Fiscal Policy In Economic And Monetary Union

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Effects of the European Economic and Monetary Union (EMU) on Taxation and Interest Spending of National Governments

Mr.Francesco P. Mongelli
Effects of the European Economic and Monetary Union EMU on Taxation and Interest Spending of National Governments Book PDF

Author : Mr.Francesco P. Mongelli
Publisher : International Monetary Fund
Page : 37 pages
File Size : 51,8 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.

Fiscal Policy in Economic and Monetary Union

Marco Buti,Daniele Franco
Fiscal Policy in Economic and Monetary Union Book PDF

Author : Marco Buti,Daniele Franco
Publisher : Edward Elgar Publishing
Page : 321 pages
File Size : 51,8 Mb
Release : 2005-01-01
Category : Business & Economics
ISBN : 9781845426712

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Fiscal Policy in Economic and Monetary Union by Marco Buti,Daniele Franco Pdf

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.

Fiscal Policy in the European Union

J. Ferreiro,G. Fontana,F. Serrano
Fiscal Policy in the European Union Book PDF

Author : J. Ferreiro,G. Fontana,F. Serrano
Publisher : Springer
Page : 219 pages
File Size : 55,8 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.

Monetary and Fiscal Policies in EMU

Marco Buti
Monetary and Fiscal Policies in EMU Book PDF

Author : Marco Buti
Publisher : Cambridge University Press
Page : 376 pages
File Size : 51,9 Mb
Release : 2003-11-13
Category : Business & Economics
ISBN : 0521832152

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Monetary and Fiscal Policies in EMU by Marco Buti Pdf

Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.

Economic and Monetary Union

Klaus Gretschmann
Economic and Monetary Union Book PDF

Author : Klaus Gretschmann
Publisher : Martinus Nijhoff Publishers
Page : 298 pages
File Size : 51,6 Mb
Release : 2023-08-21
Category : Law
ISBN : 9789004637924

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Economic and Monetary Union by Klaus Gretschmann Pdf

The Heads of State and Government at the European Council meeting in Maastricht definitely decided to embark upon the creation of Economic and Monetary Union by, at the latest, the beginning of 1999, and in doing so opted for a relatively short but difficult journey that should bring the European Community all the benefits one could expect from such an undertaking. However, the question still remains of how Economic and Monetary Union will really affect the day-to-day policymaking of the national civil servants involved, particularly in the areas of monetary and fiscal policies. Can national policymakers adopt a `sit-and-wait' policy or does Economic and Monetary Union really entail a dangerous voyage between Scylla and Charybdis? Will Economic and Monetary Union undermine the sovereignty of national governments because the Maastricht Treaty will give the EC the competence to dictate its own will? Are the benefits of Economic and Monetary Union for the Member States really as great as expected? These and other issues are assessed in this book which, after an assessment of the achievements of the Maastricht European Council, will cover the main implications of a European monetary policy and closer economic cooperation for the relevant policies of the Member States, the division of the competences between Community and member countries and the forthcoming prospects for new EC policies (e.g. regional policy, the EC budget, fiscal union, etc.)

Fiscal Aspects of European Monetary Integration

Andrew Hughes Hallett,Michael M. Hutchison,Svend E. Hougaard Jensen
Fiscal Aspects of European Monetary Integration Book PDF

Author : Andrew Hughes Hallett,Michael M. Hutchison,Svend E. Hougaard Jensen
Publisher : Cambridge University Press
Page : 380 pages
File Size : 51,7 Mb
Release : 1999-10-07
Category : Business & Economics
ISBN : 052165162X

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Fiscal Aspects of European Monetary Integration by Andrew Hughes Hallett,Michael M. Hutchison,Svend E. Hougaard Jensen Pdf

A survey of fiscal policy under the restrictions of a single monetary policy and the Stability Pact.

Regional Aspects of Monetary Policy in Europe

Jürgen von Hagen,Christopher J. Waller
Regional Aspects of Monetary Policy in Europe Book PDF

Author : Jürgen von Hagen,Christopher J. Waller
Publisher : Springer Science & Business Media
Page : 331 pages
File Size : 51,9 Mb
Release : 2013-04-17
Category : Business & Economics
ISBN : 9781475763904

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Regional Aspects of Monetary Policy in Europe by Jürgen von Hagen,Christopher J. Waller Pdf

Monetary union has dawned in Europe. Now that the common currency is a reality, questions concerning the practical conduct of monetary policy in the European Monetary Union (EMU) are moving to the forefront of the policy debate. Among these, one of the most critical is how the new monetary union will cope with the large heterogeneity of its member economies. Given the large differences in economic and financial structures among the EMU member states, monetary policy is likely to affect different member economies in different ways. Regional Aspects of Monetary Policy in Europe collects the proceedings of an international conference held at the Center for European Integration Studies of the University of Bonn, dedicated to this issue. The contributions to this conference fall into two parts. The first part consists of empirical and theoretical studies of the regional effects of monetary policy in heterogeneous monetary unions. The second part consists of papers analyzing the political economy of monetary policy in a monetary union of heterogeneous regions or member states. The papers all support the conclusion that regional differences in the responses to a common monetary policy will make European monetary policy especially difficult in the years to come. Such differences arise from a variety of sources, and they cannot be expected to be mere teething troubles that will disappear after a while. Even if they were ignored in the run-up to the EMU, Europe's central bankers and economic policy makers will have to learn how to cope with such differences in the future.

Monetary and Fiscal Policies in the Euro Area

Michael Carlberg
Monetary and Fiscal Policies in the Euro Area Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 298 pages
File Size : 44,9 Mb
Release : 2006-03-14
Category : Business & Economics
ISBN : 9783540298007

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Monetary and Fiscal Policies in the Euro Area by Michael Carlberg Pdf

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.

Fiscal Policy, Taxation and the Financial System in an Increasingly Integrated Europe

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

Author : D.E. Fair,Christian de Boissieu
Publisher : Springer Science & Business Media
Page : 437 pages
File Size : 55,7 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'.

The Political Economy of Monetary Union

Francesco Giordano,Sharda Persaud
The Political Economy of Monetary Union Book PDF

Author : Francesco Giordano,Sharda Persaud
Publisher : Routledge
Page : 215 pages
File Size : 41,5 Mb
Release : 2013-10-18
Category : Business & Economics
ISBN : 9781136224096

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The Political Economy of Monetary Union by Francesco Giordano,Sharda Persaud Pdf

This book places the whole issue of monetary union in its wider political economic context. The authors discuss: * the effect of EMU on fiscal and monetary policies * Central bank independence * the impact of EMU on unemployment * ERM II * international perspectives. Drawing on their experience in the European financial markets, the authors use a non-technical approach to discuss these issues - both in a general european sense and more specifically, Germany, the UK and Italy.

Policy Competition and Policy Cooperation in a Monetary Union

Michael Carlberg
Policy Competition and Policy Cooperation in a Monetary Union Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 298 pages
File Size : 55,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783540247968

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Policy Competition and Policy Cooperation in a Monetary Union by Michael Carlberg Pdf

European monetary unification seems to be one of the most important events in international monetary affairs since the breakdown of Bretton Woods. It pos es a major challenge to central banks, governments, and labour unions. It opens up new fields of economic research that are both intriguing and fascinating. European Monetary Union amounts to a switch of regime. Surely the Mundell Fleming model of the open economy does no longer apply to Germany or France. The effects of shocks and policies on output and prices should have changed dramatically in size. Some of them should even work in the opposite direction now. The present book is part of a larger research project on monetary union, see Carlberg (1999, 2000, 2001, 2002, 2003). Some parts of this project were presented at the World Congress of the International Economic Association in Lisbon. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association in Klagenfurt, at the Pass au Workshop on International Economics, at the Halle Workshop on Monetary Economics, and at the Research Seminar on Macroeconomics in Freiburg. Moreover, book reviews were published in the Economic Journal, Kyklos, the Journal of Economics, and the Journal of Economics and Statistics.

Inflation and Unemployment in a Monetary Union

Michael Carlberg
Inflation and Unemployment in a Monetary Union Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 250 pages
File Size : 49,7 Mb
Release : 2008-07-15
Category : Business & Economics
ISBN : 9783540793014

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Inflation and Unemployment in a Monetary Union by Michael Carlberg Pdf

This book studies the coexistence of inflation and unemployment in a monetary union. The focus is on how to reduce the associated loss. The primary target of the European central bank is low inflation in Europe. The primary target of the German government is low unemployment in Germany. And the primary target of the French government is low unemployment in France. The European central bank has a quadratic loss function. The same applies to the German government and the French government. The key questions are: To what extent can the sequential process of monetary and fiscal decisions reduce the loss caused by inflation and unemployment? Is monetary and fiscal cooperation superior to the sequential process of monetary and fiscal decisions? The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.

EMU's Decentralized System of Fiscal Policy

Jürgen von Hagen,Charles Wyplosz
EMU s Decentralized System of Fiscal Policy Book PDF

Author : Jürgen von Hagen,Charles Wyplosz
Publisher : Unknown
Page : 36 pages
File Size : 53,5 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.

European Monetary Union

Michael Carlberg
European Monetary Union Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 254 pages
File Size : 43,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642866524

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European Monetary Union by Michael Carlberg Pdf

This book explores the new macroeconomics of the European Monetary Union. It carefully discusses the effects of shocks and policy measures on em ployment, prices, and the current account. Take for instance a shock or a policy measure in a specific union country. Then what will be the results in the specific country, in the other union countries, and in the rest of the world? The targets of economic policy are full employment and price stability in each of the union of economic policy are monetary policy by the Euro countries. The instruments pean Central Bank and fiscal policies by national governments. What is the appropriate policy mix? A salient feature of this book is the numerical estimation of shock and policy multipliers. Money wages are fixed, flexible or downward rigid. The monetary union can be small or large. I had many helpful talks with Gerd Focke, Daphni-Marina Papadopoulou, Franco Reither, Wolf Schafer, Christine Schafer-Lochte, and Michael Schmid. In addition, Michael Brauninger and Michael Cyrus carefully discussed with me all parts of the manuscript. Last but not least, Doris Ehrich did the secretarial work as excellently as ever. I wish to thank all of them. Executive Summary 1) Small monetary union of two identical countries, say Gennany and France. The monetary union is a small open economy with perfect capital mobili ty. Let us begin with fiscal policy.

The Economic and Monetary Union. The Interdependence of Monetary and Fiscal Policy in the Eurozone

Martin Heipertz
The Economic and Monetary Union The Interdependence of Monetary and Fiscal Policy in the Eurozone Book PDF

Author : Martin Heipertz
Publisher : Unknown
Page : 72 pages
File Size : 40,9 Mb
Release : 2022-05-02
Category : Electronic
ISBN : 3346601668

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The Economic and Monetary Union. The Interdependence of Monetary and Fiscal Policy in the Eurozone by Martin Heipertz Pdf

Master's Thesis from the year 2001 in the subject Economics - Monetary theory and policy, grade: 1,0, College of Europe, language: English, abstract: This paper addresses the interdependence of monetary and fiscal policy in a monetary union and the ensuing consequences for the economic constitution of the eurozone. Monetary-fiscal interactions are approached from economic theory and game-theoretical perspectives, which provides the basis for a discussion of the political economy of the present institutional framework. It draws extensively on the existing literature covering the linkages between monetary and fiscal policy as well as game-theoretical approaches to the interaction of the two major branches of macroeconomic management. The recently proliferating work on the political economy of Economic and Monetary Union is condensed into its main arguments and critically reviewed. This includes contributions to the understanding of the politics of economic policymaking as well as normative statements about the design of institutions in a monetary union. Most of the sources are papers that focus on specific issues or start from different assumptions, which implies that their conclusions are often diverging or not even compatible. While the thesis tries to provide a balanced representation of the scientific discussion in this area, it does at times stand for a clear-cut choice on controversial normative issues. The paper consists of a theoretical and an applied part. After briefly reviewing the relevant literature in this field, the analytical section develops the necessity of fiscal coordination in a monetary union, based on the interdependence of monetary and fiscal policy as well as the strategic interaction of the institutional players involved. This insight is then applied to the present framework of macroeconomic policy in the eurozone - characterised by the fact that monetary policy is supranationally concentrated, whereas fiscal policy remains decentralised an