Fiscal Federalism, EMU and Shock Absorption Mechanisms: A Guide to the Literature
Fiscal federalism theory seeks to establish the optimal organization of a government, confined by certain geographic boundaries. The implications of that theory for the monetary unification process are shortly inquired. The literature measuring the redistribution and stabilization effects of the tax and transfer systems in different monetary unions is surveyed. The prospects of evolution to integration models with a federalist countenance are briefly analysed and it is given special attention to the projects of creation of a European Fiscal Transfers Scheme. That mechanism would provide the European economies with some degree of stabilization in substitution for the loss of the adjustment mechanisms. However, after analysing the different proposals for the creation of such mechanism we conclude that, given the shocks persistence, they easily become redistribution mechanisms.
Volume (Year): 4 (2000)
Issue (Month): (03)
|Contact details of provider:|| Web page: http://www2.wu-wien.ac.at/ecsa/|
More information through EDIRC
|Order Information:||Web: http://eiop.or.at/eiop/|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hughes Hallett, A J & Ma, Yue, 1993. "East Germany, West Germany, and Their Mezzogiorno Problem: A Parable for European Economic Integration," Economic Journal, Royal Economic Society, vol. 103(417), pages 416-28, March.
- repec:cup:cbooks:9780521644358 is not listed on IDEAS
- Xavier Sala-i-Martin & Jeffrey Sachs, 1991.
"Fiscal Federalism and Optimum Currency Areas: Evidence for Europe From the United States,"
NBER Working Papers
3855, National Bureau of Economic Research, Inc.
- Sachs, Jeffrey & Sala-i-Martin, Xavier, 1992. "Fiscal Federalism and Optimum Currency Areas: Evidence for Europe from the United States," CEPR Discussion Papers 632, C.E.P.R. Discussion Papers.
- Forni, Mario & Reichlin, Lucrezia, 1999.
"Risk and potential insurance in Europe,"
European Economic Review,
Elsevier, vol. 43(7), pages 1237-1256, June.
- von Hagen, Jurgen & Hammond, George W, 1998.
"Regional Insurance against Asymmetric Shocks: An Empirical Study for the European Community,"
The Manchester School of Economic & Social Studies,
University of Manchester, vol. 66(3), pages 331-53, June.
- Hammond, George & von Hagen, Jürgen, 1995. "Regional Insurance Against Asymmetric Shocks. An Empirical Study for the European Community," CEPR Discussion Papers 1170, C.E.P.R. Discussion Papers.
- Paul R. Masson & Mark P. Taylor, 1993. "Fiscal Policy within Common Currency Areas," Journal of Common Market Studies, Wiley Blackwell, vol. 31(1), pages 29-44, 03.
- Asdrubali, Pierfederico & Sorensen, Bent E & Yosha, Oved, 1996. "Channels of Interstate Risk Sharing: United States 1963-1990," The Quarterly Journal of Economics, MIT Press, vol. 111(4), pages 1081-1110, November.
When requesting a correction, please mention this item's handle: RePEc:erp:eiopxx:p0047. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Editorial Assistant)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.