|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|103880||2018||21 صفحه PDF||سفارش دهید||11920 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Economic Dynamics and Control, Available online 8 February 2018
The paper demonstrates that higher public debt levels hamper business cycle stabilization for the union as a whole and, in particular, penalize the stabilization performance of small country-members. While cooperation and monetary leadership is preferable to fiscal leadership for the union as whole and for the small countries, the big country prefers fiscal leadership, where it explores a larger strategic power vis-a-vis the common monetary policy authority. Political support for cooperation may be hard to achieve. Under low debt levels, cooperative stabilization outcomes are relatively similar to the non-cooperative ones.