Is a fiscal union optimal for a monetary union?

被引：0

作者：

Berriel, Rafael ^{[1
]}

Gonzalez-Aguado, Eugenia ^{[2
]}

Kehoe, Patrick J. ^{[3
]}

Pastorino, Elena ^{[4
]}

机构：

[1] Stanford Univ, Stanford, CA USA

[2] Toulouse Sch Econ, Toulouse, France

[3] Stanford Univ, Fed Reserve Bank Minneapolis, NBER, Stanford, CA 94305 USA

[4] Stanford Univ, Hoover Inst, SIEPR, NBER, Stanford, CA USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2024年 / 141卷

基金：

美国国家科学基金会;

关键词：

Fiscal delegation; Fiscal federalism; Externalities; Public goods; European Union enlargement;

D O I：

10.1016/j.jmoneco.2023.11.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

When is a fiscal union appropriate for a monetary union? In a monetary union without fiscal externalities, when local fiscal authorities have an informational advantage over a central fiscal authority in terms of their knowledge of countries' preferences for government spending, a decentralized fiscal regime dominates a centralized one. Our novel result is that in the presence of fiscal externalities across countries, however, a decentralized fiscal regime is optimal for small monetary unions, whereas a centralized fiscal regime is optimal for large ones. These results shed new light on the debate on fiscal integration within the EU and its enlargement.

引用

页码：157 / 177

页数：21

共 50 条

[1] Optimal fiscal transfers in a monetary union
Dmitriev, Mikhail
Hoddenbagh, Jonathan
[J]. JOURNAL OF INTERNATIONAL ECONOMICS, 2019, 117 : 91 - 108
[2] Optimal fiscal policy rules in a monetary union
Kirsanova, Tatiana
Satchi, Mathan
Vines, David
Wren-Lewis, Simon
[J]. JOURNAL OF MONEY CREDIT AND BANKING, 2007, 39 (07) : 1759 - 1784
[3] Optimal monetary and fiscal policy in a currency union
Gali, Jordi
Monacelli, Tommaso
[J]. JOURNAL OF INTERNATIONAL ECONOMICS, 2008, 76 (01) : 116 - 132
[4] Optimal macroprudential and fiscal policy in a monetary union
Malmierca, Maria
[J]. ECONOMIC MODELLING, 2023, 122
[5] Fiscal Discipline in a Monetary Union without Fiscal Union
Wyplosz, Charles
[J]. RETHINKING FISCAL POLICY AFTER THE CRISIS, 2017, : 167 - 188
[6] Optimal monetary and fiscal policy in a currency union with nontradables
Okano, Eiji
[J]. MACROECONOMICS AND FINANCE IN EMERGING MARKET ECONOMIES, 2010, 3 (01) : 1 - 23
[7] The optimality of a monetary union without a fiscal union
Beetsma, RMWJ
Bovenberg, AL
[J]. JOURNAL OF MONEY CREDIT AND BANKING, 2001, 33 (02) : 179 - 204
[8] Fiscal Neglect in a Monetary Union
Libich, Jan
Savage, James
Stehlik, Petr
[J]. ECONOMIC PAPERS, 2010, 29 (03): : 301 - 309
[9] Fiscal Devaluation in a Monetary Union
Engler, Philipp
Ganelli, Giovanni
Tervala, Juha
Voigts, Simon
[J]. IMF ECONOMIC REVIEW, 2017, 65 (02) : 241 - 272
[10] Fiscal Devaluation in a Monetary Union
Philipp Engler
Giovanni Ganelli
Juha Tervala
Simon Voigts
[J]. IMF Economic Review, 2017, 65 : 241 - 272

← 1 2 3 4 5 →