Will Fiscal Policy Be Effective Under EMU? - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Will Fiscal Policy Be Effective Under EMU? write by Mr.M. Cangiano. This book was released on 1998-12-01. Will Fiscal Policy Be Effective Under EMU? available in PDF, EPUB and Kindle. European Economic and Monetary Union does not envisage creating a central fiscal authority. Monetary and exchange rate policies will be centralized, but fiscal policy will remain a national responsibility, in line with the subsidiarity principle. This paper argues that monetary union will generate pressures for closer economic integration than currently envisaged. Although not a necessity, a more active central role could then be justified on the grounds of allocative efficiency, redistribution, and stabilization. While in the short term enhanced policy coordination may address those pressures satisfactorily, as economic integration proceeds, the case for a central fiscal authority may become stronger.
Will Fiscal Policy Be Effective Under Emu?
Will Fiscal Policy Be Effective Under Emu? - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Will Fiscal Policy Be Effective Under Emu? write by Marco Cangiano. This book was released on 2006. Will Fiscal Policy Be Effective Under Emu? available in PDF, EPUB and Kindle. European Economic and Monetary Union does not envisage creating a central fiscal authority. Monetary and exchange rate policies will be centralized, but fiscal policy will remain a national responsibility, in line with the subsidiarity principle. This paper argues that monetary union will generate pressures for closer economic integration than currently envisaged. Although not a necessity, a more active central role could then be justified on the grounds of allocative efficiency, redistribution, and stabilization. While in the short term enhanced policy coordination may address those pressures satisfactorily, as economic integration proceeds, the case for a central fiscal authority may become stronger.
Monetary and Fiscal Policies in EMU
Monetary and Fiscal Policies in EMU - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Monetary and Fiscal Policies in EMU write by Marco Buti. This book was released on 2003-11-13. Monetary and Fiscal Policies in EMU available in PDF, EPUB and Kindle. Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.
Effects of the European Economic and Monetary Union (EMU) on Taxation and Interest Spending of National Governments
Effects of the European Economic and Monetary Union (EMU) on Taxation and Interest Spending of National Governments - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Effects of the European Economic and Monetary Union (EMU) on Taxation and Interest Spending of National Governments write by Mr.Francesco P. Mongelli. This book was released on 1997-07-01. Effects of the European Economic and Monetary Union (EMU) on Taxation and Interest Spending of National Governments available in PDF, EPUB and Kindle. 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.
Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase
Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase write by Norbert Berthold. This book was released on 1999-06-01. Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase available in PDF, EPUB and Kindle. 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.
