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Financial stability, monetary policy and budgetary coordination in EMU

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Author Info

  • Claudiu Tiberiu ALBULESCU

    (“Politehnica” University of Timişoara)

Abstract

A series of recent studies analyze the impact of financial crisis on the fiscal soundness in the Euro area countries. Even if their documented results present the transmission mechanisms of the financial instability toward the fiscal sector, a more realistic problem is related to the contribution of the fiscal and budgetary disequilibrium to the financial instability propagation. In this line, we show, based on a simple econometric model, that, beside the expansionary monetary policy, the budgetary deficit conducts to the financial stability deterioration. The financial stability of the Euro area is measured based on an aggregate financial stability index, constructed by employing the IMF methodology used for the financial stress index.

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Bibliographic Info

Article provided by Asociatia Generala a Economistilor din Romania - AGER in its journal Theoretical and Applied Economics.

Volume (Year): XVIII(2012) (2012)
Issue (Month): 8(573) (August)
Pages: 85-96

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Handle: RePEc:agr:journl:v:8(573):y:2012:i:8(573):p:85-96

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Related research

Keywords: financial stability; policy mix; fiscal soundness; Euro area; aggregate financial stability index.;

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