Fiscal Aspects of European Monetary Integration / Edition 1

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The design and operation of fiscal policy is the major unresolved issue in the new monetary union in Europe. This collection provides the first comprehensive survey of fiscal policy under the restrictions of a single monetary policy and the Stability Pact. Presenting original theoretical and empirical research by leading experts in an accessible style, it will be vital reading for policy makers, researchers and graduate students in disciplines including economics of European integration, international economics, financial economics, macroeconomics, and politics.

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Editorial Reviews

From the Publisher
"...address how fiscal policy and institutions should be designed in Europe in the context of the new monetary union." Journal of Economic Literature

"This volume is devoted to the complex fiscal policy implications of the European Monetary Union." Journal of Macroeconomics

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Product Details

  • ISBN-13: 9780521651622
  • Publisher: Cambridge University Press
  • Publication date: 10/28/1999
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 362
  • Product dimensions: 5.98 (w) x 8.98 (h) x 1.10 (d)

Table of Contents

1. Fiscal aspects of European monetary integration: an introduction Andrew Hughes Hallett, Michael M. Hutchison and Svend E. Hougaard Jensen; Part I. Institutions and Political Economy: 2. Institutions and fiscal policy in EMU Niels Thygesen; 3. A political economy analysis of the Maastricht and Stability Pact fiscal criteria Thomas F. Willett; Part II. Automatic Stabilizers in a Monetary Union: 4. Budgetary norms and EMU Torben M. Andersen and Robert Dogonowski; 5. Regional adjustment and the welfare economics of monetary unification: what are the benefits of exchange rate flexibility and fiscal insurance? Kenneth M. Kletzer; 6. Nominal stability, real convergence, and fiscal transfers in a monetary union Svend E. Hougaard Jensen; Discussion: Automatic Stabilizers and Fiscal Transfers Neil Rankin; Part III. The Stability and Growth: Pact 7. The Stability Pact: Trading-off Flexibility for Credibility? Michael Artis and Bernhard Winkler; 8. The stability and growth pact in a model with politically-induced deficit biases Roel M. W. J. Beetsma; 9. Implications of the Growth and Stability Pact: why the growth element is important Andrew Hughes Hallett and Peter McAdam; Discussion: the Stability Pact and Fiscal Policy Clas Wihlborg; Part IV. Asymmetric Business Cycles and Fiscal Linkages in Europe: 10. Costs of EMU and economic convergence Michael Bergman and Michael M. Hutchison; 11. Fiscal consolidation in Europe: some empirical issues Christopher Allsopp, Warwick McKibben and David Vines; 12. Could the ins hurt the outs? A welfare analysis of International Financial Fiscal Links Giancarlo Corsetti and Paolo Pesenti; Discussion: insiders and outsiders in EMU Paul De Grauwe.

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