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The operating mechanism of fiscal policy. Friction free models - supply effects.

100%
Pete P., Szilagyi K.
Kozgazdasagi Szemle (Economic Review)
|
2006
|
vol. 53
|
issue 2
97-118
EN
The article employs some well known types of macroeconomic model to draw attention to the possible supply side effects of fiscal expansion. These effects, mostly simplified or neglected in basic economic training, add new viewpoints to professional thinking on the operation of fiscal policy. The intention is to show that the strong statistical correlation between government expenditures and aggregate economic performance can be triggered by supply mechanisms as well. This is an important statement because the Keynesian IS- LM system has remained to this day the interpretative framework for examining fiscal policy mainly because of its empirical applicability in economic-policy and - with the spread of micro-based neo-Keynesian models - academic discourse. Yet it is far from clear what type or size of role or weight these play in the process of adaptation of nominal frictions to economic shocks. If the relation between government expenditures and output can also be shown in friction free models with perfect adjustment to prices, the analyses must clarify not only the adaptation difficulties, but the subsequent channels.
2

IMPACT OF FISCAL RULES ON GOVERNMENT EXPENDITURE AND TAX REVENUE IN EMERGING EUROPEAN COUNTRIES: THRESHOLD EFFECT OF BUDGET DEFICIT

75%
Kȍktaş A. M., Günel T.
Ekonomický časopis (Journal of Economics)
|
2022
|
vol. 70
|
issue 3
264 – 283
EN
This study aims to investigate the effectiveness of fiscal rules in terms of government expenditure and tax revenues with and without the threshold effect of the budget deficit over the period 1995 – 2019 in 91 emerging European countries, as the frequency and severity of the implementation of fiscal rules vary according to the level of the budget deficit. To achieve this objective, the study firstly examines this relationship using the fixed and random effect methods without considering the threshold effect of budget deficit. Secondly, the study employs the panel threshold method proposed by Hansen (1999) to examine this relationship with the threshold effect of budget deficit, which is different from previous studies. Based on the panel threshold estimation, the results reveal that there are two threshold levels of budget deficit on government expenditure and a single threshold level of budget deficit on government tax revenue. Depending on these thresholds, the effect of fiscal rules on government expenditure and tax revenue varies significantly. This suggests that fiscal rules are more effective in ensuring fiscal discipline when the budget deficit is high and less effective when the budget deficit is low.
3

Teoretyczne aspekty polityki budżetowej i jej analiza w Polsce w latach 1991‒2010

75%
Kocurek K.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2012
|
issue 879
43-53
EN
In the article, the author describes the key aim of the government-led budget policy. This economic sub-policy, often called the fiscal policy, not only is concerned with government expenditure and revenue collection, but also influences social and economic policy. The author first explains the importance of the budget policy then goes on to look at different instruments that can ensure state budget expenses do not exceed income. Additionally, improving performance budgeting will enable the Polish government to reform public finances, which is necessary for socio-economic development. Moreover, the introduction of a multi-year planning budget is an important component of the evaluation of current budgetary procedures. Finally, the author analyses the yearly budget deficit and consequently the growth of public debt during Poland’s transformation period. The aim of this article is to provide an overall analysis of the budget policy led by the government.
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