Economic Papers

"Economic Papers" are written by the Staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The "Papers" are intended to increase awareness of the technical work being done by the staff and to seek comments and suggestions for further analyses. Views expressed represent exclusively the positions of the author and do not necessarily correspond to those of the European Commission. Comments and enquiries should be addressed to the:

European Commission
Directorate-General for Economic and Financial Affairs 200, rue de la Loi
1049 Brussels, Belgium

No 350.December 2008. The great financial crisis in Finland and Sweden. The dynamics of boom, bust and recovery, 1985-2000 by Lars Jonung, Jaakko Kiander and Pentti Vartia

No 348.November 2008. Costs and benefits of running an international currency by Elias Papaioannou and Richard Portes

No 347.November 2008. The role of the euro in Sub-Saharan Africa and in the CFA franc zone by Martin Hallet

No 344.October 2008.Fiscal Policy, Intercountry Adjustment and the Real Exchange Rate by Christopher Allsopp and David Vines

No 329.September 2008. Monetary and Financial Integration in East Asia: The Relevance of European Experience by Yung Chul Park and Charles Wyplosz

No 335.July 2008. An estimated DSGE model of the euro area with fiscal and monetary policy by Marco Ratto, Werner Roeger and Jan in 't Veld

No 333.July 2008. Time-varying integration, the euro and international diversification strategie by Lieven Baele and Koen Inghelbrech

No 332.June 2008. Sovereign bond market integration: The euro, trading platforms and globalisation by Alexander Schulz and Guntram B. Wolff

No 331.June 2008. The Great Moderation in the euro area: What role have macroeconomic policies played by Laura González Cabanillas and Eric Ruscher

No 330.June 2008. ECB Credibility and Transparency by Petra M. Geraat

No 325.June 2008. Growth and income distribution in an integrated Europe: Does EMU make a difference by Lars Jonung and Jarmo Kontulainen

No 322.May 2008. Adjustment Dynamics in the Euro Area: A Fresh Look at the Role of Fiscal Policy Using a DSGE Approach by G. Russell Kincaid

No 321.May 2008. Study on the Impact of the Euro on Trade and Foreign Direct Investments by Richard Baldwin, Virginia DiNino, Lionel Fontagné, Roberto A. De Santis and Daria Taglion

No 318. April 2008. The impact of EMU on growth and employment by Ray Barrell, Sylvia Gottschalk, Dawn Holland, Ehsan Khoman, Iana Liadze and Olga Pomerantz

No 317. April 2008. The international role of the euro: a status report by Elias Papaioannou and Richard Portes

No 314. March 2008. The ECB and the bond market by Carlo Favero and Francesco Giavazzi

No 313. March 2008. Is the euro advantageous? Does it foster European feelings? Europeans on the euro after five years by Lars Jonung and Cristina Conflit

No 312. March 2008. Financial market integration under EMU by Tullio Jappelli and Marco Pagano

No 311. March 2008. Economic governance in an enlarged euro area by Iain Begg

No 310. March 2008. Taxation policy in EMU by Julian Alworth and Giampaolo Arach

No 308. March 2008. A modern reconsideration of the theory of Optimal Currency Areas by Giancarlo Corsetti

No 307. February 2008. A long term perspective on the euro by Michael Bordo and Harold James

No 306. February 2008. EMU’s decentralized system of fiscal policy by Jürgen von Hagen and Charles Wyplos

No 304. February 2008. Euro area enlargement and euro adoption strategie by Zsolt Darvas and György Szapár

No 299. January 2008. Hedging and invoicing strategies to reduce exchange rate exposure: a euro-area perspective by Björn Dörhing

No 283. June 2007. The potential impact of the Fiscal Transfers under the EU Cohesion Policy Programme by Jan in't Veld

No 280. May 2007. Tax revenues in the European Union: recent trends and challenges ahead by Guiseppe Carone, Jan Host Schmidt, Gaetan Nicodème

No 274. March 2007. Adjustement in EMU: A model-based analysis of country experiences by Sven Langedijk and Werner Roeger

No 273. February 2007. How reliable are the statistics for the Stability and Growth Pact ? by Luis Gordo Mora and Joao Nogueira Martins

No 271. January 2007. Steps towars a deeper economic integration: the Internal Market in the 21st century. A contribution to the Single Market Review by Fabienne Ilzkovitz, Adriaan Dierx, Viktoria Kovacs and Nuno Sousa

No 267. December 2006. 101 proposals to reform the Stability and Growth Pact. Why so many ? A Survey by Jonas Fischer, Lars Jonung and Martin Larch

No 266. December 2006. Fiscal policy in an estimated open-economy model for the Euro area by Marco Ratto, Werner Roeger, Jan in't Veld

No 265. December 2006. Reforming the taxation of multijurisdictional enterprises in Europe : a tentative appraisal by Marcel Gérard (Catholic University of Mons)

No 263. December 2006. Capital structure and international debt shifting by Haary Huizinga, Luc Laeven, Gaëtan Nicodème

No 261. December 2006. What difference does it make. Understanding the empirical literature on taxation and international capital flows by Ruud A. de Mooij, Sjef Ederveen

No 255. September 2006. Monetary and exchange rate agreements between the European Community and Third Countries by Baudouin Lamine

No 254. June 2006. Assessing the factors of resilience of private consumption in the euro area by Servaas Deroose

No 234. November 2005. Economic forecasts and fiscal policy in the recently acceded Member States by Filip Keereman

No 233. October 2005. Progressive Taxation, Macroeconomic Stabilization and efficiency in Europe by Carlos Martinez-Mongay

No 226. April 2005. Integration and consolidation in EU banking - an unfinished business by Christoph Walkner and Jean-Pierre Raes

No. 225. April 2005. Sustainability of EU public finances by Fernando C. Ballabriga and Carlos Martinez-Mongay

No. 223. March 2005. The framework for fiscal policy in EMU: What future after five years of experience Elena Flores, Gabriele Giudice and Alessandro Turrini

No. 220. January 2005. An estimated new keynesian dynamic stochastic general equilibrium model of the Euro area., Marco Ratto, Werner Roger, Jan in't Veld and Ricardo Girardi

No. 215. October 2004. A useful tool to identify recessions in the euro area , Pilar Bengoechea, Gabriel Pérez Quirós

No. 210. August 2004. Improving fiscal policy in the EU : the case for independent forecast Lars Jonung, Martin Larch

No. 206. July 2004. Fiscal Policy in the EMU : Rules, discretion and political incentives
Marco Buti and Paul van den Noord

No. 205. June 2004. To be or not to be in the Euro ? Benefits and costs of the monetary unification asperceived by voters in the Swedish euro referendum 2003  Lars Jonung

No. 202. May 2004. Public investment and the EU fiscal framework Alessandro Turrini

No. 198. January 2004. Reviewing adjustment dynamics in EMU : from overheating to overcooling Servaas Deroose, Sven Langedijk and Werner Roeger

No. 191. September 2003. Exchange rates are a matter of common concern : policies in the run-up to the euro ?
Zenon G. Kontolemis

No. 177. September 2002. Fiscal policy in Europe : how effective are automatic stabilisers
Anne Brunila (Ministry of finance, Finland), Marco Buti and Jan in't Veld

No. 173. July 2002. Latin America's integration processes in the light of the EU's experience with EMU. Heliodoro Temprano Arroyo

No. 171. May 2002. Report by the EFC on EU financial integration.
Economic and Financial Committee (EFC)

No. 169. April 2002. Non-Ricardian fiscal policies in an open monetary union.Javier Andrés, Fernando Ballabriga, Javier Vallés

No. 166. February 2002. Has EMU shifted policy ?
F. Ballabriga and C. Martinez-Mongay.

No. 165. February 2002. EMU and the euro – the first 10 years. Challenges to the sustainability and price stability of the euro area - what does history tell us ?
Lars Jonung.

No. 163. Economic Papers Cross-border clearing and settlement arrangements in the European Union.
The Giovannini Group.