The Stability and Growth Pact: The Architecture of Fiscal Policy in EMU

by Patricia L Liberty (Editor), David Lurie (Editor), D. Franco (Editor)

Overview

The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyze the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.

Author Biography: Anne Brunila is Economic Advisor at the Directorate-General for Economic and Financial Affairs, the European Commission.

Marco Buti is Head of Unit, Directorate General for Economic and Financial Affairs, European Commission.

Daniele Franco is Director of the Public Finance Division in the research department at the Bank of Italy.

Product Details

ISBN-13:	9781349427277
Publisher:	Palgrave Macmillan UK
Publication date:	09/20/2001
Edition description:	1st ed. 2001
Pages:	439
Product dimensions:	5.51(w) x 8.50(h) x 0.04(d)

About the Author

MICHAEL J. ARTIS European University Institute
FABRIZIO BALASSONE Research Department, Bank of Italy
RAY BARRELL National Institute for Economic and Social Research
ROEL BEETSMA University of Amsterdam and CEPR
ANTONIO J. CABRAL Directorate-General for Economic and Financial Affairs, European Commission
MATTHEW B. CANZONIERI Georgetown University
ALESSANDRA CASELLA Columbia University
DECLAN COSTELLO Directorate-General for Economic and Financial Affairs, European Commission
THOMAS DALSGAARD Organisation for Economic Co-operation and Development
BEHZAD T. DIBA Georgetown University
KAREN DURY National Institute for Economic and Social Research
JONAS FISCHER Directorate-General for Economic and Financial Affairs, European Commission
GABRIELE GIUDICE Directorate-General for Economic and Financial Affairs, European Commission
PAUL HIEBERT European Central Bank
SIXTEN KORKMAN Council of the European Union
ALESSANDRO MISSALE University of Florence
JAVIER PÉREZ-GARCIA European Central Bank
MASSIMO ROSTAGNO European Central Bank
ALAIN DE SERRES Organisation for Economic Co-operation and Development
JUERGEN STARK Bundesbank
MATTI VIRÉN University of Turku and Bank of Finland

Table of Contents

List of Tables List of Figures Acknowledgements Notes on the Contributors Introduction; A.Brunila, M.Buti & D.Franco PART 1: DOES THE EMU NEED FISCAL RULES Does EMU Need a Stability Pact?; R.Beetsma The Stability and Growth Pact: a delicate balance or an albatross?; M.B.Canzoneri & B.T.Diba PART 2: WHERE DOES THE PACT COME FROM? Genesis of a Pact; J.Stark The Stability and Growth Pact: how did we get there?; D.Costello PART 3: HOW DOES THE PACT WORK? Main aspects of the working of the Stability and Growth Pact; A.J.Cabral Fiscal surveillance under the pact: the stability and Convergence Programmes; J.Fischer & G.Giudice PART 4: "CLOSE TO BALANCE OR IN SURPLUS": THE MEDIUM TERM BUDGETARY TARGETS Setting medium-term fiscal targets in EMU; M.J.Artis & M.Buti Estimating prudent budgetary margins for EU countries: a simulated SVAR model approach; T.Dalsgaard & A.de Serres The Stability and Growth Pact, will it ever be reached?; R.Barrell & K.Dury PART 5: FISCAL POLICY CO-ORDINATION UNDER THE PACT Fiscal policy, automatic stabilisers and policy co-ordination in EMU; M.Virén Should fiscal policy co-ordination go beyond the SGP?; S.Korkman PART 6: PUBLIC DEBT UNDER THE STABILITY AND GROWTH PACT Optimal debt under a deficit constraint; M.Rostagno, P.Hiebert & J.Pérez-Garcìa How should the debt be managed? Supporting the Stability Pact; A.Missale PART 7: WERE THERE POSSIBLE ALTERNATIVES? Public investment, the stability Pact and the 'Golden Rule'; F.Balassone & D.Franco Achieving fiscal discipline through tradable deficit permits; A.Casella Glossary References Index