Debt sustainability and economic convergence of euro-area Member States: Challenges and Solutions

Manasse, Paolo (2015) Debt sustainability and economic convergence of euro-area Member States: Challenges and Solutions. Bologna: Dipartimento di Scienze economiche DSE, p. 23. DOI 10.6092/unibo/amsacta/4399. In: Quaderni - Working Paper DSE (1035). ISSN 2282-6483.
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Abstract

This paper argues that fiscal convergence in the Euro area has been achieved at the expenses of real divergence in unemployment, investment and at, at least temporarily, growth. Statistical and econometric analysis support the view that the current fiscal framework has addressed debt sustainability concerns, but has imparted a pro-cyclical bias, which has contributed to economic divergence. The recent flexibility guidelines are a step in the right direction, but they are unlikely to have sizable effects. A reform of the fiscal framework and a mechanism for an intra-European unemployment insurance scheme is proposed.

Abstract
Tipologia del documento
Monografia (Working paper)
Autori
AutoreAffiliazioneORCID
Manasse, Paolo
Parole chiave
fiscal convergence, growth and stability pact, debt sustainability, procyclical fiscal policy
Settori scientifico-disciplinari
ISSN
2282-6483
DOI
Data di deposito
23 Ott 2015 10:56
Ultima modifica
07 Giu 2017 08:00
URI

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