出版社：Servicio central de publicacion. Gobierno Vasco
摘要：Within the discussion on how to implement fiscal discipline in the European Monetary Union, the adequacy of using the same fiscal rules for different Member-Countries has been challenged by some authors, calling for a temporary higher degree of fiscal flexibility in the case of small and less developed countries. We develop a model of a monetary union between two countries that may differ in (i) economic dimension; (ii) exogenous levels of productivity directly related with the quality of domestic institutions; (iii) technological knowledge stocks; (iv) Research and Development (R&D) capacity. Results arising from the model suggest the pertinence of making some exceptions to the European framework for fiscal discipline, namely concerning to expenses leading to more resources devoted to R&D activities. In particular, this would apply to measures taken by the less developed countries, possibly leading to an easier catching-up.
