Weichenrieder, Alfons J.; Zimmer, Jochen - Research Center SAFE (Sustainable Architecture for … - 2013
The paper uses fiscal reaction functions for a panel of euro-area countries to investigate whether euro membership has … the euro. While we find some evidence for such a loss in prudence, the results are not robust to changes in the … specification, such as an exclusion of Greece from the panel. This suggests that the current debt problems may result to a large …