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The Political Economy of Fiscal Policy After EMU

Author

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  • Barry Eichengreen.

Abstract

This paper considers the implications for fiscal policy of European Monetary Unification. Following an introduction, Section II describes and critiques the fiscal provisions of the Maastricht Treaty on Economic and Monetary Union. Section III considers the case for formal fiscal restraints and presents evidence on their effectiveness. Section IV presents a parallel analysis of the debate over fiscal federalism.
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Suggested Citation

  • Barry Eichengreen., 1992. "The Political Economy of Fiscal Policy After EMU," Center for International and Development Economics Research (CIDER) Working Papers C92-004, University of California at Berkeley.
  • Handle: RePEc:ucb:calbcd:c92-004
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    File URL: http://www.haas.berkeley.edu/groups/iber/wps/cider/c93-006.pdf
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    References listed on IDEAS

    as
    1. Canzoneri, Matthew B, 1985. "Monetary Policy Games and the Role of Private Information," American Economic Review, American Economic Association, vol. 75(5), pages 1056-1070, December.
    2. Canzoneri, Matthew B. & Diba, Behzad T., 1991. "Fiscal deficits, financial integration, and a central bank for Europe," Journal of the Japanese and International Economies, Elsevier, vol. 5(4), pages 381-403, December.
    3. Paul Masson & Jacques Melitz, 1991. "Fiscal policy independence in a European Monetary Union," Open Economies Review, Springer, vol. 2(2), pages 113-136, June.
    4. 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.
    5. Jeff Frankel, Steve Phillips, and Menzie Chinn., 1992. "Financial and Currency Integration in the European Monetary System: The Statistical Record," Center for International and Development Economics Research (CIDER) Working Papers C92-005, University of California at Berkeley.
    6. James C. Ingram, 1959. "State and Regional Payments Mechanisms," The Quarterly Journal of Economics, Oxford University Press, vol. 73(4), pages 619-632.
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    Citations

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    Cited by:

    1. Paul De Grauwe, 1993. "The Political Economy of Monetary Union in Europe," The World Economy, Wiley Blackwell, vol. 16(6), pages 653-661, November.
    2. McKinnon, Ronald I., 1995. "Intergovernmental competition in Europe with and without a common currency," Journal of Policy Modeling, Elsevier, vol. 17(5), pages 463-478, October.

    More about this item

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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