Title Implementing the stability and growth pact : enforcement and procedural flexibility / prepared by Roel M.W.J. Beetsma and Xavier Debrun

Published [Washington, D.C.] : International Monetary Fund, ©2005

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Description 1 online resource (34 pages) Series IMF working paper, 2227-8885 ; WP/05/59 IMF working paper ; WP/05/59. Contents Contents -- I. INTRODUCTION -- II. THE MODEL -- III. OPTIMAL PACT UNDER BUDGETARY TRANSPARENCY AND NO PORK-BARREL -- IV. LIMITED AMENDMENTS TO SUBOPTIMAL FISCAL PACTS -- V. BUDGETARY OPAQUENESS -- VI. CONCLUSIONS -- References Summary The paper analyzes some key policy trade-offs involved in the implementation of the Stability and Growth Pact. Greater "procedural" flexibility in the Pact's implementation may improve welfare. Procedural flexibility designates the enforcer's room to apply judgment on underlying policies and to set a consolidation path that does not discourage high-quality measures. Budgetary opaqueness may hinder the qualitative assessment of fiscal policy; therefore, better monitoring and greater transparency would increase the benefits from procedural flexibility. Overall, a simple deficit rule with conditional procedural flexibility can contain excessive deficits, lower unproductive spending, and increase high-quality outlays Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL English digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Fiscal policy -- European Union countries -- Econometric models Monetary policy -- European Union countries -- Econometric models Budget deficits -- European Union countries -- Econometric models Structural adjustment (Economic policy) -- European Union countries -- Econometric models Budget deficits -- Econometric models Fiscal policy -- Econometric models Monetary policy -- Econometric models Structural adjustment (Economic policy) -- Econometric models European Union countries Form Electronic book Author Debrun, Xavier, author. International Monetary Fund. Fiscal Affairs Department, issuing body. ISBN 9781451906141 1451906145 1462398278 9781462398270 1452729999 9781452729992 1282110357 9781282110359 9786613803245 6613803243

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