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Title:Handelbare Verschuldungsrechte zur Sicherung fiskalischer Stabilität in der Währungsunion? PDF Logo
Authors:Ohr, Renate
Schmidt, André
Issue Date:2006
Series/Report no.:Diskussionsbeiträge aus dem Volkswirtschaftlichen Seminar der Universität Göttingen 128
Abstract:The Stability and Growth Pact is one of the constituent pillars of the European Monetary Union. Though, meanwhile it is obvious that it will not be able to limit fiscal deficits of the member states. For this reason in this paper Coase's thinking in institutional alternatives is applied to find a better way to increase the incentives for more fiscal stability. We present and discuss tradable deficit permits comprising market-orientated incentives for fiscal stability. It is shown that tradable deficit permits are superior from a politico-economical view as well as with regard to allocative efficiency.
Subjects:stability and growth pact
tradable deficit permits
monetary union
JEL:E5
E6
H6
Document Type:Working Paper
Appears in Collections:Diskussionsbeiträge aus dem Volkswirtschaftlichen Seminar, Universität Göttingen

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