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Regelgebundene versus diskretionäre Wirtschaftspolitik: das Beispiel des Stabilitäts- und Wachstumspaktes

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  • Renate Ohr
  • André Schmidt

Abstract

The following paper deals on the problems of time inconsistency in connection with the stability and growth pact. The authors conclude that the current practice of application of the stability and growth pact is not appropriate for reducing the problems of time inconsistency. The stability pact will yield disciplining effects only if it will be credible applied. Therefore, the authors emphasises a more rule and less discretion orientated application of the stability and growth pact. Der vorliegende Beitrag thematisiert den Stabilitäts- und Wachstumspakt unter Berücksichtigung von Zeitinkonsistenzproblemen. Die Verfasser gelangen zu dem Ergebnis, dass die bisherige Anwendungspraxis des Stabilitäts- und Wachstumspaktes nicht geeignet ist, die Zeitinkonsistenzprobleme zu reduzieren. Vom Stabilitäts- und Wachstumspakt wird nur dann eine disziplinierende Wirkung ausgehen, wenn dieser auch glaubwürdig umgesetzt wird. Daher betonen die Verfasser die Notwendigkeit einer stärkeren Regelbindung anstelle der in der bisherigen Anwendung bestehenden hohen diskretionären Ermessensspielräume.

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File URL: http://ejournals.duncker-humblot.de/doi/pdf/10.3790/vjh.73.3.381
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Bibliographic 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: 381-391

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Handle: RePEc:diw:diwvjh:73-30-5

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  1. Beetsma, Roel & Jensen, Henrik, 2003. "Contingent deficit sanctions and moral hazard with a stability pact," Journal of International Economics, Elsevier, Elsevier, vol. 61(1), pages 187-208, October.
  2. Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
  3. Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 42(2), pages 169-90, April.
  4. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(3), pages 473-91, June.
  5. Alesina, Alberto & Tabellini, Guido, 1988. "Credibility and politics," European Economic Review, Elsevier, Elsevier, vol. 32(2-3), pages 542-550, March.
  6. Marco Buti & Gabriele Giudice, 2002. "Maastricht's Fiscal Rules at Ten: An Assessment," Journal of Common Market Studies, Wiley Blackwell, Wiley Blackwell, vol. 40(5), pages 823-848, December.
  7. Kenneth Rogoff, 1987. "Equilibrium Political Budget Cycles," NBER Working Papers 2428, National Bureau of Economic Research, Inc.
  8. Robert Ackrill & Dean Garratt, . "Rules Versus Discretion: Why EMU Needs a Stability Pact," Discussion Papers in European Economics, Department of Economics, University of Leicester 97/3, Department of Economics, University of Leicester.
  9. Schelling, Thomas C, 1982. "Establishing Credibility: Strategic Considerations," American Economic Review, American Economic Association, American Economic Association, vol. 72(2), pages 77-80, May.
  10. L. Wade, 1988. "Review," Public Choice, Springer, Springer, vol. 58(1), pages 99-100, July.
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Cited by:
  1. Renate Ohr & André Schmidt, 2006. "Handelbare Verschuldungsrechte zur Sicherung fiskalischer Stabilität in der Währungsunion?," Departmental Discussion Papers, University of Goettingen, Department of Economics 128, University of Goettingen, Department of Economics.

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