haku: @all stability / yhteensä: 1124
viite: 15 / 1124
| Tekijä: | Candelon, B. Muysken, J. Vermeulen, R. |
| Otsikko: | Fiscal policy and monetary integration in Europe: an update |
| Lehti: | Oxford Economic Papers
2010 : APR, VOL. 62:2, p. 323-349 |
| Asiasana: | fiscal policy monetary policy monetary integration European Monetary System European Union |
| Vapaa asiasana: | EMS EMU |
| Kieli: | eng |
| Tiivistelmä: | This paper explores the stability of fiscal rules for European Monetary Union (EMU) countries before and after the Maastricht Treaty. Using both Instrumental Variables and GMM techniques, it is found that discretionary (here as: disc-y.) fiscal policy has remained procyclical (as: procl.) after 1992. This result diverges from the previous findings of Gali and Perotti. It also seems that fiscal rules differ btw. large and small countries: large countries follow a procl. disc-y. policy. Moreover, it is shown that disc-y. fiscal policy exhibits different behaviour when facing supply or demand constraints. A procl. disc-y. policy is followed mainly during upswings with supply constraints being prevalent. Finally, there is no support for the presence of a 'fatigue effect' in fiscal discipline. |
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