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dc.creatorHebous, Shafik
dc.creatorWeichenrieder, Alfons J.
dc.date.accessioned2021-09-28T09:25:07Z
dc.date.available2021-09-28T09:25:07Z
dc.date.issued2015-07-01
dc.identifier.urihttps://fif.hebis.de/xmlui/handle/123456789/2213
dc.description.abstract"There is a growing debate about complementing the European Monetary Union by a more comprehensive fiscal union. Against this background, this paper emphasizes that there is a trade-off in designing a system of fiscal transfers (""fiscal capacity"") in a union between members of different size. A system cannot guarantee symmetric treatment of members and simultaneously ensure a balanced budget. We compute hypothetical transfers for the Eurozone members from 2001 to 2012 to illustrate this trade-off. Interestingly, a symmetric system that treats shocks in small and large countries symmetrically would have produced large budgetary surpluses in 2009, the worst year of the financial crisis."
dc.rightsAttribution-ShareAlike 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-sa/4.0/
dc.subjectMacro Finance
dc.titleOn Deficits and Symmetries in a Fiscal Capacity
dc.typeWorking Paper
dc.source.filename112_SSRN-id2637776
dc.identifier.safeno112
dc.subject.keywordsfiscal union
dc.subject.keywordsasymmetric shocks
dc.subject.keywordsfederal transfers
dc.subject.keywordsoptimum currency area
dc.subject.jelH50
dc.subject.jelH60
dc.subject.topic1stable
dc.subject.topic1president
dc.subject.topic1maastricht
dc.subject.topic2political
dc.subject.topic2pay
dc.subject.topic2vanheukelen
dc.subject.topic3assume
dc.subject.topic3scheme
dc.subject.topic3transfer
dc.subject.topic1nameCorporate Governance
dc.subject.topic2nameFiscal Stability
dc.subject.topic3nameMonetary Policy
dc.identifier.doi10.2139/ssrn.2637776


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Attribution-ShareAlike 4.0 International
Except where otherwise noted, this item's license is described as Attribution-ShareAlike 4.0 International