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Fiscal Federalism and the Stability and Growth Pact: A Difficult Union

In: Economic Welfare, International Business and Global Institutional Change

Author

Listed:
  • Fabrizio Balassone
  • Daniele Franco

Abstract

The distinguished authors in this volume address the fundamental causes for such heterogeneous international experiences, placing particular emphasis on the role of institutions. They demonstrate how the study of economic development is increasingly linked to the development of institutions, which allow for more complex exchanges to occur in markets and societies. Institutions can be understood as rules or constraints that channel individuals' actions in specific directions, and can be formal or informal depending on their genesis. The book highlights the connection between institutions and economic welfare by examining countries at different stages of development. Although the authors' study material effects, they also look at individual well-being which is more strongly influenced by the non-material products of institutions such as opportunity, freedom and relationships. They move on to highlight the role of institutions in global business, in terms of innovation, entrepreneurship and foreign direct investment. In the concluding chapters they focus on the actual process of transition from one institutional framework to another. Amongst other examples, they examine reforms to international financial institutions and constitutional adjustments in transition countries.

Suggested Citation

  • Fabrizio Balassone & Daniele Franco, 2003. "Fiscal Federalism and the Stability and Growth Pact: A Difficult Union," Chapters,in: Economic Welfare, International Business and Global Institutional Change, chapter 6 Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:2915_6
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    Cited by:

    1. Giuriato, Luisa & Gastaldi, Francesca, 2009. "The domestic stability pact in Italy: a rule for discipline?," MPRA Paper 15183, University Library of Munich, Germany.

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