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- handle: 10670/1.z5dnis
- hal: hal-04390164
- doi: 10.1016/j.jmoneco.2023.11.003
- WOS: 001142687700001
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jmoneco.2023.11.003
Mots-clés
Fiscal delegation Fiscal federalism Externalities Public goods European Union enlargement E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E61 - Policy Objectives • Policy Designs and Consistency • Policy Coordination E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E62 - Fiscal Policy E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E65 - Studies of Particular Policy Episodes E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E69 - Other F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance/F.F4.F42 - International Policy Coordination and Transmission F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance/F.F4.F45 - Macroeconomic Issues of Monetary UnionsSujets proches
Cameralistics Public financeCiter ce document
Rafael Berriel et al., « Is a fiscal union optimal for a monetary union? », HAL-SHS : économie et finance, ID : 10.1016/j.jmoneco.2023.11.003
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Résumé
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.