… can give rise to an efficiency-based case for international fiscal policy coordination if there … financing plans regardless of market imperfections or whether nondistortionary fiscal policies are available. The second is that monetary union can increase the importance of externalities …
CITATION STYLE
Hutchison, M. M., & Kletzer, K. M. (1995). Fiscal Convergence Criteria, Factor Mobility, and Credibility in Transition to Monetary Union in Europe (pp. 138–165). https://doi.org/10.1007/978-3-642-79817-7_7
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