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| Author: | Galí, J. Perotti, R. |
| Title: | Fiscal policy and monetary integration in Europe |
| Journal: | Economic Policy
2003 : OCT, 37, p. 533-572 |
| Index terms: | European Monetary System European Union Fiscal policy Monetary integration |
| Language: | eng |
| Abstract: | It is often argued by economists, policy-makers and the media that the Maastricht Treaty and the Stability and Growth Pact make it difficult for governments of EMU countries to stabilize their economies with appropriate fiscal policy and to provide adequate public investment. The empirical analysis offers little support to this view. Discretionary budget deficits have actually become more counter-cyclical in EMU countries after the Maastricht Treaty, as well as in the other EU and non-EU industrializes countries that are studied here. |
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