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Journal Article
A single market for Europe?
Journal Article
European financial integration and monetary policy
Working Paper
Fiscal policy in monetary unions: implications for Europe
This paper analyzes how the feasible mix of government expenditure and financing arrangements may change with the establishment of a monetary union such as that planned by members of the European Community. We find that a monetary union reduces the feasible divergence across countries in their present discounted levels of fiscal spending. Wide differences across countries in their present and future time pattern of spending are still possible, however. Examination of the empirical evidence suggests that the movement towards greater exchange rate fixity associated with the EMS and ...
Working Paper
Fiscal constraints and incentives with monetary coordination: implications for Europe 1992
This paper analyzes how the feasible mix of government expenditure and financing arrangements may change in a monetary union such as that presently under discussion for the European Community. The effect of this institutional change on the incentives facing fiscal policymakers in their budgetary decisions also is investigated. The framework of analysis is a two-country, two-period intertemporal framework with maximizing private and public sector behavior. We find that the range of feasible divergence in the present discounted value of fiscal spending is reduced in a monetary union, although ...
Journal Article
European Monetary Union: costs and benefits
Conference Paper
The financial competitiveness implications
Conference Paper
Investment banking in Europe after 1992