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PROCES KONVERGENCIJE U EMU 12.

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    • Alternate Title:
      CONVERGENCE PROCESS IN EMU 12.
    • Subject Terms:
    • Abstract:
      Analysis of fiscal discipline and convergence in EMU is important for several reasons. Empirical studies have confirmed the connection between fiscal policy and national macroeconomic performance. Fatas and Mihov showed that governments that use aggressive fiscal policy, create significant macroeconomic instability, reflected in higher output volatility. Fiscal convergence stimulates the convergence of economic cycles because it eliminates specific fiscal shocks. Considering that both Maastricht convergence criteria and the Stability and Growth Pact require fiscal discipline before joining EMU, their goal is to bring the countries that are joining the EU, closer to the optimal currency area. Convergence criteria require from the future members to have similar economic policies and to stimulate a more balanced growth and development. That way, the fiscal discipline and the stronger correlation of economic cycles will better prepare the candidate countries for the single currency. Fiscal discipline also affects the financial markets. Differences between national fiscal policies may slow down the integration of financial markets, because different national fiscal positions could mean different sovereign debt risk premiums, depending on the anticipated budget deficit and public debt. [ABSTRACT FROM AUTHOR]
    • Abstract:
      Analiza fiskalne discipline i konvergencije u Evropskoj monetarnoj uniji važna je iz nekoliko razloga. Empirijske studije su potvrdile vezu izmenu fiskalne politike i makroekonomskih performansi zemlje. Fatas i Mihov pokazuju da vlade koje koriste agresivnu fiskalnu politiku kreiraju značajnu makroekonomsku nestabilnost koja se ogleda u većoj volatilnosti autputa. Fiskalna konvergencija podstiče konvergenciju privrednih ciklusa jer eliminiše specifične fiskalne šokove. S obzirom da i kriterijumi konvergencije iz Mastrihta i Pakt za stabilnost i rast zahtevaju fiskalnu disciplinu pre ulaska u monetarnu uniju, njihov cilj je da približe zemlje koje unu u EU optimalnom valutnom području. Kriterijumi konvergencije zahtevaju od budućih članica da vode sličnu ekonomsku politiku i podstiču balansiraniji rast i razvoj. Na taj način će fiskalna disciplina i jača korelacija privrednih ciklusa bolje pripremiti zemlje kandidate za zajedničku valutu. Fiskalna disciplina utiče i na finansijska tržišta. Razlike u nacionalnoj fiskalnoj politici mogu da uspore integraciju finansijskih tržišta jer različite fiskalne pozicije država mogu da znače različite premije za rizik na suvereni dug, zavisno od očekivanog budžetskog deficita i javnog duga. [ABSTRACT FROM AUTHOR]
    • Abstract:
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