Design And Implementation Of The Stability And Growth Pact
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Author | : Fabrizio Coricelli |
Publisher | : |
Total Pages | : 0 |
Release | : 2009 |
Genre | : |
ISBN | : |
Download Design and Implementation of the Stability and Growth Pact Book in PDF, Epub and Kindle
Current developments in the design and management of fiscal rules in the European Union may have negative implications for New Member States. Loosening of the Stability and Growth Pact (SGP) and a growing degree of arbitrariness in its implementation reduce incentives for fiscal adjustment in New Member States, adjustment that would be crucial during the transition to the Eurozone. High budget deficits may prove a serious obstacle in the process of catching up of New Member States to the income levels of EU-15 countries.
Author | : Marco Buti |
Publisher | : |
Total Pages | : 48 |
Release | : 2003 |
Genre | : Budget deficits |
ISBN | : |
Download Revisiting the Stability and Growth Pact Book in PDF, Epub and Kindle
Recoge: 1. Introduction - 2. Fiscal rules: design and compliance - 3. Critical issues in the implementation of the SGP - 4. Revisiting the SGP: main proposals - 5. Revisiting the SGP: workable improvements - 6. Conclusions.
Author | : Martin Heipertz |
Publisher | : Cambridge University Press |
Total Pages | : 333 |
Release | : 2010-03-18 |
Genre | : Political Science |
ISBN | : 1139484354 |
Download Ruling Europe Book in PDF, Epub and Kindle
The Stability and Growth Pact (SGP) is central to Economic and Monetary Union (EMU) in Europe. Initiated by Germany in 1995 and adopted in 1997, it regulates the fiscal policies of European Union Member States. Following numerous violations of its deficit reference value, the Pact's Excessive Deficit Procedure was suspended in 2003. The decision to suspend was brought before the European Court of Justice in 2004 and the SGP then underwent painstaking reform in 2005. After a period of economic prosperity and falling budgetary deficits, the global economic crisis put the system under renewed stress. Ruling Europe presents a comprehensive analysis of the political history of the SGP as the cornerstone of EMU. It examines the SGP through different theoretical lenses, offering a fascinating study of European integration and institutional design. One cannot understand the Euro without first understanding the SGP.
Author | : Carlos Fonseca Marinheiro |
Publisher | : |
Total Pages | : 29 |
Release | : 2008 |
Genre | : |
ISBN | : |
Download The Stability and Growth Pact, Fiscal Policy Institutions, and Stabilization in Europe Book in PDF, Epub and Kindle
Ever since its inception EMU has been subject to controversy. The fiscal policy rules embedded in the Treaty on European Union, and clarified in the Stability and Growth Pact (SGP), are probably the most contentious. The SGP as always being accused of being too rigid and of forcing procyclicality in fiscal policy. However, in an influential paper Galiacute; and Perotti (2003) concluded that discretionary fiscal policy has actually become more countercyclical in EMU countries after the Maastricht Treaty. This paper concludes that this conclusion resists to several robustness tests using ex-post data, including the use of institutional variables, but not to the use of real-time data. Using ex-post data there is some evidence pointing to a more countercyclical use of discretionary fiscal policy (or at least to a decrease in the use of procyclical discretionary fiscal policy). However, the use of real-time data for the period 1999-2006 reveals that discretionary fiscal policy has been designed to be procyclical. Hence, the actual acyclical behaviour of discretionary fiscal policy in the period after 1999 seems to be simply the result of errors in the forecast of the output gap, and not the result of a change in the intentions of policy makers. As a result, there is no evidence in favour of the view that Maastricht rules have forced euro-area policy-makers to change their behaviour and design countercyclical discretionary fiscal policy.
Author | : Mr.George Kopits |
Publisher | : International Monetary Fund |
Total Pages | : 58 |
Release | : 1998-07-22 |
Genre | : Business & Economics |
ISBN | : 9781557757043 |
Download Fiscal Policy Rules Book in PDF, Epub and Kindle
What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run stabilization? If so, what characteristics of fiscal rules make this contribution most effective? And in what circumstances and contexts, if any should the IMF encourage its member countries to adopt fiscal rules? This paper seeks to identify sensible fiscal policy rules that can succeed, if chosen by a member country, as an alternative to descretionary fiscal rules.
Author | : Luc Eyraud |
Publisher | : International Monetary Fund |
Total Pages | : 132 |
Release | : 2018-04-13 |
Genre | : Business & Economics |
ISBN | : 1484350936 |
Download Second-Generation Fiscal Rules Book in PDF, Epub and Kindle
Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Author | : Mr.Roel M. W. J. Beetsma |
Publisher | : International Monetary Fund |
Total Pages | : 34 |
Release | : 2003-09-01 |
Genre | : Business & Economics |
ISBN | : 145185871X |
Download Reconciling Stability and Growth Book in PDF, Epub and Kindle
This paper analyzes the decision of a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact. The model shows that a pact may harm structural reforms, sacrificing future growth for present stability. The welfare gains brought about by a pact depend on a trade-off between the reduction in the deficit bias and the induced reduction in the amount of structural reform. A pact becomes more attractive (“smarter”) if it takes into account the fiscal impact of structural reforms, in line with a recent proposal by the European Commission.
Author | : Martin Heipertz |
Publisher | : Cambridge University Press |
Total Pages | : 333 |
Release | : 2010-03-18 |
Genre | : Business & Economics |
ISBN | : 0521197503 |
Download Ruling Europe Book in PDF, Epub and Kindle
This book analyses the fraught history and politics of the Stability and Growth Pact from its origins to the present economic crisis.
Author | : Federico Diaz Kalan |
Publisher | : International Monetary Fund |
Total Pages | : 36 |
Release | : 2018-04-13 |
Genre | : Computers |
ISBN | : 1484351029 |
Download Thou Shalt Not Breach: The Impact on Sovereign Spreads of Noncomplying with the EU Fiscal Rules Book in PDF, Epub and Kindle
There is evidence that fiscal rules, in particular well-designed rules, are associated with lower sovereign spreads. However, the impact of noncompliance with fiscal rules on spreads has not been examined in the literature. This paper estimates the effect of the Excessive Deficit Procedure (EDP) on sovereign spreads of European Union member states. Based on a sample including the 28 European Union countries over the period 1999 to 2016, sovereign spreads of countries placed under an EDP are found to be on average higher compared to countries that are not under an EDP. The interpretation of this result is not straight-forward as different channels may be at play, in particular those related with the credibility and the design of the EU fiscal framework. The specification accounts for typical macroeconomic, fiscal, and financial determinants of sovereign spreads, the System Generalized Method of Moments estimator is used to control for endogeneity, and results are robust to a range of checks on variables and estimators.
Author | : International Monetary Fund. Research Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 216 |
Release | : 2004-11-23 |
Genre | : Business & Economics |
ISBN | : 9781589063518 |
Download IMF Staff Papers, Volume 51, No. 3 Book in PDF, Epub and Kindle
This paper tests uncovered interest parity (UIP) using interest rates on longer maturity bonds for the Group of Seven countries. These long-horizon regressions yield much more support for UIP—all of the coefficients on interest differentials are of the correct sign, and almost all are closer to the UIP value of unity than to zero. The paper also analyzes the decision by a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact.