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Normes sociales et politiques européennes

Abstract : This paper reviews the debate on the Stability and Growth Pact. Both empirical and theoretical arguments in favour of the Pact are weak, to warrant a different and plausible (even if extreme) hypothesis: We suggest the view that the Stability Pact is a public social norm, obeyed by countries because of the fear of reputation losses. Our simple model shows that reputation issues may cause the emergence of a stable but inferior equilibrium. Within this framework, the enlargement to more undisciplined countries may worsen the problems posed by the Pact.
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Submitted on : Wednesday, December 1, 2021 - 2:10:49 AM
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Jean-Paul Fitoussi, Francesco Saraceno. Normes sociales et politiques européennes. Revue de l'OFCE, 2007, 102, pp.283 - 314. ⟨10.3917/reof.102.0283⟩. ⟨hal-03459615⟩



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