G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5175
DP5175 Re-election Threshold Contracts in Politics
Hans Gersbach; Verena Liessem
发表日期2005-08-23
出版年2005
语种英语
摘要Using a panel of 21 OECD countries and 40 years of annual data, we find that countries with similar government budget positions tend to have business cycles that fluctuate more closely. That is, fiscal convergence (in the form of persistently similar ratios of government surplus/deficit to GDP) is systematically associated with more synchronized business cycles. We also find evidence that reduced fiscal deficits increase business cycle synchronization. The Maastricht 'convergence criteria', used to determine eligibility for EMU, encouraged fiscal convergence and deficit reduction. They may thus have indirectly moved Europe closer to an optimum currency area, by reducing countries' abilities to create idiosyncratic fiscal shocks. Our empirical results are economically and statistically significant, and robust.
主题International Macroeconomics
关键词European Monetary Union Policy Maastricht Criteria Optimum Mundell
URLhttps://cepr.org/publications/dp5175
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/534060
推荐引用方式
GB/T 7714
Hans Gersbach,Verena Liessem. DP5175 Re-election Threshold Contracts in Politics. 2005.
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