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dc.creatorWeichenrieder, Alfons J.
dc.creatorZimmer, Jochen
dc.date.accessioned2021-09-28T09:16:53Z
dc.date.available2021-09-28T09:16:53Z
dc.date.issued2013-05-10
dc.identifier.urihttps://fif.hebis.de/xmlui/handle/123456789/2119
dc.description.abstractThe paper uses fiscal reaction functions for a panel of euro-area countries to investigate whether euro membership has reduced the responsiveness of countries to shocks in the level of inherited debt compared to the period prior to succession to the euro. While we find some evidence for such a loss in prudence, the results are not robust to changes in the specification, such as an exclusion of Greece from the panel. This suggests that the current debt problems may result to a large extent from preexisting debt levels prior to entry or from a larger need for fiscal prudence in a common currency, while an adverse change in the fiscal reaction functions for most countries does not apply.
dc.rightsAttribution-ShareAlike 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-sa/4.0/
dc.subjectMacro Finance
dc.titleEuro Membership and Fiscal Reaction Functions
dc.typeWorking Paper
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1476?OECD
dc.source.filename18_SSRN-id2265312
dc.identifier.safeno18
dc.subject.keywordsdebt sustainability
dc.subject.keywordsfiscal reaction function
dc.subject.keywordseuro area
dc.subject.jelH62
dc.subject.jelE62
dc.subject.topic1specification
dc.subject.topic1fulfil
dc.subject.topic1endogenous
dc.subject.topic2real
dc.subject.topic2balance
dc.subject.topic2invariant
dc.subject.topic3deficit
dc.subject.topic3country
dc.subject.topic3france
dc.subject.topic1nameSystematic Risk
dc.subject.topic2nameMonetary Policy
dc.subject.topic3nameFiscal Stability
dc.identifier.doi10.2139/ssrn.2265312


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Attribution-ShareAlike 4.0 International
Except where otherwise noted, this item's license is described as Attribution-ShareAlike 4.0 International