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.

引用

页码：969 / 990

页数：22

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