Policy Effectiveness in the Post-ERM Era: Evidence from Six Countries |
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Authors: | Fountas Stilianos Papagapitos Agapitos |
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Institution: | (1) Department of Economics, University College Galway, Galway, Ireland;(2) Department of Economics, University of St. Thomas, 2115 Summit Avenue, St. Paul, Minnesota, 55105 |
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Abstract: | The objective of this paper is to determine whether ERM-participating countries have experienced a change in the effectiveness of monetary and fiscal policies since the establishment of the ERM. Countries which have come to rely more heavily on fiscal policy instruments as the means of output, price and exchange rate stabilization since the establishment of the ERM (and currently exceed the fiscal criteria) are expected to find the Maastricht fiscal criteria restrictive and perhaps destabilizing. We find that Belgium, Italy and Ireland are the countries that are likely to face the most difficulties. |
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Keywords: | EMS fiscal policy VAR |
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