IDEAS home Printed from https://ideas.repec.org/p/hoo/wpaper/16117.html
   My bibliography  Save this paper

Partial Fiscalization: Some Historical Lessons on Europe's Unfinished Business

Author

Listed:
  • Michael D. Bordo
  • Harold James

Abstract

The recent Eurozone crisis of 2010-2013 has brought to the fore the argument that a successful monetary union needs to be combined with a fiscal union. The history of the U.S. monetary/fiscal union is often given as a template for Europe. In this paper we describe how the push towards creation of the American fiscal union was long and arduous—it took from 1790 to the mid-1930s. In the European case, unlike the U.S. story, there is strong opposition to creating a fiscal union because members fear the loss of sovereignty that is entailed.

Suggested Citation

  • Michael D. Bordo & Harold James, 2016. "Partial Fiscalization: Some Historical Lessons on Europe's Unfinished Business," Economics Working Papers 16117, Hoover Institution, Stanford University.
    • Handle: RePEc:hoo:wpaper:16117
    as

    Download full text from publisher

    File URL: https://www.hoover.org/sites/default/files/research/docs/16117-bordo-james.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sargent, Thomas J., 2011. "United States Then, Europe Now," Nobel Prize in Economics documents 2011-6, Nobel Prize Committee.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andreozzi, Luciano & Tamborini, Roberto, 2019. "Models of supranational policymaking and the reform of the EMU," Journal of Policy Modeling, Elsevier, vol. 41(5), pages 819-844.

    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. Athanasios Orphanides, 2014. "The Euro Area Crisis: Politics over Economics," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(3), pages 243-263, September.
    2. Eichengreen, Barry, 2015. "How the euro crisis ends: Not with a bang but a whimper," Journal of Policy Modeling, Elsevier, vol. 37(3), pages 415-422.
    3. Simon Bilo, 2018. "The international business cycle as intertemporal coordination failure," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(1), pages 27-49, March.
    4. Michael D. Bordo & Harold James, 2017. "Partial Fiscalization: Some Lessons on Europe’s Unfinished Business," NBER Working Papers 23220, National Bureau of Economic Research, Inc.
    5. Giuseppe Bertola & John Driffill & Harold James & Hans-Werner Sinn & Jan-Egbert Sturm & Ákos Valentinyi, 2013. "Chapter 4: US Precedents for Europe," EEAG Report on the European Economy, CESifo, vol. 0, pages 95-107, February.

    More about this item

    Keywords

    Â;

    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:hoo:wpaper:16117. See general information about how to correct material in RePEc.

    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: Webmaster (email available below). General contact details of provider: https://edirc.repec.org/data/hostaus.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.