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Deficits, Debt and European Monetary Union: Some Unpleasant Fiscal Arithmetic

In: The Debt Burden and its Consequences for Monetary Policy

Author

Listed:
  • Georg Winckler

    (University of Vienna)

  • Eduard Hochreiter

    (Austrian National Bank)

  • Peter Brandner

    (Universtty of Vienna
    Austrian Institute of Economic Research)

Abstract

There is now a rapidly growing literature dealing with the relationship between fiscal and monetary policies in complete or incomplete monetary unions.2 Much of this literature is a reaction to the Delors Report and to the Maastricht Treaty. The Report suggested and the Treaty institutionalized binding fiscal rules for monetary convergence. Since then these rules have been intensively debated. Many authors regard them as superfluous or as arbitrarily fixed.

Suggested Citation

  • Georg Winckler & Eduard Hochreiter & Peter Brandner, 1998. "Deficits, Debt and European Monetary Union: Some Unpleasant Fiscal Arithmetic," International Economic Association Series, in: Guillermo Calvo & Mervyn King (ed.), The Debt Burden and its Consequences for Monetary Policy, chapter 10, pages 254-282, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-26077-5_10
    DOI: 10.1007/978-1-349-26077-5_10
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    Cited by:

    1. Robert Holzmann & Robert Palacios & Asta Zviniene, 2001. "On the Economics and Scope of Implicit Pension Debt: An International Perspective," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 28(1), pages 97-129, March.
    2. Francesco Mongelli, 1999. "The Effects of the European Economic and Monetary Union (EMU) on National Fiscal Sustainability," Open Economies Review, Springer, vol. 10(1), pages 31-61, February.
    3. Hochreiter, Eduard & Schmidt-Hebbel, Klaus & Winckler, Georg, 2002. "Monetary union: European lessons, Latin American prospects," The North American Journal of Economics and Finance, Elsevier, vol. 13(3), pages 297-321, December.
    4. Helene Schuberth & Peter Brandner & Leopold Diebalek, 1998. "Fiscal deficits and sustainability of fiscal position in the EU-Countries," ERSA conference papers ersa98p466, European Regional Science Association.
    5. Silvia Sgherri, 2002. "The fiscal dimension of a common monetary policy: results with a non-Ricardian global model," The European Journal of Finance, Taylor & Francis Journals, vol. 8(4), pages 449-479.

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