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Effects of the European Economic and Monetary Union (EMU)on Taxation and Interest Spending of National Governments

  • Francesco P. Mongelli

This paper examines the interest spending and taxation channels through which EMU could affect the public finances. It provides a framework for examining different views on a further narrowing of interest rate differentials. A model of Blanchard and Fischer is amended to analyze the two channels, and empirical evidence on the tax harmonization process is presented. The paper argues that “high-debt” and “high-tax” countries pursuing prudent fiscal policies could benefit the most from EMU: if monetary and widespread fiscal discipline are jointly established, interest rates could decline rapidly, while tax harmonization is likely to be gradual.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/93.

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Length: 36
Date of creation: 01 Jul 1997
Date of revision:
Handle: RePEc:imf:imfwpa:97/93
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