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What can the EMU's peripheral countries learn from regional growth?
Aiginger, Karl; Firgo, Matthias; Huber, Peter - 2013
The experiences of 259 regions in 21 European countries with within country GDP per capita and labour productivity growth suggest that variables associated with pro-active, growth oriented strategies are consistently more important predictors of successful regional development than variables...
Persistent link: https://www.econbiz.de/10010424528
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The golden rule of public investment : a necessary and sufficient reform of the EU fiscal framework?
Truger, Achim - 2016
It is by now a widely shared insight that fiscal policy needs to be re-strengthened as a macroeconomic policy instrument within European macroeconomic policies: Recent experiences with austerity policies, new research regarding the size of the fiscal multiplier and the fact that monetary policy...
Persistent link: https://www.econbiz.de/10011477456
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Making public finances more growth and equity-friendly in the euro area
Pina, Álvaro Manuel - 2016
Across the euro area, the ability of public finances to support equitable growth has tended to deteriorate. Concerns about high and rising public debt, together with market pressure in some cases, led to sharp fiscal consolidation in 2011-13, against the backdrop of a weak economic situation at...
Persistent link: https://www.econbiz.de/10011577852
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Implementing the golden rule for public investment in Europe : safeguarding public investment and supporting the recovery
Truger, Achim - 2015
Most parts of the Euro area have seen seven years of deep economic crisis. The strategy of tightening the fiscal constraints of the SGP has driven many member states into austerity. In contrast, the golden rule of public investment proposed in this study would be one important element of the...
Persistent link: https://www.econbiz.de/10011336549
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Fiscal rules and public investment
Perée, Eric; Välilä, Timo - 2005
This paper examines the link between fiscal rules and public investment both normatively and empirically. We first review the arguments for and against including public investment spending in a fiscal deficit rule. We then seek to assess the determinants of public investment, with a special...
Persistent link: https://www.econbiz.de/10008939538
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Unconditional convergence in currency unions : an analysis of European regions from 1991 to 2009
Firgo, Matthias; Huber, Peter - 2013
We analyze unconditional within-country convergence from 1991 to 2009 in 21 European countries. Unlike most previous … studies we focus on the heterogeneity of convergence. We find that convergence processes in currency unions are extremely … question the focus of the traditional literature on average (beta-)convergence and suggest substantial non-linearities in …
Persistent link: https://www.econbiz.de/10010424527
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Cross-country spillovers of fiscal consolidations in the euro area
Poghosyan, Tigran - 2017
This paper revisits the issue of cross-country spillovers from fiscal consolidations using an innovative empirical methodology. We find evidence in support of fiscal spillovers in 10 euro area countries. Fiscal consolidation in one country not only reduces domestic output (direct effect), but...
Persistent link: https://www.econbiz.de/10011704888
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Cross-border asset holdings and comovements in sovereign bond markets
Asgharian, Hossein; Liu, Lu; Larsson, Marcus - 2015
Persistent link: https://www.econbiz.de/10011343394
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Convergence and anchoring of yield curves in the euro area
Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - 2007
We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries …) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional …
Persistent link: https://www.econbiz.de/10011604863
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Determinants of inflation and price level differentials across the euro area countries
Andersson, Malin; Masuch, Klaus; Schiffbauer, Marc - 2009
This paper analyses the determinants of inflation differentials and price levels across the euro area countries. Dynamic panel estimations for the period 1999-2006 show that inflation differentials are primarily determined by cyclical positions and inflation persistence. The persistence in...
Persistent link: https://www.econbiz.de/10011605175