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1
Barrell, Ray J., and Sylvia Gottschalk. "Fiscal Policy in Europe." National Institute Economic Review 201 (July 2007): 33–36. http://dx.doi.org/10.1177/0027950107083047.
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In the past twelve months the government budget situation in Germany has improved markedly, and the budget deficit has moved from 3.2 per cent of GDP in 2005 to 1.7 per cent in 2006, with further improvements in prospect. Over the same period in France, the budget deficit moved marginally from 3 per cent of GDP in 2005 to 2.5 per cent of GDP in 2006. The prospects for further improvement appear limited as the new government plans to cut taxes to stimulate the economy. Projections for budget deficits are very uncertain, as they are the difference between two large numbers (receipts and spending) that are difficult to predict accurately. Figures 1 and 2 plot the errors around our budget projections for France and Germany based on stochastic simulations on NiGEM. The 95 per cent confidence limit for our forecast one year ahead is around 1 per cent of GDP around our central forecast, and uncertainty increases into the future. As we can see from figures 3 and 4, our forecast errors for France and Germany have been well within the 95 per cent bands in the past three years, except for our one year ahead forecast for Germany for 2006. The budget improved by 1.5 per cent of GDP more than we had anticipated, and this appears to have been due to unexpectedly high tax receipts, rather than to changed policy.
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Arsic, Milojko, Aleksandra Nojkovic, and Sasa Randjelovic. "Determinants of discretionary fiscal policy in Central and Eastern Europe." Economic Systems 41, no. 3 (September 2017): 367–78. http://dx.doi.org/10.1016/j.ecosys.2016.10.003.
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Stoilova, D., and I. Todorov. "Fiscal policy and economic growth: Evidence from Central and Eastern Europe." Journal of Tax Reform 7, no. 2 (2021): 146–59. http://dx.doi.org/10.15826/jtr.2021.7.2.095.
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This study aims to estimate the impact of three fiscal instruments (direct tax revenue, indirect tax revenue and government consumption expenditure) on the economic growth of ten new European Union member states from Central and Eastern Europe– Bulgaria, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia. We examine the hypothesis about the effect of expansionary fiscal policy on economic growth. The study employs a vector autoregression and annual Eurostat data for the period 2007–2019. Four control variables (the shares of gross capital formation, household consumption, exports in GDP, and the economic growth in the euro area) are included in the model to account for the influence of non-fiscal factors on economic growth. The empirical results indicate that the real output growth rate in the ten new member states of the European Union is negatively affected by direct tax revenue, while economic growth in the euro area, exports and gross capital formation are positively related to economic growth. The results also imply that government consumption and indirect tax revenue have no significant impact on the growth rate of real output of the ten studied countries from Central and Eastern Europe. It may be inferred that policymakers in the new European Union member states can raise economic growth by encouraging exports and investment and by lowering the share of direct tax revenue in GDP. From the three analyzed fiscal instruments (direct taxes, indirect taxes and government consumption expenditure), only one has proven to be effective in the case of the new member countries.
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Barrell, Ray, and Nigel Pain. "Monetary and Fiscal Policy in Europe: an Overview." National Institute Economic Review 174 (October 2000): 63–67. http://dx.doi.org/10.1177/002795010017400110.
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There are new monetary and fiscal frameworks in place for the countries in the Euro Area. The European Central Bank has a remit to maintain price level stability in the medium term, and it has developed a two pillar strategy, with interest rates being set in relation to a reference value of M3 and general (inflationary) conditions. We discuss an ideal type representation of this framework and examine the potential effects of a fall in the euro. Fiscal policy in Europe is now based on guidelines from the Stability and Growth Pact and we discuss the role of commitment in this framework as well
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HALLERBERG, MARK, and SAMI YLÄOUTINEN. "Political Power, Fiscal Institutions and Budgetary Outcomes in Central and Eastern Europe." Journal of Public Policy 30, no. 1 (February 25, 2010): 45–62. http://dx.doi.org/10.1017/s0143814x09990213.
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AbstractThis paper considers the effects of fiscal governance in Central and East European countries 1998–2008. The first part makes predictions about which form of fiscal governance fits which form of government. Under multi-party coalition governments, fiscal contracts where governments make political commitments to multi-annual fiscal plans work well. In countries where two political blocks face off against one another, delegation based around a strong finance ministry should be most effective. The second part examines electoral and party systems, which affect the form of government in place. The third part documents norms, rules, and institutions in place. The final section considers the joint effects of fiscal governance on fiscal outcomes. On balance, the underlying political climate is crucial for determining what types of fiscal norms, institutions, and rules function best. The more countries diverge from their expected form of fiscal governance, the greater the increase in a country's debt burden.
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Clark, William Roberts, and Mark Hallerberg. "Mobile Capital, Domestic Institutions, and Electorally Induced Monetary and Fiscal Policy." American Political Science Review 94, no. 2 (June 2000): 323–46. http://dx.doi.org/10.2307/2586015.
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The literature on global integration and national policy autonomy often ignores a central result from open economy macroeconomics: Capital mobility constrains monetary policy when the exchange rate is fixed and fiscal policy when the exchange rate is flexible. Similarly, examinations of the electoral determinants of monetary and fiscal policy typically ignore international pressures altogether. We develop a formal model to analyze the interaction between fiscal and monetary policymakers under various exchange rate regimes and the degrees of central bank independence. We test the model using data from OECD countries. We find evidence that preelectoral monetary expansions occur only when the exchange rate is flexible and central bank independence is low; preelectoral fiscal expansions occur when the exchange rate is fixed. We then explore the implications of our model for arguments that emphasize the partisan sources of macroeconomic policy and for the conduct of fiscal policy after economic and monetary union in Europe.
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Bilbiie, Florin, Tommaso Monacelli, and Roberto Perotti. "Fiscal Policy in Europe: Controversies over Rules, Mutual Insurance, and Centralization." Journal of Economic Perspectives 35, no. 2 (May 1, 2021): 77–100. http://dx.doi.org/10.1257/jep.35.2.77.
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We discuss the main fiscal policy issues in Europe, focusing on two that are at the core of the current debate. The first is that the government deficit and debt were, from the outset, the key objects of contention in the debate that led to the creation of the Eurozone, and they still are. The second issue is that a currency union implies the loss of a country-specific instrument, a national monetary policy. This puts a higher burden on fiscal policy as a tool to counteract shocks, a burden that might be even heavier now that the European Central Bank has arguably reached the Zero Lower Bound. Two obvious solutions are mutual insurance (or risk-sharing) amongst countries and a centralized stabilization policy. Yet both have been remarkably difficult to come by, especially due to political constraints. We review and discuss the relative merits of several proposals for increased insurance or centralization, or both. We conclude with an early discussion of the implications of the COVID-19 crisis for European fiscal policy reform and an assessment of the current fiscal measures.
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Bean, Charles R. "Economic and Monetary Union in Europe." Journal of Economic Perspectives 6, no. 4 (November 1, 1992): 31–52. http://dx.doi.org/10.1257/jep.6.4.31.
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The European Council's Maastricht Agreement maps out a precise route to monetary union and the eventual introduction of a common currency. My discussion begins with a look at the general arguments for and against monetary union. I shall then discuss the proposed constitution of the European Central Bank and whether it is likely to be conducive to monetary stability, together with some of the problems posed by the transition to the new regime. Finally, I will turn to the issue of rules for the conduct of fiscal policy and the question of “fiscal federalism.”
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Terletzki, Peggy, and Claudia-Yvette Matthes. "Tripartite Bargaining and its Impact on Stabilisation Policy in Central and Eastern Europe." International Journal of Comparative Labour Law and Industrial Relations 21, Issue 3 (September 1, 2005): 369–403. http://dx.doi.org/10.54648/ijcl2005019.
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Abstract: In this paper we examine the impact of self-imposed governmental constraints (by tripartite arrangements) and the timing of reforms (window of opportunity) on the successful implementation of large-scale reforms (fiscal stabilisation policy) in seven Central and Eastern European Countries. By analysing different sources and conducting interviews with experts and members of the tripartite councils, we consider the impact of tripartite structures on the government decision-making process in Bulgaria, Estonia, the Czech and Slovak Republics, Hungary, Poland and Slovenia. Our findings indicate that the early and continuously stabilising countries secured their policy-making by factors other than tripartite bargaining. In those countries that took a second, later approach to fiscal stabilisation, with a more confrontational style and stronger trade unions, tripartite bargaining proved to be a successful instrument.
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Korotun, Volodymyr, Tetiana Kaneva, Anton Drepin, Liudmyla Levaieva, and Svitlana Kucherenko. "The Impact of Fiscal Decentralization on Economic Growth in Central and Eastern Europe." European Journal of Sustainable Development 9, no. 3 (October 1, 2020): 215. http://dx.doi.org/10.14207/ejsd.2020.v9n3p215.
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In this research, we evaluated the impact of fiscal decentralization on GDP per capita growth. Using the unbalanced panel data, the authors assessed the interconnections between fiscal decentralization – considering its expenditure and revenue aspects as well as tax autonomy – and economic growth for Central and Eastern European countries from 1995 to 2018. In the examined states, the expenditure decentralization exceeded the revenue one. We found out that revenue decentralization and tax autonomy adversely affected economic growth. But expenditure decentralization associated with a positive GDP growth rate. In this paper, we also explored the peculiarities of fiscal decentralization reform. Structural transformations radically reduced the size of the public sector in Central and Eastern Europe, which had a positive effect on the economy. The vital components of local budgets tax revenues are personal income tax and the property taxes. The most effective mechanism for the property tax base’s determination arises from the value of the real estate or land.
Keywords: fiscal policy, fiscal decentralization, tax autonomy, property taxes, economic growth
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Morselli, Alessandro. "Theoretical approaches on the possible existence of a stabilising economic policy in Europe." Journal of Economic Studies 43, no. 5 (October 10, 2016): 815–34. http://dx.doi.org/10.1108/jes-03-2015-0056.
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Purpose The purpose of this paper is to investigate whether there is room for a stabilising fiscal policy, through an analysis of the supporters of the new classical economics and the supporters of the new Keynesian economics. There are no reliable results on the Keynesian and non-Keynesian effects of fiscal policies. As such, the policy-mix becomes a problem of theoretical approach, in the sense of a strategic game between monetary authorities and tax authorities (among them). This points to the problem of coordination between budgetary authorities as being the central debate within the Eurozone. The end-result is that without fiscal policy coordination, Eurozone member states are working on a series of non-cooperative games that are inefficient, because no player can improve its position by unilaterally changing its strategy. Design/methodology/approach The analysis starts from the experience of three countries in the 1980s, these are Denmark, Ireland and Sweden. In all three cases the adoption of restrictive budget policies has provoked a strong, rapid and enduring resizing of public debt, and growth did not weaken, moreover it accelerated. In all three cases the logic behind the policy-mix actions allowed the individualisation of the respective roles of fiscal and monetary policies. Fiscal policies were joining with fiscal instruments and reduction in public spending and furthermore monetary policy was accommodated in respect of the budget contraction. Findings First, the authors were not able to identify an analytical method that can ensure the success of a fiscal policy. Second, analysing fiscal policies within the Eurozone implies also that the authors reflect on the need for a coordination of these policies. In fact, the authors have shown how the possible coordination of economic policies in the Eurozone would result in major benefits for all member countries. Originality/value In the absence of fiscal policy coordination, member states are engaged in a series of non-cooperative games that prove inefficient, when no player is able to improve its position by unilaterally changing its fiscal policy. The coordination of national fiscal policies generates a collective advantage, bringing each state to consistently change its strategies.
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Forte, Francesco. "Röpke and Einaudi: from the Civitas of Persons to the Idea of Europe." Journal for Markets and Ethics 6, no. 1 (June 1, 2018): 1–10. http://dx.doi.org/10.2478/jome-2018-0021.
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Abstract The first part of the paper deals with the so-called liberal Third Way of Röpke and Einaudi, which has, at its center, the person and civitas umana. Subsidiarity principle, market, and conform public interventions define the role and limits of public powers. The second part presents eight main indicators of the divergent performance of the four main Economic and Monetary Union (EMU) countries. The third part deals with the incompleteness of the institutional construct of the European Union (EU) and the EMU that are clubs of sovereign states in the light of Einaudi’s and Röpke’s ideas. Suggestion about corrections of fiscal compact, banking regulations, and “bail in” and about a closer cooperation between European Central Bank (ECB) monetary policy and European budget and EU fiscal policy concludes the paper.
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Ranđelović, Saša, and Svetlana Vukanović. "Fiscal decentralization and local public investment policy in the Republic of Serbia." Ekonomski horizonti 23, no. 3 (2021): 197–213. http://dx.doi.org/10.5937/ekonhor2103207p.
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This paper analyses the level of fiscal decentralization and structural characteristics of local public finances in Republic of Serbia with focus on local public investments. Share of central government expenditures in consolidated government spending of 83%, indicates relatively high degree of fiscal centralization. In spite of significant rise in local public revenues in the last decade public investments remained low - amounting to 1% of GDP, which is significantly below EU and Central and Eastern Europe average (1.4 and 1.5% GDP, respectively). Our results indicate large variation in relative size of public investments across LSGs. Most local public investments are focused on roads maintenance administrative infrastructure, while investments in environment and education are low. To tackle local disparities in terms of quality of local infrastructure and to foster economic convergence, development of planning and implementation capacities and introduction of systemic incentives for local public investments should be considered.
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Grabia, Tomasz. "Selected elements of fiscal policy in the Visegrad Group Countries." Wiadomości Statystyczne. The Polish Statistician 61, no. 4 (April 28, 2016): 66–83. http://dx.doi.org/10.5604/01.3001.0014.0991.
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The article discusses key problems of fiscal policy in four selected countries of Central and Eastern Europe (Poland, the Czech Republic, Hungary and Slovakia) in years 2001—2014. The analysis covers, among others, indicators of public debt and its determinants, as well as indicators of budget revenues and expenditures. The article points out that public debt increased in all the studied countries in the analysed period. Both structural and cyclical deficits were responsible for its build-up. The country with the best state of public finances was the Czech Republic. Although the situation improved from 2011 Hungary had the highest level of debt in relation to GDP. That country was also characterized by a degree of fiscalism, measured by both budget revenues and expenditures in relations to GDP, much higher than those for other countries.
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Kurzer, Paulette. "The Politics of Central Banks: Austerity and Unemployment in Europe." Journal of Public Policy 8, no. 1 (January 1988): 21–48. http://dx.doi.org/10.1017/s0143814x00006838.
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ABSTRACTThis article examines the divergences in labor market-performances in four small, open economies: Austria, Belgium, the Netherlands, and Sweden. It argues that great unemployment in Belgium and the Netherlands is partly due to the implementation of deflationary policies during the 1980s. The decline of Keynesian intervention in Belgium and the Netherlands is traced to the institutional independence of their central banks to set monetary and exchange rate policies separate from government. Because the Swedish and Austrian central banks are more integrated in the policy process and their countries are not members of the Common Market or the European Monetary System, social democratic governments have been able to go against the European trend of monetary restrictiveness and fiscal austerity. Accordingly, business in Austria and Sweden is more optimistic about future profit returns and is more willing to invest in productive capital, resulting in lower unemployment.
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Bird, R. M., and C. Wallich. "Local Finance and Economic Reform in Eastern Europe." Environment and Planning C: Government and Policy 12, no. 3 (September 1994): 263–76. http://dx.doi.org/10.1068/c120263.
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Extensive decentralization, both political and fiscal, is taking place in many of the countries newly emerging from behind the socialist veil. Decentralization represents both a reaction from below to the previously tight political control from the center and an attempt from above to further the privatization of the economy and to relieve the strained fiscal situation of the central government. Although there are of course many variations in this process from country to country, some important common elements arise from the similar institutional starting point in all countries and the common transitional problems most of them are facing. The on-going reforms of subnational finance in the transitional economies are more important than seems generally to be recognized. The design of a well-functioning intergovernmental fiscal system is key to many of the major reform goals of the transition economies—macroeconomic stability, privatization, and the social safety net.
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Andrejević Panić, Andrea, and Zagorka Lozanov-Crvenković. "Analysis of Higher Education Indicators Coherency in Central and Eastern Europe." Business Systems Research Journal 10, no. 2 (September 1, 2019): 6–17. http://dx.doi.org/10.2478/bsrj-2019-014.
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AbstractBackground: Higher education has the main role in generating innovative activity in knowledge-based economies. Therefore, the efficiency of the higher education sector reflects the alignment of the higher education policy with government expenditure. However, countries in Central and Eastern Europe (CEE region) have been struggling with national budget optimisation, which can cause fiscal stress and thus affect the efficiency of higher education.Objectives: The main objective is to examine mutual interaction of higher education indicators, through formulating financial models that connect performance and financial indicators.Methods/Approach: A total of 4 higher education indicators were analysed and observed in the time period of 10 years in selected CEE countries. The statistical analysis was based on panel data models.Results: The main result of the paper is the analysis of coherency of selected higher education indicators in selected CEE countries in order to establish functional links between government expenditure and efficiency through formulating financial models.Conclusions: Formulated financial models can predict the behaviour of selected performance indicators, depending on financial indicators. Therefore, the obtained models can contribute to the efficient allocation of funds and comprehensive macro-level decision making assessments in higher education policy reforms.
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Samosir, Agunan P. "Management of Waste Treatment as an Alternative Energy Source and its Fiscal Support." Information Management and Business Review 11, no. 1 (June 15, 2019): 1–12. http://dx.doi.org/10.22610/imbr.v11i1.2841.
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In recent years, the management of waste treatment in Indonesia has become a critical issue among the stakeholders both in the government and the private sector. One way to significantly reduce waste in each region is to use incinerator technology. This technology has developed in Japan, South Korea and Europe. The burning of waste can produce electricity or the so-called waste to energy. However, to build a power plantthat utilizes waste requires policy support from the Central and Regional Governments. This study seeks to identify the types of support that Central and Regional Governments can provide to develop waste to energy.
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Aidukaite, Jolanta. "WELFARE REFORMS IN CENTRAL AND EASTERN EUROPE: A NEW TYPE OF WELFARE REGIME?" Ekonomika 89, no. 4 (January 1, 2010): 9–24. http://dx.doi.org/10.15388/ekon.2010.0.969.
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This paper discusses some recent socio-economic achievements and losses in Central and Eastern Europe from a comparative perspective. Yet, the paper examines whether the economic-social-political restructuring of Central and Eastern Europe and the ensuing social policy reform has brought new forms of welfare regimes into focus. The paper demonstrates that, despite an increase in poverty and inequalities in many Central and Easter European countries during the last 18 years, the social policy systems have not experienced a radical dismantlement throughout the entire region and still show more comprehensive solutions to social problems than residual ones. Furthermore, the Central and Eastern European region is very diverse regarding the scope and depth of social problems encountered, and some countries have implemented more successful policy solutions than other ones. Nevertheless, the experience of the communist regime, the relatively lower fiscal capacity of the states as well as the higher share of GDP produced in the shadow economy allow the Central and Eastern European countries to group into a distinct post-communist regime. The current global economic crisis, which is felt in the CEE region much more than in the rest of the globe, can reinforce the features of the post-communist welfare model: still quite comprehensive in its structures, but weak in its performance to ensure a decent standard of living for its citizens.
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Dakić, Milojica. "Global Financial Crisis – Policy Response." Journal of Central Banking Theory and Practice 3, no. 1 (January 1, 2014): 9–26. http://dx.doi.org/10.2478/jcbtp-2014-0002.
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Abstract Six years after the outbreak of the financial crisis that had shaken the global financial system, experts and analysts all over the world continue discussing the effectiveness, scope and adequacy of mechanisms and measures implemented in the meantime, as well as the adequacy of the underlying theoretical concept. A global consent has been reached on ensuring financial stability through the interaction of monetary, fiscal and prudential policy to ensure the necessary macroprudential dimension of regulatory and supervisory frameworks. The USA crisis spilled over to Europe. Strong support of governments to bail out banks quickly resulted in sovereign debt crises in some peripheral EU Member States. Fiscal insolvency of these countries strongly shook the EU and increased doubts in the monetary union survival. The European Union stood united to defend the euro and responded strongly with a new complex and comprehensive financial stability framework. This supranational framework is a counterpart to the global financial stability framework created by the G20 member countries. Starting from the specific features of the monetary policy whose capacities are determined by euroisation, available instruments and resources for preventive supervisory activities, as well as the role of the government in crisis management, Montenegro created a framework for maintaining financial stability and prescribed fostering and maintaining financial stability as the main objective of the Central Bank of Montenegro.
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Tiganasu, Ramona, Gabriela Pascariu, and Dan Lupu. "Competitiveness, fiscal policy and corruption: evidence from Central and Eastern European countries." Oeconomia Copernicana 13, no. 3 (September 25, 2022): 667–98. http://dx.doi.org/10.24136/oc.2022.020.
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Research background: The transformations induced by global challenges call for new approaches towards competitiveness and thus require a consistent rethinking of strategies and mechanisms so that they could be better adapted to the constantly changing context. Prior to the European Union (EU) accession, the Central and Eastern European (CEE) states began a broad process of economic reforms, including trade liberalization, mass privatization, exchange rate liberalization, all of which led to a wider opening to new markets, the creation of new opportunities for production and to ensuring the competitiveness of companies on foreign markets. By far, the most important step in the post-communist period was joining the EU, achieved after 2004. Over time, these states have faced, on the one hand, issues related to addressing systemic vulnerabilities, and on the other hand, finding the most appropriate measures to induce competitiveness. The influence of public policies on competitiveness is still an issue that needs to be debated, our study proposing to examine the reaction of external competitiveness to the increase of government spending and corruption. Purpose of the article: The aim of this paper is to analyze the impact of fiscal policies and corruption on the external competitiveness of the eleven countries from Eastern Europe (Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia) for the period 1995?2020. The choice of this time interval is to better capture the trinomial relationship between competitiveness, fiscal policy and corruption before and after the process of integration of the CEE states into the EU. Methods: The methodology chosen is based on ARDL (Autoregressive Distributed Lag) with structural breaks, the period taken into account being 1995?2020. The Unit root test of augmented Dickey?Fuller ADF (2016) was used to assess the time series stationarity. The test developed by Bai and Perron (2003) is applied to detect structural breaks, by resorting to the LM test. The tests for the cointegration between the considered variables, using the ARDL model, proposed by Pesaran et al. (2001), were also part of the research. The causality test of Granger et al. (2000) was used to assess the conditionality between the indicators. By applying these methods, it was highlighted that, especially after 2007, in the states under analysis, expansionary fiscal policies have led to internal devaluations of the currency, which ultimately increased external competitiveness, measured as real effective exchange rate. Instead, corruption has a negative impact on competitiveness. Findings & value added: The obtained results point out the relationship between competitiveness, fiscal policy and corruption in CEE countries. In the case of those that have a high competitiveness, even if there are large government expenditures, there is also an economic environment conducive to the implementation of measures that generate added value on a large scale. Conversely, in countries where corruption is high, the impact of government fiscal policies on competitiveness is reduced due to the negative effects caused by this phenomenon. Our study brings at least two contributions to the literature. First of all, the research shows how a growth in public spending affects the competitiveness of CEE economies through the real exchange rate. Secondly, it takes into account the phenomenon of corruption applied to Eastern countries, emphasizing a decrease in the external competitiveness of these economies in response to the manifestation of corruption.
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Miklaszewicz, Sławomir. "Sovereign debt crisis of the Eurozone countries." Oeconomia Copernicana 7, no. 3 (September 30, 2016): 357. http://dx.doi.org/10.12775/oec.2016.021.
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The aim of the publication is to examine the fiscal position of the euro area countries and fiscal policy architecture in Europe after the outbreak of the financial and economic crisis started in 2008. The first part of the publication consists of the analyses of the budgetary situation of euro area countries and complications with the increasing costs of servicing the public debt in the European market affected by the financial liquidity crisis. In the second section the most important changes in the framework of budgetary policies coordination process in the euro zone are presented. The final section describes the role and activities of the European Central Bank in minimising the negative consequences of the debt crisis in the euro zone.
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Pagoulatos, George. "Financial Interventionism and Liberalization in Southern Europe: State, Bankers, and the Politics of Disinflation." Journal of Public Policy 23, no. 2 (May 2003): 171–99. http://dx.doi.org/10.1017/s0143814x03003088.
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The article provides a structural and political account of financial intervention in Spain, Portugal and Greece and examines competing explanations for financial liberalization. It focuses on the economic and political objectives underlying financial reform, and the costs and benefits for government, central bank, and the banking sector. It argues that financial liberalization was, to a significant extent a necessary prerequisite for the central banks' programmatic effort to achieve effective disinflation. This challenges the dominant arguments viewing financial liberalization exclusively within the framework of the European financial integration program or as a result of interest group pressure. At a subsequent stage, a stabilization strategy based on monetary austerity entailed the significant political advantage of allowing governments to avoid a more radical pace of fiscal adjustment. Both financial interventionism and liberalization displayed a state-driven policy pattern.
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Klasnja, Marko. "Electoral rules, forms of government, and political budget cycles in transition countries." Panoeconomicus 55, no. 2 (2008): 185–218. http://dx.doi.org/10.2298/pan0802185k.
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Recent studies have suggested the existence of 'election-year economics' in fiscal policy in transition countries. This study asks whether such electoral cycles in aggregate measures (overall expenditures, revenues and balance) and spending composition (broad vs. targeted outlays) differ among countries with different political systems. This question is motivated by a sharp division between majoritarian presidential systems in Central Asia and Eastern Europe, and proportional-parliamentary systems in the Baltic's, Central and Southeastern Europe. Further, in the absence of context-sensitive theories, the paper asks whether observed outcomes in the transition process conform to the theoretical priors developed for conditions in stable democracies. Finally, the paper attempts to normatively establish whether either of the alternative combinations yields more optimal policy outcomes. The results suggest that the differences indeed exist, primarily on the revenue side and in the composition of expenditures. These results differ markedly from those for stable democracies, especially in the case of composition of spending. Normatively, presidential yields sub optimal outcomes in comparison to parliamentarians, likely due to inefficient system of constitutionally intended checks and balances. .
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Koh, Wee Chian, and Shu Yu. "A Decade After the 2009 Global Recession: Macroeconomic Developments." Journal of International Commerce, Economics and Policy 12, no. 02 (April 23, 2021): 2150011. http://dx.doi.org/10.1142/s1793993321500113.
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Emerging market and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals — such as large foreign exchange reserves, sound fiscal positions, and low inflation — suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows — such as portfolio investment and cross-border bank lending — fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns.
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Zawojska, Aldona. "Strefa euro a nowe kraje członkowskie Unii Europejskiej - dywergencja czy konwergencja gospodarcza?" Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, no. 53 (September 25, 2004): 25–42. http://dx.doi.org/10.22630/eiogz.2004.53.12.
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Economic and Monetary Union is unique in that it combines centralised conduct of monetary policy by the European Central Bank (ECB) with national sovereignty over fiscal and other economic policies. Its main goals are providing greater macroeconomic stability and improving economic efficiency in the euro area. After implementation of the EU enlargement on l May 2004, the ten new EU member states now face the challenge of joining the Eurozone. Central and East European Countries (CEEC) differ significantly with regards to their economic performance. Of the eight countries in Central and Eastern Europe joined the EU, only Estonia and Lithuania currently meet all the Maastricht convergence criteria. EU membership gives the opportunity to catch up, but the actual economic outcomes depend on the quality of domestic policies.
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Dauti, Bardhyl, and Shiret Elezi. "Economic growth in the Central East European Union and the Western Balkan countries in the course of Stability and Growth Pact and COVID-19." Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business 40, no. 1 (June 30, 2022): 29–61. http://dx.doi.org/10.18045/zbefri.2022.1.29.
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This research aims to provide an empirical assessment of the relationship between fiscal policy sustainability factors, like fiscal deficit and economic growth in the Western Balkan countries and East European Union Countries, using panel-level data for the yearly time span from 2000-2021. The empirical model provides the impact of fiscal deficit, alongside other control variables like inflation, schooling, total investments, trade openness, and output gap on economic growth in the selected group of countries. For the purpose of research, we employed Static and dynamic panel estimation techniques like Fixed Effects with Driscol and Kraay standard errors and system GMM. The findings confirm that fiscal deficit has significantly affected the growth level in both groups of countries. In addition, when the fiscal deficit has interacted with the COVID-19 dummy, it appears as a growth-enhancing factor. However, when the fiscal deficit interacts with the Eurozone debt crisis period, it becomes a growth-deteriorating factor. Other control variables like inflation, trade openness, total investments, and the output gap are found important factors in explaining the growth performance of the Central East European and Western Balkan countries.
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Kyriacou, Andreas P., Leonel Muinelo-Gallo, and Oriol Roca-Sagalés. "Redistributive efficiency in 28 developed economies." Journal of European Social Policy 28, no. 4 (December 28, 2017): 370–85. http://dx.doi.org/10.1177/0958928717739245.
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This article analyses the redistributive efficiency of social transfers and direct taxation in a panel of 28 developed economies during the period 1995–2010. In order to explore how redistribution is achieved through these fiscal policies, a two-stage approach is applied. First, we evaluate their redistributive efficiency – the degree of redistribution attained for a given level of transfers and taxes – using data envelopment analysis (DEA). We find lower redistributive efficiency in Southern Europe and the United States and higher efficiency levels in the Nordic and Central European countries and Australia. Second, we use panel regression analysis to identify the determinants of efficiency differences and reveal the crucial role of government quality as well as factors affecting the redistributive profile of fiscal policies.
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Bajrektarevic, Anis. "Future of the global south: some critical foreign policy considerations." AEI Insights: An International journal of Asia-Europe relations 6, no. 1 (January 30, 2020): 23–34. http://dx.doi.org/10.37353/aei-insights.vol6.issue1.2.
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Economic downturn, recession of plans and initiatives, systematically ignored calls for a fiscal and monetary justice for all, €-crisis, Brexit and irredentism in the UK, Spain, Belgium, France, Denmark and Italy, lasting instability in the Euro-Med theatre (debt crisis of the Europe’s south – countries scrutinized and ridiculed under the nickname PIGS, coupled with the failed states all over the MENA), terrorism, historic low with Russia along with a historic trans-Atlantic blow with Trump, influx of predominantly Muslim refugees from Levant in numbers and configurations unprecedented since the WWII exoduses, consequential growth of far-right parties who – by peddling reductive messages and comparisons – are exploiting fears of otherness, that are now amplified with already urging labour and social justice concerns, generational unemployment and socio-cultural anxieties, in ricochet of the Sino-US trade wars, while rifting in a dilemma to either let Bolivarism or support Monroeism. The very fundaments of Europe are shaking. Strikingly, there is a very little public debate enhanced in Europe about it. What is even more worrying is the fact that any self-assessing questioning of Europe’s involvement and past policies in the Middle East, and Europe’s East is off-agenda. Immaculacy of Brussels and the Atlantic-Central Europe-led EU is unquestionable. Corresponding with realities or complying with a dogma?
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Lewis, John. "Fiscal policy in Central and Eastern Europe with real time data: cyclicality, inertia and the role of EU accession." Applied Economics 45, no. 23 (July 30, 2012): 3347–59. http://dx.doi.org/10.1080/00036846.2012.705428.
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Comaniciu, Carmen. "Taxation in Cesee Countries – Similarities and Differences." Studies in Business and Economics 10, no. 3 (December 1, 2015): 16–31. http://dx.doi.org/10.1515/sbe-2015-0032.
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Abstract The characteristics of fiscal revenues are the ones that demonstrate their importance for the formation of public financial resources, being considered as a product of historical development of the state. Numerous studies and researches on the taxes action in financial, economic and social level emphasized the link between fiscal policy, growth and level of development of a country. In this context, through this article, by presenting some general coordinates of taxation in countries of Central, Eastern and Southeast Europe (CESEE countries) we will identify the similarities and differences concerning the taxation system and the impact of taxation on the socio-economic development. Without claiming an exhaustive approach, we consider that issues outlined highlight in which country taxation is a stimulating factor for economic growth and development, so that good practice be elements worthy of consideration.
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Ginevičius, Romualdas, and Agnė Šimelytė. "GOVERNMENT INCENTIVES DIRECTED TOWARDS FOREIGN DIRECT INVESTMENT: A CASE OF CENTRAL AND EASTERN EUROPE / UŽSIENIO INVESTICIJŲ INTENSYVINIMO PRIEMONIŲ TAIKYMO RYTŲ IR CENTRINĖJE EUROPOJE ANALIZĖ." Journal of Business Economics and Management 12, no. 3 (October 4, 2011): 435–50. http://dx.doi.org/10.3846/16111699.2011.599415.
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This article examines the government incentives towards foreign direct investments (further – FDI) of Central and Eastern Europe countries by evaluating the external influencing factors of foreign investment. It is argued that the major incentive affecting FDI inflows involves more fiscal than financial incentives. Tax deduction is considered to be the most significant influencing factor on attracting FDI. Hence, the empirical analysis is based on exogenous variables. The empirical model was used to determine causal relationship between macroeconomic variables and FDI intensity in Central and Eastern European countries. The article introduces some policy recommendation for the increase of FDI intensity in Central and Eastern Europe. Santrauka Straipsnyje nagrinėjama, kaip užsienio investicijų priemonės taikomos Centrinės ir Rytų Europos šalyse. Vertinami išoriniai užsienio investicijas lemiantys veiksniai, teigiama, kad TUI įplaukas skatina daugiau mokesčių nei finansinės paskatos. Tačiau laikomasi nuomonės, kad mokesčių lengvatos – vie-na pagrindinių priežasčių, lemiančių TUI įplaukas. Empirinis modelis pagrįstas mažiausiųjų kvadratų metodu, kuriuo nustatomas priežastinis sąryšis tarp makroekonominių rodiklių ir TUI intensyvumo. Straipsnyje pateikiamos kai kurios politinės įžvalgos, kurių taikymas padidintų tiesioginių užsienio investicijų intensyvumą Centrinėje ir Rytų Europoje.
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Broz, J. Lawrence. "The Origins of Central Banking: Solutions to the Free-Rider Problem." International Organization 52, no. 2 (1998): 231–68. http://dx.doi.org/10.1162/002081898753162811.
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This article explains (1) the origins of central banking and (2) variations in the spread and durability of central banks across nations. Early central banks helped bind governments to honor their debts and thereby furthered governments' capacities to efficiently finance military expenditures. The origins of central banking are problematic because government credit-worthiness and efficient wartime fiscal policy are public goods, subject to the free-rider problem. Applying a variant of the joint-products model, I argue that governments offered private benefits (monopoly privileges) to select creditors to induce participation in central banks. To explain cross-national differences, I argue that the level of domestic political decentralization negatively affected the incidence and durability of central banking. Countries with decentralized political systems faced regulatory competition from strong local authorities as licensers of banking monopolies, making it difficult to adopt or sustain central banking. Qualitative and statistical evidence from Europe and the United States to about 1850 support the arguments.
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Le Cacheux, Jacques. "Single currency, multiple budgets?" Transfer: European Review of Labour and Research 4, no. 1 (February 1998): 11–20. http://dx.doi.org/10.1177/102425899800400104.
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The painful process of convergence of national macroeconomic performances in order to comply with the Maastricht treaty criteria is coming to an end and the creation in time of the European single currency, probably with eleven members in the initial stage, is now taken for granted by most analysts and financial market participants. It is thus high time to think about how best to organise economic policy-making within the new euro zone. Although monetary unification will bring benefits for European consumers, there will also be costs, in particular due to increased competition within the single European monetary area. The combination of a single central bank and tax and fiscal competences retained, for the most part, by national governments necessitates an explicit coordination of fiscal policies for at least three reasons: macroeconomic stabilisation in Europe, especially in cases of asymmetric shocks; the "policy mix", i.e. the combination of monetary and fiscal policies at the European, aggregate level, and its influence on the external exchange rate of the euro; and the potential dangers of tax competition and "social dumping" , as national governments, deprived of their power over the exchange rate, may be tempted to gain a competitive advantage by other means. In the wake of monetary unification, the European Union will thus have to invent its own brand of "economic and fiscal federalism" , the recent creation of a "Council of the euro" being but one step in this direction.
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STAROŇOVÁ, KATARÍNA. "Regulatory Impact Assessment: Formal Institutionalization and Practice." Journal of Public Policy 30, no. 1 (February 25, 2010): 117–36. http://dx.doi.org/10.1017/s0143814x09990201.
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AbstractIn the last decade regulatory reforms have focused increasingly on efforts to improve regulatory quality. As part of that development policymakers have been encouraged to consider fiscal, socio-economic and administrative effects of proposed legislation when making policy choices. The Central and East European EU member states have adopted regulatory impact analysis (RIA) mechanisms but so far there has been little analysis of their implementation. This article first compares the manner in which RIAs have been institutionalised in the Czech Republic, Estonia, Hungary, Slovakia and Slovenia. Second, it explores how differences in institutionalisation have affected RIA performance. The paper concludes that there are marked differences in the RIA quality across Central and Eastern Europe, notably as a consequence of national differences in institutional and administrative contexts and capacities.
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Stolberg, Eva-Maria. "Interracial Outposts in Siberia: Nerchinsk, Kiakhta, and the Russo-Chinese Trade in the Seventeenth/Eighteenth Centuries." Journal of Early Modern History 4, no. 3-4 (2000): 322–36. http://dx.doi.org/10.1163/157006500x00033.
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AbstractThis essay underlines the essential role of Russo-Chinese border trade in the creation of the multiethnic identity of Siberian outposts such as Nerchinsk and Kiakhta. In the seventeenth/early eighteenth century-under Tsar Peter the Great-Siberia became a meeting place for Russian, Central Asian and Chinese cultures. Furthermore, the Russo-Chinese trade was an important parameter of European economic expansion. Europe and the Far East met territorially only along the Eurasian frontier between Siberia and the Manchu Empire. Profitable trade, however, experienced a severe decline in the 1720s. Peter I's rigid fiscal policy choked off private initiative and prevented Siberia from becoming a major commercial entrepot between the West and East.
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Socol, Cristian, Marius Marinas, Aura Socol, and Dan Armeanu. "Fiscal Adjustment Programs versus Socially Sustainable Competitiveness in EU Countries." Sustainability 10, no. 10 (September 23, 2018): 3390. http://dx.doi.org/10.3390/su10103390.
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After implementing harsh austerity measures during 2008–2011, in the period 2012–2014 the fiscal adjustment programs also involved social equity measures, the quantitative fiscal consolidation being changed into a qualitative one—a reduction of the structural budget deficit accompanied by an improvement of social sustainability indicators. The 2015–2017 period shows mixed evolutions in terms of social progress brought by the recovery of the economic potential lost during the crisis. This research analyzes the sustainability of economic competitiveness dynamics from a social viewpoint during 2012–2014. In this paper, we analyze the way in which the economic and social components of fiscal adjustment programs are dynamically balanced in 24 EU member states. We identify four clusters of countries depending on the relationship between fiscal consolidation/fiscal stimulation and the social dynamics of the sustainability adjusted global competitiveness index. We found that under the pressure of “fiscal adjustment fatigue” caused by tough austerity programs in the period 2008–2011, most of the European countries completed the fiscal adjustment packages with measures to improve the social situation between 2012 and 2017. The fiscal consolidation programs have become more balanced from the perspective of the combination of budgetary austerity—social equity measures. Furthermore, we analyze how some countries on the EU periphery (Central and Eastern Europe, Baltic countries and Portugal, Ireland and Greece, countries that have joined the EU with a lower level of development) are experiencing or not an improvement in the social sustainability generated by the measures aimed at stimulating the economic growth implemented during 2012–2017. To conclude, we proposed a few pillars that could be integrated if an “ideal adjustment program” is to be achieved.
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Greer, Scott L., and Holly Jarman. "European Citizenship Rights and European Fiscal Politics After the Crisis." Government and Opposition 53, no. 1 (March 9, 2016): 76–103. http://dx.doi.org/10.1017/gov.2016.2.
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The economic effects of the financial crisis in the eurozone have been much studied, but the impact of political and institutional changes made amidst crisis conditions have been less studied. This article examines the changes in the EU since 2008 through the lens of T.H. Marshall’s concept of citizenship, gauging the effects of different changes in the EU polity on the citizenship rights of individuals. The key changes are in fiscal governance, which includes a new treaty as well as substantial legislation changing the balance of powers within and competencies of the EU institutions, the European Central Bank’s role and the Troika arrangements for countries in crisis. We find that while the EU’s contribution to civil citizenship in Europe is relatively intact, the development of its fiscal governance is bringing serious negative consequences for political and social citizenship in all member states. The EU is adopting policies that entrust more power to less democratically accountable institutions with the objective of fiscal rigour rather than social citizenship.
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Harling, Philip, and Peter Mandler. "From “Fiscal-Military” State to Laissez-faire State, 1760–1850." Journal of British Studies 32, no. 1 (January 1993): 44–70. http://dx.doi.org/10.1086/386020.
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The recent historiographical revolution in our understanding of the eighteenth-century state has broad implications, analytical as well as empirical, that are only beginning to be plumbed. Due largely to the work of Patrick O'Brien and John Brewer, the old picture—of a small, amateurish, corrupt central apparatus largely maintained (between sporadic wars) to dignify the crown and assist gentlemanly (i.e., parliamentary) plunder—has been pretty completely effaced. We now see that by the end of the French wars the British state was one of the largest and most efficient in Europe; certainly it engorged the largest proportion of national product by means of a ruthlessly regressive tax system. The French wars were the climax, not the sole begetters of this system, which had been spawned by a chain of wars mounting in scope and sophistication since the late seventeenth century and requiring commensurate improvements in fiscal policy: thus Brewer's memorable naming of the system as the “fiscal-military state.”For historians of the early nineteenth century, this revision raises a host of questions about the relationship of social change and social class to government growth. Particularly, it casts doubt on the customary association made between growth in the size or scope of government and the rise in the Industrial Revolution of new social and economic questions and a bourgeoisie to answer them; that is, it casts doubt on the implicit “modernization” model that hitches together economic growth, government growth, bureaucracy, professionalism, and embourgeoisement.
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Kasumović, Merim, and Erna Heric. "Nominal and Real Convergence as a Determinant for Joining the European Monetary Union." ECONOMICS 5, no. 1 (June 1, 2017): 52–71. http://dx.doi.org/10.1515/eoik-2017-0011.
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Summary The thematic framework of this work is the nominal and real convergence as a determinant for joining the European monetary union. The focus of the work is to prove that realising the criteria of the convergence affects the stability of the European monetary union, that is, that the cause of destabilisation is exactly the fact that certain member nations have not realised the assigned convergence criteria. The financial integration is an important question because it contributes to the economic growth affecting free exchange with the goal of a more efficient allocation of capital; it is the result of the economic theory and the empirical research. Introducing the Euro as a single payment method while losing the monetary sovereignty of the countries which have accepted it is the main reason for forming the European Central Bank. The mission of the European Central Bank is to define and conduct a single monetary policy within the Eurozone. Because of the already mentioned facts, the challenges of conducting the fiscal policy within the Eurozone as well as the key aspects of the monetary unification of Europe have been analysed. The results of this analysis should point out the stability of the EMU by the convergence degree of the member nations from a single monetary area.
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Fishlow, Albert. "The Latin American State." Journal of Economic Perspectives 4, no. 3 (August 1, 1990): 61–74. http://dx.doi.org/10.1257/jep.4.3.61.
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The role of the state in Latin American economic development is undergoing fundamental reconsideration. This essay focuses on the reasons underlying the new commitment to reduced state participation. In particular, I suggest that the impetus comes less from newfound ideological conviction in the virtues of the market than from ineffective macroeconomic policy in the 1980s. The principal problem confronted by the countries of the region is a fiscal shortfall, not massive inefficiency resulting from misallocation of resources. Latin America is not Eastern Europe, where reform translates into elimination of the monopoly of state ownership and the structure of central command. Latin American countries have adhered to market capitalism, but without experiencing its magical effects in recent years. It is the contest between the micro- and macroeconomic explanations that illuminates why surface agreement on a reduced state role conceals a continuing divergence of views within the region.
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Verplaetse, Alfons. "Van devaluatie tot euro : Het economische en meer bepaald het monetaire beleid van België 1980-2000." Res Publica 42, no. 1 (March 31, 2000): 3–21. http://dx.doi.org/10.21825/rp.v42i1.18526.
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This article on the evolution of economic and monetary policy in Belgium, which turned the "sick man of Europe" into one of the stronger European economies and allowed it to enter into EMU, stresses the role of the monetary authorities as a stabilising force in Belgium. It gives a detailed analysis of how these changes have allowed Belgium to regain the confidence of both monetary authorities and international investors after the devaluation of 1982. The policy responses to the oil shock at the beginning of the seventies broke with the policy mix which had until then been practised. Both the wage formation process andf iscal policy clearly spiralled out of control, the chiefresult of which was a drastic loss in international competitiveness. As a consequence, the current account showed a large deficit, the traditional level at which public deficit had stood rose dramatically, unemployment exploded and the financial structure of most corporations became fragile.A drastic realignment of economic policy started with the devaluation of the Belgian franc in 1982. This devaluation was accompanied by a series of measures aimed at preventing the inflationary pressures from triggering further devaluations, and hence at restoring credibility. These measures included restrictive fiscal policies (tax increases and cuts inpublic spending) and real wage cuts. By 1987 this recovery policy had successfully restored Belgian competitiveness, reduced the government deficit and restored the balance ofpayments equilibrium. Although public policies became less restrictive during the period 1988-1993, the central bank continued to gain international credibility. Significant stepsin this process were the abolition of the dual exchange rate system, the decision to peg the Belgian franc to the most stable currency in the ERM (i.e. the German mark) and the reform of the money markets in Belgium. The latter in particular helped to increase the central bank's independence, since this reform implied total control by the central bank over short term interest rates, it reduced significantly the automatic credit lines of the fiscal authorities with the central bank and it stipulated that revaluations of gold reserves should no langer be used to finance government budget deficits. By 1992 international credibility had been restored to such a degree that the Belgian franc became a strong currency during the 1992 crisis, obliging the central bank to come to the rescue of the weaker currencies under attack in September 1992 with a speculative inflow of capital of about 200 billion BEF. However this restored credibility continued to be fragile, as became evident during the 1993 exchange rate crisis when the Belgian franc was vigorously attacked by international speculation.The insufficient alignment of public and monetary policies proved to be at the heart of the financial problems of the 1993 crises. The Belgian government relaunched its policies of budgetary restriction and wage moderation, brought together in what was called the 'Global Plan'. This realignment of public policies to monetary policy swiftly restored the credibility of the Belgian franc, so that as early as January 1994 the Belgian franc converged to its central parity with an interest differential vis-à-vis the German mark of only about 2 %. This differential declined progressively. Indeed the global plan restored the confidence of the investors in Belgian economic policy. Financial markets now fully believed in the entry of Belgium into EMU and from then on no major difficulties were to arise.
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Drepin, A. V. "The Priorities for Increasing the Efficiency of the Local Budgets’ Formation." Business Inform 2, no. 517 (2021): 256–65. http://dx.doi.org/10.32983/2222-4459-2021-2-256-265.
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The article is aimed at substantiating the basic principles of the formation of local budgets for the medium term in the context of improving the efficiency of budget policy. An analysis of socio-demographic and economic indicators of territorial communities is carried out, determining that their consolidation has a positive effect on the optimization of the local budget expenditures. The efficiency of expenditures of local budgets of Central and Eastern Europe was evaluated on the basis of Musgrave criteria and the aggregated indicator of quality of public goods and services. The empirical analysis of the Gini index, consumer inflation, the volatility of economic growth and exchange rate, the level of GDP per capita, the pace of economic growth and unemployment for Ukraine indicate the urgent need to develop the institutional environment of budget policy and improve the budgetary architectonics. An evaluation of the efficiency of local budget expenditures was also carried out through a comparative analysis of the quality of services in the sphere of management, education, infrastructure of healthcare, which was based on international ratings and indicators. It is identified that the highest level of efficiency is provided in the Baltic states, Poland; Armenia and Georgia (due to low GDP expenditures); Belarus. The carried out analysis justifies the need for Ukraine to optimize the expenditure part of the budget in favor of such areas as healthcare and infrastructure. Practical recommendations for increasing the fiscal significance of tax revenues credited to local budgets and for expanding the fiscal space of territorial communities are substantiated. The provisions on optimization of the tax debt of local budgets are presented.
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Popa, Adriana Florina, Stefania Amalia Jimon, Delia David, and Daniela Nicoleta Sahlian. "Influence of Fiscal Policies and Labor Market Characteristics on Sustainable Social Insurance Budgets—Empirical Evidence from Central and Eastern European Countries." Sustainability 13, no. 11 (May 31, 2021): 6197. http://dx.doi.org/10.3390/su13116197.
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Social protection systems are a key factor for ensuring the long-term sustainability and stability of economies in the European Union, their reform being nowadays present in the political agenda of member states. Aging and the dependence on mandatory levies applied to the employed population on the labor market represent a threat for the sustainability of public social protection systems. In terms of sustainability, our purpose was to highlight the factors influencing social insurance budgets, considering the fiscal policies implemented in six countries of Central and Eastern Europe and their particular labor market characteristics. Therefore, a panel study based on a regression model using the Ordinary Least Squares method (OLS) with cross section random effects was used to determine the correlations between funding sources and labor market specific indicators. The data analyzed led to relevant results that emphasize the dependence of social insurance budgets on positive factors such as the average level of salaries, the share of compulsory social contributions, the unemployment rate, and the human development index, suggesting the continuing need for professional and personal development of the workforce.
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DANYLYSHYN, Bohdan, and Yevhen STEPANIUK. "NECESSARY STEPS FOR THE DEVELOPMENT OF UKRAINE'S ECONOMY AND BANKING SECTOR DURING AND AFTER THE CORONAVIRUS CRISIS." Economy of Ukraine 2021, no. 1 (January 24, 2021): 40–53. http://dx.doi.org/10.15407/economyukr.2021.01.040.
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The COVID-19 epidemic in Ukraine and around the world has led to unprecedented restrictive measures by countries to counter the spread of viral diseases and support national health systems. At the same time, the quarantine measures introduced in Ukraine rather exposed and deepened the negative trends in the economy, which have been observed since the second half of 2019. In the first nine months of 2020, Ukraine\\\\\\\\\\\\\\\'s real GDP fell by 5.4% and consumer inflation last year was below the target range of the NBU, which indicates signs of full-fledged stagnation in the real sector of the economy. The efficiency of the financial intermediation and monetary transmission in Ukraine remains low. The stagnation of bank lending has been going on for the third year in a row, and the measures taken by the NBU to stimulate the economy have not been effective enough. The loan-to-deposit ratio is following the downward trend since 2015. The risk of lower revenues of the state budget of Ukraine and increasing the cost of government borrowing significantly complicates the implementation of state programs to support the economy. The lack of sufficient fiscal space to finance public expenditures at an affordable cost puts Ukraine on an unequal footing with the countries of Central and Eastern Europe in the context of overcoming the crisis. In order to counter the COVID-19 crisis, countries use a combination of government fiscal mechanisms with monetary and macroprudential instruments of central banks. Given the risk of a vicious cycle of deterioration of the financial condition of the banking and corporate sectors in Ukraine, authors justified a comprehensive approach to improving public economic and financial policy, which will synergize the effect of the measures taken and ensure long-term sustainable growth of Ukraine's economy based on effective credit support of the banking system.
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Piluso, Giandomenico. "Reshaping the external constraint. Franco Modigliani, Tommaso Padoa-Schioppa and the EMS, 1977-1993." HISTORY OF ECONOMIC THOUGHT AND POLICY, no. 2 (March 2021): 97–119. http://dx.doi.org/10.3280/spe2020-002006.
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During a decade of stagflation in the 1970s, a sea of changes on the interna-tional stage led to major macroeconomic imbalances that gave central bankers a different role in relation to governments and policy-makers. In Europe, this coin-cided with the relaunching of the project for European integration. The Italian case shows how governments and central bankers interacted in shaping adjustment strategies. The Bank of Italy had a pivotal role in shaping the country's economic policies, relying on its capacity for economic analysis. The adjustment strategy formulated in the "Pandolfi Plan" of 1978 was conceived largely by an economist at the Bank of Italy, Tommaso Padoa-Schioppa. Further developing analyses conducted jointly with Franco Modigliani the previous year, the plan focused on the macroeconomic effects of high labour costs in the wake of a full ("100% and plus") wage indexing and rising government deficits. The policy proposal revolved around a few targets, namely investments and economic growth, and an explicit principle of fairness in the labour market. The Pandolfi Plan pledged to Italy's en-during participation in the European integration process by combining economic development with adhesion to the "European choice", which meant joining the European Monetary System (EMS). The European agreements governing EMS membership replaced the standard external economic constraints, i.e. the balance of payments and exchange rate, with a new kind of semi-legal external constraint ingrained in the governance structure of the European Community. The nature of this new semi-legal external constraint as a fiscal discipline mechanism eventually emerged more clearly with the Maastricht Treaty.
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Tsapko-Piddubna, Olga. "INCLUSIVE GROWTH POLICY AND INSTITUTIONAL ASSESSMENT: THE CASE OF CENTRAL AND EASTERN EUROPEAN COUNTRIES." Baltic Journal of Economic Studies 7, no. 2 (March 26, 2021): 233–39. http://dx.doi.org/10.30525/2256-0742/2021-7-2-233-239.
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The article highlights the necessity of inclusive growth and development concept implementation in times of economic and social instability as it is widely recognized as the one that can and should tackle the common long existing problems like poverty, inequality, and insecurity. Thus, the subject of this research is to compare the patterns of inclusive growth and development across economies of Central and Eastern Europe (CEE); and to investigate the driving policies and institutions to countries’ inclusive growth and development. The research objective is to highlight policies that would increase equality, economic well-being, and as a result, the competitiveness of CEE countries. Methods. For this purpose, the comparative analysis of CEE countries’ inclusive growth and development patterns was done; and the empirical evaluation was done to observe relationship between the Inclusive Development Index and indicators that described economic policies and institutional factors relevant to inclusiveness. In a comparative analysis and a cross-country regression model (for both dependent and independent variables), a recently developed by World Economic Forum performance metric was used. Results. The main findings suggest that the Czech and Slovak Republics are the best performing among CEE countries in inclusive growth and development patterns. On the contrary, Ukraine, Moldova, and Russian Federation are the worst. Economic growth of these countries has not transformed well into social inclusion. Still, there is a great potential for all CEE economies to improve their social inclusiveness in comparison with EU-28 and Norway (the most inclusive economy in 2018). Results of the empirical research indicate that redistributive fiscal policy has little influence on inclusive growth and development. Nevertheless, it should create a public social protection system that is engaged in decreasing poverty, vulnerability, and marginalization without hampering economic growth. Besides, an effective and inclusive redistributive state system of CEE economies should accentuate on supporting human economic opportunities. According to the results of the regression model, positive strong influence on inclusive growth and development is associated with the employment and labour compensation policy that allows people to directly increase their incomes and feel active and productive members of society; the basic services and infrastructure policy which is a necessary ground for present and future human and economic development; the asset building and entrepreneurship policy provides diminishing inequality and rising economic opportunities by fostering medium and small business creation and enlarging possibilities of home and other asset ownership. Altogether these policies would increase broad-based human economic opportunities and consequently both equality, economic well-being, and CEE economies’ competitiveness in the long run. The counter-intuitive effect observed in the regression model between education and skills development policy and country’s inclusive growth and development needs further investigations, as education is important for social mobility and decrease in income and wealth inequality.
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Malinowski, Dariusz. "Determinanty zmian deficytu budżetu państwa i długu publicznego w krajach Unii Europejskiej w 2010 roku." Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia i Prace, no. 2 (December 3, 2012): 77–97. http://dx.doi.org/10.33119/kkessip.2012.2.4.
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The article contains an analysis of the budget deficit variability and public debt variation in the EU in 2010. Comparing the scale and economic determinants of changes in the state budget deficit and public debt in 2010 in the Central and Eastern European EU member states and in other EU countries we reach the following conclusions: 1) The average scale of the improvement of the economic result of the state budget as % of GDP was higher in the Central and Eastern Europe countries comparing to other EU member states. In the first group of countries, economic results improved on average by 1.1 percentage points, and in the other by 0.75 percentage points. 2) In most Central and Eastern European countries, as well as in most other EU countries the decline in budgetary expenditure, expressed in% of GDP was the only or major determinant of the reduction of the economic deficit of the state budget as % of GDP. Reduction of public spending in GDP was in turn the result of reducing the fiscal growth of nominal spending. In the Central and Eastern European countries in 2010, the nominal budget spending, decreased on average by 0.4%, while in 2009 increased on average by 16.1%. 3) In the rest of the EU average increase in public debt as % of GDP was higher than the average increase in public debt in the countries of Central and Eastern Europe. For the rest of the EU member states, public debt at the end of 2010 as % of GDP was by 4.65 percentage points higher than at the end of 2009, and for the Central and Eastern European countries by 4.14 percentage points higher. At the end of 2010 Central and Eastern European countries had significantly lower average level of public debt as % of GDP in comparison with other EU members states (38.9% of GDP and 74.8% of GDP). In most other EU countries there is virtually no limit for increasing the public debt, therefore there is no limit for a high budget deficit. Among Central and Eastern European EU member states only Hungary are in similar situation while Poland is close by. Therefore, most other EU countries and some countries of Central and Eastern Europe must immediately substantially reduce the scale of the economic deficit of the state budget. Countries where public debt is relatively low should not delay further restrictions of the state budget deficit as later on they will have to make this reduction under pressure of time. Above else, high economic deficit negatively impacts the economy, including economic growth. If EU member states fail to implement quickly the low economic state budget defi cit policy, they will plunge into economic recession that will last for many years.
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Petkov, Boris T. "Excessive Debt or Excess Savings -- Transition Countries Sovereign Bond Spread Assessment." International Business Research 10, no. 3 (February 10, 2017): 91. http://dx.doi.org/10.5539/ibr.v10n3p91.
Full textAbstract:
We study the sovereign yield spreads determinants in transition – Central and Eastern Europe (CEE) and Caucasus and Central Asia (CCA) -- countries and try to provide an answer to the key question: was the narrowing of the spreads and their compression a result of improvement of CEECCA countries sovereign’s macroeconomic policy (implemented in early to mid 2000s), or was it due to global excess liquidity provision? If better domestic macroeconomic policy efforts and solid reforms implemented in this period have led to: i) improvement in sovereign debt management e.g., by increasing the average debt portfolio duration and reducing the stock of FOREX debt; ii) development of domestic financial markets with enlargement of the investor’s base and enhancement of the risk management techniques; iii) continuing financial liberalization; iv) sustainable fiscal adjustment, reserve accumulation and price stability; and v) adoption of the most conductive to prosperity institutional structure, then it would be expected that any tighter monetary policy environment in the developed economies should have only a tiny effect on spreads.The models are estimated on an individual basis -- country by country -- using a framework allowing for fractionally integrated variables (ARDL) as well as, by utilising panel data (cross-sectional-time-series) estimation whenever data availability allows.We utilise daily data over the period 2006-2012 and quarterly data over the period 2002-2011. These are the periods for which meaningful comparable data are available for Bulgaria, Croatia, Hungary, Kazakhstan, Poland, Russia, Serbia, and Ukraine (in various combinations).We are careful not to attempt to split the sample into (say two) potential segments for comparison of “normal” versus “crises” period estimates (as customary) as since 2002 / 2003 the transition economies have started to experience the powerful financial effect generated by the excess global liquidity, i.e., the entire period under consideration is constituted by two phases characterised by: i) excess liquidity (2002-2008); and, ii) the Great Depression Mark II (2008 – to present).
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Gugushvili, Dimitri, Martin Lukac, and Wim van Oorschot. "Perceived welfare deservingness of needy people in transition countries: Comparative evidence from the Life in Transition Survey 2016." Global Social Policy 21, no. 2 (February 2, 2021): 234–57. http://dx.doi.org/10.1177/1468018121989520.
Full textAbstract:
Transition to the market economy and the related restructuring of welfare systems has produced new vulnerabilities in the formerly communist countries of Eastern Europe and Central Asia while simultaneously aggravating the existing ones. Given the limited fiscal capacities of the transition countries, this brings to the fore the issue of which of the new and old vulnerable groups of people are considered to be deserving of public support. Using data from the third round of the Life in Transition survey (2016), this article explores the perceived welfare deservingness of five groups: the elderly, the disabled, the unemployed, the working poor and families with children. We find that with some exceptions, the hierarchy of deservingness of these groups is similar to that systematically identified in Western welfare states. However, there is also a large variation in the deservingness levels across countries, some of which appear to be related to the differences in the levels of economic development. We also find that in transition countries, individual self-interest and ideological predispositions largely have the same effects on people’s deservingness perceptions as those found in Western welfare states in previous studies.