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Stability Pact for Hungary? Rise of Third Generation Reforms

  • István Benczes

Accession to the European Union is the clearest symbol of globalisation for a country in transition. The integration process does not represent purely regional values, but globalised ones as well, which are widely shared in the developed or globalising part of the world. In order to be fully integrated into the EU, the initiation of the so-called third generation reforms is required. On this basis the study argues that a Stability Pact can be an effective means to constrain deviant behaviour and to enforce fiscal discipline not just within a monetary union but also within a transitional country as well, by blocking the consequences of rash judgements stemming from cyclical changes in politics.

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Paper provided by Centre for Economic Reform and Transformation, Heriot Watt University in its series CERT Discussion Papers with number 0103.

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Date of creation: 2001
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Handle: RePEc:hwe:certdp:0103
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  1. Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 65-113, 04.
  2. Jorge Braga de Macedo, 2000. "Converging European Transitions," OECD Development Centre Working Papers 159, OECD Publishing.
  3. Alberto Alesina & Roberto Perotti, 1996. "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects," NBER Working Papers 5730, National Bureau of Economic Research, Inc.
  4. Poterba, James M., 1995. "Capital budgets, borrowing rules, and state capital spending," Journal of Public Economics, Elsevier, vol. 56(2), pages 165-187, February.
  5. André Sapir & Marco Buti, 1998. "Economic policy in EMU," ULB Institutional Repository 2013/8078, ULB -- Universite Libre de Bruxelles.
  6. George C. Tsibouris & Vito Tanzi, 2000. "Fiscal Reform Over Ten Years of Transition," IMF Working Papers 00/113, International Monetary Fund.
  7. Kletzer, Kenneth & von Hagen, Jürgen, 2000. "Monetary Union and Fiscal Federalism," CEPR Discussion Papers 2615, C.E.P.R. Discussion Papers.
  8. Barry Eichengreen and Jurgen von Hagen., 1995. "Fiscal Policy and Monetary Union: Federalism, Fiscal Restrictions and the No-Bailout Rule," Center for International and Development Economics Research (CIDER) Working Papers C95-056, University of California at Berkeley.
  9. Mitko Dimitrov & Wladimir Andreff & Laszlo Csaba & N. Campos & Tatiana Houbenova-Delissivkova & Gabor Hunya & Vesselin Mintchev & Nikolay Naydenov & A. Pailhe & Rossitsa Rangelova & Plamen Tchipev & A, 1999. "Economies in Transition and the Variety of Capitalisms. Features, Changes, Convergence," ERI-BAS Books, Bulgarian Academy of Sciences - Economic Research Institute, number 1:p:1-527 edited by Mitko Dimitrov & Wladimir Andreff & Laszlo Csaba, Spring.
  10. Giancarlo Corsetti & Paolo Pesenti, 1999. "Stability, Asymmetry, and Discontinuity: The Launch of European Monetary Union," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(2), pages 295-372.
  11. Fabrizio Balassone & Daniele Franco, 2000. "Public investment, the Stability Pact and the ‘golden rule’," Fiscal Studies, Institute for Fiscal Studies, vol. 21(2), pages 207-229, June.
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