| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3995 |
| DP3995 International Product Market Integration, Rents and Wage Formation | |
| Torben M Andersen; Allan Sorensen | |
| 发表日期 | 2003-07-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper analyses the decision of a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact. We provide suggestive evidence that structural reforms - in particular labour market reforms - may lead to substantial outlays by the government, for example to buy political support. To the extent that the reform package entails up-front costs, the model shows that a pact may harm structural reforms, sacrificing future growth for present stability. Since electoral uncertainty creates an expansive fiscal bias, the welfare gains brought about by a pact depend on a trade-off between the reduction in the deficit bias and the induced reduction in the amount of structural reform. Imposing a pact becomes more attractive if it takes into account the up-front costs from structural reforms when evaluating the member states' fiscal stance. Therefore, the analysis lends support to a recent proposal by the European Commission for a more flexible implementation of the Stability and Growth Pact in this respect. |
| 主题 | International Macroeconomics |
| 关键词 | Structural reforms Stability and growth pact Monetary union |
| URL | https://cepr.org/publications/dp3995 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532972 |
| 推荐引用方式 GB/T 7714 | Torben M Andersen,Allan Sorensen. DP3995 International Product Market Integration, Rents and Wage Formation. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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