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Designing Fiscal and Monetary Institutions for a European Monetary Union

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  • Beetsma, Roel M W J
  • Bovenberg, A Lans

Abstract

This paper explores the conditions under which a European Monetary Union (EMU) is an optimum currency area. The scope for an EMU increases with the convergence of structural and fiscal policies, small money holdings, a conservative European Central Bank, and dependent national central banks. How national policies affect the rest of the union once the EMU has been established is also investigated. The case for surveillance of national structural and fiscal policies appears to depend mainly on the monetary arrangements in the union. Copyright 2000 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Public Choice.

Volume (Year): 102 (2000)
Issue (Month): 3-4 (March)
Pages: 247-69

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Handle: RePEc:kap:pubcho:v:102:y:2000:i:3-4:p:247-69

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  5. Levine, Paul, 1993. "Fiscal Policy Co-ordination under EMU and the Choice of Monetary Instrument," The Manchester School of Economic & Social Studies, University of Manchester, vol. 61(0), pages 1-12, Suppl..
  6. Beetsma, R.M.W.J. & Bovenberg, A.L., 1997. "Designing fiscal and monetary institutions in a second best world," Open Access publications from Tilburg University urn:nbn:nl:ui:12-74437, Tilburg University.
  7. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
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  13. Levine, Paul & Brociner, Andrew, 1994. "Fiscal policy coordination and EMU : A dynamic game approach," Journal of Economic Dynamics and Control, Elsevier, vol. 18(3-4), pages 699-729.
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Cited by:
  1. Michel Beine & Frédéric Docquier, 1998. "A stochastic simulation model of an optimum currency area," ULB Institutional Repository 2013/10461, ULB -- Universite Libre de Bruxelles.
  2. Acocella, Nicola & Di Bartolomeo, Giovanni & Tirelli, Patrizio, 2009. "The macroeconomics of social pacts," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 202-213, October.
  3. Beetsma,Roel M.W.J. & Bovenberg,A. Lans, 1995. "Monetary union without fiscal coordination may discipline policymakers," Research Memorandum 024, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  4. Uhlig, H.F.H.V.S., 2002. "One Money, But Many Fiscal Policies in Europe: What are the Consequences?," Discussion Paper 2002-32, Tilburg University, Center for Economic Research.
  5. van Aarle, Bas & Huart, Florence, 1999. "Monetary and fiscal unification in the EU: a stylized analysis," Journal of Economics and Business, Elsevier, vol. 51(1), pages 49-66, January.
  6. Andrew Hughes Hallett, 2008. "Sustainable fiscal policies and budgetary risk under alternative monetary policy arrangements," Economic Change and Restructuring, Springer, vol. 41(1), pages 1-28, March.
  7. Sergey Merzlyakov, 2012. "Strategic Interaction Between Fiscal and Monetary Policies in an Export-Oriented Economy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(2), pages 201-216, May.
  8. Jürgen von Hagen & Susanne Mundschenk, 2002. "Fiscal and Monetary Policy Coordination in EMU," Working Papers Central Bank of Chile 194, Central Bank of Chile.
  9. Di Gioacchino, Debora & Ginebri, Sergio & Sabani, Laura, 2004. "Political support to public debt repudiation in a Monetary Union - the role of the geographical allocation of debt," Economics & Statistics Discussion Papers esdp04019, University of Molise, Dept. EGSeI.
  10. Jürgen von Hagen & Susanne Mundschenk, 2002. "Koordinierung der Geld- und Fiskalpolitik in der EWU," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 71(3), pages 325-338.

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