Fiscal Aspects of European Monetary Integration

Cambridge University Press, 10/7/1999
EAN 9780521651622, ISBN10: 052165162X

Hardcover, 362 pages, 22.9 x 15.2 x 2.4 cm
Language: English

Monetary union in Europe started in 1999. 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. This book will be of value to anyone with an interest in EMU and the development of European fiscal policy.

1. Fiscal aspects of European monetary integration
an introduction Andrew Hughes Hallett, Michael M. Hutchison and Svend E. Hougaard Jensen
Part I. Institutions and Political Economy
2. Institutions and fiscal policy in EMU Niels Thygesen
3. A political economy analysis of the Maastricht and Stability Pact fiscal criteria Thomas F. Willett
Part II. Automatic Stabilizers in a Monetary Union
4. Budgetary norms and EMU Torben M. Andersen and Robert Dogonowski
5. Regional adjustment and the welfare economics of monetary unification
what are the benefits of exchange rate flexibility and fiscal insurance? Kenneth M. Kletzer
6. Nominal stability, real convergence, and fiscal transfers in a monetary union Svend E. Hougaard Jensen
Discussion
Automatic Stabilizers and Fiscal Transfers Neil Rankin
Part III. The Stability and Growth
Pact 7. The Stability Pact
Trading-off Flexibility for Credibility? Michael Artis and Bernhard Winkler
8. The stability and growth pact in a model with politically-induced deficit biases Roel M. W. J. Beetsma
9. 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 Clas Wihlborg
Part IV. Asymmetric Business Cycles and Fiscal Linkages in Europe
10. Costs of EMU and economic convergence Michael Bergman and Michael M. Hutchison
11. Fiscal consolidation in Europe
some empirical issues Christopher Allsopp, Warwick McKibben and David Vines
12. 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 Paul De Grauwe.