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Fiscal Policy and Monetary Union: Federalism, Fiscal Restrictions and the No-Bailout Rule

  • Barry Eichengreen and Jurgen von Hagen.

The paper considers the case for fiscal restrictions like the Excessive Deficits Procedure of the Maastrict Treaty and the origin of borrowing restrictions in the U.S. and Australia

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Paper provided by University of California at Berkeley in its series Center for International and Development Economics Research (CIDER) Working Papers with number C95-056.

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Date of creation: 01 Sep 1995
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Handle: RePEc:ucb:calbcd:c95-056
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  1. Calvo, Guillermo A, 1988. "Servicing the Public Debt: The Role of Expectations," American Economic Review, American Economic Association, vol. 78(4), pages 647-61, September.
  2. Hughes Hallett, Andrew & Vines, David, 1991. "Adjustment Difficulties within a European Monetary Union: Can They be Reduced?," CEPR Discussion Papers 517, C.E.P.R. Discussion Papers.
  3. von Hagen, Jurgen, 1991. "A note on the empirical effectiveness of formal fiscal restraints," Journal of Public Economics, Elsevier, vol. 44(2), pages 199-210, March.
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