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The Stability and Growth Pact

The Architecture of Fiscal Policy in EMU

  • Book
  • © 2001

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Editors:
  1. Anne Brunila
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  2. Marco Buti
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  3. Daniele Franco
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Table of contents (16 chapters)

  1. Front Matter

    Pages i-xiv
    Download chapter PDF

  2. Introduction

    1. Introduction

      • Anne Brunila, Marco Buti, Daniele Franco
      Pages 1-20

  3. Does EMU Need Fiscal Rules?

    1. Front Matter

      Pages 21-21
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    2. Does EMU Need a Stability Pact?

      • Roel Beetsma
      Pages 23-52

    3. The SGP: Delicate Balance or Albatross?

      • Matthew B. Canzoneri, Behzad T. Diba
      Pages 53-74

  4. Where Does the Pact Come From?

    1. Front Matter

      Pages 75-75
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    2. Genesis of a Pact

      • Juergen Stark
      Pages 77-105

    3. The SGP: How Did We Get There?

      • Declan Costello
      Pages 106-136

  5. How Does the Pact Work?

    1. Front Matter

      Pages 137-137
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    2. Main Aspects of the Working of the SGP

      • António J. Cabral
      Pages 139-157

    3. The Stability and Convergence Programmes

      • Jonas Fischer, Gabriele Giudice
      Pages 158-182

  6. ‘Close to Balance or in Surplus’: The Medium-Term Budgetary Targets

    1. Front Matter

      Pages 183-183
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    2. Setting Medium-Term Fiscal Targets in EMU

      • Michael J. Artis, Marco Buti
      Pages 185-203

    3. Estimating Prudent Budgetary Margins

      • Thomas Dalsgaard, Alain de Serres
      Pages 204-234

    4. Will the SGP Ever Be Breached?

      • Ray Barrell, Karen Dury
      Pages 235-255

  7. Fiscal Policy Coordination Under the Pact

    1. Front Matter

      Pages 157-257
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    2. Fiscal Policy, Automatic Stabilisers and Coordination

      • Matti Virén
      Pages 259-286

    3. Fiscal Policy Coordination in EMU: Should it Go Beyond the SGP?

      • Sixten Korkman
      Pages 287-310

  8. Public Debt Under the Stability and Growth Pact

    1. Front Matter

      Pages 311-311
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    2. Optimal Debt Under a Deficit Constraint

      • Massimo Rostagno, Javier Pérez-García, Paul Hiebert
      Pages 313-343
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Keywords

About this book

The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyse the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.

About the authors

MICHAEL J. ARTIS European University Institute FABRIZIO BALASSONE Research Department, Bank of Italy RAY BARRELL National Institute for Economic and Social Research ROEL BEETSMA University of Amsterdam and CEPR ANTONIO J. CABRAL Directorate-General for Economic and Financial Affairs, European Commission MATTHEW B. CANZONIERI Georgetown University ALESSANDRA CASELLA Columbia University DECLAN COSTELLO Directorate-General for Economic and Financial Affairs, European Commission THOMAS DALSGAARD Organisation for Economic Co-operation and Development BEHZAD T. DIBA Georgetown University KAREN DURY National Institute for Economic and Social Research JONAS FISCHER Directorate-General for Economic and Financial Affairs, European Commission GABRIELE GIUDICE Directorate-General for Economic and Financial Affairs, European Commission PAUL HIEBERT European Central Bank SIXTEN KORKMAN Council of the European Union ALESSANDRO MISSALE University of Florence JAVIER PÉREZ-GARCIA European Central Bank MASSIMO ROSTAGNO European Central Bank ALAIN DE SERRES Organisation for Economic Co-operation and Development JUERGEN STARK Bundesbank MATTI VIRÉN University of Turku and Bank of Finland

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