Did the Maastricht treaty matter for macroeconomic performance?
AbstractWe explore the impact of the Maastricht treaty on fiscal and macroeconomic outcomes in the EU with the difference-in-difference methodology. Our dataset covers 23 OECD countries over the 1975-2006 period. EU 15 countries are classified as the treatment and eight non-EU OECD countries as the control group. The results indicate that the provisions in the Maastricht treaty have been either irrelevant or even harmful for fiscal and macroeconomic developments in the EU. Evidence for a detrimental impact of the Maastricht criteria is particularly strong for the period after the start of the third stage of EMU
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 30106.
Date of creation: 2009
Date of revision:
Publication status: Published in Kyklos 3.62(2009): pp. 331-358
Balanced budget rules; Economic and Monetary Union (EMU); Maastricht treaty;
Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
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