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Fiscal restraint and the political economy of EMU

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Author Info
Ralph Rotte
Klaus Zimmermann

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Abstract

While the principle of delegation has become well established on the national level for monetary policy, fiscal policies remain in the hands of policy makers depending on rent-seeking interest groups. We argue that the Maastricht Treaty provides a unique international commitment that enables governments to follow restrictive fiscal policies by attributing their negative side-effects to Europe, and to implement austerity measures despite rising unemployment or a decline in growth. Hence, the popularity of the European idea is instrumented to enforce fiscal discipline. The paper outlines the political economy framework and presents new econometric evidence. Copyright Kluwer Academic Publishers 1998

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File URL: http://hdl.handle.net/10.1023/A:1005042015560
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Publisher Info
Article provided by Springer in its journal Public Choice.

Volume (Year): 94 (1998)
Issue (Month): 3 (March)
Pages: 385-406
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Handle: RePEc:kap:pubcho:v:94:y:1998:i:3:p:385-406

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  1. Crafts, Nicholas & Toniolo, Gianni, 1995. "Post-war Growth: An Overview," CEPR Discussion Papers 1095, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  2. Vaubel, Roland, 1994. " The Political Economy of Centralization and the European Community," Public Choice, Springer, vol. 81(1-2), pages 151-90, October.
  3. Olson, Mancur, Jr, 1995. "The Devolution of the Nordic and Teutonic Economies," American Economic Review, American Economic Association, vol. 85(2), pages 22-27, May. [Downloadable!] (restricted)
  4. Frey, Bruno S. & Eichenberger, Reiner, 1994. "The political economy of stabilization programmes in developing countries," European Journal of Political Economy, Elsevier, vol. 10(1), pages 169-190, May. [Downloadable!] (restricted)
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  5. Mancur Olson, 1984. "Microeconomic incentives and macroeconomic decline," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 120(4), pages 631-645, December. [Downloadable!] (restricted)
  6. Eichenberg, Richard C. & Dalton, Russell J., 1993. "Europeans and the European Community: the dynamics of public support for European integration," International Organization, Cambridge University Press, vol. 47(04), pages 507-534, September. [Downloadable!]
  7. Alesina, A. & Drazen, A., 1991. "Why Are Stabilizations Delayed?," Papers 6-91, Tel Aviv - the Sackler Institute of Economic Studies.
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  8. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March. [Downloadable!] (restricted)
  9. Roubini, Nouriel & Sachs, Jeffrey D., 1989. "Political and economic determinants of budget deficits in the industrial democracies," European Economic Review, Elsevier, vol. 33(5), pages 903-933, May. [Downloadable!] (restricted)
  10. Alesina, Alberto & Tabellini, Guido, 1990. "A Positive Theory of Fiscal Deficits and Government Debt," Review of Economic Studies, Blackwell Publishing, vol. 57(3), pages 403-14, July. [Downloadable!] (restricted)
  11. Eichengreen, Barry & Bayoumi, Tamim, 1994. "The political economy of fiscal restrictions: Implications for Europe from the United States," European Economic Review, Elsevier, vol. 38(3-4), pages 783-791, April. [Downloadable!] (restricted)
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  12. Tollison, Robert D, 1982. "Rent Seeking: A Survey," Kyklos, Blackwell Publishing, vol. 35(4), pages 575-602.
  13. Eichenberg, Richard C & Dalton, Russell J, 1993. "Europeans and the European Community: The Dynamics of Public Support for European Integration," International Organization, MIT Press, vol. 47(4), pages 507-34, Autumn.
  14. Vaubel, Roland, 1994. "The public choice analysis of European integration: A survey," European Journal of Political Economy, Elsevier, vol. 10(1), pages 227-249, May. [Downloadable!] (restricted)
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Cited by:
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  1. Richard Hule & Matthias Sutter, 2003. "Can the Stability and Growth Pact in EMU Cause Budget Deficit Cycles?," Empirica, Springer, vol. 30(1), pages 25-38, March. [Downloadable!] (restricted)
  2. Spyros Blavoukos & George Pagoulatos, 2008. "Fiscal Adjustment in Southern Europe: the Limits of EMU Conditionality," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 12, Hellenic Observatory, LSE. [Downloadable!]
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