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1

RELATIONSHIP BETWEEN FISCAL DECENTRALIZATION AND ECONOMIC GROWTH IN EUROPEAN UNION COUNTRIES AND SLOVAKIA

100%
Maličká L., Šuliková V., Šoltés M.
Ekonomický časopis (Journal of Economics)
|
2017
|
vol. 65
|
issue 9
856 – 875
EN
The results in the area related to fiscal decentralization and economic growth are frequently inconsistent and somewhat ambiguous, although the fiscal federalism theory clearly promotes the fiscal decentralization gains in favour of efficiency and economic growth. The paper focuses on investigating the inverted U-shaped relationship between fiscal decentralization and economic growth using the GMM model (Generalized Method of Moments). After these results were obtained, real values of Slovakia are compared to GMM – EU-26 trend. The results of GMM estimation include a threshold value of fiscal decentralization, revealing the point at which a positive relation between fiscal decentralization and economic growth turns into negative. GMM estimation of the EU-26 countries sample confirms the inverted U-shaped relationship in case of revenue and tax decentralization. Expenditure decentralization seems to be insignificant. The case of Slovakia shows the conformity with the EU trend, what is evident in the case of tax decentralization and less in revenue decentralization.
2

DOES INFLATION AFFECT THE RELATIONSHIP BETWEEN BROAD MONEY AND ECONOMIC GROWTH? A THRESHOLD MODEL

100%
Šuliková V., Siničáková M., Štiblárová Ľ.
Ekonomický časopis (Journal of Economics)
|
2019
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vol. 67
|
issue 6
569 – 586
EN
This study empirically examines the relationship between broad money (M3) and economic growth according to different level of inflation. The impact is examined on the sample of 17 countries via threshold model for panel data. To ensure the robustness of the results, we apply several alternatives, including single and double threshold model. We conclude that an increase in money supply can be beneficial from the point of view of economic growth only for countries susceptible to maintain their inflation within an optimum interval, which is quantified by our model at around 2% level of inflation in the long run. Further the model estimation revealed that countries with inflation over 3.3% should avoid an increase in money supply as they risk negative effects on their output.
3

ASYMMETRIC IMPACT OF PUBLIC DEBT ON ECONOMIC GROWTH IN SELECTED EU COUNTRIES

88%
Šuliková V., Djukic M., Gazda V., Horváth D., Kulhánek L.
Ekonomický časopis (Journal of Economics)
|
2015
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vol. 63
|
issue 9
944 – 958
EN
The paper explores the asymmetric relation between public debt and economic growth in 13 EU countries in the period 1993 – 2013. A panel data model uncovers a linear relation between debt-to-GDP decrease and GDP growth, while the relation between the debt-to-GDP increase and GDP growth is defined by an inverted U-shaped curve (parabola) with the peak at a 64% debt-to-GDP ratio. We identified two main patterns in relations between debt-to-GDP and GDP growth: (i) hysteresis loop – country data trace the closed circle defined within the debt interval [53%, 113%] (Austria, Finland, Denmark) and (ii) debt trap – country debt-to-GDP ratio breaks the 113% level and indebtedness increase followed by the GDP fall is tracing the diverging tail of parabola (debt trap in Greece, Italy, Portugal).
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