The effects of uncertainty about countries' compliance with the Stability and Growth Pact

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RECERCAT Home > Universitat Rovira i Virgili > Departament d'Economia > Documents de treball del Departament d'Economia > View document

Use this identifier to quote or link this document: http://hdl.handle.net/2072/169686

dc.contributor	Universitat Rovira i Virgili. Departament d'Economia
dc.contributor	Universitat Rovira i Virgili. Centre de Recerca en Economia Industrial i Economia Pública
dc.contributor.author	Ferré Carracedo, Montserrat
dc.date.accessioned	2011-09-19T15:44:48Z
dc.date.available	2011-09-19T15:44:48Z
dc.date.created	2011
dc.date.issued	2011
dc.identifier.issn	1988 - 0812
dc.identifier.other	T - 1321 - 2011
dc.identifier.uri	http://hdl.handle.net/2072/169686
dc.format.extent	23
dc.format.extent	648793 bytes
dc.format.mimetype	application/pdf
dc.language.iso	eng
dc.relation.ispartofseries	Documents de treball del Departament d'Economia;2011-17
dc.rights	Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/)
dc.subject.other	Política fiscal
dc.subject.other	Unió Monetària Europea
dc.subject.other	Estabilització econòmica
dc.title	The effects of uncertainty about countries' compliance with the Stability and Growth Pact
dc.type	info:eu-repo/semantics/workingPaper
dc.subject.udc	339 - Comerç. Relacions econòmiques internacionals. Economia mundial. Màrqueting
dc.description.abstract	The Stability and Growth Pact (SGP) was established to govern discretionary fiscal policy in the European Monetary Union. This article studies the effects created when there is uncertainty about the members’ commitment to respecting the established deficit limits in the SGP. We will show that, even if countries respect the SGP deficit ceiling, the presence of uncertainty about their compliance will bring about higher volatility in key economic variables, which could, in turn, affect unemployment and growth negatively. This finding shows that it is important to reduce uncertainty about the members’ commitment towards the SGP. Keywords: fiscal policy rules, monetary union, Stability and Growth Pact, uncertainty, commitment. JEL No.: E63, F55, H62, H87

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