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EMU: An evaluation of the asmmetric shock problem
International and European Relations, Linköping University, Linköping, Sweden.
2011 (English)In: Marmara Journal of European Studies, Vol. 19, no 2, p. 73-92Article in journal (Refereed) Published
Abstract [en]

Economic and Monetary Union (EMU) has a unique set up: while the monetary policy is centralised at the Union-level, the fiscal policies are left to the member states within the limitations of the Stability and Growth Pact. The Commission argues that within time EMU would constitute an optimum currency area, and further centralisation of fiscal policies, thus, is not needed. Fiscal federalism literature, on the other hand argues that stabilisation functions should be centralised, since no individual would be able to deal with an asymmetric shock without harming another member. Therefore the fiscal policy centralisation should accompany the monetary centralisation.

This study tries to assess whether the EMU has become more symmetric over time. By proposing a centralised insurance against asymmetric shock, and linking the trend of the stabilisation provided by the insurance scheme to the ability of EMU to absorb asymmetric shocks, the results of the study suggests that EMU has become more symmetric over time.

Place, publisher, year, edition, pages
Marmara University , 2011. Vol. 19, no 2, p. 73-92
Keywords [en]
EMU, OCA, Asymmetric Shock, Fiscal Federalism
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-40197OAI: oai:DiVA.org:hj-40197DiVA, id: diva2:1217388
Available from: 2018-06-13 Created: 2018-06-13 Last updated: 2018-06-13Bibliographically approved

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Imre, Özgün

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf