This paper aims to assess the impact of the second-generation numerical fiscal rules on the effectiveness of public debt management in the Member States of the European Union. The research was conducted using dynamic panel models on a sample of 27 EU Member States over the period 2008–2021. The effectiveness of public debt management was determined by the level of public debt servicing costs, considering not only the impact of the quality of numerical fiscal rules on interest payments, but also other factors influenced by these rules, such as the quality of fiscal policy, the solvency of public finances and the quality of institutional governance. The motivation for this topic was to evaluate the effectiveness of the second-generation numerical fiscal rules following the changes made to their design in the context of the reconstruction of the EU fiscal surveillance system after the global economic and financial crisis of 2008–2010. The research has found that strong numerical fiscal rules improve the effectiveness of public debt management. In addition, stable fiscal policy and higher solvency of public finances, as well as political stability and the absence of violence, are conducive to lower public debt servicing costs. This paper enriches the literature by extending it with a new approach to fiscal rules, highlighting their multifaceted impact on the quality of public debt management.
The aim of the research was to demonstrate the reasons for the existence of informal institutions using the example of the transformational rent in a deficit economy. The object of the research was defined, among other things, by showing the historical background, the characteristics of the transition economy and the circumstances of the enactment of the business act. The data collected through the use of the monographic method allowed the conclusion to be drawn that the transformational rent is characterised by a hybrid structure, as it is simultaneously a product of the past with elements of the centrally planned economy and the availability of opportunities created by the new system (capitalism). In line with the stated aim of the research, the pursuit of transformational rent arises as a result of the deterioration of the welfare of groups losing the benefits achieved in the scarcity economy. In addition, the transformational rent chase represents a barrier and an imperfection in institutional governance.
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Celem badań było wykazanie przyczyn występowania instytucji nieformalnych na przykładzie renty transformacyjnej w gospodarce niedoboru. Przedmiot badań został określony m.in. poprzez ukazanie tła historycznego, charakterystyki gospodarki okresu transformacji oraz okoliczności uchwalenia ustawy o działalności gospodarczej. Dane zebrane poprzez wykorzystanie metody monograficznej pozwoliły wysnuć wniosek, że renta transformacyjna charakteryzuje się strukturą hybrydową, gdyż jest jednocześnie produktem przeszłości z elementami gospodarki centralnie planowanej oraz dostępności możliwości stwarzanych przez nowy system (kapitalizm). Zgodnie z założonym celem badań pogoń za rentą transformacyjną powstaje w wyniku pogorszenia dobrobytu grup tracących korzyści osiągnięte w gospodarce niedoboru. Ponadto, renta transformacyjna stanowi barierę i niedoskonałość ładu instytucjonalnego.
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