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The European Redemption Pact: Implementation and macroeconomic effects

Hasan Doluca, Malte Hübner, Dominik Rumpf and Benjamin Weigert ()

Intereconomics: Review of European Economic Policy, 2012, vol. 47, issue 4, 230-239

Abstract: One possible solution to the sovereign debt crisis is the European Redemption Pact (ERP) proposed by the German Council of Economic Experts. The ERP provides sustainable financing conditions for participating sovereigns to facilitate bringing public debt ratios below the reference value of 60% within the next 20 to 25 years. In this paper, we describe one possible way of implementing the ERP and analyse the fiscal effects of participating in the ERP. The macroeconomic impact of the proposal is illustrated with the multi-country model NiGEM. Copyright ZBW and Springer-Verlag 2012

Date: 2012
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DOI: 10.1007/s10272-012-0423-x

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