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2014 | OriginalPaper | Chapter

9. Complete Fiscal Freedom in the Transition Period?

Author : Efthymios G. Tsionas

Published in: The Euro and International Financial Stability

Publisher: Springer International Publishing

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Abstract

The question whether to allow complete fiscal freedom for national governments in the immediate period following the dissolution of the euro is not so much related to stability of the international financial system: Most Europeans governments will not do so. Electoral and other motives might, of course, make some of them resort of inflationary finance. The economic history of Greece in the 1980s shows us that inflationary finance has a limit and, after that, governments rely on borrowing. In the transition period or after, that will not be possible since it is already anticipated by the international markets.

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previous chapter Can There be an Efficient Dissolution of a Monetary Union?
next chapter Understanding Crises and Recessions
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Metadata
Title
Complete Fiscal Freedom in the Transition Period?
Author
Efthymios G. Tsionas
Copyright Year
2014
Book
The Euro and International Financial Stability

Print ISBN: 978-3-319-01170-7

Electronic ISBN: 978-3-319-01171-4

Copyright Year: 2014

DOI
https://doi.org/10.1007/978-3-319-01171-4_9