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From Deficits to Debt and Back : Political Incentives Under Numerical Fiscal Rules
Buti, Marco - 2010
Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting …
Persistent link: https://www.econbiz.de/10012716093
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Cyclical Stabilisation Under the Stability and Growth Pact : How Effective are Automatic Stabilisers?
Brunila, Anne - 2009
It is widely recognised that fiscal policy will have greater responsibilities for cyclical stabilisation in the EMU …, given the loss of the monetary instrument at national level. At the same time, the EMU's budgetary framework emphasises the … stabilisation. Looking ahead, one of the challenges facing policy-makers will be how to design tax and welfare reforms which, while …
Persistent link: https://www.econbiz.de/10012721132
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From Deficits to Debt and Back : Political Incentives Under Numerical Fiscal Rules
Buti, Marco - 2012
Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting … credibility of EMU's fiscal rules. If properly implemented, the reformed Pact, which stresses durable adjustment and long …
Persistent link: https://www.econbiz.de/10013110665
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The Reliability of EMU Fiscal Indicators : Risks and Safeguards
Franco, Daniele; Balassone, Fabrizio; Zotteri, Stefania - 2007
The reliability of EMU's fiscal indicators has been questioned by recent episodes of large upward deficit revisions …. This paper discusses the causes of such revisions in order to identify ways to improve monitoring. The computation of EMU … nominal debt (the other fiscal indicator used in EMU) can reduce the scope for window dressing. Simple comparison of deficit …
Persistent link: https://www.econbiz.de/10014225054
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ECB vs. Council vs. Commission : Monetary and Fiscal Policy Interactions in the EMU When Cyclical Conditions are Uncertian
Buti, Marco - 2008
This paper examines economic policy interactions in the Economic and Monetary Union when the assessment of cyclical conditions in real time is surrounded by uncertainty. On the basis of a simple stylised model it shows that with a Nash-type of interaction different views about the output gap on...
Persistent link: https://www.econbiz.de/10012769738
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Cyclical Asymmetry in Fiscal Variables
Balassone, Fabrizio - 2008
In a stylised framework of fiscal policy determination that considers both structural targets and cyclical factors, we find significant cyclical asymmetry in the behaviour of fiscal variables in a sample of fourteen EU countries from 1970 to 2004, with budgetary balances (both overall and...
Persistent link: https://www.econbiz.de/10012723724
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Cyclical Asymmetry in Fiscal Variables
Balassone, Fabrizio - 2012
In this paper we present a stylised framework of fiscal policy determination that considers both structural targets and cyclical factors. We find significant cyclical asymmetry in the behaviour of fiscal variables in a sample of fourteen EU countries over 1970-2004, with budgetary balances (both...
Persistent link: https://www.econbiz.de/10013110762
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Rainy Day Funds : Can They Make a Difference in Europe?
Franco, Daniele; Balassone, Fabrizio; Zotteri, Stefania - 2007
Rainy Day Funds (RDFs) have an important role in the USA. They allow States - which usually have rules requiring a balanced budget for current revenue and spending - to limit pro-cyclical fiscal policies. This paper examines the possible role of RDFs in the European fiscal framework. The...
Persistent link: https://www.econbiz.de/10014223393
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Economic Governance in the Euro Area : Balancing Risk Reduction and Risk Sharing
Balassone, Fabrizio - 2016
The unchecked build-up of imbalances during the 2000s exposed the euro area to the risk of sudden stops. Such risk materialized in 2009-10 and its consequences were amplified by the absence of adequate institutions. Europe embarked on a thorough process of reforming its economic governance. We...
Persistent link: https://www.econbiz.de/10012980035
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Just Round the Corner? Pros, Cons, and Implementation Issues of a Fiscal Union for the Euro Area
Balassone, Fabrizio; Momigliano, Sandro; Romanelli, Marzia - 2015
The experience of other successful monetary unions and economic theory suggest that the euro area would benefit from the establishment of a supranational fiscal capacity. Institutional reforms prompted by the crisis (e.g., the European Stability Mechanism and the banking union) are introducing...
Persistent link: https://www.econbiz.de/10014136911