The political stability and growth pact is dead: Long live the economic Stability and Growth Pact

被引：11
|
作者：
Leblond, Patrick [1 ]
机构：
[1] HEC Montreal, Dept Int Business, Montreal, PQ H3T 2A7, Canada
来源：
JCMS-JOURNAL OF COMMON MARKET STUDIES | 2006年 / 44卷 / 05期
关键词：
D O I：
10.1111/j.1468-5965.2006.00670.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Euro area countries suspended the excessive deficit procedure (EDP) of the Stability and Growth Pact in November 2003. Surprisingly perhaps, long-term European government bond-holders did not react: yields barely moved. Owing to its political nature, the EDP does not matter for investors. What matters is the implicit economic pact that investors have made with Member State governments.
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页码：969 / 990
页数：22
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