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A Simple Proposal for a "Debt-Sensitive Stability Pact"

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Author Info
Francesco Saraceno
Paola Monperrus-Veroni

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Abstract

Das Hauptargument für fiskalpolitische Regeln ist die Berücksichtigung der langfristigen Nachhaltigkeit der öffentlichen Finanzen, die in einer Währungsunion andere Mitgliedstaaten berührt. Neben anderen Punkten wird am Stabilitäts- und Wachstumspakt (SWP) kritisiert, dass er widersprüchlich oder unvollkommen sei, da der Fokus auf dem Defizitkriterium liegt und nicht auf dem Schuldenstand. Die in den Verträgen zu findenden wenigen Verweise auf den Schuldenstand werden praktisch ignoriert. Einige spät veröffentlichte Reformverschläge tragen allerdings dem Schuldenstandskriterium Rechnung und versuchen, dies in den SWP aufzunehmen. Im vorliegenden Aufsatz wird vorgeschlagen, das Defizitkriterium mit dem Schuldenstand zu gewichten. Der Vorschlag ist einfach, symmetrisch und nicht arbiträr. Um den Vorschlag für Länder mit hohem Schuldenstand attraktiv zu machen, müssten zumindest zu Beginn die Ziele für sie über dem Maastricht-Kriterium liegen dürfen.

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Publisher Info
Article provided by DIW Berlin, German Institute for Economic Research in its journal Vierteljahrshefte zur Wirtschaftsforschung.

Volume (Year): 73 (2004)
Issue (Month): 3 ()
Pages: 471-480
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Handle: RePEc:diw:diwvjh:73-30-12

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Peter S. Heller & Sanjeev Gupta, 2002. "More Aid—Making It Work for the Poor," World Economics, World Economics, Economic & Financial Publishing, PO Box 69, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 1GB, vol. 3(4), pages 131-146, October. [Downloadable!]
  2. Buti, Marco & Eijffinger, Sylvester C W & Franco, Daniele, 2003. "Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?," CEPR Discussion Papers 3692, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  3. Blanchard, Olivier J & Giavazzi, Francesco, 2004. "Improving the SGP Through a Proper Accounting of Public Investment," CEPR Discussion Papers 4220, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  1. Paola Monperrus-Veroni & Francesco Saraceno, 2005. "Reform of the Stability and Growth Pact: Reducing or Increasing the Nuisance?," Documents de Travail de l'OFCE 2005-01, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
  2. Hughes Hallett, Andrew, 2005. "In Praise of Fiscal Restraint and Debt Rules. What the Euro Zone Might Do Now," CEPR Discussion Papers 5043, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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This page was last updated on 2009-12-10.

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