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Endogenous Growth and European Fiscal Rules

[journal article]

Afonso, Oscar Joao
Alves, Rui Henrique

Abstract

We develop a general equilibrium endogenous growth model of a monetary union between two countries that differ in economic dimension and level of development. By solving transitional dynamics towards the steady state, we examine the impact of fiscal shocks that may lead to excessive deficits. Result... view more

We develop a general equilibrium endogenous growth model of a monetary union between two countries that differ in economic dimension and level of development. By solving transitional dynamics towards the steady state, we examine the impact of fiscal shocks that may lead to excessive deficits. Results suggest that the individual and the whole impact of such deficits depend on which country they occur. In such context, we argue that the small and less developed country should be allowed to temporarily run an excessive deficit, in order to improve economic convergence within the union.... view less

Classification
National Economy
Economic Policy
Public Finance

Document language
English

Publication Year
2009

Page/Pages
p. 849-858

Journal
Applied Economics, 41 (2009) 7

DOI
https://doi.org/10.1080/00036840701604503

ISSN
1466-4283

Status
Postprint; peer reviewed

Licence
PEER Licence Agreement (applicable only to documents from PEER project)


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© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.