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Chapter 4: US Precedents for Europe

Author

Listed:
  • Giuseppe Bertola
  • John Driffill
  • Harold James
  • Hans-Werner Sinn
  • Jan-Egbert Sturm
  • Ákos Valentinyi

Abstract

This chapter investigates two of the most widely debated aspects of US fiscal and financial integration: (1) the responsibility of the federation for state-level debts and for the creditworthiness of states; and (2) the working of a federal central bank. Today’s fiscal federalism in the United States is relatively robust, but the road from 1790 was rocky; and the first two decades of the Federal Reserve as rife with monetary mistakes as the first fifteen years of the European Central Bank.

Suggested Citation

  • Giuseppe Bertola & John Driffill & Harold James & Hans-Werner Sinn & Jan-Egbert Sturm & Ákos Valentinyi, 2013. "Chapter 4: US Precedents for Europe," EEAG Report on the European Economy, CESifo, vol. 0, pages 95-107, February.
    • Handle: RePEc:ces:eeagre:v::y:2013:i::p:95-107
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    References listed on IDEAS

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    1. Hans-Werner Sinn, 2012. "Target Losses in Case of a Euro Breakup," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(04), pages 51-58, December.
    2. Sargent, Thomas J., 2011. "United States Then, Europe Now," Nobel Prize in Economics documents 2011-6, Nobel Prize Committee.
    3. Hans-Werner Sinn & Timo Wollmershäuser, 2012. "Target loans, current account balances and capital flows: the ECB’s rescue facility," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 19(4), pages 468-508, August.
    4. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1.
    5. James, Harold, 2012. "Making the European Monetary Union," Economics Books, Harvard University Press, number 9780674066830.
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