Journal articles on the topic 'Fiscal policy – Europe, Eastern'
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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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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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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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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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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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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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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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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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UKHNAL, Nataliia. "The specifics of fiscal policy under the conditions of pandemic shock." Naukovi pratsi NDFI 2021, no. 2 (November 15, 2021): 96–113. http://dx.doi.org/10.33763/npndfi2021.02.096.
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The development the conceptual principles of fiscal policy is impossible without understanding the consequences of the global epidemiological crisis and assessing the actions of governments aimed at minimizing existing problems and preventing a potential negative impact on the national economy. The article evaluates the peculiarities of the formation of anti-crisis fiscal and monetary measures, to which more than 10% of world GDP is directed , in the context of global pandemic recession and challenges caused by the lack of preparedness in healthcare facilities and systems. The peculiarity is revealed that in the developed countries there is a wide fiscal space in comparison with the developing countries. The purpose of the article is to show the features of socio-economic processes and main measures of financial policy aimed at minimizing the negative consequences of the pandemic shocks. The scientific novelty is to identify ways to strengthen the resilience of the financial system and government support for entrepreneurship in Eastern Europe and the Caucasus in the context of necessary measures and restrictions related with the COVID-19 pandemic. The tools of budget, tax and social support, creation of stabilization packages, liquidity programs for commercial banks, mobilization of financial resources through the creation of funds, in particular through international cooperation, are considered on the example of the Eastern Partnership countries. It is substantiated the necessity of using by the national governments of anti-crisis measures of fiscal policy and the creation of mechanisms for emergency mobilization of financial resources and material resources to increase competitiveness and long-term demand, providing compliance with the priorities of environmental safety and objectives of social justice. Given climate change and environmental degradation, further search is needed to increase the resilience of the economy and society to future shocks.
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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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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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Meurs, Mieke, and Lisa Giddings. "Elder care and paid work: gender differences in the relationship between unpaid elder care work and employment in Bulgaria." Journal of European Social Policy 31, no. 2 (February 24, 2021): 223–38. http://dx.doi.org/10.1177/0958928720974181.
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Care of elderly family members affects the welfare of the elderly and caregivers and has macroeconomic implications. In Eastern Europe, aging populations combined with under-developed care policy increase family care burdens, but the impact of care on labour force participation is understudied in this context. Using two waves of the Generations and Gender survey, we estimate the impact of care demand on paid employment in Bulgaria. We find that living with an elderly or disabled parent has a negative impact on employment for women and that this impact cannot be explained by reverse causality or unobserved individual characteristics. More developed care policy would benefit caregivers and would be likely to generate broader fiscal benefits.
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Kjoseva, Elena Neshovska, Aleksandra Maksimovska-Veljanovski, and Vesna Pendovska. "Open Door Tax Policy for Foreign Direct Investments in South Eastern Europe: Tax Incentives and Flat Tax in Action." Intertax 43, Issue 11 (November 1, 2015): 730–41. http://dx.doi.org/10.54648/taxi2015068.
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Open door tax policies have been offered as a key ingredient for attracting foreign capital in the region of South Eastern Europe. In the last decade, these countries have strived to respond to the global tax competition and to create attractive business environments for economic growth and foreign direct investments (FDI). Promptly, seven of nine South Eastern European countries introduced flat taxes for corporate income, and re-modeled fiscal surrounding for FDI. Were these transformative policy decisions, or just cosmetic alterations to the existing conditions for doing business? How much impact have the flat tax and tax incentives had on the FDI? This article analyses open door tax policies, in particular the nexus between, on the one hand, the flat tax and related tax incentives, and on the other, the FDI. A comparable measure of each country’s implementation of open door tax policy is created, and countries are analysed separately, with focus on the legal and economic aspects. Innovative methodology of awarding points to each determinant of the open door tax policy is applied in combination with measuring of political and legal variables, that drives the conclusion about the significance of each factor for FDI in the Region
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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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Altiparmakov, Nikola. "Another look at causes and consequences of pension privatization reform reversals in Eastern Europe." Journal of European Social Policy 28, no. 3 (December 26, 2017): 224–41. http://dx.doi.org/10.1177/0958928717735053.
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In order for ‘carve-out’ pension privatization to improve long-term sustainability, the transition should not be predominantly debt financed, and private pension funds should deliver (net) rates of return tangibly higher than gross domestic product (GDP) growth. We show that none of the reforming countries in Eastern Europe was successful in fulfilling these two preconditions, even before the emergence of the global financial crisis. While existing literature mostly describes a recent wave of reform reversals as politically driven short-sighted policies that deteriorate long-term sustainability, we argue the contrary: that pension privatization structural deficiencies and disappointing performance allow reversals to improve the short-term stance without necessarily undermining long-term pension sustainability. We conclude that unless political consensus exists to support the multi-decade fiscal austerity required to finance pension privatization, reform adjustments and reversals can be a rational alternative to maintaining economically suboptimal or politically unstable pension systems in some Eastern European countries.
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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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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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Doran, Marius Dalian, Silvia Puiu, Dorel Berceanu, Alexandra Mădălina Țăran, Iulia Para, and Jenica Popescu. "Combining the Broadband Coverage and Speed to Improve Fiscal System Efficiency in the Eastern European Union Countries." Electronics 11, no. 20 (October 14, 2022): 3321. http://dx.doi.org/10.3390/electronics11203321.
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Current challenges triggered by the limited interactions between people and institutions during the pandemic crisis have emphasized the need to strengthen the digitization process of all public services. In this sense, we considered it opportune to carry out research in order to establish the impact of the technological infrastructure, in terms of coverage and download speed, on the efficiency of the fiscal policy expressed by the volume of income from taxes and fees. Therefore, we propose a robust regression model tested with S-estimator that allows for outliers in the dataset. The results indicate that an improvement in download speed has a significant positive effect on the level of tax collection and that a better broadband coverage improves the amount of revenues from taxes and contributions. In the analyzed countries, the technological infrastructure is developing, and the decision-makers should make efforts to reach the targets proposed in the Digital Agenda for Europe in terms of broadband coverage and speed.
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UZLAU, MARILENA CARMEN, NICOLAE MIHAILESCU, CORINA MARIA ENE, CONSTANTIN AURELIAN IONESCU, LILIANA PASCHIA, NICOLETA LUMINITA GUDANESCU NICOLAU, MIHAELA DENISA COMAN, and SORINA GEANINA STANESCU. "STATISTICAL ANALYSIS OF THE ECONOMETRIC INDICATORS IN THE FIELD OF TAX ADMINISTRATION IN SEVEN STATES OF EUROPEAN UNION." Journal of Science and Arts 20, no. 3 (September 30, 2020): 681–96. http://dx.doi.org/10.46939/j.sci.arts-20.3-a15.
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The mathematical analysis presented in this study identifies models of the dynamics of total tax collections and social contributions per inhabitant according to the gross domestic product per inhabitant from 2009 to 2018 for seven states in Eastern Europe by linear regression equations. The models are statistically confirmed as viable models because the required conditions for formulating this assessment are met. This study has the value and usefulness of preventive information for the correction and substantiation of individual governmental and community decisions, in order to homogenize both from the point of view of the fiscal behavior of each state and the point of view of economic development, in correlation with a financial and budgetary policy to maintain macroeconomic balances and economic stability.
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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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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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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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BERNAL, ANGELA, and CINDY GONZALEZ. "EVOLUCIÓN DEL IMPUESTO DE RENTA Y SU INCIDENCIA EN LA REDUCCIÓN DE LA POBREZA: UN ANÁLISIS COMPARATIVO EN LOS PAÍSES DE LA CAN." Pensamiento Republicano 13 (January 31, 2021): 121–44. http://dx.doi.org/10.21017/pen.repub.2021.n13.a79.
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With work we want to evaluate the margin of maneuver that the CAN countries have to ca- rry out their policies of social public spending and investment, through the measurement of their disposable fiscal income and the income distribution in Latin America is compared with that of other regions of the world, its evolution is reviewed and, especially, the CAN is placed with respect to the other countries of the region. It goes beyond showing the global impact of fiscal policy since according to studies carried out in recent years indicate that Latin America is the region of the world that presents the highest levels of inequality, higher than those of developed countries, than those of Asia , Eastern Europe and even those of African countries. In the Andean Community (CAN), with the exception of Colombia where inequality indicators have remained stable, income distribution has deteriorated compared to the early 1990s, with the peculiarity that the deterioration has been more pronounced in those countries that presented, and still present, a less unequal situation: Venezuela and Peru, which has led to a lower variance of the coefficients of inequality in the region around a higher average inequality.
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Jan, Asad, Ather Elahi, and M. A. Zahid. "Managing Foreign Exchange Inflows: An Analysis of Sterilisation in Pakistan." Pakistan Development Review 44, no. 4II (December 1, 2005): 777–92. http://dx.doi.org/10.30541/v44i4iipp.777-792.
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A number of developing countries from Asia, Latin America and Eastern Europe have experienced surge in capital inflows during recent years.1 These inflows have potential effects on macroeconomic stability; export competitiveness, and inflation. If not properly managed, these inflows can induce appreciation of local currency leading to serious repercussions for the rest of the economy. Under these conditions, the proactive role of monetary authorities in the management of capital inflows was highly desirable, wherein they intervened in the domestic exchange market in order to contain volatility in exchange rate besides accumulation of foreign exchange reserves. The main instruments available to deal with the possible effects of large capital inflows include sterilised intervention, fiscal tightening, trade and exchange liberalisation including easing controls on capital outflows. The foreign exchange interventions are typically accompanied by active sterilisation policy to keep inflation under control.
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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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Kotosz, Balázs. "Horvátország európai integrációja a makroökonómiai mutatók tükrében." Jelenkori Társadalmi és Gazdasági Folyamatok 6, no. 1-2 (January 1, 2011): 35–41. http://dx.doi.org/10.14232/jtgf.2011.1-2.35-41.
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The collapse of communist economies in Eastern Europe and former Soviet Union, as well as their subsequent transition towards market economies, was arguably one of the most far-reaching economic events of the 20lh century. Pain accom panied the economic transition process; all countries experienced a major fall in output after the start of reforms. The growth performance in transition economies was widely different by countries. The paper is looking for the reasons of the growth differences. Even if the initial conditions did not give the same possibilities to governments, early reforms has opened the way to market processes, which seems to be more efficient than state owned institutions in transition economies. In this context, the lower is the state participation, the highest is growth. Empirical analyses justify that GDP growth is higher in countries where state reallocation is decreasing and where tight fiscal policy has been kept.)
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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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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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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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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.
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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.
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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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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.
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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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Baybikov, Vyacheslav Y. "THE FISCAL AND ECONOMIC POLICY OF THE RUSSIAN MINISTER OF FINANCE S. Y. VITTE AND CRITICISM OF IT FROM S. F. SHARAPOV (XIX – BEGINNING OF XX CENTURY)." Economic History, no. 3 (September 30, 2018): 326–35. http://dx.doi.org/10.15507/2409-630x.042.014.201803.326-335.
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Introduction. In 1842 Russian Finance Ministry was leaded by S. Y. Vitte. On his initiative serious economic reforms were carried out: the implementation of monetary reform, the construction of Siberian railway line and the adoption of the new statutes of the State Bank. However, the fiscal and monetary policy of S. Y. Vitte had its supporters as well as its opponents. Among those who were against the measures taken by S. Y. Vitte a well known (in those days) economist and publicist S. F. Sharapov, who especially defended the rights of the peasantry and argued that the development of Russian economy was different from the way of Eastern Europe. Materias and Methods. Despite many publications on this topic there has not been yet full research on the reorganizations undertaken by S. Y. Vitte and the alternative models put forward by his opponents and which specific direction of the fiscal and monetary policy were criticized. The aim of the given article is the analysis of the major reforms made by S. Y. Vitte, the critique on the part of his adversaries and familiarizing with the alternative suggestions. One can best understand it on the economic activity of S. F. Sharapov, who was the main opponent of most of the reorganizations. Results and Discussion. Among the main directions of the policy carried out by Finance Ministry in 1892–1903 one can single out the following: the preparation and implementation of monetary reform, which became the cornerstone of Vitte economic policy and the construction of railroads. Monetary reform was conducted gradually during 1895–1897. At the moment of its preparation S. F. Sharapov severely criticized the fiscal policy carried out by S. Y. Vitte. Unlike the supporters of the metal money circulation, he considered that the basis of the monetary system of Russia must be a paper rouble, which was pegged neither to gold nor to silver. S. F. Sharapov also came out against the wide range of the construction of railroads. In spite of the popularity of his ideas in the Russian society S. F. Sharapov did not get the support of the representatives of the main socio-political tendencies. There turned out to be more supporters of monetary reform and economic reorganizations. Conclusion. As for the monetary reform – the most important event in the activity of S. Y. Vitte – there is still a difference of opinion who was right: the supporters of introducing gold standard in Russia or its opponents “the nominalists” remains an open question. In 1898 summing up the results of the economic reform S. Y. Vitte ascertained that “money supply in Russia has been put to order and has been performing as soundly as in those states, where this branch of economy has long been in perfect order”. Subsequent events confirmed that “the nominalists” might have been right. Nowadays world monetary systems do not foresee the exchange of monetary units for gold and currencies are not pegged at the exchange rate of gold. The era of gold standard has come to an end and at present exchange rates and the stability of a monetary unit of this or that country depend on the state of the economy of this country. As far as railroad construction is concerned it should justly be noted, that a great deal of railroads as well as the construction of factories and plants in the whole world has caused damage to the environment as was foretold by S. F. Sharapov. Yet, when the territory of Russia was covered by rail network it resulted in a transfer of economic and cultural centres – cities through which railroads were laid began to develop rapidly and the cities without railroad connection started falling into decay. Thus Russia changed greatly.
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Budina, N. "Fiscal policies in Eastern Europe." Oxford Review of Economic Policy 13, no. 2 (June 1, 1997): 47–64. http://dx.doi.org/10.1093/oxrep/13.2.47.
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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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Slavinskaite, Neringa. "Fiscal decentralization in Central and Eastern Europe." Global Journal of Business, Economics and Management: Current Issues 7, no. 1 (April 12, 2017): 69–79. http://dx.doi.org/10.18844/gjbem.v7i1.1236.
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The paper analyses the level of fiscal decentralization (FD) in selected countries of European Union for 2014 year. The empirical analysis was based on the method of multicriteria decision-making. Method of Simple Additive Weighting (SAW) was used as framework for the analysis. In order to evaluate the different level of fiscal decentralization, the same analysis was applied to subsets of countries categorized into two groups - Central and Eastern Countries. The empirical results show that developed countries of European Union has higher degree of fiscal decentralization than countries of Eastern andCentral Europe. These results show that local government of developed countries (such like Sweden or Denmark) has more power for financial solutions then developing countries (Estonia o rPoland). Fiscal decentralization index in Lithuaniais the lowest among 14 countries of European Union. Originality of this article that was used new fiscal decentralization index, which consists of 26 indicators.
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Wildasin, David E. "Fiscal Policy in Post-EMU Europe." European Union Politics 3, no. 2 (June 2002): 251–60. http://dx.doi.org/10.1177/1465116502003002006.
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Afonso, António, Pedro Cerqueira, and Andreea Stoian. "Fiscal Policy in Europe: An Introduction." Comparative Economic Studies 62, no. 3 (August 6, 2020): 355–57. http://dx.doi.org/10.1057/s41294-020-00132-1.
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Zajacs, Aleksandrs, Jurgis Zemitis, Aleksejs Prozuments, Kristina Tihomirova, and Anatolijs Borodinecs. "Sustainable City Development: Implementation Practices in Riga." Applied Mechanics and Materials 725-726 (January 2015): 1470–76. http://dx.doi.org/10.4028/www.scientific.net/amm.725-726.1470.
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To develop potential of the cities in the field of energy efficiency improvements and use of renewables, there is a need for new and more ambitious goals in line with the actual situation. Growing concern of smart city development and urban resilience has become increasingly embedded in urban planning, national security and energy policy. One of the main city documents focused on actions and measures to be implemented in City is Sustainable Energy Action Plan (SEAP), which is the key document in which the Covenant signatory outlines how it intends to reach its CO2 reduction target by 2020. Taking into account specifics of modern cities and future city development at Smart City level the existing SEAP should be enhanced. Nowadays it is necessary to bring existing standalone energy actions at cross sector level in order to ensure urban resilience. Currently there are 3414 cities across the Europe and eastern partners which already have developed SEAP. The paper draws attention to areas with high impact to smart city development. In terms of Smart Cities the most powerful actions are those which directly affect at least these three sectors - energy, ICT and transport. Paper provides some good practice examples from the city of Riga. The losses of the heat transmitted to consumers by JSC "Rigas Siltums" - main heat supplier of Riga have been decreased by 667 thous. MWh or 2.45 times in comparison to year 1996/1997. Following the completion of reconstruction of the boiler houses, construction of a biofuel fired water heating boiler, construction of the biofuel fired cogeneration plant, installation of flue gas condensers for biofuel fired boilers at the DHP the share of biofuel utilization within the fuel balance of the JSC „RĪGAS SILTUMS” will reach 20.4% in fiscal year 2013/2014. The total energy produced from renewable energy sources since 01.01.1996 until 8.04.2014 is 920463.107 MWh. The project “Heat meters automatic remote reading system” proved to be a successful and reliable solution for the control and accounting of consumed heat, as well as related tasks enabling “online communication” with 8000 individual heating units throughout the Riga city. Development and introduction of electric cars and filling station infrastructure in Riga was one more step on the way to the SMART CITY status. Despite a fairly long payback period electric cars are quite beneficial solution for some companies whose activities are related with vehicles’ high mileage within the city as LLC “Rigas Satiksme
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Allsopp, Christopher, and David Vines. "Fiscal Policy and EMU." National Institute Economic Review 158 (October 1996): 91–107. http://dx.doi.org/10.1177/002795019615800107.
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This article considers the role of fiscal policy within a European Monetary Union. There are two quite different issues. The first is the medium-term problem of deficits and debt. The Maastricht fiscal convergence criteria are usually seen as an imperfect response to the need to contain potentially ‘irresponsible’ fiscal authorities. It is argued here that they should be seen as reflecting a coordinated response to the generalised objective of fiscal consolidation and restraint in Europe: similar rules are likely to be a feature of Stage 3. There is a danger that governments are underestimating the difficulties of fiscal consolidation in a large area such as Europe. In practice, success would require a sustained rise in private sector investment and growth (or reduced private savings). The monetary coordination to go with generalised fiscal restraint appears to be lacking and we suggest a preemptive cut in interest rates. A more complete view of the causes of rising debt stocks in Europe is needed, and we suggest that a reframing of the problem of deficits and debt in terms of the needed (counterpart) private sector responses would be helpful in highlighting the coordination problems and avoiding adverse dynamic reactions. The medium-term problems interract unfavourably with the second set of issues-the need for fiscal policy to be used more actively for short-term stabilisation in a future common currency area. Fiscal offsets are an appropriate response to domestic demand shocks, but not to others, such as those requiring a change in the real exchange rate. Contrary to the ‘fiscal federalist’ position, such stabilisation need not involve centralisation. But there are serious difficulties. Without care, needed stabilisation will be prevented by the Maastricht criteria or the rules likely to follow them. And without coordination, independent stabilisation of common shocks will tend towards too little fiscal activism rather than too much.
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Batog, Cristina, Ernesto Crivelli, Anna Ilyina, Zoltan Jakab, Jaewoo Lee, Anvar Musayev, Iva Petrova, et al. "Demographic Headwinds in Central and Eastern Europe." Departmental Papers / Policy Papers 19, no. 12 (July 15, 2019): 1. http://dx.doi.org/10.5089/9781498319768.087.
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The populations of Central and Eastern European (CESEE) countries—with the exception of Turkey—are expected to decrease significantly over the next 30 years, driven by low or negative net birth rates and outward migration. These changes will have significant implications for growth, living standards and fiscal sustainability.
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Dellepiane-Avellaneda, Sebastian. "The Politics of Fiscal Policy in Europe." European Political Science 9, no. 4 (December 2010): 454–63. http://dx.doi.org/10.1057/eps.2010.75.
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Gali, J., and R. Perotti. "Fiscal policy and monetary integration in Europe." Economic Policy 18, no. 37 (October 1, 2003): 533–72. http://dx.doi.org/10.1111/1468-0327.00115_1.
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Faini, R. "Fiscal policy and interest rates in Europe." Economic Policy 21, no. 47 (July 1, 2006): 444–89. http://dx.doi.org/10.1111/j.1468-0327.2006.00163.x.
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Flanagan, Mark J. "Resolving a Large Contingent Fiscal Liability: Eastern Europe Experience." IMF Working Papers 08, no. 159 (2008): 1. http://dx.doi.org/10.5089/9781451870176.001.
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Barker, Elisabeth. "Soviet policy in Eastern Europe." International Affairs 61, no. 3 (1985): 526–27. http://dx.doi.org/10.2307/2618727.
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Croan, Melvin, and Sarah Meiklejohn Terry. "Soviet Policy in Eastern Europe." Russian Review 45, no. 3 (July 1986): 319. http://dx.doi.org/10.2307/130124.
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