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Policy Effectiveness in the Post-ERM Era: Evidence from Six Countries

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Author Info
Stilianos Fountas
Agapitos Papagapitos

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Abstract

The objective of this paper is to determine whether ERM-participating countries have experienced a change in the effectiveness of monetary and fiscal policies since the establishment of the ERM. Countries which have come to rely more heavily on fiscal policy instruments as the means of output, price and exchange rate stabilization since the establishment of the ERM (and currently exceed the fiscal criteria) are expected to find the Maastricht fiscal criteria restrictive and perhaps destabilizing. We find that Belgium, Italy and Ireland are the countries that are likely to face the most difficulties. Copyright Kluwer Academic Publishers 1997

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File URL: http://hdl.handle.net/10.1023/A:1008241116488
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Publisher Info
Article provided by Springer in its journal Open Economies Review.

Volume (Year): 8 (1997)
Issue (Month): 2 (April)
Pages: 189-201
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Handle: RePEc:kap:openec:v:8:y:1997:i:2:p:189-201

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Related research
Keywords: EMS; fiscal policy; VAR;

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. Buiter, Willem H & Corsetti, Giancarlo & Roubini, Nouriel, 1992. "`Excessive Deficits': Sense and Nonsense in the Treaty of Maastricht," CEPR Discussion Papers 750, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. John W. Keating, 1992. "Structural approaches to vector autoregressions," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 37-57. [Downloadable!]
  3. Tamim Bayoumi, 1991. "The Effect of the ERM on Participating Economies," IMF Working Papers 91/86, International Monetary Fund.
  4. Herz, Bernhard & Roger, Werner, 1992. "The EMS is a greater Deutschmark area," European Economic Review, Elsevier, vol. 36(7), pages 1413-1425, October. [Downloadable!] (restricted)
  5. Giavazzi, Francesco & Pagano, Marco, 1988. "The advantage of tying one's hands : EMS discipline and Central Bank credibility," European Economic Review, Elsevier, vol. 32(5), pages 1055-1075, June. [Downloadable!] (restricted)
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  6. Karfakis, Costas J & Moschos, Demetrios M, 1990. "Interest Rate Linkages within the European Monetary System: A Time Series Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(3), pages 389-94, August.
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Cited by:
(explanations, 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. Taufiq Choudhry, 2002. "Money-Income Relationships between Three ERM Countries," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 59-94, May. [Downloadable!]
  2. Pierre-Yves Henin & Marie Podevin, 2002. "Assessing the Effects of Policy Changes: Lesson from the European 1992 Experience," Annales d'Economie et de Statistique, ADRES, issue 67-68, pages 15, Juillet-D. [Downloadable!]
  3. Helene Schuberth & Gert Wehinger, 1998. "Costs of European Monetary Union: Evidence of monetary and fiscal policy effectiveness," ERSA conference papers ersa98p459, European Regional Science Association. [Downloadable!]
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