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| Titel: |
Fiscal Discipline In Monetary Unions |
| Auteur: |
De Grauwe, Paul |
| Verschenen in: |
International economic journal |
| Paginering: | Jaargang 6 (1992) nr. 1 pagina's 101-120 |
| Jaar: |
1992 |
| Inhoud: |
In this paper evidence pertaining to the fiscal discipline that monetary unions impose on their members is presented. This evidence suggests, first, that member states of many monetary unions and of fixed exchange rate regimes enjoy a remarkable degree of fiscal autonomy. Second, as a rule these member states have strong incentives to follow "orthodox" budgetary policies. Third, the experience of a number of small EMS-countries illustrates the need to maintain relatively flexible national fiscal policies, including the need to run large but temporary budget deficits when the country is hit by negative shocks. The examples of these countries illustrates that this can be done without undermining the credibility of the fixed exchange rate commitment, provided the no-monetization constraint is strictly adhered to. [F41] |
| Uitgever: |
Routledge |
| Bronbestand: |
Elektronische Wetenschappelijke Tijdschriften |
Details van artikel 3 van 6 gevonden artikelen
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