Post-Crisis Lesson for EMU Governance from the Principal-Agent Approach
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Alberto Alesina & Filipe R. Campante & Guido Tabellini, 2008.
"Why is Fiscal Policy Often Procyclical?,"
Journal of the European Economic Association, MIT Press, vol. 6(5), pages 1006-1036, September.
- Alberto Alesina & Filipe Campante & Guido Tabellini, "undated". "Why is Fiscal Policy Often Procyclical?," Working Paper 248206, Harvard University OpenScholar.
- Alberto Alesina & Guido Tabellini, 2005. "Why is Fiscal Policy Often Procyclical?," NBER Working Papers 11600, National Bureau of Economic Research, Inc.
- Alberto Alesina & Guido Tabellini, 2005. "Why is fiscal policy often procyclical?," Harvard Institute of Economic Research Working Papers 2090, Harvard - Institute of Economic Research.
- Alberto Alesina & Guido Tabellini, 2005. "Why Is Fiscal Policy Often Procyclical?," Working Papers 297, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Tabellini, Guido & Alesina, Alberto Francesco & Campante, Filipe Robin, 2008. "Why Is Fiscal Policy Often Procyclical?," Scholarly Articles 34729976, Harvard University Department of Economics.
- Alberto Alesina & Guido Tabellini, 2005. "Why is Fiscal Policy often Procyclical?," CESifo Working Paper Series 1556, CESifo.
- Alberto Alesina & Guido Tabellini, 2005. "Why is fiscal policy often procyclical?," Levine's Bibliography 784828000000000465, UCLA Department of Economics.
- Macho-Stadler, Ines & Perez-Castrillo, J. David, 2001.
"An Introduction to the Economics of Information: Incentives and Contracts,"
OUP Catalogue,
Oxford University Press,
edition 2, number 9780199243273.
- Macho-Stadler, Ines & Perez-Castrillo, J. David, 2001. "An Introduction to the Economics of Information: Incentives and Contracts," OUP Catalogue, Oxford University Press, edition 2, number 9780199243259.
- Waltraud Schelkle, 2005. "The Political Economy of Fiscal Policy Co‐ordination in EMU: From Disciplinarian Device to Insurance Arrangement," Journal of Common Market Studies, Wiley Blackwell, vol. 43(2), pages 371-391, June.
- Schuknecht, Ludger, 2004. "EU fiscal rules: issues and lessons from political economy," Working Paper Series 421, European Central Bank.
- Barro, Robert J, 1979.
"On the Determination of the Public Debt,"
Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 940-971, October.
- Barro, Robert J., 1979. "On the Determination of the Public Debt," Scholarly Articles 3451400, Harvard University Department of Economics.
- Michael Gavin & Roberto Perotti, 1997. "Fiscal Policy in Latin America," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 11-72, National Bureau of Economic Research, Inc.
- William D. Nordhaus, 1975. "The Political Business Cycle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 42(2), pages 169-190.
- Bengt Holmstrom, 1979.
"Moral Hazard and Observability,"
Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 74-91, Spring.
- HOLMSTROM, Bengt, 1979. "Moral hazard and observability," LIDAM Reprints CORE 379, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Bengt Holmstrom, 1997. "Moral Hazard and Observability," Levine's Working Paper Archive 1205, David K. Levine.
- Marek Dabrowski, 2012. "Fiscal and Monetary Policy Determinants of the Eurozone Crisis and its Resolution," CASE Network Studies and Analyses 443, CASE-Center for Social and Economic Research.
- Jakob von Weizsäcker, 2010. "The Blue Bond Proposal," Bruegel Policy Brief 403, Bruegel.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Lindner, Vincent & Eckert, Sandra & Nölke, Andreas, 2022. "Political science research on the reasons for the (non) adoption and (non) implementation of EMU reform proposals: The state of the art," SAFE Working Paper Series 339, Leibniz Institute for Financial Research SAFE.
- Grzegorz Poniatowski, 2014. "Common Currency and Determinants of Government Bond Risk Premiums," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 6(2), pages 70-87, June.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Arsic, Milojko & Nojkovic, Aleksandra & Randjelovic, Sasa, 2017. "Determinants of discretionary fiscal policy in Central and Eastern Europe," Economic Systems, Elsevier, vol. 41(3), pages 367-378.
- Marcela Eslava, 2011. "The Political Economy Of Fiscal Deficits: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 25(4), pages 645-673, September.
- Karin Mayr & Johann Scharler, 2009. "Asymmetric Fiscal Stabilization Policy and the Public Deficit: Theory and Evidence," Vienna Economics Papers vie0908, University of Vienna, Department of Economics.
- Karin Mayr & Johann Scharler, 2009. "Asymmetric Fiscal Stabilization Policy and the Public Deficit: Theory and Evidence," Vienna Economics Papers 0908, University of Vienna, Department of Economics.
- Alesina, A. & Passalacqua, A., 2016.
"The Political Economy of Government Debt,"
Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 2599-2651,
Elsevier.
- Alberto Alesina & Andrea Passalacqua, 2015. "The Political Economy of Government Debt," NBER Working Papers 21821, National Bureau of Economic Research, Inc.
- Aygun Garayeva & Gulzar Tahirova, 2017.
"Government Spending Effectiveness and the Quality of Fiscal Institutions,"
Business & Management Compass, University of Economics Varna, issue 2, pages 128-143.
- Aygun Garayeva & Gulzar Tahirova, 2016. "Government Spending Effectiveness and The Quality of Fiscal Institutions," Working Papers 1605, Central Bank of Azerbaijan Republic.
- Garayeva, Aygun & Tahirova, Gulzar, 2016. "Government spending effectiveness and the quality of fiscal institutions," MPRA Paper 72177, University Library of Munich, Germany.
- Stein, Ernesto H. & Streb, Jorge M., 2004.
"Elections and the timing of devaluations,"
Journal of International Economics, Elsevier, vol. 63(1), pages 119-145, May.
- Ernesto H. Stein & Jorge M. Streb, 1999. "Elections and the Timing of Devaluations," Research Department Publications 4164, Inter-American Development Bank, Research Department.
- Stein, Ernesto H. & Streb, Jorge M., 1999. "Elections and the Timing of Devaluations," IDB Publications (Working Papers) 1302, Inter-American Development Bank.
- Ernesto H. Stein & Jorge M. Streb, 1999. "Elections and the Timing of Devaluations," CEMA Working Papers: Serie Documentos de Trabajo. 140, Universidad del CEMA.
- Asif Ahmad & Richard McManus & F. Gulcin Ozkan, 2021. "Fiscal space and the procyclicality of fiscal policy: The case for making hay while the sun shines," Economic Inquiry, Western Economic Association International, vol. 59(4), pages 1687-1701, October.
- Gabriel Cuadra & Juan Sanchez & Horacio Sapriza, 2010.
"Fiscal Policy and Default Risk in Emerging Markets,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 13(2), pages 452-469, April.
- Cuadra Gabriel & Sapriza Horacio, 2007. "Fiscal Policy and Default Risk in Emerging Markets," Working Papers 2007-03, Banco de México.
- Gabriel Cuadra & Juan M. Sanchez & Horacio Sapriza, 2009. "Fiscal policy and default risk in emerging markets," Working Paper 09-01, Federal Reserve Bank of Richmond.
- Juan M. Sanchez & Horacio Sapriza & Gabriel Cuadra, 2009. "Fiscal Policy and Default Risk in Emerging Markets," 2009 Meeting Papers 701, Society for Economic Dynamics.
- Enrique Alberola & Manuel Montero, 2006.
"Debt Sustainability and Procyclical Fiscal Policies in Latin America,"
Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2006), pages 157-193, August.
- Enrique Alberola & José M. Montero, 2006. "Debt sustainability and procyclical fical policies in Latin America," Working Papers 0611, Banco de España.
- Paolo Manasse, 2007. "Deficit Limits and Fiscal Rules for Dummies," IMF Staff Papers, Palgrave Macmillan, vol. 54(3), pages 455-473, July.
- Simon Berset & Martin Huber & Mark Schelker, 2023.
"The fiscal response to revenue shocks,"
International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 30(3), pages 814-848, June.
- Simon Berset & Martin Huber & Mark Schelker, 2021. "The fiscal response to revenue shocks," Papers 2101.07661, arXiv.org.
- Simon Berset & Martin Huber & Mark Schelker, 2021. "The Fiscal Response to Revenue Shocks," CESifo Working Paper Series 8854, CESifo.
- Leonardo Martinez & Francisco Roch & Francisco Roldán & Jeromin Zettelmeyer, 2023.
"Sovereign debt,"
Chapters, in: Refet S. Gürkaynak & Jonathan H. Wright (ed.), Research Handbook of Financial Markets, chapter 17, pages 378-405,
Edward Elgar Publishing.
- Leonardo Martinez & Francisco Roch & Francisco Roldan & Jeromin Zettelmeyer, 2022. "Sovereign Debt," Working Papers 167, Red Nacional de Investigadores en Economía (RedNIE).
- Mr. Leonardo Martinez & Mr. Francisco Roch & Francisco Roldán & Mr. Jeromin Zettelmeyer, 2022. "Sovereign Debt," IMF Working Papers 2022/122, International Monetary Fund.
- Barseghyan, Levon & Battaglini, Marco & Coate, Stephen, 2013.
"Fiscal policy over the real business cycle: A positive theory,"
Journal of Economic Theory, Elsevier, vol. 148(6), pages 2223-2265.
- Marco Battaglini & Stephen Coate, 2008. "Fiscal Policy over the Real Business Cycle: A Positive Theory," NBER Working Papers 14047, National Bureau of Economic Research, Inc.
- Luis N. Lanteri, 2016. "La política fiscal en economías exportadoras de materias primas. Evidencia para Argentina," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 1, pages 1-1, June.
- Jalles, João Tovar, 2020. "Social expenditure cyclicality: New time-varying evidence in developing economies," Economic Systems, Elsevier, vol. 44(3).
- Meloni, Osvaldo, 2016. "Turning a blind eye to policy prescriptions. Exploring the sources of procyclical fiscal behavior at subnational level," MPRA Paper 70541, University Library of Munich, Germany.
- Enrique G. Mendoza & P. Marcelo Oviedo, 2006. "Fiscal Policy and Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer," NBER Working Papers 12586, National Bureau of Economic Research, Inc.
- Ethan Ilzetzki & Carlos A. Vegh, 2008. "Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?," NBER Working Papers 14191, National Bureau of Economic Research, Inc.
- Abu S. Shonchoy, 2016. "Political Institutions, Governance, And Consumption Expenditure In Developing Countries: A Panel Data Analysis," Contemporary Economic Policy, Western Economic Association International, vol. 34(4), pages 710-728, October.
More about this item
Keywords
Moral Hazard; Principal-Agent; EU Economic Governance; Fiscal Compact;All these keywords.
JEL classification:
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CTA-2013-07-28 (Contract Theory and Applications)
- NEP-EEC-2013-07-28 (European Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sec:cnstan:0457. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marta Kowerko (email available below). General contact details of provider: https://edirc.repec.org/data/caseepl.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.