillovers from fiscal consolidations using an innovative empirical methodology. We find evidence in support of fiscal spillovers in 10 euro area countries. Fiscal consolidation in one country not only reduces domestic output (direct effect), but also the output of other member countries (indirect/spillover effect). Fiscal spillovers are larger for: (i) more closely located and economically integrated countries, and (ii) fiscal shocks originating from relatively larger countries. On average, 1 percent of GDP fiscal consolidation in 10 euro area countries reduces the combined output by 0.6 percent on impact, out of which half is driven by indirect effects from fiscal spillovers. The impact peters out and becomes insignificant over the medium-term. It is largely driven by tax measures, which have a relatively stronger effect on output compared to expenditure measures. The results are robust to alternative measures of bilateral links across countries.
Author : Paul van den Noord,István P. Székely Publisher : Unknown Page : 0 pages File Size : 53,8 Mb Release : 2011 Category : European Union countries ISBN : 9279153633
Economic Crisis in Europe by Paul van den Noord,István P. Székely Pdf
The European economy is emerging from its deepest recession since the 1930s. This volume, which brings together economic analysis from the European Commission services, explains how swift policy response avoided a financial meltdown. Europe also needs an improved co-ordinated crisis-management framework to help it respond to any similar situations that may arise in the future. Economic Crisis in Europe is a much-anticipated volume which shows that the beginnings of such a crisis-management framework are emerging, building on existing institutions and legislation and complemented by new initiatives.
EMU and Economic Policy in Europe by Marco Buti,André Sapir Pdf
Explores issues surrounding the European Monetary Union, including the financial impact of the euro, the behavior of monetary and fiscal authorities, and the consequences of EU enlargement.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 33 pages File Size : 51,8 Mb Release : 1998-03-01 Category : Business & Economics ISBN : 9781451844238
Coordination of Monetary and Fiscal Policies by International Monetary Fund Pdf
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.
A tool for supporting economic policy-making in the former Yugoslavia by Klaus Weyerstraß Pdf
The book describes a quarterly macroeconometric multi-country model for Croatia, Bosnia and Herzegovina, Slovenia and Serbia. The model is tested by evaluating its ability to reproduce the endogenous variables in an ex post simulation. Furthermore, economic policy simulations are performed to analyse (i) islated vs. coordinated fiscal policies, (ii) the future of the euro area and impacts on Slovenia and Serbia, (iii) budgetary consolidation strategies for Slovenia, (iv) how to cope with population ageing, and (iv) impacts of Croatia's EU accession. Klaus Weyerstrass is senior researcher at the Institute for Advanced Studies, Vienna.
