An Analysis of the Stability and Growth Pact
Bibliographic Data
| ID | 9712849 |
|---|---|
| Authors | Roel Beetsma (0000-0002-6954-8774, University of Amsterdam), Harald Uhlig (0000-0003-0918-032X, CentER, Tilburg University) |
| Year | 1999 |
| Volume | 109 |
| Issue | 458 |
| Pages | 546-571 |
| Publication date | 1999-10-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/1468-0297.00462 |
| OpenAlex | W2117132355 |
| Language | EN |
| Citations received | 25 |
| References cited | 6 |
We use a stylised model to analyse the Stability and Growth Pact for countries that have formed the European Monetary Union (EMU). In our model, shortsighted governments fail to internalise the consequences of their debt policies for the common inflation rate fully. Therefore, while governments have no incentive to sign a stability pact in the absence of a monetary union, they do so with monetary union to restrain this externality. With uncertainty, a monetary union combined with an appropriately designed pact will be strictly preferred to autonomy. With differences in initial conditions, conflicts of interest arise. We study the Nash bargaining solution
Autonomy · Debt · Economics · European union · Externality · Incentive · Inflation (cosmology · International economics · Macroeconomics · Member states · Microeconomics · Monetary economics · Pact · Stability and Growth Pact · European Monetary and Fiscal Policies · Fiscal Policies and Political Economy · Global Financial Crisis and Policies
An Agenda for a Growing Europe
Tied to the mast? National fiscal rules in the European Union
Reforming the Eurozone
Fiscal discipline in EMU? Testing the effectiveness of the Excessive Deficit Procedure
OECD pension reform
Regional debt in monetary unions
When do cooperation and commitment matter in a monetary union
The European Sovereign Debt Crisis
Interdisciplinary Analysis of Luhmann’s Sociological Theory on the Euro-Crisis
Macroeconomic equilibriums, crises and fiscal policy
Monetary-fiscal policies design and financial shocks in currency unions
In search of the ideational foundations of EU fiscal governance
The effect of monetary unification on public debt and its real return
An experimental analysis of voting in the Stability and Growth Pact in the European Monetary Union
Pacte de stabilité, crédibilité du policy mix et coordination des politiques budgétaires en union monétaire
Fiscal and Monetary Policy for a Low-Speed Europe
On Macroeconomic Policy Co‐ordination in EMU
Stabilizing Output and Inflation
Fiscal Governance in the Eurozone
Macroeconomic Imbalances as Indicators for Debt Crises in Europe
Explaining deviations from the Stability and Growth Pact
Voting in EMU — An Experimental Study of Institutional Innovation and the Role of Communication in the Stability and Growth Pact
The 'Sense and Nonsense of Maastricht' Revisited
Obligations of good faith
Rising Government Debt
| Unique citing works | 25 |
|---|---|
| Citations per year | 1 |
| Citation span | 2001 - 2024 (24) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 25 |