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Monetary union, even higher integration, or back to national currencies?
Oikonomidēs, Geōrgios; Philippopulos, Apostolēs; … - 2016
This paper quantifies the welfare differences among a monetary union, flexible exchange rates (economic disintegration) and a monetary plus fiscal transfer union (higher economic integration). The vehicle of analysis is a medium-scale New Keynesian DSGE model consisting of two heterogeneous...
Persistent link: https://www.econbiz.de/10011430977
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The economics of investor protection : ISDS versus national treatment : presented at CESifo Area Conference on Global Economy, May 2015
Kohler, Wilhelm; Stähler, Frank - 2016 - Version of February 16, 2016
This paper scrutinizes the effects of investor-state dispute settlements (ISDS) and national treatment provisions in a two-period model where foreign investment is subject to domestic regulation and a holdup problem. It shows that ISDS can mitigate the holdup problem and increases aggregate...
Persistent link: https://www.econbiz.de/10011431559
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Reconciling insurance with market discipline : a blueprint for a European fiscal union
Dolls, Mathias; Fuest, Clemens; Heinemann, Friedrich; … - 2016
This contribution develops a blueprint for a European fiscal union. We argue that a viable European fiscal union can be constructed without joint liability for public debt or a centralized government with a large common budget. Such a fiscal union should combine elements of market discipline...
Persistent link: https://www.econbiz.de/10011431564
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Tackling spillovers by taxing corporate income in the European Union at source
Cnossen, Sijbren - 2016 - This version 18 February 2016
This paper surveys and evaluates the corporation tax (CT) systems of the Member States of the European Union on the basis of a comprehensive taxonomy of actual and potential regimes, which have as their base either profits, profits and interest, or economic rents. The current regimes give rise...
Persistent link: https://www.econbiz.de/10011436091
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Revenue for EMU : a contribution to the debate on fiscal union
Iara, Anna - 2016
In the wake of the euro area crisis, the debate on instruments to deepen economic integration among its members has intensified, among others putting forward a fiscal stabilization capacity for EMU members. Contributions made so far to further this idea have mostly concentrated on the...
Persistent link: https://www.econbiz.de/10011436156
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Explaining the EUA-CER spread
Gronwald, Marc; Hintermann, Beat - 2016
Because of a link between the EU ETS and the Kyoto Flexible Mechanisms, the emission certificates traded on these … spread using a theoretical model that combines three features: A binding limit for the use of Kyoto offsets within the EU ETS … informational frictions governing the use of offsets within the EU ETS. …
Persistent link: https://www.econbiz.de/10011436163
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The Euro-Dollar exchange rate : is it fundamental?
Camarero Olivas, Mariam; Ordóñez, Javier; Tamarit … - 2002
In this paper we have applied two approaches to the study of the dollar real exchange rate in relation with the Euro-area currencies. First, using dynamic panel techniques, we estimate an error correction model for the dollar real exchange rate versus seven developed countries, four of them...
Persistent link: https://www.econbiz.de/10011538958
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Money can't buy EU love : European funds and the Brexit referendum
Fidrmuc, Jan; Hulényi, Martin; Tunali, Çiğdem Börke - 2016
favor of remaining in the EU. Somewhat surprisingly, the intensity of immigration from the EU is positively correlated with …
Persistent link: https://www.econbiz.de/10011544086
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On the economics and politics of refugee migration
Dustmann, Christian; Fasani, Francesco; Frattini, Tommaso; … - 2016
numerous attempts at developing a common European asylum policy, EU countries continue to differ widely in interpretation and … movements, illegal border crossings, and asylum applications to EU member states. We next turn to the economics of refugee …, we illustrate the economic integration of past refugee migrants to EU countries and conclude with several policy …
Persistent link: https://www.econbiz.de/10011544179
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Staying together or breaking apart : policy-makers endogenous coalitions formation in the European economic and monetary union
Aarle, Bas van; Di Bartolomeo, Giovanni; Engwerda, … - 2002
In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their...
Persistent link: https://www.econbiz.de/10011410410