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Fiscal Union Consensus Design under the Risk of Autarky

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  • Luque, Jaime
  • Morelli, Massimo
  • Tavares, José

Abstract

Inspired by the current debate over the future of the monetary union in Europe, this paper provides a simple model for the determination of the conditions of survival of the common good, which requires the creation of an effective fiscal union. We highlight the importance of institutional design and varying decision weights for the enlargement of the space for consensus. Our model deepens the discussion of economic risk and political risk in fiscal federalism, and highlights the related roles of country heterogeneity and institutional design in enlarging the scope for cross country fiscal agreements.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 8552.

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Date of creation: Aug 2011
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Handle: RePEc:cpr:ceprdp:8552

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Keywords: autarky; consensus; fiscal union; heterogeneous countries; uncertainty; voting weights;

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  1. Marco Celentani & J. Ignacio Conde-Ruiz & Klaus Desmet, . "Endogenous Policy Leads to Inefficient Risk Sharing," Working Papers 2003-08, FEDEA.
  2. Eerola Essi & Määttänen Niku & Poutvaara Panu, 2004. "Citizens Should Vote on Secession," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 4(1), pages 1-22, October.
  3. Massimo Morelli & Huanxing Yang & Lixin Ye, 2010. "Competitive Nonlinear Taxation and Constitutional Choice," Economics Working Papers ECO2010/14, European University Institute.
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