IDEAS home Printed from https://ideas.repec.org/a/prs/ecoprv/ecop_0249-4744_1992_num_106_5_5320.html
   My bibliography  Save this article

Passage à l'union économique et monétaire en Europe : effets sur la croissance et les politiques budgétaires

Author

Listed:
  • Patrick Artus

Abstract

[spa] Paso a la unión económica y monetaria en Europa : efectos sobre el crecimiento y las políticas presupuestarias, . por Patrick Artus.. . La eficacia del SME y de la UEM se ha examinado ya ampliamente desde el punto de vista de la capacidad de las políticas económicas para estabilizar las economías y reaccionar ante los choques simétricos en cuanto a su propia credibilidad. En este artículo se apunta un aspecto menos desarrollado : ¿ cómo se deben organizar las políticas presupuestarias después de la Unión monetaria. ¿ Es preciso coordinarlas o someterlas a imperativos ? ¿ Organizar transferencias entre países ? ¿ Como entran en relación con la política monetaria común ? [fre] Passage à l'union économique et monétaire en Europe : effets sur la croissance et les politiques budgétaires, . par Patrick Artus.. . L'efficacité du SME et de l'UEM a déjà été largement examinée du point de vue de la capacité des politiques économiques à stabiliser les économies, à réagir aux chocs asymétriques, à être crédibles. Un point moins développé est traité dans cet article : comment doit-on organiser les politiques budgétaires après l'union monétaire. Faut-il les coordonner, les contraindre ? Organiser des transferts entre pays ? Comment entrent-elles en relation avec la politique monétaire commune ? [ger] Der Übergang zur Wirtschafts-und Währungsunion in Europa: die Auswirkungen auf das Wachstum und die Haushaltspolitiken, . von Patrick Artus . Die positiven Auswirkungen des EWS und der WWU auf die Fähigkeit der Wirtschaftspolitiken, die Wirtschaft zu stabilisieren, auf asymmetrische Schocks zu reagieren und glaubwürdig zu erscheinen, sind bereits ausführlich erörtert worden. Gegenstand dieses Artikels ist ein Aspekt, der bisher noch wenig untersucht worden ist: Wie sollen die einzelnen Haushaltspolitiken nach der Schaffung der Währungsunion gestaltet werden? Sollen sie koordiniert, ihnen Zwänge auferlegt werden? Sollen zwischen den verschiedenen Ländern Transfers erfolgen? Welche Beziehung besteht zwischen ihnen und der gemeinsamen Währungspolitik? [eng] The Move to Economic and Monetary Union in Europe: Effects on Growth and Budget Policies, . by Patrick Artus.. . The efficiency of the EMS and EMU has already been extensively examined from the point of view of the ability of economic policies to stabilize economies, react to asymmetrical shocks and sustain credibility. A less-developed point is dealt with in this article. How should budget policies be organized following monetary union? Should they be co-ordinated or constrained? Should transfers between countries be organized? How do they correspond to common monetary policy?

Suggested Citation

  • Patrick Artus, 1992. "Passage à l'union économique et monétaire en Europe : effets sur la croissance et les politiques budgétaires," Économie et Prévision, Programme National Persée, vol. 106(5), pages 123-137.
    • Handle: RePEc:prs:ecoprv:ecop_0249-4744_1992_num_106_5_5320
    DOI: 10.3406/ecop.1992.5320
    Note: DOI:10.3406/ecop.1992.5320
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecop.1992.5320
    Download Restriction: no
    File URL: https://www.persee.fr/doc/ecop_0249-4744_1992_num_106_5_5320
    Download Restriction: no
    File URL: https://libkey.io/10.3406/ecop.1992.5320?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Robert P. Flood & Peter M. Garber, 1991. "The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates," The Quarterly Journal of Economics, Oxford University Press, vol. 106(4), pages 1367-1372.
    2. Stanley Fischer, 1987. "International Macroeconomic Policy Coordination," NBER Working Papers 2244, National Bureau of Economic Research, Inc.
    3. Buiter,Willem H. & Marston,Richard C., 1986. "International Economic Policy Coordination," Cambridge Books, Cambridge University Press, number 9780521337809.
    4. Miller, Marcus & Weller, Paul, 1991. "Exchange Rate Bands with Price Inertia," Economic Journal, Royal Economic Society, vol. 101(409), pages 1380-1399, November.
    5. Willem H. Buiter & Richard C. Marston, 1985. "Introduction to "International Economic Policy Coordination"," NBER Chapters, in: International Economic Policy Coordination, pages 1-7, National Bureau of Economic Research, Inc.
    6. Alberto Giovannini, 1990. "European Monetary Reform: Progress and Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(2), pages 217-292.
    7. Giovannini, A., 1990. "The Transition To European Monetary Union," Princeton Studies in International Economics 178, International Economics Section, Departement of Economics Princeton University,.
    8. Sinn, Hans-Werner, 1990. "Tax harmonization and tax competition in Europe," European Economic Review, Elsevier, vol. 34(2-3), pages 489-504, May.
    9. Miller, Marcus & Weller, Paul, 1990. "Currency Bonds, Target Zones and Cash Limits: Thresholds for Monetary and Fiscal Policy," CEPR Discussion Papers 382, C.E.P.R. Discussion Papers.
    10. Giuseppe Bertola & Lars E. O. Svensson, 1993. "Stochastic Devaluation Risk and the Empirical Fit of Target-Zone Models," Review of Economic Studies, Oxford University Press, vol. 60(3), pages 689-712.
    11. Francesco Giavazzi & Marco Pagano, 1991. "The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 303-330, National Bureau of Economic Research, Inc.
    12. Francisco Delgado & Bernard Dumas, 1991. "Target Zones Big and Small," NBER Working Papers 3601, National Bureau of Economic Research, Inc.
    13. Casella, Alessandra, 1992. "Participation in a Currency Union," American Economic Review, American Economic Association, vol. 82(4), pages 847-863, September.
    14. Michael Artis & Dilip Nachane, 1990. "Wages and prices in Europe: A test of the German leadership thesis," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 126(1), pages 59-77, March.
    15. van der Ploeg, Frederick, 1988. "International policy coordination in interdependent monetary economies," Journal of International Economics, Elsevier, vol. 25(1-2), pages 1-23, August.
    16. F. Giavazzi, 1989. "The Exchnge-Rate Question in Europe," Working Papers 69, Dipartimento Scienze Economiche, Universita' di Bologna.
    17. Barry Eichengreen, 1992. "Is Europe an Optimum Currency Area?," Palgrave Macmillan Books, in: Silvio Borner & Herbert Grubel (ed.), The European Community after 1992, chapter 8, pages 138-161, Palgrave Macmillan.
    18. Hallett, A. J. Hughes, 1987. "The impact of interdependence on economic policy design : The case of the USA, EEC and Japan," Economic Modelling, Elsevier, vol. 4(3), pages 377-396, July.
    19. Branson, William H, 1990. "Financial Market Integration, Macroeconomic Policy and the EMS," CEPR Discussion Papers 385, C.E.P.R. Discussion Papers.
    20. Canzoneri, Matthew B & Minford, Patrick, 1987. "Policy Interdependence: Does Strategic Behaviour Pay? An Empirical Investigation Using the Liverpool World Model," CEPR Discussion Papers 201, C.E.P.R. Discussion Papers.
    21. Fratianni, Michele & von Hagen, Juergen, 1990. "The European Monetary System ten years after," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 173-241, January.
    22. De Grauwe, Paul, 1989. "The Cost of Disinflation and the European Monetary System," CEPR Discussion Papers 326, C.E.P.R. Discussion Papers.
    23. Eichengreen, Barry, 1990. "One Money for Europe? Lessons from the US Currency Union," Department of Economics, Working Paper Series qt6ks1k831, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    24. Obstfeld, Maurice, 1984. "Balance-of-Payments Crises and Devaluation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 16(2), pages 208-217, May.
    25. Froot, Kenneth A. & Obstfeld, Maurice, 1991. "Exchange-rate dynamics under stochastic regime shifts : A unified approach," Journal of International Economics, Elsevier, vol. 31(3-4), pages 203-229, November.
    26. Holtham, Gerald & Hughes Hallett, Andrew, 1987. "International Policy Cooperation and Model Uncertainty," CEPR Discussion Papers 190, C.E.P.R. Discussion Papers.
    27. Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
    28. Barry Eichengreen., 1990. "Costs and Benefits of European Monetary Unification," Economics Working Papers 90-150, University of California at Berkeley.
    29. Canzoneri, Matthew B & Gray, Jo Anna, 1985. "Monetary Policy Games and the Consequences of Non-cooperative Behavior," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(3), pages 547-564, October.
    30. Richard Portes, 1990. "Macroeconomic Policy Coordination and the European Monetary System," Palgrave Macmillan Books, in: Piero Ferri (ed.), Prospects for the European Monetary System, chapter 11, pages 222-235, Palgrave Macmillan.
    31. MacDonald, Ronald & Taylor, Mark P, 1991. "Exchange Rates, Policy Convergence, and the European Monetary System," The Review of Economics and Statistics, MIT Press, vol. 73(3), pages 553-558, August.
    32. Currie, David & Levine, Paul & Pearlman, Joseph, 1992. "European monetary union or hard EMS?," European Economic Review, Elsevier, vol. 36(6), pages 1185-1204, August.
    33. Gerald Holtham & Andrew Hughes Hallett, 1987. "International Policy Cooperation and Model Uncertainty," International Economic Association Series, in: Ralph C. Bryant & Richard Portes (ed.), Global Macroeconomics: Policy Conflict and Cooperation, chapter 5, pages 128-184, Palgrave Macmillan.
    34. Frenkel, Jacob A & Razin, Assaf, 1987. "Fiscal Policies and the World Economy; An Intertemporal Approach (Cambridge, Mass.: MIT Press, 1987)," MPRA Paper 20438, University Library of Munich, Germany.
    35. Alessandra Casella and Jonathan Feinstein., 1988. "Management of a Common Currency," Economics Working Papers 8891, University of California at Berkeley.
    36. Alogoskoufis, George, 1990. "On Relative Shocks and Fiscal Policies in a Monetary Union," CEPR Discussion Papers 423, C.E.P.R. Discussion Papers.
    37. van der Ploeg, F., 1990. "Budgetary aspects of economic and monetary integration in Europe," Other publications TiSEM 97425e8a-e040-4214-baf3-c, Tilburg University, School of Economics and Management.
    38. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
    39. Marcus Miller & Mark Salmon, 1985. "Policy Coordination and Dynamic Games," NBER Chapters, in: International Economic Policy Coordination, pages 184-227, National Bureau of Economic Research, Inc.
    40. Wyplosz, Charles, 1986. "Capital controls and balance of payments crises," Journal of International Money and Finance, Elsevier, vol. 5(2), pages 167-179, June.
    41. Paul R. Krugman, 1988. "Target Zones and Exchange Rate Dynamics," NBER Working Papers 2481, National Bureau of Economic Research, Inc.
    42. Bertola, Giuseppe & Caballero, Ricardo J, 1992. "Target Zones and Realignments," American Economic Review, American Economic Association, vol. 82(3), pages 520-536, June.
    43. Giovannini, Alberto, 1990. "International capital mobility and capital-income taxation : Theory and policy," European Economic Review, Elsevier, vol. 34(2-3), pages 480-488, May.
    44. Willem H. Buiter & Jonathan Eaton, 1983. "International Balance of Payments Financing and Adjustment," NBER Working Papers 1120, National Bureau of Economic Research, Inc.
    45. Gilles Oudiz & Jeffrey Sachs, 1984. "Macroeconomic Policy Coordination among the Industrial Economies," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 15(1), pages 1-76.
    46. Mr. Philip M Young & Mr. Owen Evens & Horst Ungerer & Mr. Thomas H. Mayer, 1986. "The European Monetary System: Recent Developments," IMF Occasional Papers 1986/007, International Monetary Fund.
    47. Hallett, A.J. Hughes, 1986. "International policy design and the sustainability of policy bargains," Journal of Economic Dynamics and Control, Elsevier, vol. 10(4), pages 467-494, December.
    48. Jocelyn Horne & Paul R. Masson, 1988. "Scope and Limits of International Economic Cooperation and Policy Coordination," IMF Staff Papers, Palgrave Macmillan, vol. 35(2), pages 259-296, June.
    49. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
    50. Dornbusch, Rudiger, 1987. "Collapsing exchange rate regimes," Journal of Development Economics, Elsevier, vol. 27(1-2), pages 71-83, October.
    51. De Grauwe, Paul, 1989. "Is the European Monetary System a DM-Zone?," CEPR Discussion Papers 297, C.E.P.R. Discussion Papers.
    52. Ralph C. Bryant & Richard Portes (ed.), 1987. "Global Macroeconomics: Policy Conflict and Cooperation," International Economic Association Series, Palgrave Macmillan, number 978-1-349-18916-8.
    53. van der Ploeg, Frederick, 1989. "Monetary Interdependence under Alternative Exchange-Rate Regimes: A European Perspective," CEPR Discussion Papers 358, C.E.P.R. Discussion Papers.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Piersanti, Giovanni, 2012. "The Macroeconomic Theory of Exchange Rate Crises," OUP Catalogue, Oxford University Press, number 9780199653126, November.
    2. Peter Mooslechner & Martin Schuerz, 1999. "International Macroeconomic Policy Coordination: Any Lessons for EMU? A Selective Survey of the Literature," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 26(3), pages 171-199, September.
    3. Barry Eichengreen., 1993. "International Monetary Arrangements for the 21st Century," Center for International and Development Economics Research (CIDER) Working Papers C93-021, University of California at Berkeley.
    4. F. Van der Ploeg, 1992. "Coordinación de políticas macroeconómicas en las diferentes etapas de la integración económica y monetaria en Europa," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 24(03), pages 240-286.
    5. Thomas Willett, 1999. "Developments in the Political Economy of Policy Coordination," Open Economies Review, Springer, vol. 10(2), pages 221-253, May.
    6. Vajanne, Laura, . "The Exchange Rate Under Target Zones," ETLA A, The Research Institute of the Finnish Economy, number 16.
    7. Delgado, Francisco & Dumas, Bernard, 1993. "Monetary contracting between central banks and the design of sustainable exchange-rate zones," Journal of International Economics, Elsevier, vol. 34(3-4), pages 201-224, May.
    8. Antoine Magnier, 1992. "Théorie des zones cibles et fonctionnement du SME," Économie et Prévision, Programme National Persée, vol. 104(3), pages 87-113.
    9. Daniel Gros & Timothy Lane, 1992. "Monetary policy interaction within or without an exchange-rate arrangement," Open Economies Review, Springer, vol. 3(1), pages 61-82, February.
    10. Andrew Brociner, 1993. "L'Union monétaire européenne : une revue de la littérature théorique," Revue de l'OFCE, Programme National Persée, vol. 43(1), pages 349-363.
    11. António Portugal Duarte & João Sousa Andrade & Adelaide Duarte, 2013. "Exchange Rate Target Zones: A Survey Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 27(2), pages 247-268, April.
    12. Bekaert, Geert & Gray, Stephen F., 1998. "Target zones and exchange rates:: An empirical investigation," Journal of International Economics, Elsevier, vol. 45(1), pages 1-35, June.
    13. Andrew Hughes-Hallett & Patrick Minford, 1990. "Target zones and exchange rate management: A stability analysis of the European Monetary System," Open Economies Review, Springer, vol. 1(2), pages 175-200, June.
    14. Simón Sosvilla-Rivero & Francisco Pérez-Bermejo, "undated". "Credibility and Duration in Target Zones: Evidence from the EMS," Working Papers 2003-19, FEDEA.
    15. Reade, J. James & Volz, Ulrich, 2011. "Leader of the pack? German monetary dominance in Europe prior to EMU," Economic Modelling, Elsevier, vol. 28(1), pages 239-250.
    16. Eijffinger Sylvester C. W. & Goderis Benedikt, 2007. "Currency Crises, Monetary Policy and Corporate Balance Sheets," German Economic Review, De Gruyter, vol. 8(3), pages 309-343, August.
    17. Kadow, Alexander & Cerrato, Mario & MacDonald, Ronald & Straetmans, Stefan, 2013. "Does the euro dominate Central and Eastern European money markets?," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 700-718.
    18. Helpman, Elhanan & Leiderman, Leonardo, 1991. "Exchange Rate Systems: New Perspectives," Foerder Institute for Economic Research Working Papers 275504, Tel-Aviv University > Foerder Institute for Economic Research.
    19. Maurice Obstfeld, 1995. "Intenational Currency Experience: New Lessons and Lessons Relearned," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 119-220.
    20. Dominquez, Kathryn M. & Kenen, Peter B., 1992. "Intramarginal intervention in the EMS and the target-zone model of exchange-rate behavior," European Economic Review, Elsevier, vol. 36(8), pages 1523-1532, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:ecoprv:ecop_0249-4744_1992_num_106_5_5320. 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: . General contact details of provider: https://www.persee.fr/collection/ecop .

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ecop .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.