Fiscal asymmetries and the survival of the euro zone (notice n° 594059)
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| fixed length control field | 02762cam a2200265 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121150736.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Masson, Paul R. |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Fiscal asymmetries and the survival of the euro zone |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2012.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 81 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Cet article propose un modèle de banque centrale dépendante qui internalise la contrainte budgétaire du gouvernement afin d’examiner la composition optimale de la zone euro. L’objectif est de stimuler le produit agrégé, mais aussi de fournir un financement monétaire aux gouvernements. Ne pouvant répondre aux politiques de premier choix, la banque centrale produit un excès d’inflation — une tendance partiellement réduite dans le cadre d’une union monétaire. Dans un tel cadre, calibré pour les données de la zone euro, la composition actuelle de la zone n’apparaît pas optimale : certains membres bénéficieraient de l’exclusion de plusieurs pays, notamment la Grèce, l’Italie et la France. Une union monétaire resserrée autour de l’Allemagne pourrait être en mesure de garantir l’indépendance de la banque centrale. Les résultats des simulations suggèrent toutefois qu’une telle union monétaire resserrée ne serait pas aussi bénéfique pour l’Allemagne qu’un retour au deutsche mark.Classification JEL : F15 ; F33. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | A model of a dependent central bank that internalizes the government’s budget constraint is used to examine the optimal composition of the euro zone. The model embodies the desire to stimulate output and to provide monetary financing to governments. Unable to pre-commit to first-best policies, the central bank produces excess inflation — a tendency partially reduced in a monetary union. On the basis of this framework, calibrated to euro zone data, the current membership is shown not to be optimal: other members would benefit from the expulsion of several countries, notably Greece, Italy, and France. A narrow monetary union centered around Germany might be able to guarantee central bank independence, but simulation results suggest that such a narrow monetary union would not be in Germany’s interest relative to a return to the deutsche mark. JEL Classification: F15; F33. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Banque Centrale Européenne |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | zone euro |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | asymétries budgétaires |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | indépendance de la banque centrale |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Central Bank independence |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | euro zone |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | fiscal asymmetries |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | ECB |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Économie internationale | 129 | 1 | 2012-08-01 | p. 5-29 | 1240-8093 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-economie-internationale-2012-1-page-5?lang=en&redirect-ssocas=7080">https://shs.cairn.info/revue-economie-internationale-2012-1-page-5?lang=en&redirect-ssocas=7080</a> |
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