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Sovereign risk premia : the link between fiscal rules and stability culture
Heinemann, Friedrich; Osterloh, Steffen; Kalb, Alexander - 2013 - This version: March 2013
There is a growing empirical literature studying whether fiscal rules reduce borrowing costs. Nevertheless, it remains an open question whether these rules are effective genuinely or just because they mirror fiscal preferences of politicians and voters. In our analysis of European bond spreads,...
Persistent link: https://www.econbiz.de/10009721879
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EMU and fiscal discipline : the end of the depreciation threat
Heinemann, Friedrich - 1998
Are the characteristics of the exchange rate regime relevant for the degree of fiscal discipline? What are the conclusions for fiscal behavior in Europe after the transition to EMU? These are the central questions that are analyzed in this paper from a theoretical point of view. After a general...
Persistent link: https://www.econbiz.de/10011441669
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Die Reformperspektive der EU-Finanzverfassung nach den Beschlüssen zur Agenda 2000
Heinemann, Friedrich - 1999
A rational financial constitution of the EU should be able to fulfil redistributive objectives at minimum costs. The … and the pressure will increase to open new financial sources for the EU in form of a competence to issue debt and to …
Persistent link: https://www.econbiz.de/10011443326
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The political economy of EU enlargement and the Treaty of Nice
Heinemann, Friedrich - 2000
The paper applies standard public choice reasoning to the negotiations on EU enlargement and the Treaty of Nice. The … present EU countries are respected. Decisive actors in the West are the members of the European Parliament, individuals in … post-entry position of new members. The Intergovernmental Conference is reinterpreted as an opportunity of EU-15 actors to …
Persistent link: https://www.econbiz.de/10011444905
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A viable insolvency procedure for sovereigns (VIPS) in the euro area
Fuest, Clemens; Heinemann, Friedrich; Schröder, Christoph - 2014
A mechanism to restructure the debt of an insolvent euro country is a missing element in the emerging institutional architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable future, its introduction would risk pushing Europe...
Persistent link: https://www.econbiz.de/10010394484
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The political economy of euro area sovereign debt restructuring
Heinemann, Friedrich - 2021
The establishment of a sovereign debt restructuring mechanism (SDRM) is one of the important issues in the academic debate on a viable constitution for the European Monetary Union (EMU). Yet the topic seems to be taboo in official reform contributions to the debate. Against this backdrop, the...
Persistent link: https://www.econbiz.de/10012421950
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Verschuldungsanreize in der Wirtschafts- und Währungsunion
Heinemann, Friedrich - 1994
Die Bestimmungen zur europäischen Wirtschafts- und Währungsunion (WWU) im Unionsvertrag haben die Anreize für öffentliche Verschuldung verändert. Die Analyse zeigt, daß trotz der Bemühungen, die nationale Eigenverantwortlichkeit zu bewahren, nicht mit einer effektiven Disziplinierung...
Persistent link: https://www.econbiz.de/10011621819
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Sustainability of national debt in Europe : why it matters in the EMU and how it is assessed
Heinemann, Friedrich - 1992
There are at least two reasons why sustainability of public debt is an issue of increasing importance. First, public choice considerations show the danger of an excessive use of deficit finance in a democracy. Second, the conditions of a European Monetary Union (EMU) imply further incentives for...
Persistent link: https://www.econbiz.de/10011622826
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Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic
Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021 - This version: June 2021
We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government … bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU … only for the announcement of the 'Next Generation EU' program. In contrast, a temporary relaxation of European fiscal rules …
Persistent link: https://www.econbiz.de/10012534642
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The future of the European fiscal union : survey results from members of national parliaments in France, Italy and Germany
Blesse, Sebastian; Bordignon, Massimo; Boyer, Pierre C.; … - 2021
of three dimensions on EU and euro area fiscal reform preferences: nationality, political ideology, and populism. We …
Persistent link: https://www.econbiz.de/10012596720