2 edition of Does EMU need a fiscal federation? found in the catalog.
Does EMU need a fiscal federation?
|Statement||by A. Fatás.|
|Series||Working papers / INSEAD -- 97/112/EPS, Working papers -- 97/112/EPS.|
Specify the type of fiscal book for which you want to convert data. You select a code from the Fiscal Book Code UDC (76/FB). 6. IPI Tax Print. Specify whether the system prints details or a summary of IPI taxes, or does not print IPI taxes. Values are: 1: Print a line for every IPI tax record for each transaction nature code on a nota fiscal. Fiscal discipline to safeguard the credibility of the single monetary authority and fiscal flexibility to respond to country-specific shocks are two core principles governing budgetary policy in EMU. The Stability and Growth Pact aims at ensuring the first objective. To comply with the requirements of the pact, EU members need to achieve a ‘close.
- "Public Policies, Regional Inequalities and Growth", Journal of Public Economics, (73)1 () pp. ; (reedited in forthcoming book Kluwer) - "Growing Locations: Industry Location in a Model of Endogenous Growth", , with Gianmarco Ottaviano, European Economic Review (43) 2, pp. Is fiscal policy coordination in EMU desirable? Roel Beetsma, Xavier Debrun and Franc Klaassen* Summary It is widely argued that Europe's unified monetary policy calls for international coordination of fiscal policy. This paper surveys the is-sues involved with the coordination of fiscal policies as a demand management tool.
The main rationale for fiscal stabilisation policy in a booming EMU country is thus intertemporal considerations relating to future stabilisation possibilities.2 A related intertemporal argument for fiscal stabilisation policy in booms in the EMU countries is the risk . Options for Europe – Part Friday, Febru ; bill; 14). They were referring to the perceived need to create a federal fiscal capacity to provide relief to regions (member states) within the federation at times when local economies were in recession. and (b) does the EMU “require an EC-wide fiscal policy.
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SUMMARY. Redistribution vs insurance Does Europe need a fiscal federation. The stabilization provided by the US federal budget has been used as an example of the adjustment mechanisms that are lacking in Europe and which are needed to make a currency area by: Does EMU Need a Fiscal Federation?1 Antonio Fatás INSEAD and CEPR Summary The stabilization provided by the US federal budget has been used as an example of the adjustment mechanisms that are lacking in Europe and which are needed to make a currency area viable.
This paper presents four sets of findings that suggest that the benefits of aCited by: Corrections. All material on this site has been provided by the respective publishers and authors.
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Does EMU need political union. This would correspond to the single currency federation, created in the last century, that is now Germany. But there is an alternative Does EMU need a fiscal federation?
book, of which the US is an example. and taxes were low. This gives support to those who argue that Emu can operate without significant fiscal transfers between member states.
"Effects of EMU on the Spanish Business Cycle". In The Euro and the Spanish Economy. Fundacion Banco Bilbao Vizcaya, "Does EMU Need a Fiscal Federation?" Economic Policy, April "Multipliers: Imperfect Competition or Increasing Returns to Scale?,".
The realization of the European Monetary Union (EMU) with the creation of the euro and the European Central Bank (ECB) are important events with relevant economic as well as social and political implications.
To fully reconstruct, explain and evaluate the complex long process that led to these outcomes is far beyond the scope of this : C. Sardoni. Fiscal federalism is the division of governmental functions and financial relations between different levels of government in a non-unitary government, where the levels may include national, province/state, and local government.
Its an important i. Does a monetary union need fiscal shock absorbers helping the participating countries to cope with asymmetric shocks.
The consensus in the debate over EMU argues that the answer is yes. In this paper, we revisit the issue, building on a dynamic, general equilibrium framework of regions in a monetary union exposed to asymmetric Size: KB. Book Description.
Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks. This book looks at the experience of 13 federal states to help inform the heated debate on this issue.
Get this from a library. EMU: prospects and challenges for the euro. [David K H Begg;] -- Using available theories and data, including historical evidence, this volume looks at the operation of monetary and fiscal policy, at the effects of shocks, and at the international role of the Euro.
Fiscal Policy Coordination in EMU. I have not changed my views concerning the need to harmonize and coordinate fiscal policies within a monetary union like EMU, but I Author: Paul R.
Masson. Fiscal Federalism, EMU and Shock Absorption Mechanisms: A Guide to the Literature a significant set of empirical work has explored the need for a European fiscal federation estimate of the inter-regional insurance provided by a fiscal federation we couldn't simply measure the.
Besides, the EMU is ready to promote a fiscal union with a banking r 3 discusses the way European fiscal integration should be made to progress from the viewpoint of fiscal : Luis Pacheco.
Unfortunately, the problem of the deficit bias of fiscal policy does not lend itself to such a simple solution. Nonetheless, I perceive a need to reflect further on governance issues and the strengthening of incentives for compliance, both at the European and at the national level, if the implementation of the Pact is to be fundamentally improved.
Our two-day conference, organized with the European Stability Mechanism, the International Monetary Fund and the Bank of Spain, saw participants representing the European Commission, central and private banking groups and economic research groups discuss the need for – and the scope of – a fiscal union within the European Monetary Union (EMU).
Fatás, Antonio‘ Does EMU need a fiscal federation. ’ in EMU: Prospects and Challenges for the Euro by David Begg, Jürgen von Hagen, Charles Wyplosz and Klaus Zimmermann, (eds), : Maria Demertzis.
7 This paper examines fiscal stabilisation policy from two related perspectives: • is fiscal stabilisation economically feasible, i.e. does fiscal policy actually work as a stabilisation mechanism.
Are there any costs of a more active use of fiscal policy as a stabilisation mechanism. ; and • is an enhanced role for fiscal stabilisation practically feasible, either through. Fatás A () Does EMU need a fiscal federation. Economic Policy – CrossRef Google Scholar Fatás A, Mihov I () Government size and automatic stabilizers: International and intranational : Scott Davis.
Antonio Fatás, "Does EMU need a fiscal federation?," Economic Policy, CEPR;CES;MSH, vol. 13(26), pagesApril. Chiara Forlati, "Optimal Monetary and Fiscal Policy in the EMU: Does Fiscal Policy Coordination matter?," Working PapersCenter for Fiscal Policy, Swiss Federal Institute of Technology Lausanne, revised May.
The Future of EMU: What Does the History of Monetary Unions Tell Us. Michael D. Bordo, Lars Jonung. NBER Working Paper No. Issued in September NBER Program(s):Monetary Economics, Development of the American Economy The creation of EMU and the ECB has triggered a discussion of the future of EMU.
The fiscal policy of a government has a direct influence on that country's economy. The government is involved in fiscal policy any time that it makes payments, purchases goods and services, or even collects taxes.
Any change in the government's fiscal policy affects the economy as well as individuals.1 The ADEMU project is funded by the European Union’s Horizon Programme under grant agreement N° HOW MUCH OF A FISCAL UNION FOR THE EMU? Madrid, MayBanco de España Calle de Alcalá, 48 A central question in the development of Europe is how much of a Fiscal Union is needed in order.Maastricht Treaty, is the backbone of fiscal discipline in EMU.
The SGP is widely viewed as the most stringent “commitment technology” ever adopted by sovereign governments on a voluntary basis in the attempt to establish and maintain sound public finances. The fiscal rules of EMU are based on a simple predicament: governmentFile Size: KB.