Reconciling Stability and Growth

Released on by Mr.Roel M. W. J. Beetsma
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  • Reconciling Stability and Growth Book Detail

  • Author : Mr.Roel M. W. J. Beetsma
  • Release Date : 2003-09-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 34
  • ISBN 13 : 145185871X
  • File Size : 75,75 MB
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Reconciling Stability and Growth by Mr.Roel M. W. J. Beetsma PDF Summary

Book Description: This paper analyzes the decision of a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact. The model shows that a pact may harm structural reforms, sacrificing future growth for present stability. The welfare gains brought about by a pact depend on a trade-off between the reduction in the deficit bias and the induced reduction in the amount of structural reform. A pact becomes more attractive (“smarter”) if it takes into account the fiscal impact of structural reforms, in line with a recent proposal by the European Commission.

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