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Fiskalpolitik in einer Wechselkursunion. Bietet das Mundell-Fleming-Modell einen geeigneten Analyserahmen? / Fiscal Policy in an Exchange Rate Union. Does the Mundell-Fleming Model offer an Appropriate Analytical Framework?

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  • Größl-Gschwendtner I.

    (Hochschule f. Wirtschaft und Politik, von Melle Park 9, D-20146 Hamburg)

  • Stahlecker P.

    (Universität Hamburg, von Melle Park 5, D-20146 Hamburg)

Abstract

Mundell-Fleming models show that in an exchange rate union public expenditure increases of one member will only be successful at the cost of the partner country. This result hinges on the assumptions that capital mobility is perfect, the exchange rate union is a small country and finally that no change of the exchange rate is expected. We show in our contribution that the Mundell-Fleming results crucially depend on an inconsistent analytical framework for both the assumed perfect capital mobility and the interrelationsship between the financial and real sector of each economy.

Suggested Citation

  • Größl-Gschwendtner I. & Stahlecker P., 1994. "Fiskalpolitik in einer Wechselkursunion. Bietet das Mundell-Fleming-Modell einen geeigneten Analyserahmen? / Fiscal Policy in an Exchange Rate Union. Does the Mundell-Fleming Model offer an Appropriat," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 213(4), pages 419-440, August.
    • Handle: RePEc:jns:jbstat:v:213:y:1994:i:4:p:419-440
    DOI: 10.1515/jbnst-1994-0404
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