Effects Of The European Economic And Monetary Union Emu On Taxation And Interest Spending Of National Governments

Author : Mr.Francesco P. Mongelli
Publisher : International Monetary Fund
Page : 37 pages
File Size : 43,9 Mb
Release : 1997-07-01
Category : Business & Economics
ISBN : 9781451951271

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Effects of the European Economic and Monetary Union (EMU) on Taxation and Interest Spending of National Governments by Mr.Francesco P. Mongelli Pdf

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 : Francesco Paolo Mongelli
Publisher : Unknown
Page : 36 pages
File Size : 42,8 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291214728

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Effects of the European Economic and Monetary Union (Emu) on Taxation and Interest Spending of National Governments by Francesco Paolo Mongelli Pdf

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.

Author : Mr.Francesco P. Mongelli
Publisher : International Monetary Fund
Page : 47 pages
File Size : 42,5 Mb
Release : 1996-07-01
Category : Business & Economics
ISBN : 9781451849295

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The Effects of the European Economic and Monetary Union (EMU)on National Fiscal Sustainability by Mr.Francesco P. Mongelli Pdf

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.

Author : Geoffrey Denton
Publisher : Taylor & Francis
Page : 129 pages
File Size : 48,6 Mb
Release : 2022-02-16
Category : Business & Economics
ISBN : 9781000549652

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Economic and Monetary Union in Europe by Geoffrey Denton Pdf

In its pursuit of economic integration, economic and monetary union (EMU) had become a primary commitment for the European Community. Originally published in 1974, this study sets out to examine the meaning of economic union and its relationship with monetary union. The contributors look at the problems and costs for attaining economic union for the member states of the EEC at the time. Steven Robson writes on economic management. Paul Woolley examines the integration of capital markets. Santosh Mukherjee looks at the implications of labour market policy. Geoffrey Denton and Adam Ridley consider the impact of economic and monetary union on regional problems. Alan Prest is concerned with tax harmonisation specifically Value Added Tax and Corporation Tax and Douglas Dosser discusses the development of a European Community budget. Though the long-term benefits of EMU were clear, in the short term it would impose strains and pressures on national economies and particular sectors within them. This study goes a long way to clarifying where these difficulties would arise and suggests some ways of coping with them.

Author : D.E. Fair,Christian de Boissieu
Publisher : Springer Science & Business Media
Page : 437 pages
File Size : 50,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789401126281

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Fiscal Policy, Taxation and the Financial System in an Increasingly Integrated Europe by D.E. Fair,Christian de Boissieu Pdf

The papers collected in this volume are those presented at the sixteenth Colloquium arranged by the Societe Universitaire Europeenne de Re cherches Financieres (SUERF), which took place in Lisbon in May 1991. The Society is supported by a large number of central banks and commer cial banks, by other financial and business institutions, and by personal subscriptions from academics and others interested in monetary and financial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at Tarragona, Spain in October 1970 under the title 'Monetary Policy and New Developments in Banking' and at Strasbourg, France in January 1972 under the title 'Aspects of European Monetary Union'.

Author : Mark Baimbridge,Philip Whyman
Publisher : Routledge
Page : 207 pages
File Size : 43,5 Mb
Release : 2005-06-28
Category : Business & Economics
ISBN : 9781134538768

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Fiscal Federalism and European Economic Integration by Mark Baimbridge,Philip Whyman Pdf

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.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 144 pages
File Size : 40,9 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 1557759804

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Research Activities of the IMF, January 1991-December 1999 by International Monetary Fund Pdf

Research activity in the IMF emphasizes the links between the organization's policy and operational concerns. The main objectives of research is IMF staff understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries. The scope of research in the IMF is defined by the purposes and functions of the institution. In order to foster innovation and ensure quality control, the IMF makes much of its research available outside the institution and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholar’s program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues.

Author : International Monetary Fund. External Relations Dept.
Publisher : International Monetary Fund
Page : 458 pages
File Size : 45,6 Mb
Release : 1997-01-01
Category : Business & Economics
ISBN : 9781451937503

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IMF Survey by International Monetary Fund. External Relations Dept. Pdf

The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx

Author : Geoffrey R. Denton
Publisher : Halsted Press
Page : 136 pages
File Size : 47,5 Mb
Release : 1974
Category : Business & Economics
ISBN : UOM:39015008533781

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Economic and Monetary Union in Europe by Geoffrey R. Denton Pdf

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 24 pages
File Size : 42,5 Mb
Release : 1990-07-01
Category : Business & Economics
ISBN : 9781451965278

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Economic and Monetary Union in Europe and Constraintson National Budgetary Policies by International Monetary Fund Pdf

This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity and intertemporal efficiency; and (iii) macroeconomic stabilization. The desirability of constraints on budgetary policy is related to the arrangements for EMU-wide monetary policy, the credibility of a no-bailout clause among member states, and progress in the area of supply-side policies.

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 204 pages
File Size : 46,6 Mb
Release : 1997-01-01
Category : Business & Economics
ISBN : 9781451930962

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transition, but a relatively strong recovery later on. Because it takes time to restructure the capital stock inherited from the old system, liberalization initially leads to transitional unemployment of capital and the contraction of the old enterprise sector. By making room quickly for the new, more efficient enterprises, however, liberalization also sets the stage for recovery and a much higher level of income in the medium term. [JEL E23, P21, P27, P52]

Author : David A. Currie
Publisher : Unknown
Page : 128 pages
File Size : 48,6 Mb
Release : 1997
Category : Business & Economics
ISBN : IND:30000055583557

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The Pros and Cons of EMU by David A. Currie Pdf

Author : Jürgen von Hagen,Charles Wyplosz
Publisher : Unknown
Page : 36 pages
File Size : 43,6 Mb
Release : 2008
Category : Euro
ISBN : IND:30000123481552

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EMU's Decentralized System of Fiscal Policy by Jürgen von Hagen,Charles Wyplosz Pdf

Recoge: 1. Introduction - 2. The fiscal dominance case for the SGP - 3. What do national governments do with their fiscal policies? - 4. Mutual insurance via transfers - 5. Institutional requirements for a transer system - 6. Conclusions reform - 9. Conclusions.

Author : J. Ferreiro,G. Fontana,F. Serrano
Publisher : Springer
Page : 219 pages
File Size : 45,6 Mb
Release : 2008-11-27
Category : Business & Economics
ISBN : 9780230228269

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Fiscal Policy in the European Union by J. Ferreiro,G. Fontana,F. Serrano Pdf

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 : Shawn Donnelly
Publisher : Manchester University Press
Page : 264 pages
File Size : 54,7 Mb
Release : 2004
Category : European Union countries
ISBN : 0719068509

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Reshaping Economic and Monetary Union by Shawn Donnelly Pdf

Following Maastricht, national governments found themselves pushed into distinctive roles, as promoters, gatekeepers, reformers and defectors, as voter preferences and central bank powers combined in different ways to create clear incentives for politicians. These roles explain the push from certain countries for specific changes to EMU rules, why some countries needed EMU more than others and under what conditions pressure to create an economic government for Europe could succeed or fail.