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

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