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Second-Generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability
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Cited by:
- Julia del Amo Valor & Marcos Martín Mateos & Diego Martínez López & Javier J. Pérez, 2023. "Is the European economic governance framework too “complex”? A critical discussion," Working Papers 2023-06, FEDEA.
- Begg, Iain & Kuusi, Tero & Kylliäinen, Olavi, 2023. "Five Countries, Five Models – A Comparison of Fiscal Frameworks and Lessons for Finland," ETLA Working Papers 102, The Research Institute of the Finnish Economy.
- Janeba, Eckhard & Steinbach, Armin, 2019.
"Compliance effects of sovereign debt cuts,"
International Review of Law and Economics, Elsevier, vol. 60(C).
- Eckhard Janeba & Armin Steinbach, 2019. "Compliance effects of sovereign debt cuts," CESifo Working Paper Series 7677, CESifo.
- Jean-Louis Combes & Alexandru Minea & Cezara Vinturis & Pegdéwendé Nestor Sawadogo, 2019.
"Can fiscal rules curb income inequality? Evidence from developing countries,"
Working Papers
halshs-02423126, HAL.
- Jean-Louis Combes & Alexandru Minea & Cezara Vinturis & Pegdéwendé Nestor Sawadogo, 2019. "Can fiscal rules curb income inequality? Evidence from developing countries," CERDI Working papers halshs-02423126, HAL.
- David, Antonio C. & Guajardo, Jaime & Yepez, Juan F., 2022.
"The rewards of fiscal consolidations: Sovereign spreads and confidence effects,"
Journal of International Money and Finance, Elsevier, vol. 123(C).
- Mr. Antonio David & Mr. Jaime Guajardo & Juan Yepez, 2019. "The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects," IMF Working Papers 2019/141, International Monetary Fund.
- Brändle, Thomas & Elsener, Marc, 2023. "Do fiscal rules matter? A survey on recent evidence," Working papers 2023/07, Faculty of Business and Economics - University of Basel.
- Christoph M. Schmidt, 2020. "The German Debt Brake on Trial: Not Guilty," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 21(01), pages 35-40, April.
- Sawadogo, Pegdéwendé Nestor, 2020.
"Can fiscal rules improve financial market access for developing countries?,"
Journal of Macroeconomics, Elsevier, vol. 65(C).
- Pegdéwendé Nestor Sawadogo, 2019. "Can fiscal rules improve financial markets access for developing countries ?," Working Papers halshs-02364840, HAL.
- Pegdéwendé Nestor Sawadogo, 2020. "Can fiscal rules improve financial market access for developing countries?," Post-Print hal-02884580, HAL.
- Pegdéwendé Nestor Sawadogo, 2019. "Can fiscal rules improve financial markets access for developing countries ?," CERDI Working papers halshs-02364840, HAL.
- Gorčák Martin & Šaroch Stanislav, 2021. "Impact of fiscal institutions on public finances in the European Union: Review of evidence in the empirical literature," Review of Economic Perspectives, Sciendo, vol. 21(2), pages 215-232, June.
- A. Fatas & Mr. Atish R. Ghosh & Ugo Panizza & Mr. Andrea F Presbitero, 2019.
"The Motives to Borrow,"
IMF Working Papers
2019/101, International Monetary Fund.
- Panizza, Ugo & Fatás, Antonio & Ghosh, Atish R. & ,, 2019. "The Motives to Borrow," CEPR Discussion Papers 13735, C.E.P.R. Discussion Papers.
- Niklas Potrafke, 2023. "The Economic Consequences of Fiscal Rules," CESifo Working Paper Series 10765, CESifo.
- Carranza-Ugarte, Luis & Díaz-Saavedra, Julián & Galdon-Sanchez, Jose Enrique, 2023.
"Rethinking fiscal rules,"
Journal of Comparative Economics, Elsevier, vol. 51(3), pages 833-857.
- Luis Carranza Ugarte & Julian Diaz Saavedra & Jose Enrique Galdon-Sanchez, 2021. "Rethinking fiscal rules," ThE Papers 21/14, Department of Economic Theory and Economic History of the University of Granada..
- Arawatari, Ryo & Ono, Tetsuo, 2021.
"Public debt rule breaking by time-inconsistent voters,"
European Journal of Political Economy, Elsevier, vol. 69(C).
- Arawatari, Ryo & Ono, Tetsuo, 2019. "Public debt rule breaking by time-inconsistent voters," MPRA Paper 96589, University Library of Munich, Germany.
- Arawatari, Ryo & Ono, Tetsuo, 2019. "Public debt rule breaking by time-inconsistent voters," MPRA Paper 102601, University Library of Munich, Germany, revised 21 Aug 2020.
- Ryo Arawatari & Tetsuo Ono, 2019. "Public debt rule breaking by time-inconsistent voters," Discussion Papers in Economics and Business 19-14, Osaka University, Graduate School of Economics.
- Caselli, Francesca & Wingender, Philippe, 2021. "Heterogeneous effects of fiscal rules: The Maastricht fiscal criterion and the counterfactual distribution of government deficits✰," European Economic Review, Elsevier, vol. 136(C).
- Dotti, Valerio & Janeba, Eckhard, 2023. "Consistent flexibility: Enforcement of deficit rules through political incentives," European Journal of Political Economy, Elsevier, vol. 79(C).
- Ardanaz, Martín & Ulloa-Suárez, Carolina & Valencia, Oscar, 2024.
"Why don't we follow the rules? Drivers of compliance with fiscal policy rules in emerging markets,"
Journal of International Money and Finance, Elsevier, vol. 142(C).
- Ardanaz, Martín & Ulloa-Suarez, Carolina & Valencia, Oscar, 2023. "Why Don't We Follow the Rules? Drivers of Compliance with Fiscal Policy Rules in Emerging Markets," IDB Publications (Working Papers) 13110, Inter-American Development Bank.
- Siwińska-Gorzelak, Joanna, 2024. "The impact of fiscal rules on cross-border bank claims," International Review of Financial Analysis, Elsevier, vol. 91(C).
- Juan Pablo Jiménez & Leonardo Letelier & Ignacio Ruelas & Jaime Bonet-Morón, 2021.
"Reglas fiscales subnacionales: Revisión empírica, experiencias internacionales y sus desafíos en la nueva institucionalidad fiscal post COVID,"
Documentos de trabajo sobre Economía Regional y Urbana
300, Banco de la Republica de Colombia.
- Juan Pablo Jiménez & Leonardo Letelier & Ignacio Ruelas & Jaime Bonet-Morón, 2021. "Reglas fiscales subnacionales: Revisión empírica, experiencias internacionales y sus desafíos en la nueva institucionalidad fiscal post COVID," Documentos de Trabajo Sobre Economía Regional y Urbana 19502, Banco de la República, Economía Regional.
- Mihaela Onofrei & Anca Florentina Vatamanu & Elena Cigu & Florin Oprea, 2020. "Fiscal-budgetary responsibility and implications on the European budgetary framework in the context of the COVID-19 crisis," Journal of Financial Studies, Institute of Financial Studies, vol. 9(5), pages 24-34, November.
- Maebayashi, Noritaka, 2021. "The pace of fiscal consolidations, fiscal sustainability, and welfare: An overlapping generations approach," MPRA Paper 112593, University Library of Munich, Germany, revised 30 Feb 2022.
- Heinemann, Friedrich & Janeba, Eckhard & Todtenhaupt, Maximilian, 2022.
"Incumbency and expectations of fiscal rule compliance: Evidence from surveys of German policy makers,"
European Journal of Political Economy, Elsevier, vol. 72(C).
- Heinemann, Friedrich & Janeba, Eckhard & Todtenhaupt, Maximilian, 2020. "Incumbency and expectations of fiscal rule compliance: Evidence from surveys of German policy makers," ZEW Discussion Papers 20-057, ZEW - Leibniz Centre for European Economic Research.
- Feld, Lars P., 2018. "The quest for fiscal rules," Freiburg Discussion Papers on Constitutional Economics 18/09, Walter Eucken Institut e.V..
- Carolina Ulloa-Suarez & Oscar Valencia, 2022.
"Do governments stick to their announced fiscal rules? A study of Latin American and the Caribbean countries,"
SciencePo Working papers Main
hal-03994711, HAL.
- Carolina Ulloa-Suarez & Oscar Valencia, 2022. "Do governments stick to their announced fiscal rules? A study of Latin American and the Caribbean countries," Post-Print hal-03994711, HAL.
- Caselli, Francesca & Reynaud, Julien, 2020.
"Do fiscal rules cause better fiscal balances? A new instrumental variable strategy,"
European Journal of Political Economy, Elsevier, vol. 63(C).
- Francesca Caselli & Julien Reynaud, 2019. "Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy," IMF Working Papers 2019/049, International Monetary Fund.
- Carolina Ulloa-Suárez, 2023. "Determinants of compliance with fiscal rules: Misplaced efforts or hidden motivations?," Post-Print hal-04171829, HAL.
- Carolina Ulloa-Suárez, 2022. "Determinants of compliance with fiscal rules: misplaced efforts or hidden motivations?," AMSE Working Papers 2220, Aix-Marseille School of Economics, France.
- Ryota Nakatani, 2021.
"Fiscal Rules for Natural Disaster- and Climate Change-Prone Small States,"
Sustainability, MDPI, vol. 13(6), pages 1-26, March.
- Nakatani, Ryota, 2021. "Fiscal Rules for Natural Disaster- and Climate Change-Prone Small States," MPRA Paper 106020, University Library of Munich, Germany.
- Jocelyne Zoumenou & Antonia Lopez Villavicencio, 2024. "Do Binding Fiscal Rules Enhance Fiscal Stability? Evidence from European Union Countries," EconomiX Working Papers 2024-29, University of Paris Nanterre, EconomiX.
- Arroyo Marioli, Francisco & Fatas, Antonio & Vasishtha, Garima, 2024.
"Fiscal policy volatility and growth in emerging markets and developing economies,"
International Review of Economics & Finance, Elsevier, vol. 92(C), pages 758-777.
- Arroyo Marioli,Francisco & Fatás,Antonio & Vasishtha,Garima, 2023. "Fiscal Policy Volatility and Growth in Emerging Markets and Developing Economies," Policy Research Working Paper Series 10409, The World Bank.
- Mahama Samir Bandaogo, 2020.
"Fiscal Rules in Times of Crisis,"
World Bank Publications - Reports
34217, The World Bank Group.
- Bandaogo,Mahama Abdel Samir Sidbewende, 2020. "Fiscal Rules in Times of Crisis," Research and Policy Briefs 150920, The World Bank.
- Havlik, Annika & Heinemann, Friedrich & Helbig, Samuel & Nover, Justus, 2022.
"Dispelling the shadow of fiscal dominance? Fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic,"
Journal of International Money and Finance, Elsevier, vol. 122(C).
- Havlik, Annika & Heinemann, Friedrich & Helbig, Samuel & Nover, Justus, 2021. "Dispelling the shadow of fiscal dominance? Fiscal and monetary announcement effects for euro area sovereign spreads in the Corona pandemic," ZEW Expert Briefs 21-03, ZEW - Leibniz Centre for European Economic Research.
- Havlik, Annika & Heinemann, Friedrich & Helbig, Samuel & Nover, Justus, 2021. "Dispelling the shadow of fiscal dominance? Fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic," ZEW Discussion Papers 21-050, ZEW - Leibniz Centre for European Economic Research.
- Hatchondo, Juan Carlos & Martinez, Leonardo & Roch, Francisco, 2022.
"Numerical fiscal rules for economic unions: The role of sovereign spreads,"
Economics Letters, Elsevier, vol. 210(C).
- Juan Carlos Hatchondo & Mr. Leonardo Martinez & Mr. Francisco Roch, 2021. "Numerical Fiscal Rules for Economic Unions: the Role of Sovereign Spreads," IMF Working Papers 2021/196, International Monetary Fund.
- Juan Carlos Hatchondo & Leonardo Martinez & Francisco Roch, 2022. "Numerical Fiscal Rules for Economic Unions: the Role of Sovereign Spreads," Working Papers 147, Red Nacional de Investigadores en Economía (RedNIE).
- Kea BARET, 2021. "Fiscal rules’ compliance and Social Welfare," Working Papers of BETA 2021-38, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
- Pagenhardt, Laura & Große Steffen, Christoph & Rieth, Malte, 2021.
"Commited to Flexible Fiscal Rules,"
VfS Annual Conference 2021 (Virtual Conference): Climate Economics
242330, Verein für Socialpolitik / German Economic Association.
- Chistoph Grosse-Steffen & Laura Pagenhardt & Malte Rieth, 2021. "Committed to Flexible Fiscal Rules," Working papers 854, Banque de France.
- Mario Alloza & Javier Andrés & Pablo Burriel & Iván Kataryniuk & Javier J. Pérez & Juan Luis Vega, 2021. "La reforma del marco de gobernanza de la política fiscal de la Unión Europea en un nuevo entorno macroeconómico," Occasional Papers 2121, Banco de España.
- Clemens Fuest & Klaus Gründler & Niklas Potrafke & Marcel Fratzscher & Alexander Kriwoluzky & Claus Michelsen & Michael Hüther & Peter Bofinger & Lars P. Feld & Wolf Heinrich Reuter, 2019. "Schuldenbremse — Investitionshemmnis oder Vorbild für Europa? [Debt Brake — Investment Barrier or Role Model for Europe?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 99(5), pages 307-329, May.
- Amélie Barbier-Gauchard & Kea Baret & Alexandru Minea, 2021.
"National fiscal rules and fiscal discipline in the European Union,"
Applied Economics, Taylor & Francis Journals, vol. 53(20), pages 2337-2359, April.
- Amelie Barbier-Gauchard & Kea Baret & Alexandru Minea, 2020. "National Fiscal Rules and Fiscal Discipline in the European Union," Working Papers hal-02992219, HAL.
- Amélie Barbier-Gauchard & Kea Baret & Alexandru Minea, 2021. "National fiscal rules and fiscal discipline in the European Union," Post-Print hal-03160610, HAL.
- Valerio Dotti & Eckhard Janeba, 2020.
"Consistent Flexibility: Enforcement of Fiscal Rules through Political Incentives,"
CESifo Working Paper Series
8440, CESifo.
- Janeba, Eckhard & Dotti, Valerio, 2021. "Consistent Flexibility: Enforcement of Fiscal Rules Through Political Incentives," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242468, Verein für Socialpolitik / German Economic Association.
- Régis Barnichon & Geert Mesters, 2021. "Fiscal targeting," Economics Working Papers 1793, Department of Economics and Business, Universitat Pompeu Fabra.
- Amelie BARBIER-GAUCHARD & Kea BARET & Alexandru MINEA, 2019. "National Fiscal Rules Adoption and Fiscal Discipline in the European Union," Working Papers of BETA 2019-40, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
- Mario Alloza & Javier Andrés & Pablo Burriel & Iván Kataryniuk & Javier J. Pérez & Juan Luis Vega, 2021. "The reform of the european Union’s fiscal governance Framework in a new Macroeconomic environment," Occasional Papers 2121, Banco de España.
- Reuter, Wolf Heinrich, 2019.
"When and why do countries break their national fiscal rules?,"
European Journal of Political Economy, Elsevier, vol. 57(C), pages 125-141.
- Reuter, Wolf Heinrich, 2017. "When and why do countries break their national fiscal rules?," Working Papers 01/2017, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
- Levieuge, Grégory & Lucotte, Yannick & Pradines-Jobet, Florian, 2021.
"The cost of banking crises: Does the policy framework matter?,"
Journal of International Money and Finance, Elsevier, vol. 110(C).
- Grégory Levieuge & Yannick Lucotte & Florian Pradines-Jobet, 2019. "The Cost of Banking Crises: Does the Policy Framework Matter?," Working papers 712, Banque de France.
- Grégory Levieuge & Yannick Lucotte & Florian Pradines-Jobet, 2021. "The cost of banking crises: Does the policy framework matter?," Post-Print hal-03493136, HAL.
- Grégory Levieuge & Yannick Lucotte & Florian Pradines-Jobet, 2021. "Cost of Banking Crises: Does the Policy Framework Matter?," Post-Print hal-03533204, HAL.
- Arrouna Keita & Camelia Turcu, 2020. "Natural Resource Discoveries and Fiscal Discipline," Working Papers 2020.07, International Network for Economic Research - INFER.
- Kea BARET & Theophilos PAPADIMITRIOU, 2019. "On the Stability and Growth Pact compliance: what is predictable with machine learning?," Working Papers of BETA 2019-48, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
- Thomas Brändle & Marc Elsener, 2024. "Do fiscal rules matter? A survey of recent evidence," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 160(1), pages 1-38, December.
- Cezara Vinturis, 2023. "How do fiscal rules shape governments' spending behavior?," Economic Inquiry, Western Economic Association International, vol. 61(2), pages 322-341, April.
- Larch, Martin & Orseau, Eloïse & van der Wielen, Wouter, 2021.
"Do EU fiscal rules support or hinder counter-cyclical fiscal policy?,"
Journal of International Money and Finance, Elsevier, vol. 112(C).
- Martin Larch & Eloise Orseau & Wouter Van Der Wielen, 2020. "Do EU Fiscal Rules Support or Hinder Counter-Cyclical Fiscal Policy?," JRC Working Papers on Taxation & Structural Reforms 2020-01, Joint Research Centre.
- Martin Larch & Eloïse Orseau & Wouter van der Wielen, 2020. "Do EU Fiscal Rules Support or Hinder Counter-Cyclical Fiscal Policy?," CESifo Working Paper Series 8659, CESifo.
- Cezara Vinturis, 2019. "A multi-speed fiscal Europe? Fiscal Rules and Fiscal Performance in the EU Former Communist Countries," Working Papers hal-03097483, HAL.
- Alpino, Matteo & Asatryan, Zareh & Blesse, Sebastian & Wehrhöfer, Nils, 2022.
"Austerity and distributional policy,"
Journal of Monetary Economics, Elsevier, vol. 131(C), pages 112-127.
- Alpino, Matteo & Asatryan, Zareh & Blesse, Sebastian & Wehrhöfer, Nils, 2020. "Austerity and distributional policy," ZEW Discussion Papers 20-028, ZEW - Leibniz Centre for European Economic Research.
- Matteo Alpino & Zareh Asatryan & Sebastian Blesse & Nils Wehrhöfer, 2020. "Austerity and Distributional Policy," CESifo Working Paper Series 8644, CESifo.
- Barbara Annicchiarico & Fabio Di Dio & Stefano Patrì, 2023. "Optimal correction of the public debt and measures of fiscal soundness," Metroeconomica, Wiley Blackwell, vol. 74(1), pages 138-162, February.
- Pablo Burriel & Víctor González-Díez & Jorge Martínez-Pagés & Enrique Moral-Benito, 2021. "Real-time analysis of the revisions to the structural position of public finances," Occasional Papers 2108, Banco de España.
- Ardanaz, Martín & Cavallo, Eduardo & Izquierdo, Alejandro & Puig, Jorge, 2021.
"Growth-friendly fiscal rules? Safeguarding public investment from budget cuts through fiscal rule design,"
Journal of International Money and Finance, Elsevier, vol. 111(C).
- Cavallo, Eduardo A. & Izquierdo, Alejandro & Ardanaz, Martín & Puig, Jorge, 2020. "Growth-friendly Fiscal Rules?: Safeguarding Public Investment from Budget Cuts through Fiscal Rule Design," IDB Publications (Working Papers) 10159, Inter-American Development Bank.
- Ryo Arawatari & Tetsuo Ono, 2023.
"International coordination of debt rules with time‐inconsistent voters,"
Journal of Public Economic Theory, Association for Public Economic Theory, vol. 25(1), pages 29-60, February.
- Arawatari, Ryo & Ono, Tetsuo, 2020. "International Coordination of Debt Rules with Time-inconsistent Voters," MPRA Paper 104274, University Library of Munich, Germany.
- Feld, Lars P. & Schmidt, Christoph M. & Schnabel, Isabel & Truger, Achim & Wieland, Volker, 2019. "Den Strukturwandel meistern. Jahresgutachten 2019/20 [Dealing with Structural Change. Annual Report 2019/20]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201920, September.
- Kamps Christophe & Leiner-Killinger Nadine, 2019. "Taking Stock of the EU Fiscal Rules over the Past 20 Years and Options for Reform," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 239(5-6), pages 861-894, October.
- Marcela De Castro-Valderrama & Nicolas Moreno-Arias & Juan Jose Ospina-Tejeiro, 2023. "Credibility and Bias: The Case for Implementing Both a Debt Anchor and a Balanced Budget Rule," IHEID Working Papers 09-2023, Economics Section, The Graduate Institute of International Studies.
- Herrero-Alcalde, Ana & Martín-Román, Javier & Tránchez-Martín, José Manuel & Moral-Arce, Ignacio, 2024. "Fiscal rules to the test: The impact of the Spanish expenditure rule," European Journal of Political Economy, Elsevier, vol. 81(C).
- Carolina Ulloa-Suárez, 2022. "Determinants of compliance with fiscal rules: misplaced efforts or hidden motivations?," Working Papers hal-03788589, HAL.
- Ginters Buss & Patrick Gruning & Olegs Tkacevs, 2021.
"Choosing the European Fiscal Rule,"
Working Papers
2021/03, Latvijas Banka.
- Bušs, Ginters & Grüning, Patrick & Tkačevs, Oļegs, 2022. "Choosing the European Fiscal Rule," Dynare Working Papers 75, CEPREMAP.
- Andrian, Leandro Gaston & Valencia, Oscar & Hirs, Jorge & Urrea Rios, Ivan Leonardo, 2022. "Fiscal Rules and Economic Cycles: Quality (Always) Matters," IDB Publications (Working Papers) 12639, Inter-American Development Bank.
- Philipp Weber & Laura A. Zell & Lars P. Feld & Christoph A. Schaltegger, 2024. "Functionality of Fiscal Rules in a Low Interest Rate Environment – New Empirical Results for Swiss Cantons," CESifo Working Paper Series 11351, CESifo.
- Fernando González & Diego Martínez-López, 2021. "El diseño de reglas fiscales en gobiernos subcentrales. El caso de España," Policy Papers 2021-01, FEDEA.
- Arturo Melián-González, 2021. "The Expenditure Rule in the Spanish Organic Law on Budgetary Stability and Financial Sustainability and its Impact on the Autonomous Communities," Hacienda Pública Española / Review of Public Economics, IEF, vol. 237(2), pages 57-84, June.
- Valencia, Oscar & Ulloa-Suarez, Carolina, 2022. "Numerical Compliance with Fiscal Rules in Latin America and the Caribbean," IDB Publications (Working Papers) 12405, Inter-American Development Bank.
- del Castillo, Ernesto & Cabral, René, 2024. "Subnational public debt sustainability in Mexico: Is the new fiscal rule working?," European Journal of Political Economy, Elsevier, vol. 82(C).
- Mihaela Onofrei & Tudorel Toader & Anca Florentina Vatamanu & Florin Oprea, 2021. "Impact of Governments’ Fiscal Behaviors on Public Finance Sustainability: A Comparative Study," Sustainability, MDPI, vol. 13(7), pages 1-16, March.
- López-Herrera, Carmen & Cordero, José M. & Pedraja-Chaparro, Francisco & Polo, Cristina, 2023. "Fiscal rules and their influence on public sector efficiency," MPRA Paper 119018, University Library of Munich, Germany.
- Jan Priewe, 2021. "Reforming the Fiscal Rulebook for the Euro Area – and the Challenge of Old and New Public Debt," IMK Studies 72-2021, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.