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Fiscal sustainability in the euro-zone: is there a role for euro-bonds?

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journal contribution
posted on 27.02.2015 by Ahmad Hassan Ahmad, Su-ling Fanelli
This 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 Journal

Citation

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 Society

Version

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

2014

Notes

The final publication is available at Springer via http://dx.doi.org/10.1007/s11293-014-9416-4

ISSN

0197-4254

eISSN

1573-9678

Language

en

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