2017年11月
Macroeconomic Instability of a Capital Markets Union and Stability of a Fiscal Union in the Euro Area: Keynesian and Kaldorian Two-Country Models
The International Economy
- 巻
- 20
- 号
- 20
- 開始ページ
- 13
- 終了ページ
- 46
- 記述言語
- 英語
- 掲載種別
- 研究論文(学術雑誌)
- DOI
- 10.5652/internationaleconomy.ie2017.01.mn
- 出版者・発行元
- The Japan Society of International Economics
In this paper, we investigate the effect of fiscal transfers in a fiscal union in relation to a Capital Markets Union (CMU) for the euro area using Keynesian and Kaldorian two-country models with a monetary union and imperfect capital mobility. We find that an increase in capital mobility between countries in a CMU is a destabilizing factor, whereas an increase in fiscal transfers between such countries is a stabilizing factor. Fiscal transfers mitigate both the instability caused by an austerity policy and an increase in capital mobility in the spending and recipient countries in the fiscal transfer mechanism.
- リンク情報
- ID情報
-
- DOI : 10.5652/internationaleconomy.ie2017.01.mn
- CiNii Articles ID : 130006224825