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A Model to Analyze the Tradeoff Between the Fall in Interest Rates and
The Possible Effects of the EMU on the Ability to Raise Additional Taxes
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AAA/Aaa AAA/Aaa aggregate human wealth Apr Jul Oct bailout basis points Blanchard and Fischer budget deficits capital coefficient of variation common fiscal convergence credit rating decline default risk premia differentials with Germany discussed effects EMU members euro European Central Bank expenditure fall in interest financial market financial market-based discipline financial solidarity fiscal consolidation fiscal discipline fiscal policies fiscal sustainability flow variable high debt-to-GDP high-debt high-tax increase inflation/devaluation risk premia integration interest rate differentials interest spending International Monetary Fund Jan Apr Jul Jul Oct Jan level of interest Luxembourg member country monetary and fiscal monetary discipline Monetary Union national governments nominal interest rate Oct Jan Apr outright default risk Paper pecuniary externality percent public debt public indebtedness raise additional taxes real interest rate reduce REV schedule revenue Ruding Report 1992 scenario single currency spending and taxation tax competition tax harmonization process tax systems taxation channels vanishing inflation/devaluation risk yield