کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5053523 1371454 2016 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Fiscal devaluation in the euro area: A model-based analysis
ترجمه فارسی عنوان
کاهش ارزش مالی در منطقه یورو: یک تحلیل مبتنی بر مدل
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
We assess the effects of a temporary fiscal devaluation enacted in Spain on the trade balance by simulating EAGLE, a large-scale multi-country dynamic general equilibrium model of the euro area. Social contributions paid by firms are reduced by 1% of GDP for four years and are financed by increasing the consumption tax. Our main results are the following. First, in the first years following implementation the Spanish trade balance improves by around 0.6% of GDP, the (before-consumption tax) real exchange rate depreciates by 0.7% and the terms of trade deteriorate by 1.3%. Second, the trade balance improves when the temporary fiscal devaluation is also enacted in the rest of the euro area, albeit to a lower extent than in the case of unilateral (country-specific) implementation. Third, similar results are obtained if we consider the case of a smaller euro area economy, specifically Portugal. Fourth, quantitative results are robust to changes in some key parameters but crucially depend on the degree of substitutability between domestic and imported tradables.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 52, Part A, January 2016, Pages 58-70
نویسندگان
, , ,