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This dissertation investigates capital market frictions across three themes. The first theme is sovereign debt. Recent experience in the EU shows that it can be complex to enforce the repayment promises of states. Furthermore, governments are better informed about their repayment capacity than...
Persistent link: https://www.econbiz.de/10010196660
This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-time data for 19 countries participating in the euro area over 1999-2015. We look for, but do not find,...
Persistent link: https://www.econbiz.de/10012960584
We look at the effect of exchange rate regimes on fiscal discipline, taking into account the effect of underlying political conditions. We present a model where strong politics (defined as policymakers facing longer political horizon and higher cohesion) are associated with better fiscal...
Persistent link: https://www.econbiz.de/10012977352
Public Finance', Journal of Public Economics, 28 (2), November, 233-45 -- Jonathan Eaton and Mark Gersovitz (1981), 'Debt … and Merchants: European City Growth Before the Industrial Revolution', Journal Of Law and Economics, XXXVI (2), October … (2002), 'Credible Commitment in Early Modern Europe: North and Weingast Revisited', Journal of Law Economics and …
Persistent link: https://www.econbiz.de/10012419910
public debt in most countries. Using methodological individualism and micro-economics, this book overcomes flaws inherent in …
Persistent link: https://www.econbiz.de/10012251707
We look at the effect of exchange rate regimes on fiscal discipline, taking into account the effect of underlying political conditions. We present a model where strong politics (defined as policymakers facing longer political horizon and higher cohesion) are associated with better fiscal...
Persistent link: https://www.econbiz.de/10011715661
This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-time data for 19 countries participating in the euro area over 1999-2015. We look for, but do not find,...
Persistent link: https://www.econbiz.de/10011716502