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Tradable Deficit Permits

In: The Stability and Growth Pact

Author

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  • Alessandra Casella

Abstract

The current provisions of the Stability and Growth Pact (hereafter, SGP) advocate balanced budgets in the longer term and specify a ceiling for deficit spending of 3 per cent of GDP for each member of the European Monetary Union. A violation of the ceiling will trigger warnings and eventually penalties (unless exceptional circumstances can be invoked). In this form, the Pact suffers from several shortcomings that will limit its effectiveness and impose exceptional costs on at least some of the member countries.

Suggested Citation

  • Alessandra Casella, 2001. "Tradable Deficit Permits," Palgrave Macmillan Books, in: Anne Brunila & Marco Buti & Daniele Franco (ed.), The Stability and Growth Pact, chapter 16, pages 394-413, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62926-4_16
    DOI: 10.1057/9780230629264_16
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    Citations

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    Cited by:

    1. Michal Mackiewicz, 2007. "Making the Stability Pact More Flexible: Does It Lead to Pro-Cyclical Fiscal Policies?," Fiscal Studies, Institute for Fiscal Studies, vol. 28(2), pages 251-268, June.
    2. Marco Buti & Sylvester Eijffinger & Daniele Franco, 2003. "Revisiting the Stability and Growth Pact: grand design or internal adjustment?," European Economy - Economic Papers 2008 - 2015 180, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    3. Alessandro Girardi & Paolo Paesani, 2008. "Structural Reforms and Fiscal Discipline in Europe," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 15(2), pages 389-402, September.
    4. Orban, Gabor & Szapary, Gyorgy, 2004. "The Stability and Growth Pact from the perspective of the new member states," Journal of Policy Modeling, Elsevier, vol. 26(7), pages 839-864, October.
    5. Szapáry, György & Orbán, Gábor, 2004. "A stabilitási és növekedési paktum az új tagállamok szemszögéből [The Stabilization and Growth Pact in the light of the new EU member-states]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 810-831.
    6. Carlo Panico & Francesco Purificato, 2012. "The Role of Institutional and Political Factors in the European Debt Crisis," Working Papers wp280, Political Economy Research Institute, University of Massachusetts at Amherst.
    7. Mackiewicz, Michał, 2005. "Making The Stability Pact More Flexible: Can It Lead to Procyclical Fiscal Policies?," MPRA Paper 16033, University Library of Munich, Germany.
    8. Leopold Diebalek & Doris Prammer, 2006. "Reform of the Stability and Growth Pact," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 78-109.
    9. Sébastien Pommier, 2008. "The Use of Fiscal Policy in EMU: First Appraisal and Future Prospects," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 69(03), pages 28-45.

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