Jürgen von Hagen Livres

The book delves into the dynamics of fiscal authorities and budgetary institutions, particularly in the context of Europe's transition to a single currency. It systematically examines factors influencing fiscal retrenchment, the impact of rules on fiscal behavior, and the variations across different countries. Additionally, it explores the interactions between fiscal and monetary authorities and the long-term determinants of fiscal sustainability. Featuring contributions from prominent economists and policymakers, the volume offers both academic insight and practical perspectives on these critical issues.

"Late modern pluralistic societies are characterized by an infinitely multi-coloured individuality of their citizens and a wealth of associations and groups. This plurality, which is difficult to grasp, is welcomed by many people as a source of freedom, but feared by others inside and by many observers outside as social chaos. However, this plurality is countered by a limited number of so-called "social systems", which are to a large extent characterized by organizational, institutional and normative structures and weight. In the theoretical, empirical, and historical contributions to this volume, theologians, economists and market practitioners discuss the many tensions between market economics, ethics and the Christian religion, thus adding to the fruitful and much needed dialogue between economics and theology."--Back cover

Fiscal rules, such as the excessive deficit procedure and the stability and growth pact (SGP), aim at constraining government behavior. Milesi-Ferretti (2003) develops a model in which governments circumvent such rules by reverting to creative accounting. The amount of this creative accounting depends on the reputation cost for the government and the economic cost of sticking to the rule. In this paper, we provide empirical evidence of creative accounting in the European Union. We find that the SGP rules have induced governments to use stock-flow adjustments, a form of creative accounting, to hide deficits. This tendency to substitute stock-flow adjustments for budget deficits is especially strong for the cyclical component of the deficit, as in times of recession the cost of reducing the deficit is particularly large

Die sieben Beiträge des Bandes bieten Szenarien zu den Mikro- und Makroeffekten der europäischen Währungsunion (EWU), den monetären Instrumenten der Europäischen Zentralbank und der Bankenregulierung im Kontext globalisierter Finanzmärkte und wachsender Finanzinnovationen. Die Beiträge stammen von der 27. Tagung des Ausschusses für Geldtheorie und Geldpolitik im Februar 1996. Jürgen von Hagen und Stefan Lutz zeigen in einer empirischen Simulationsstudie, dass eine „harte“ Auslegung der Maastrichter Fiskalkriterien zu schweren Rezessionen und Konflikten mit dem Inflationskriterium führen kann. Manfred J. M. Neumann analysiert den Übergang vom EWS zur EWU und identifiziert unterschiedliche Wohlfahrtseinbußen für Länder mit variierenden Stabilitätskulturen. Jürgen Siebke betont die Notwendigkeit, die Unterschiede im Instrumenten-Mix der EU-Länder anzugleichen, um einheitliche Bedingungen für Zentralbankgeld zu schaffen. Bernd Kubista und Ernst-Moritz Lipp beleuchten die Wettbewerbsprobleme und Übergangsszenarien zur EWU aus verschiedenen Perspektiven. Tommaso Padoa-Schioppa diskutiert Markt- versus Regulierungsversagen und plädiert für marktfreundliche Ansätze in der Bankenregulierung. Bernd Rudolph fokussiert sich auf die Beherrschung von Markt- und derivativen Risiken, um das Systemrisiko zu reduzieren.