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Is a fiscal union optimal for a monetary union?
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- Author(s): Berriel, Rafael1 (AUTHOR) ; Gonzalez-Aguado, Eugenia2 (AUTHOR) ; Kehoe, Patrick J.1,3 (AUTHOR) ; Pastorino, Elena4 (AUTHOR)
- Source:
Journal of Monetary Economics. Jan2024, Vol. 141, p157-177. 21p.- Subject Terms:
- Source:
- Additional Information
- Subject Terms:
- Abstract: When is a fiscal union appropriate for a monetary union? In a monetary union without fiscal externalities, when local fiscal authorities have an informational advantage over a central fiscal authority in terms of their knowledge of countries' preferences for government spending, a decentralized fiscal regime dominates a centralized one. Our novel result is that in the presence of fiscal externalities across countries, however, a decentralized fiscal regime is optimal for small monetary unions, whereas a centralized fiscal regime is optimal for large ones. These results shed new light on the debate on fiscal integration within the EU and its enlargement. • We reassess the desirability of fiscal unions for monetary unions. • Fiscal federalism asserts that local authorities best serve local citizens. • We argue that small monetary unions are best paired with decentralized fiscal regimes. • Large monetary unions instead are best paired with centralized fiscal regimes. • Our results shed new light on fiscal integration within the EU and its enlargement. [ABSTRACT FROM AUTHOR]
- Abstract: Copyright of Journal of Monetary Economics is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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