Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

PL EN


2011 | 85 :Polityka gospodarcza w świetle kryzysowych doświadczeń | 77-116

Article title

Reakcja polityki fiskalnej na kryzys finansowy

Authors

Title variants

EN
Reaction of Fiscal Policy to Financial Crisis

Languages of publication

PL

Abstracts

PL
Celem opracowania jest ocena z perspektywy teoretycznej reakcji polityki fiskalnej na kryzys finansowy 2007 r. Za jej zasadniczy mankament uznano brak oceny długookresowych skutków interwencji, przy niepewnych efektach doraźnych. Kryzys stał się usprawiedliwieniem dla polityki publicznej, która jest nieprzemyślana, służy politykom lub innym interesom prywatnym. Niewłaściwe było finansowanie inwestorów kosztem podatników, szczególnie przy braku poparcia społecznego. Rolą rządu powinno być zapewnienie należytego funkcjonowania systemu finansowego, a nie jego ratowanie w przypadku trudności, przy pomocy niejasnych uregulowań działań dyskrecjonalnych.
EN
The objective of this research paper is to assess the reaction of fiscal policy to the 2007 financial crisis from theoretical perspective. The lack of long-term effects of the intervention along with uncertain temporary outcome were both considered a weakness of the fiscal policy. The crisis has become justification of unthoughtful public policy that serves politicians or other private interests. Bailing – out investors at the expense of taxpayers, notably with no social support is considered inappropriate. The role of the government should be ensuring the proper functioning of financial system and not rescuing it in case of difficulties by means of unclear rules of discretion policy.

References

  • Al-Eyd A.J., R. Barrell, Estimating Tax and Benefit Multipliers in Europe, “Economic Modeling” 2005, No. 5.
  • Auerbach A. J., Implementing the New Fiscal Policy Activism, “NBER Working Paper” 2009, No. 14725.
  • Bagehot W., Lombard Street. A Description of Money Market, Scribner, New York 1873, Reprint Irwin, Homewood Ill. 1962.
  • Baldacci E., S. Gupta, and Mulas-Granados C., How Effective is Fiscal Policy Response in Systemic Banking Crises?, “IMF Working Paper Fiscal Affairs Department” 2009, No. 160.
  • Ball L., Elmendorf D. W., Mankiw N. G., The Deficit Gamble, “NBER Working Paper” 1995, No. 5015.
  • Ball L., Mankiw N. G., What Do Budget Deficit Do, “NBER Working Paper” 1995, No. 5263.
  • Barro R. J., Are Government Bonds Net Wealth, “Journal of Political Economy” 1974.
  • Barth J. R., Caprio G. jr., Levine R., Banking Systems Around the Globe: Do Regulation and Ownership Affect Performance and Stability?, “World Bank Working Paper” 2000, No. 2325.
  • Bean Ch., Some Lessons for Monetary Policy from the Recent Financial Turmoil, Remarks at Conference on Globalisation, Inflation and Monetary Policy Istanbul, 22 November 2008.
  • Beck T., Demirgüç-Kunt A., Levine R., Bank Concentration and Fragility Impact and Mechanics. w: The Risks of Financial Institutions red. M. Carey, M. Stulz, University of Chicago Press 2007.
  • Bénétrix A. S., Lane P. R., International Differences in Fiscal Policy During the Global Crisis, “NBER Working Paper” 2010, No. 16346.
  • Barro R. J., Redlick Ch. J., Macroeconomic Effects from Government Purchases and Taxes, “NBER Working Paper” 2010, No. 15369.
  • Bent V., The Norwegian Banking Crisis, w: The Norwegian Banking Crisis red. T. G. Moe, J. A. Solheim, B. Val, “Norges Bank Occasional Papers” 2004, No. 33.
  • Bernanke B. S, Deflation: Making Sure ‘It’ Doesn’t Happen Here, Remarks Before the National Economists Club on November 21, 2002.
  • Blanchard O., R. Perotti, An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output, “Quaterly Journal of Economics” 2002, No. 4
  • Boyd J. H., Gertler M., The Role of Large Banks in the Recent U.S. Banking Crisis, “Federal Reserve Bank of Minneapolis Quarterly Review” 1994, Winter.
  • Boyd J. H., Kwak S., Smith B., The Real Output Losses Associated with Modern Banking Crises, “Journal of Money Credit and Banking” 2005, No. 6.
  • Brainard W. C., Uncertainty and the Effectiveness of Policy, “The American Economic Review” 1967, No. 2.
  • Brown C. E., Fiscal Policy in the 'Thirties: A Reappraisal, “American Economic Review” 1956, No. 5.
  • Buiter W. H., Central Banks and Financial Crises, Paper presented at the Federal Reserve Bank of Kansas City’s symposium on “Maintaining Stability in a Changing Financial System.” Jackson Hole, Wyo. 21–23 August 2008.
  • Caprio G. jr, Klingebiel D., Bank Insolvency: Bad Luck, Bad Policy or Bad Banking, Annual World Bank Conference on Development Economics, 1996.
  • Claessens S., Klingebiel D., Laeven L., Crisis Resolution, Policies, and Institutions. W: Systemic Financial Crises. Containment and Resolution, red. P. Honohan, L. Laeven, Cambridge University Press 2005.
  • Córdoba de G. F., Kehoe T. J., The Current Financial Crisis: What Should We Learn from the Great Depressions of the Twentieth Century?, “Federal Reserve Bank of Minneapolis Research Department Staff Report” 2009, No. 421.
  • Demirguc-Kunt A., Detragiache E., The Determinants of Banking Crises in Developing and Developed Countries, “IMF Staff Papers” 1998, No. 1.
  • Eschenbach F., Schuknecht L., Budgetary Risks from Real Estate and Stock Markets, “Economic Policy” 2004, No. 7.
  • Elmendorf D. W., Furman J., If, When, How: A Primer on Fiscal Stimulus, The Hamilton Project Strategy Paper, Revised Version 2008.
  • Elmendorf D. W., Liebman J. B., Social Security Reform and National Saving in an Era of Budget Surpluses, “Brookings Papers on Economic Activity” 2000, No. 2.
  • Feldstein M. S., Rethinking the Role of Fiscal Policy, “NBER Working Paper” 2009, No. 14684.
  • Feldstein M., The Budget and Trade Deficit Aren’t Really Twins, “NBER Working Paper” 1992, No. 3966.
  • Feldstein M., The Role for Discretionary Fiscal Policy in a Low Interest Rate Environment, “NBER Working Paper” 2002, No. 9203.
  • Fiscal Implications of the Global Economic and Financial Crisis Prepared by a Staff Team from the Fiscal Affairs Department IMF June 9, 2009SPN/09/13.
  • Fleming J. M., Domestic Financial Policies under Fixed and under Floating Exchange Rates, “International Monetary Fund Staff Papers” 1962, No. 9.
  • Frenkel J., Responding to Crises, “Cato Journal” 2007, No. 2
  • Gale W. G., Orszag P. R., The Economic Effects of Long-Term Fiscal Discipline, Urban-Brookings Tax Policy Center Discussion Paper December 17, 2002.
  • Gale W. G., Potter S. R., An Economic Evaluation of the Economic Growth and Tax Relief and Reconciliation Act of 2001, “National Tax Journal” 2002, No. 1.
  • Global Economic Policies and Prospects, Group of Twenty, Meeting of the Ministers and Central Bank Governors March 13–14, 2009 London, U.K, Note by the Staff of the International Monetary Fund.
  • Gokhale J., Financial Crisis and Public Policy, “Policy Analysis” 2009, No. 634.
  • Hansen A., Fiscal Policy and Business Cycles, W.W. Norton, New York 1941.
  • Henry J., Hernandez de Cos P., Momigliano S., The Short-Term Impact of Government Budgets on Prices. Evidence from Macroeconometric Models, “European Central Bank Working Paper Series” 2004, No. 396.
  • Hoggarth G., Saporta V., Costs of Banking System Instability: Some Empirical Evidence. “Financial Stability Review” Bank of England 2001, June.
  • Ilzetzki E., Mendoza E., Vegh C. A., How Big (Small?) are Fiscal Multipliers?, mimeo, London School of Economics, 2010.
  • Koo R. C., Balance Sheet Recession: Japan's Struggle with Uncharted Economics and its Global Implications, John Wiley, Singapore 2003.
  • Long J. B. De, L. H. Summers, How Does Macroeconomic Policy Affect Output?, “Brookings Papers on Economic Activity” 1988, No. 2.
  • Mankiw N. G., Is Government Spending Too Easy an Answer?, “The New York Times”, January 11, 2009.
  • Minutes of the Federal Open Market Committee (2008):, Board of Governors of the Federal Reserve System, October 28-29 2008.
  • Miron J. A., Bailout or Bankruptcy?, “Cato Journal” 2009, No. 1.
  • Mises L. von., Interwencjonizm, Wydawnictwo Arcana, Kraków 2005.
  • Mishkin F. S., Is Monetary Policy Effective During Financial Crises?, “NBER Working Paper” 2009, No. 14678.
  • Mishkin F. S., Stern G., Feldman R., How Big a Problem Is Too Big to Fail? A Review of Gary Stern and Ron Feldman's "Too Big to Fail: The Hazards of Bank Bailouts, “Journal of Economic Literature” 2006, No. 4.
  • Mundell R. A., Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates, “Canadian Journal of Economics and Political Science” 1963, No. 4,
  • Obstfeld M., Rogoff K., The Six Major Puzzles in International Economics: Is There a Common Cause?. w: NBER Macroeconomic Annual 2000, red. B. S. Bernanke, K. Rogoff, MIT Press, Cambridge 2000.
  • O’Driscoll G. P. Jr., Money and the Present Crisis “Cato Journal” 2009, No. 1.
  • OECD Economic Outlook Interim Report, March 2009.
  • O’Hara, M. Shaw W., Deposit Insurance and Wealth Effects: The Value of Being “Too Big to Fail”, Journal of Finance 1990, No. 5.
  • Perotti R., “Public Investment and the Golden Rule: another (different) look“, Working Paper No. 277, IGIER – Università Bocconi, December 2004.
  • Poole W., Responding to Financial Crises: What Role for the Fed, Cato Journal” 2007, No. 2.
  • Public Finances in EMU, “European Economy” 2009, No. 5.
  • Romer Ch. D., What Ended the Great Depression?, ”Journal of Economic History” 1992, No. 4.
  • Romer Ch. D., Romer D. H., The Evolution of Economic Understanding and Postwar Economic Policy, “NBER Working Paper” 2002, No. 9274.
  • Romer Ch. D., Romer D. H., The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks, University of California, Berkeley April 2009.
  • Rubin R. E., Orszag P. R., Sinai A., Sustained Budget Deficits: Longer-Run U.S. Economic Performance and the Risk of Financial and Fiscal Disarray, Brookings, 2004, January 5th
  • Sandal K., The Nordic Banking Crises in the Early 1990s . Resolution Methods and Fiscal Costs. W:. The Norwegian Banking Crisis red. T. G. Moe, J. A. Solheim, B. Val, “Norges Bank Occasional Papers” 2004, No. 33.
  • Schwartz A. J., Origins of the Financial Market Crisis of 2008, “Cato Journal” 2009, No. 1.
  • Schwierz Ch., Economic Costs Associated with the Nordic Banking Crises. W: The Norwegian Banking Crisis red. T. G. Moe, J. A. Solheim, B. Val, “Norges Bank Occasional Papers” 2004, No. 33.
  • Smithies A., The American Economy in the Thirties, “American Economic Review” 1946, No. 2.
  • Spilimbergo A., Symansky S., Schindler M., Fiscal Multipliers, “IMF Staff Position Note” 2009, SPN/09/11.
  • Stem G. H., Feldman R. J., Too Big to Fail: The Hazards of Bank Bailouts, Brookings Institution Press, Washington, D.C 2004.
  • Summers L. H., Fiscal Stimulus Issues, Testimony before the House Budget Committee. Washington, January 29, 2008.
  • Taylor J. B., Reassessing Discretionary Fiscal Policy, “The Journal of Economic Perspectives” 2000, No. 3.
  • Taylor J. B., Zrozumieć kryzys finansowy, Wydawnictwo Naukowe PWN, Warszawa 2010.
  • The State of Public Finances: Outlook and Medium-Term Policies After the 2008 Crisis, IMF Fiscal Affairs Department.
  • Vernon J. R., World War II Fiscal Policies and the End of the Great Depression, “Journal of Economic History” 1994, No. 4.
  • Walte J. R., Closing Troubled Banks: How the Process Works, “Federal Reserve Bank of Richmond Economic Quarterly” 2004, No. 1.

Notes

PL
Skrócona wersja tekstu została opublikowana w miesięczniku “Gospodarka Narodowa” 2010, nr 9.

Document Type

Publication order reference

Identifiers

ISSN
0866-9503

YADDA identifier

bwmeta1.element.desklight-0d40c8ec-05ef-431d-a928-91f8728459a5
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.