Budgetary Aspects Of Economic And Monetary Integration Inn Europe
AbstractThis paper analyses some of the implications of the proposals of the Delors Committee for monetary and fiscal policies in Europe. The merits of an independent ESCB are discussed. We offer four reasons why, in the absence of European coordination of budgetary policies, the size of the public sector may be too small relative to the first-best outcome: first, with an independent central bank seigniorage revenues will only accrue through real growth, so that taxes must be raised and exhaustive public spending must be cut; second, an economic union means that spending by an individual treasury benefits the other treasuries, so that there is an inadequate provision of public goods; third, international competition drives tax rates down and leaves fewer funds for the public sector; fourth, an appreciation of the real exchange rate of Europe has the nature of a public good, hence the level of exhaustive public spending tends to be too low.
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Bibliographic InfoPaper provided by Tilburg - Center for Economic Research in its series Papers with number 9037.
Length: 32 pages
Date of creation: 1990
Date of revision:
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Postal: TILBURG UNIVERSITY, CENTER FOR ECONOMIC RESEARCH, 5000 LE TILBURG THE NETHERLANDS.
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monetary policy ; economic integration ; budget;
Other versions of this item:
- van der Ploeg, Frederick, 1991. "Budgetary Aspects of Economic and Monetary Integration in Europe," CEPR Discussion Papers 492, C.E.P.R. Discussion Papers.
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- Keuzenkamp, H.A. & Ploeg, F. van der, 1990. "Saving, investment, government finance and the current account: The Dutch experience," Discussion Paper 1990-49, Tilburg University, Center for Economic Research.
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