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Fiscal Aspects of European Monetary Integration - Andrew Hughes Hallett

Fiscal Aspects of European Monetary Integration

Hardcover

Published: 28th October 1999
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Monetary union in Europe started in 1999. The fiscal policy implications are, in many ways, more complex than the monetary issues, yet very little has been written on them. This book contains eleven papers and three review essays, which analyse a spectrum of empirical, theoretical, institutional and political aspects of the design and impact of fiscal policy in EMU. The contributors are some of the most experienced analysts in the field. Topics covered include the need for and consequences of fiscal coordination, constraints on national deficits and debt levels (the Stability Pact), and the role of fiscal federalism and insurance. The importance of coordinating fiscal and monetary policies is also considered in depth. As long as these strategic and institutional aspects remain imperfectly understood, EMU will not be able to function to its full advantage and may suffer periods of instability or weakness.

"...address how fiscal policy and institutions should be designed in Europe in the context of the new monetary union." Journal of Economic Literature "This volume is devoted to the complex fiscal policy implications of the European Monetary Union." Journal of Macroeconomics

Fiscal aspects of European monetary integration: an introduction andrew Hughes Hallett
Institutions and Political Economy
Institutions and fiscal policy in EMU
A political economy analysis of the Maastricht and Stability Pact fiscal criteria
Automatic Stabilizers in a
Budgetary norms and EMU
Regional adjustment and the welfare economics of monetary unification: what are the benefits of exchange rate flexibility and fiscal insurance?
Nominal stability, real convergence, and fiscal transfers in a monetary union Svend E. Hougaard Jensen; Discussion: Automatic Stabilizers and Fiscal Transfers
The Stability and Growth: Pact
The Stability Pact: Trading-off Flexibility for Credibility?
The stability and growth pact in a model with politically-induced deficit biases
Implications of the Growth and Stability Pact: why the growth element is important andrew Hughes Hallett and Peter McAdam; Discussion: the Stability Pact and Fiscal Policy
Asymmetric Business Cycles and Fiscal Linkages in Europe
Costs of EMU and economic convergence
Fiscal consolidation in Europe: some empirical issues Christopher Allsopp
Could the ins hurt the outs? a welfare analysis of International Financial Fiscal Links Giancarlo Corsetti and Paolo Pesenti; Discussion: insiders and outsiders in EMU
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521651622
ISBN-10: 052165162X
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 362
Published: 28th October 1999
Publisher: CAMBRIDGE UNIV PR
Country of Publication: GB
Dimensions (cm): 23.67 x 15.93  x 2.74
Weight (kg): 0.71