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Título:
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Single currency and fiscal performance: the early Euro Area in perspective
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Autores:
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Jalles, Joao Tovar ;
Mulas Granados, Carlos ;
Tavares, José ;
Correa Caro, Carolina
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Tipo de documento:
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texto impreso
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Editorial:
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Routledge, 2018-03
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Dimensiones:
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application/pdf
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Nota general:
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info:eu-repo/semantics/restrictedAccess
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Idiomas:
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Palabras clave:
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Estado = Publicado
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Materia = Ciencias Sociales: Unión Europea: Unión económica y monetaria europea
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Materia = Ciencias Sociales: Unión Europea: Política económica y financiera
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Materia = Ciencias Sociales: Unión Europea: Política fiscal europea
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Materia = Ciencias Sociales: Economía: Dinero
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Materia = Ciencias Sociales: Economía: Econometría
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Materia = Ciencias Sociales: Economía: Finanzas
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Materia = Ciencias Sociales: Economía: Integración económica
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Tipo = Artículo
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Resumen:
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We examine how exchange rate regimes affect fiscal discipline by investigating European countries as they transitioned from flexible to fully fixed exchange rates under the Euro. We apply the synthetic control method to estimate, for each Eurozone country, its counterfactual budget stance under flexible rates. Our evidence strongly suggests that fixing exchange rates negatively impacted negatively fiscal discipline. However, effects were not homogeneous, as they were mediated by political factors. For example, countries where policymakers faced a longer political horizon and operated within a more cohesive political environment, managed to perform better in terms of fiscal discipline.
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En línea:
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https://eprints.ucm.es/54966/1/Jalles-Single%20currency.pdf
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