Holdings: Time inconsistency in EMU fiscal governance

Time inconsistency in EMU fiscal governance: determinants and capital market perception

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Bibliographic Details
Main Author:	Bauer, Matthias (Author)
Format:	Thesis Book
Language:	English
Published:	2013
Subjects:	Europäische Union > Stabilitätspakt Regelbindung Hochschulschrift
Online Access:	Inhaltsverzeichnis Inhaltsverzeichnis
Item Description:	Zsfassung in dt. Sprache
Physical Description:	XXIII, 189 Bl. graph. Darst. 29,5 cm

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adam_text	CONTENTS LIST OF FIGURES V LIST OF TABLES VII GLOSSARY IX DEUTSCHE ZUSAMMENFASSUNG (GERMAN SUMMARY) XVI 1 ON THE POLITICAL ECONOMY OF EMU FISCAL GOVERNANCE 1 1.1 INTRODUCTION 1 1.2 PROBLEMS RELATED TO FISCAL COOPERATION IN THE EUROPEAN MONETARY UNION 2 1.2.1 MONETARY COOPERATION AND EMU FISCAL COORDINATION . ... 2 1.2.2 ENFORCEMENT OF FISCAL PRUDENCE BEYOND MAASTRICHT: THE STABILITY AND GROWTH PACT 6 1.2.3 THE FIRST REFORM OF THE ORIGINAL STABILITY AND GROWTH PACT . 8 1.2.4 SOURCES OF THE PACT S REFORM: NEGATIVE PEER PRESSURE IN THE 2001 TO 2005 POLITICAL DEBATE 11 1.3 RELATED LITERATURE 18 1.3.1 PEER PRESSURE AND SOFT FISCAL POLICY COORDINATION UNDER THE SGP 18 1.3.2 POLITICAL OWNERSHIP AND THE DYNAMIC COMMITMENT PROBLEM 22 1.3.3 DETERMINANTS OF POLITICAL AVERSION TO THE SGP 24 I HTTP://D-NB.INFO/1048199487 CONTENTS II 1.3.4 FISCAL POLICY AND CAPITAL MARKETS 33 1.4 MEASURING POLITICAL AVERSION TO THE SGP: DATA AND METHODOLOGY . . 41 1.5 PURPOSE AND STRUCTURE OF THE THESIS 45 1.5.1 PURPOSE 45 1.5.2 STRUCTURE 46 2 MINOR NUISANCE AROUND FOREIGN EXCHANGE MARKETS 49 2.1 INTRODUCTION 49 2.2 POLITICAL EVENTS AND THE FX MARKET EXPECTATION BIAS 50 2.3 THEORETICAL BACKGROUND AND HYPOTHESES 52 2.4 EMPIRICAL ANALYSIS 56 2.4.1 DATA 56 2.4.2 ECONOMETRIC MODEL 59 2.4.3 EMPIRICAL RESULTS 62 2.4.4 ROBUSTNESS TESTS 65 2.5 IMPLICATIONS FOR EU/EMU FISCAL GOVERNANCE 68 2.6 CONCLUSION 69 3 MARKET DISCIPLINE UNDER A POLITICISED MULTILATERAL FISCAL RULE 71 3.1 INTRODUCTION 71 3.2 MARKET DISCIPLINE: DETERMINANTS OF SOVEREIGN BOND YIELD SPREADS . 73 3.3 MARKET DISCIPLINE IN A MONETARY UNION - THEORETICAL BACKGROUND AND HYPOTHESES 75 3.4 EMIPIRICAL ANALYSIS 80 3.4.1 DATA 80 3.4.2 ECONOMETRIC MODEL 84 3.4.3 EMPIRICAL RESULTS 86 3.4.4 ROBUSTNESS TESTS 89 3.5 POLICY IMPLICATIONS 90 CONTENTS III 3.6 CONCLUSION 91 4 POLITICAL AVERSION TO A MULTILATERAL FISCAL RULE 93 4.1 INTRODUCTION 93 4.2 HYPOTHESES 94 4.2.1 HYPOTHESES ON THE ECONOMIC DETERMINANTS OF POLITICAL AVER SION TO THE SGP 95 4.2.2 HYPOTHESES ON THE POLITICAL ECONOMY DETERMINANTS OF PO LITICAL AVERSION TO THE SGP 97 4.3 EMPIRICAL ANALYSIS 98 4.3.1 DATA AND VARIABLE DEFINITIONS 98 4.3.2 ECONOMETRIC MODEL 100 4.4 EMPIRICAL RESULTS 102 4.5 POLICY IMPLICATIONS FOR EMU FISCAL GOVERNANCE 107 4.6 CONCLUSION 112 5 EMU SOVEREIGN DEBT AND BANK CAPITAL REGULATION 115 5.1 BANK EXPOSURES TO EMU SOVEREIGN DEBT 115 5.2 TREATMENT OF SOVEREIGN CREDIT RISK IN BANK CAPITAL REGULATION . . . 118 5.3 MOUNTING CALLS FOR REVISION 120 5.4 POLICY IMPLICATIONS 124 5.5 CONCLUSION 129 6 FINAL CONCLUSIONS AND OUTLOOK 131 6.1 POSITIVE PERSPECTIVE 131 6.2 NORMATIVE CONCLUSIONS 133 6.3 OUTLOOK 136 BIBLIOGRAPHY 139 APPENDIX A 155 CONTENTS IV A.L SELECTED POLITICAL STATEMENTS UNDERMINING THE SGP 156 APPENDIX B 162 B.L EXCESSIVE DEFICIT PROCEDURES 163 B.2 EURO EXCHANGE RATE DEVELOPMENT 164 B.3 EXPECTATION BIAS 165 APPENDIX C 166 C.L GOVERNMENT BOND YIELDS AND YIELD SPREADS 167 APPENDIX D 168 D.L VARIABLE DESCRIPTION 169 D.L VARIABLE DESCRIPTION 170 D.2 CORRELATION OF VARIABLES 171 D.3 REGRESSION RESULTS: OLS REGRESSIONS 172 D.4 THE REVISED STABILITY AND GROWTH PACT 175 D.5 TSCG 176 D.6 POLITICAL AVERSION TO THE SGP 177 D.7 DEVELOPMENT OF STABILISING STATEMENTS CONCERNING THE SGP .... 178 D.8 THE DYNAMICS OF PEER PRESSURE, COUNTRY DATA 179
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language	English
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spelling	Bauer, Matthias Verfasser aut Time inconsistency in EMU fiscal governance determinants and capital market perception von Matthias Bauer 2013 XXIII, 189 Bl. graph. Darst. 29,5 cm txt rdacontent n rdamedia nc rdacarrier Zsfassung in dt. Sprache Jena, Univ., Diss., 2013 Europäische Union Stabilitätspakt (DE-588)4596397-6 gnd rswk-swf Regelbindung (DE-588)4227931-8 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Europäische Union Stabilitätspakt (DE-588)4596397-6 u Regelbindung (DE-588)4227931-8 s DE-604 DE-601 pdf/application http://www.gbv.de/dms/zbw/778279154.pdf Inhaltsverzeichnis DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027224977&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Bauer, Matthias Time inconsistency in EMU fiscal governance determinants and capital market perception Europäische Union Stabilitätspakt (DE-588)4596397-6 gnd Regelbindung (DE-588)4227931-8 gnd
subject_GND	(DE-588)4596397-6 (DE-588)4227931-8 (DE-588)4113937-9
title	Time inconsistency in EMU fiscal governance determinants and capital market perception
title_auth	Time inconsistency in EMU fiscal governance determinants and capital market perception
title_exact_search	Time inconsistency in EMU fiscal governance determinants and capital market perception
title_full	Time inconsistency in EMU fiscal governance determinants and capital market perception von Matthias Bauer
title_fullStr	Time inconsistency in EMU fiscal governance determinants and capital market perception von Matthias Bauer
title_full_unstemmed	Time inconsistency in EMU fiscal governance determinants and capital market perception von Matthias Bauer
title_short	Time inconsistency in EMU fiscal governance
title_sort	time inconsistency in emu fiscal governance determinants and capital market perception
title_sub	determinants and capital market perception
topic	Europäische Union Stabilitätspakt (DE-588)4596397-6 gnd Regelbindung (DE-588)4227931-8 gnd
topic_facet	Europäische Union Stabilitätspakt Regelbindung Hochschulschrift
url	http://www.gbv.de/dms/zbw/778279154.pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027224977&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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