Arbeitspapier
Fiscal Rules, Financial Stability and Optimal Currency Areas
In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co-movements in fiscal policy; 2) financial stability; and 3) financial integration. We provide empirical evidence documenting the existence of such a trade-off in the period characterized by the financial crisis and by the sovereign debt crisis. Then, we conclude that the intense fiscal rules that have been introduced in the Eurozone after the emergence of the debt crisis reduced the capacity of national governments to deal with asymmetric shocks and became incompatible with either free capital mobility and/or financial stability.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 5390
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Policy Objectives; Policy Designs and Consistency; Policy Coordination
Fiscal Policy
- Thema
-
fiscal policy rules
Eurozone
financial stability
policy objectives
optimal currency areas.
- Ereignis
-
Geistige Schöpfung
- (wer)
-
De Grauwe, Paul
Foresti, Pasquale
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- De Grauwe, Paul
- Foresti, Pasquale
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2015
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