FSE_Man Revised 04_2014_2.pdf (500.49 kB)
Fiscal sustainability in the euro-zone: is there a role for euro-bonds?
journal contribution
posted on 2015-02-27, 14:21 authored by Ahmad Hassan AhmadAhmad Hassan Ahmad, Su-ling FanelliThis paper assesses the fiscal sustainability of ten Eurozone member countries at a national and aggregate level. It is carried out in light of the relevant literature on monetary unions and the framework of the European Monetary Union vis-à-vis the current sovereign debt crisis. The impact of Eurobonds, which are considered as a viable solution, on fiscal sustainability was empirically tested. The results indicate that only three countries appear to be structurally sustainable whereas the majority of the countries are only sustainable in the short-run and two countries are structurally unsustainable. However, the sustainability of the Eurozone is greatly improved when the Eurobonds are used.
History
School
- Business and Economics
Department
- Business
Published in
Atlantic Economic JournalCitation
AHMAD, A.H. and FANELLI, S., 2014. Fiscal sustainability in the euro-zone: is there a role for euro-bonds? Atlantic Economic Journal, 42, pp. 291–303.Publisher
Springer Verlag © International Atlantic Economic SocietyVersion
- AM (Accepted Manuscript)
Publisher statement
This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/Publication date
2014Notes
The final publication is available at Springer via http://dx.doi.org/10.1007/s11293-014-9416-4ISSN
0197-4254eISSN
1573-9678Publisher version
Language
- en