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Monetary and Exchange Rate Policies of the Euro Area
			: Selected Issues

Monetary and Exchange Rate Policies of the Euro Area : Selected Issues »

Volume/Issue: 2001/201

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2001

DOI: http://dx.doi.org/10.5089/9781451812992.002

ISBN: 9781451812992

Keywords: inflation, inflation rate, random walk, production function, unit root

This Selected Issues paper estimates the potential output and the associated nonaccelerating inflation rate of unemployment in the euro area. The study presents a conceptual framework for analyzing currency movemen...

Wage Moderation in Crises
			: Policy Considerations and Applications to the Euro Area

Wage Moderation in Crises : Policy Considerations and Applications to the Euro Area »

Volume/Issue: 2015/22

Series: Staff Discussion Notes

Author(s): Jörg Decressin , Raphael Espinoza , Ioannis Halikias , Michael Kumhof , Daniel Leigh , Prakash Loungani , Paulo Medas , Susanna Mursula , Antonio Spilimbergo , and TengTeng Xu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 November 2015

DOI: http://dx.doi.org/10.5089/9781513537009.006

ISBN: 9781513537009

Keywords: Wage bargaining, Euro Area, Wage adjustments, Negative spillovers, Monetary policy, Euro area, Crisis, Current account, Internal devaluation, Unemployment

The paper studies the impacts of wage moderation in the euro area. Simulation results show that if a single euro area crisis-hit economy undertakes wage moderation, the impact on output is positive for that economy...

Budget Processes and Commitment to Fiscal Discipline

Budget Processes and Commitment to Fiscal Discipline »

Volume/Issue: 1996/78

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1996

DOI: http://dx.doi.org/10.5089/9781451850079.001

ISBN: 9781451850079

Keywords: budget process, fiscal discipline, fiscal performance, budget law, budget act

This paper develops a political-economy model of the budget process focusing on the common pool problem of the public budget. We show that the externality arising from the fact that public spending tends to be targ...

Can the Release of a Monetary Overhang Trigger Hyperinflation?

Can the Release of a Monetary Overhang Trigger Hyperinflation? »

Volume/Issue: 1992/24

Series: IMF Working Papers

Author(s): Kent Osband , and Shoukang Lin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1992

DOI: http://dx.doi.org/10.5089/9781451920956.001

ISBN: 9781451920956

Keywords: wage, real wages, money stock

It is widely feared that, once prices are decontrolled in the formerly centrally–planned economies, households’ release of previously accumulated money will trigger a hyperinflation. This paper finds,...

Competitiveness in the Southern Euro Area
			: France, Greece, Italy, Portugal, and Spain

Competitiveness in the Southern Euro Area : France, Greece, Italy, Portugal, and Spain »

Volume/Issue: 2008/112

Series: IMF Working Papers

Author(s): Bogdan Lissovolik , Julio Escolano , Stefania Fabrizio , Werner Schule , Herman Bennett , Stephen Tokarick , Yuan Xiao , Marialuz Moreno Badia , Eva Gutierrez , and Iryna Ivaschenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2008

DOI: http://dx.doi.org/10.5089/9781451869729.001

ISBN: 9781451869729

Keywords: Competitiveness, export structure, product quality, services exports, outsourcing, value-added, technological intensity, restructuring, growth, industry and trade

This collection of studies analyzes developments in nonprice external competitiveness of France, Greece, Italy, Portugal, and Spain. While France, Italy, and Portugal have experienced substantial export market shar...

Economic Integration and Financial Stability
			: A European Perspective

Economic Integration and Financial Stability : A European Perspective »

Volume/Issue: 2006/296

Series: IMF Working Papers

Author(s): Gianni De Nicolo , and Alexander Tieman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2006

DOI: http://dx.doi.org/10.5089/9781451865561.001

ISBN: 9781451865561

Keywords: Economic integration, equation, risk profiles, insurance companies, correlation, probability, Financial Aspects of Economic Integration,

This paper assesses changes in synchronization of real activity and financial market integration in Western Europe and evaluates their implications for financial stability. We find increased synchronization of real...

Effectiveness and Channels of Macroprudential Instruments
			: Lessons from the Euro Area

Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area »

Volume/Issue: 2016/4

Series: IMF Working Papers

Author(s): Thierry Tressel , and Yuanyan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 January 2016

DOI: http://dx.doi.org/10.5089/9781513547404.001

ISBN: 9781513547404

Keywords: LTV ratios, capital requirement, mortage, bank lending, lending, monetary policy, instruments, mortgage, credit growth, General,

The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as ne...

Electoral System and Public Spending

Electoral System and Public Spending »

Volume/Issue: 2001/22

Series: IMF Working Papers

Author(s): Roberto Perotti , Massimo Rostagno , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2001

DOI: http://dx.doi.org/10.5089/9781451843972.001

ISBN: 9781451843972

Keywords: electoral rules, proportionality, public spending, transfers, electoral system, electoral systems, voter, voting, government spending, Structure

We study the effects of electoral institutions on the size and composition of public expenditure in OECD and Latin American countries. We present a model emphasizing the distinction between purchases of goods and s...

Enforcement and the Stability and Growth Pact
			: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework

Enforcement and the Stability and Growth Pact : How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework »

Volume/Issue: 2006/116

Series: IMF Working Papers

Author(s): Anthony Annett

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2006

DOI: http://dx.doi.org/10.5089/9781451863765.001

ISBN: 9781451863765

Keywords: enforcement, fiscal governance, fiscal framework, fiscal performance, fiscal rules, National Deficit Surplus,

The Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying fiscal balance ahead of population aging. These countries tend to be smaller, subject to great...

Euro Area Export Performance and Competitiveness

Euro Area Export Performance and Competitiveness »

Volume/Issue: 2011/140

Series: IMF Working Papers

Author(s): Jarkko Turunen , Richard Harmsen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455265459.001

ISBN: 9781455265459

Keywords: Competitiveness, Trade equations, euro, export, reer, exchange rates, Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General, Country and Industry Studies of Trade,

Concerns about export growth within the euro area peripheral countries due to a lack of competitiveness within the euro area are a key policy issue. Our analysis suggests that: (i) Long-term price elasticities for...