The Stability Pact - Rationales, Problems, Alternatives
AbstractWe analyze economic rationales for, and possible alternatives to, the Stability and Growth Pact (SGP). We identify various cross-country spillover effects and domestic policy failures as potential rationales. The two sets of problems suggest different corrective measures, and different measures than those applied in the context of the SGP. We contrast the 'legalistic' perspective adopted in the Pact with a more incentive-based approach and discuss how the legalistic perspective gives rise to enforcement problems in connection with the implementation of the SGP's sanctions. Copyright 2006 Blackwell Publishing Ltd..
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Kyklos.
Volume (Year): 59 (2006)
Issue (Month): 4 (November)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0023-5962
Other versions of this item:
- Assar Lindbeck & Dirk Niepelt, 2006. "The Stability Pact - Rationales, Problems, Alternatives," Working Papers 06.03, Swiss National Bank, Study Center Gerzensee.
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- Terezie Lokajickova, 2010.
"Could the Stability and Growth Pact Be Substituted by the Financial Markets?,"
Working Papers IES
2010/30, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Dec 2010.
- Vyprachticka, Terezie, 2011. "Could the Stability and Growth Pact be Substituted by the Financial Markets?," European Integration online Papers (EIoP), European Community Studies Association Austria (ECSA-A), vol. 15, 09.
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