Reconciling Stability and Growth : Smart Pacts and Structural Reforms

Smart Pacts and Structural Reforms

Reconciling Stability and Growth : Smart Pacts and Structural Reforms
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... READ MORE...

Publication date: September 2003
ISBN 9781451858716
$15.00

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