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The European Redemption Pact: Implementation and macroeconomic effects

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  • Hasan Doluca
  • Malte Hübner
  • Dominik Rumpf
  • Benjamin Weigert

Abstract

One possible solution to the sovereign debt crisis is the European Redemption Pact (ERP) proposed by the German Council of Economic Experts. The ERP provides sustainable financing conditions for participating sovereigns to facilitate bringing public debt ratios below the reference value of 60% within the next 20 to 25 years. In this paper, we describe one possible way of implementing the ERP and analyse the fiscal effects of participating in the ERP. The macroeconomic impact of the proposal is illustrated with the multi-country model NiGEM. Copyright ZBW and Springer-Verlag 2012

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Bibliographic Info

Article provided by Springer in its journal Intereconomics.

Volume (Year): 47 (2012)
Issue (Month): 4 (July)
Pages: 230-239

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Handle: RePEc:spr:intere:v:47:y:2012:i:4:p:230-239

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Cited by:
  1. Catherine Mathieu & Henri Sterdyniak, 2013. "Redemption," Documents de Travail de l'OFCE 2013-06, Observatoire Francais des Conjonctures Economiques (OFCE).
  2. repec:pra:mprapa:42873 is not listed on IDEAS
  3. Parello Carmelo Pierpaolo & Visco Vincenzo, 2012. "The European Redemption Fund: A Comparison of Two Proposals," Politica economica, Società editrice il Mulino, issue 3, pages 273-306.
  4. Christoph Schmidt & Benjamin Weigert, 2013. "Weathering the crisis and beyond: perspectives for the Euro area," International Tax and Public Finance, Springer, vol. 20(4), pages 564-595, August.
  5. Bofinger, Peter & Buch, Claudia M. & Feld, Lars P. & Franz, Wolfgang & Schmidt, Christoph M., 2012. "Vom Binnenmarkt zur Bankenunion: Ein Vorschlag des Sachverständigenrates zur Begutachtung der gesamtwirtschaftlichen Entwicklung," Working Papers 09/2012, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
  6. repec:spo:wpecon:info:hdl:2441/f6h8764enu2lskk9p503i2pp3 is not listed on IDEAS
  7. Buch, Claudia M. & Körner, Tobias & Weigert, Benjamin, 2013. "Towards deeper financial integration in Europe: What the Banking Union can contribute," Working Papers 02/2013, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.

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