G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4993
DP4993 Entry, Cost Reduction and Competition in The Portuguese Mobile Telephone Industry
Pedro Pereira; Philippe Gagnepain
发表日期2005-04-23
出版年2005
语种英语
摘要The paper proposes a theoretical analysis illustrating some key policy trade-offs involved in the implementation of a rules-based fiscal framework reminiscent of the Stability and Growth Pact (SGP). The analysis offers some insights on the current debate about the SGP. Specifically, greater ?procedural? flexibility in the implementation of existing rules may improve welfare, thus making the Pact more easily acceptable to euro area Member States. Here, procedural flexibility designates the enforcer?s room to apply well-informed judgment on the basis of underlying policies and to set a consolidation path that does not discourage high-quality policy measures. Yet budgetary opaqueness may hinder the qualitative assessment of fiscal policy, possibly destroying the case for flexibility. Also, improved budget monitoring and greater transparency increase the benefits from greater procedural flexibility. Overall, we establish that a fiscal pact based on a simple deficit rule with conditional procedural flexibility can simultaneously contain excessive deficits, lower unproductive spending and increase high-quality outlays.
主题International Macroeconomics
关键词Fiscal rules Stability and growth pact Procedural flexibility Deficits Structural reforms
URLhttps://cepr.org/publications/dp4993
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/533891
推荐引用方式
GB/T 7714
Pedro Pereira,Philippe Gagnepain. DP4993 Entry, Cost Reduction and Competition in The Portuguese Mobile Telephone Industry. 2005.
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