Interest rates and fiscal discipline in monetary unions

European Economic Review

Volumn 40, Issue 8, 1996, Pages 1629-1646

  Restoy, Fernando ^a  

^a BANCO DE ESPAÑA   (Spain)

Author keywords

Binding rules; Default risk; Foreign exchange risk; Public debt

Indexed keywords

EID: 0009237123     PISSN: 00142921     EISSN: None     Source Type: Journal    
DOI: 10.1016/0014-2921(95)00031-3     Document Type: Article

References (11)

1. Bishop, G., 1991a, The E.C's public debt disease: Discipline with credit spreads and cure with price stability (Salomon Brothers, New York) July.
2. Bishop, G., 1991b, Valuing public debt in the E.E.C.: E.M.U. benefits versus no-bail-out risks (Salomon Brothers, New York) Oct.
3. Bishop, G., D. Damrau and M. Miller, 1989, Market discipline can work in the E.E.C. monetary union (Salomon Brothers, New York) Nov.
4. CEPR, 1991, The making of monetary union, Annual report (CEPR, London).
5. Delors Report, 1989, Report on economic and monetary union in the European Community, June.
6. Eichengreen, B., 1990, One money for Europe?, Lessons from US currency union, Economic Policy, April, 119-186.
7. Emerson, M., D. Gros, A. Italianer, J. Pisani-Ferry and H. Reichenbach, 1992, One market, one money (Oxford University Press, Oxford).
8. Goldstein, M. and G. Woglom, Market based fiscal discipline in monetary unions: Evidence from the U.S. municipal bond market, Working paper 91/89 (IMF, Washington, DC).
9. Lane, T.D., 1992, Market discipline, Working paper 92/42 (IMF, Washington, DC) June.
10. Lamfalussy, A., 1989, Macro-coordination of fiscal policies in an economic and monetary union, Supplement to Delor's Report.
11. Liu P. and A. Thakor, 1984, Interest yields, credit ratings, and economic characteristics of state bonds: An empirical analysis, Journal of Money, Credit, and Banking 16, no. 3, 345-350.