NDLI: Capital flows, long term bond yields and fiscal stance: the Eurozone policy trilemma

Content Provider	Springer Nature Link
Author	Canale, Rosaria Rita
Copyright Year	2015
Abstract	The paper aims at estimating the existence of a trilemma in the Eurozone, i.e., to assess to what extent the net capital flows, the volatility of bond yields and the fiscal stance are strictly linked to each other constraining countries’ ability to manage the internal policy goals. The existence of constraints on policy alternatives is estimated for 11 Eurozone countries from 2002 till 2012. The sample is then divided into pre- (2002–2008) and post-crisis (2009–2012) periods. A further division between the PIIGS and the non-PIIGS is then applied. The results show the validity of the trilemma for the whole Euro area and for the whole period but with some distinction between the pre- and post-crisis periods and between the PIIGS and the non-PIIGS countries. The existence of the trilemma underlines the presence of national constraints and suggests, for the future of the Eurozone, to push towards centralized fiscal policy instruments.
Starting Page	31
Ending Page	44
Page Count	14
File Format	PDF
ISSN	1617982X
Journal	Portuguese Economic Journal
Volume Number	14
Issue Number	1-3
e-ISSN	16179838
Language	English
Publisher	Springer Berlin Heidelberg
Publisher Date	2015-11-05
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Eurozone trilemma Policy goals Capital flows Fiscal stance Bond yields Economics Economic Theory/Quantitative Economics/Mathematical Methods Economic Policy Microeconomics Econometrics
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics

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