The Stability Pact – Rationales, Problems, Alternatives
分析了《稳定与增长公约》的经济学理由和可能替代方案，指出跨境溢出效应和国内政策失败是潜在理由，并对比了公约的“法律主义”视角与基于激励的方法。
SUMMARY We analyze economic rationales for, and possible alternatives to, the Stability and Growth Pact (SGP). We identify various cross‐country spillover effects and domestic policy failures as potential rationales. The two sets of problems suggest different corrective measures, and different measures than those applied in the context of the SGP. We contrast the ‘legalistic’ perspective adopted in the Pact with a more incentive‐based approach and discuss how the legalistic perspective gives rise to enforcement problems in connection with the implementation of the SGP's sanctions.