Search results - CEJSH

1

Long-Term Borrowing and Intergenerational Redistribution of Public Debt. The Case of Central and Eastern EU Member States

100%

Uryszek T.

Przedsiębiorczość i Zarządzanie

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2015

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vol. 16

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issue 1

197-210

EN

The paper analyses the burden on the future generation resulting from the need to repay public debt in Central and Eastern EU Member States. The main theme is accompanied by the following research hypothesis: imbalance in public finances makes public authorities use long-term government securities more intensely. The hypothesis was verified based on the analysis of statistical data from Eurostat, European Central Bank and the OECD.

2

The Role of the Minister Competent for Public Finances in Determining the Scope of National Public Debt. Selected Issues

100%

Kucia-Guściora B.

Roczniki Nauk Prawnych

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2017

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vol. 27

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issue 4 English Online Version

37-56

EN

The article discusses the role of the minister competent for public finances in determining the scope of public debt. The Author demonstrates that with regard to the determination of public debt the minister competent for public finances has been authorised to determine its subjective and objective scope as well as calculation methodology. The article analyses the legal framework of the public finance act and the delegation of legislative powers to the minister in the light of claims of unconstitutionality made with respect to the practical application of financial law. The Author claims the minister’s very comprehensive prerogatives enable him to take discretionary measures. This argument is confirmed by the way of the subjective competences described in the study are implemented which is reflected by such blanket competences granted to the minister. They do not have sufficient certainty, which in turn has led to the extension of the material scope of debt stipulated in the law, affecting the financial situation of entities of public finance sector, especially that of local government units.

3

Dłużne papiery wartościowe w finansowaniu jednostek samorządu terytorialnego w Polsce

100%

Wiśniewski M.

Studia BAS

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2021

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issue 4(68)

131–146

EN

The aim of the paper is to show the importance of the capital market for local government units. These entities often use repayable financing of their tasks, including capital market instruments, bonds in particular. First, the article reviews the legislation on the use of debt instruments by local government units in Poland. Second, on the basis of a quantitative study of data characterising the local government bond market, an assessment of the importance of bonds for the financing of local governments is presented.

4

Eksport rolno-spożywczy a budżet państwa i dług publiczny

100%

Hamulczuk M., Kulawik J., Łopaciuk W., Mroczek R., Szczepaniak I., Wieliczko B.

Zagadnienia Ekonomiki Rolnej

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2014

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issue 4(341)

7-30

EN

Polish agri-food trade already in 2003 generated a positive balance. After accession to the EU it has rocketed and in 2013 twelve-fold surpassed its level recorded in 2003. Naturally, this success arouses great interest. It also has a number of macroeconomic implications. The article focuses on the problem of poorly recognized, i.e. on interdependencies between this trade and the state budget and public debt. On the purely theoretical basis, it was found that growing exports and net exports may reduce both the budget deficit and the public debt, as well as indicators based on them. In Polish conditions, this positive effect cannot, however, be large, because the balance of agri-food trade (net exports) recently is only 1-1.5% of GDP. Even lower (approx. 0.5%) was the share of taxes paid by exporters of the food industry in GDP. While the econometric analysis showed that the impact of exports of agri-food products and total exports of goods in GDP is positive and leads to a decline in public debt. It turned out that one-percent increase in agri-food exports lowers the above debt by 0.06%, while the same increase in total exports of goods - reduces debt by 0.14%.

5

Public Debt as a Problem of the European Union

100%

Piątkowski P.

Oeconomia Copernicana

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2014

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vol. 5

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issue 2

21-34

EN

The article is aimed at analyzing the consequences of debt crisis in European Union. Special attention is paid to changes in economic policy. In the first paragraph theoretical background of public debt is presented. In the second paragraph the level of public debt in European Union is compared with other countries. Finally, changes in the public debt policy are presented.

6

Public debt management

100%

Gaber S., Gruevski I., Gaber V.

Perspectives of Innovations, Economics and Business

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2013

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vol. 13

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issue 2

12-18

EN

The paper generally describes the segment of public debt management or especially the structure of public debt. It focuses on different kinds of risks which present potential danger for the public debt explosion. It intends to explain the government goal for borrowing money at lowest rate and sustain the fiscal stability. Also, it explains some practical issues regarding this topic for Republic of Macedonia for the period from 2009-2011. In the process of research were implemented several qualitative methods.

7

Sustainability of fiscal policy in Polish voivodeships

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Banaszewska M.

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

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2017

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issue 482

9-16

EN

The recent financial and economic crisis turned out to be a catalyst for a sovereign debt crisis in some countries. As a result, the issue of fiscal (in)sustainability has been high on the agenda of economic research and economic policy. In the case of a decentralized government system one should take into account the division of public debt between respective levels of the government. The aim of the article is to verify whether Polish voivodeships conduct sustainable fiscal policies. The impact of fiscal equalization scheme (both vertical and horizontal ones) is also considered. In particular, it is worth examining whether fiscal rules imposed on local government entities counterbalance a soft budget constraint problem. The article uses panel data analysis in conjunction with Bohn’s model of fiscal sustainability. The results of the analysis support the hypothesis of sustainability of fiscal policies in Polish voivodeships in the period 2004-2012.

8

Nierównowaga finansów publicznych w krajach Unii Europejskiej

100%

Gajewski P.

Gospodarka Narodowa. The Polish Journal of Economics

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2011

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vol. 251

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issue 10

21-38

EN

The article aims to estimate the current level of public finance sustainability in the European Union, taking into account the starting fiscal position, the possibility of withdrawing fiscal impulses, the future costs of population aging, and possible financial market responses. The author achieves this objective by using an indicator method similar to that used by the European Commission. However, this method has been modified by diversifying projected GDP growth rates and public debt interest rates, Gajewski says. The assumption is that the interest rate may vary depending on the response of financial markets to the debt-to-GDP ratio. The author demonstrates that almost all EU countries have lost their medium- and long-term fiscal sustainability. Greece and Ireland appear to be the worst off among the analyzed countries, Gajewski says. Both these economies suffer from a high structural budget deficit and potentially high costs of population aging. Most other countries will also be forced to make strong fiscal adjustments to achieve primary surpluses far exceeding those in the period before the financial crisis. The calculations also show that Sweden, Estonia and Bulgaria boast the highest levels of public finance sustainability in the European Union, the author concludes.

9

Mechanizmy oddziaływania deficytu fiskalnego na wzrost gospodarki

100%

Ciżkowicz P., Rzońca A.

Gospodarka Narodowa. The Polish Journal of Economics

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2011

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vol. 251

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issue 10

1-20

EN

The article describes the mechanisms by which fiscal expansion and the resulting fiscal deficit influence long-term economic growth. Since the early 1930s, many economists have argued that fiscal expansion is capable of stimulating the economy at a time of recession. The authors do not address the issue of how effective fiscal expansion may prove to be in stimulating aggregate demand and, consequently, in relieving strong negative demand shocks. In their article, Ciżkowicz and Rzońca examine six channels of the fiscal deficit’s impact on economic growth based on an overview of research reports in this area. The analysis reveals that the fiscal deficit may inhibit economic growth through each of these channels, Ciżkowicz and Rzońca say. First, a higher deficit today means higher taxes in the future. Second, an increase in the deficit may worsen the tax structure because it deepens income inequality between the rich and poor, which in turn provides an excuse for the authorities to raise taxes on income or capital, thus discouraging people from working, improving their skills, saving and innovating. Third, the deficit adds to the public debt, while crowding out spending on infrastructure, scientific research, and education. It also makes it easier to channel public funds to areas that do not generate benefits for society as a whole. Fourth, it absorbs private savings that could be used to finance corporate investment. Moreover, it adds to the uncertainty about future tax burdens and the stability of the economy, which is not conducive to investment. Fifth, it causes inflows and outflows of foreign portfolio capital, thus leading to fluctuations in the exchange rate and hindering international trade and, in effect, foreign technology transfers. Sixth, a persistent deficit leads to a crisis with time. A specific level of fiscal deficit does not have the same consequences everywhere, according to Ciżkowicz and Rzońca. Its negative impact on economic growth is especially evident in countries with a high capital-to-income ratio, low domestic savings rate, significant barriers for businesses trying to adapt their savings to changes in the deficit, excessive public expenditure, high public debt, low income per capita, poor protection of creditors’ rights, high vulnerability to shocks, a strong dependence on the inflow of savings from abroad, a high proportion of debt denominated in foreign currencies and nearing maturity, poor credit history, and slow GDP growth.

10

Roszczenia krajów Europy Zachodniej I Stanów Zjednoczonych Ameryki wobec rządu Polskiej Rzeczpospolitej Ludowej z tytułu długów sprzed II wojny światowej, a także nacjonalizacji powojennej na dzień 19 III 1954 w świetle materiałów źródłowych

100%

Andrzejczyk R.

Krakowskie Studia Małopolskie

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2014

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vol. 19

31-43

EN

Based on these agreements Polish government transferred to the governments of foreign states lump-sum compensations to satisfy the claims of entities referred to above (exceptions: Norway – mutual compensation agreement offsetting claims, France – indemnization in the form of hard coal deliveries). Selection of these countries was done based on economic interests of Poland after IIWW (e.g. perspectives of export of hard coal). Historical source material for this article is note titled “Capitalist countries claims against Poland for pre-IIWW and IIWW debts as well as claims that arose out of Polish laws affecting foreign property after liberation.” Note is dated 19th March 1954 and was addressed to the Polish Minister of Finance. Document is kept in the Central Archives of Modern Records (AAN) in Warsaw, archival collection of the Ministry of Finance, Minister’s Office file, No 2/24.

11

Refinansowanie długu lokalnego w Polsce

100%

Budzeń D.

Studia BAS

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2016

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issue 3(47)

197-219

EN

The article explores the significance of local debt refinancing risk and ways to prevent its occurrence. For this purpose, the author introduces the concept of ratio of average debt maturity of a local government unit. The author presents the test results of the refinancing risk of the local debt in Poland in 2011–2015. Definition of local debt is also discussed, as well as a review of objectives and risks associated with the management of public debt.

12

Problem ukrytego długu publicznego w Polsce

100%

Kasperowicz-Stępień A.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2013

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issue 907

33-41

EN

The largest problem facing Polish public finance today is the rapid growth in public debt and the attendant costs of servicing it. According to government calculations, in 2010 public debt reached 54.9% of GDP. Yet to the government calculations must be added hidden public debt, which actually measures 180% of GDP. This paper analyses the level of evident and hidden public debt in Poland.

13

The problem of public debt (the case of Spain)

100%

Górniewicz G.

Torun International Studies

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2013

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issue 6

23-32

EN

The present paper concerns a crucial problem of contemporary public finances, that is the public debt. Apart from the definition, the causes and methods of incurring debt , the present paper demonstrates the acceptable limits of being indebted. Furthermore, the paper presents the scale of public debt in the world and the current status of public finances of Spain (one of the most indebted countries).

14

Nierówności dochodowe a zadłużenie publiczne krajów OECD

100%

Jabłoński Ł.

Management and Business Administration. Central Europe

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2013

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vol. 21

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issue 2(121)

64-81

XX

Purpose: The aim of the paper is to present the theoretical and empirical arguments for the causality between growing income inequality and increasing public debt within the capitalist economies. Methodology: The paper consists of two major parts. The first part discusses the long-term changes in value of public debt and income inequality within countries, and presents the theoretical arguments for the causality between these two categories. The second part of the paper is an attempt to investigate the impact of inequality in the upper and lower parts of income distribution on an increase of public debt in a sample of OECD-countries in 1995–2010. The statistical analysis is based on calculations of: (a) correlation coefficients between income inequality and public debt; and (b) parameters of regression equations of the level and rate of growth of public debt in a sample of countries. The parameters of regression equations were calculated with ordinary least squares and fixed effects methods. Findings: The results of the calculation illustrate that the growth of income inequality in the upper and lower parts of distribution stimulated an increase in value of public debt in the OECD countries between 1995 and 2010.

15

Kryteria fiskalne w procesie konwergencji Polski do wymogów UE

100%

Rzeczycka A., Golawska-Witkowska G.

Pieniądze i Więź

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2012

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vol. 15

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issue 4(57)

160-169

EN

The accession of Poland to the structures of the EU became the beginning of operations which should result in its entry to the euro zone. Even at present, during the crisis of public finances, a number of authors sees the merits of continuing the efforts made in this area. However accession to the euro zone requires the fulfillments of the definite monetary, currency and fiscal norms of the convergence. Respecting these last allows assuring the stability of public finances. The care for the condition of public finances, in this respecting the norms of the convergence, becomes- in the face of the threat of the exit from the euro zone of Greece, and also other countries- the superior problem. The thorough analysis of the sources of the budget deficit and the ways of covering it becomes necessary. The purpose of this article is analysis of degree of adaptation of public finances in Poland to requirements designated in the fiscal convergence process within the context of countries just passing the violent crisis of public finances as Greece, Spain or Portugal, and functioning in the euro zone.

16

Public Debt Sustainability and the COVID Pandemic: The Case of Poland

100%

Kłysik-Uryszek A., Uryszek T.

Central European Economic Journal

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2022

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vol. 9

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issue 56

68-75

EN

This paper aims to analyse and assess the impact of the COVID pandemic effect on the public debt sustainability level in Poland. We put the following research hypothesis in our study: the pandemic period disallowed the production of primary fiscal surpluses and increased the level of fiscal unsustainability in Poland. We took the data from Eurostat and the European Commission databases. We used the Primary gap indicator and no-Ponzi condition as the research methods (for the short-term and the long-term analyses, respectively). Both methods derive from the theory of the intertemporal budget constraint. The results of the empirical studies did not allow us to reject the research hypothesis.

17

The influence of fiscal rules on the discipline in the public finance in Poland

100%

Ciak J. M.

Journal of Management and Financial Sciences

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2019

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issue 36

31-43

EN

Fiscal rules constitute tools that match the characteristics of a transparent fiscal policy. Increasing the predictability of activities conducted within the public finance sector, which can limit politicians’ irresponsible behaviour, is of crucial importance. Fiscal rules may be preventative in nature – they can, therefore, prevent negative phenomena in the area of public finance now and in the near future. They become a kind of obstacle for potential inappropriate fiscal expansion, expenditure expansion in particular, of the public authorities, which could lead to too deep an imbalance between the liabilities of the state and the sources sufficient to cover its obligations. The trends in changes in the current public finance are supplemented by introducing fiscal rules or strengthening their role. The basic problem with fiscal rules is that in many cases they are leaky and are also not consistently observed. The aim of the article is to present a brief overview of national and supranational fiscal rules and reference to the existing situation in the public finance in Poland. The article presents the analysis of the source literature, legal acts and statistical data.

18

Public debt, money and consumer prices: a vector error correction model for Germany

100%

Nastansky A., Strohe H. G.

Econometrics. Ekonometria. Advances in Applied Data Analytics

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2015

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issue 1 (47)

9-31

EN

In the paper, the authors analyse the interaction between public debt and inflation including the mutual impulse response. The European sovereign debt crisis brought once again a focus onto the consequences of government debt in combination with an expansionary monetary policy for the development of consumer prices. Public deficits can lead to higher inflation rates if the money supply is expansionary. The high level of national debt, not only in the Euro-crisis countries, and the strong increase in the total assets of the European Central Bank, as a result of the unconventional monetary policy, have caused fears of inflating government debt. The transmission from public debt to inflation through money supply and long-term interest rate will be shown in the paper. Based on these theoretical thoughts, the variables: public debt, consumer price index, money stock m3 and long-term interest rate will be analysed within a vector error correction model. In the empirical part of this article, quarterly data for Germany from 1991 to 2014 are to be examined.

19

Wpływ wysokości długu publicznego na koszty jego obsługi

100%

Brzozowski M.

Management and Business Administration. Central Europe

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2013

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vol. 21

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issue 2(121)

49-63

XX

Purpose: The article aims at analyzing the functional form of the relation between the level of public debt and the government bond yields in both developed and developing countries. A surge in public indebtedness following the financial crisis in 2008-2010 undermined the credibility of sovereigns in the credit markets. As a result, the government bond yields have risen, thus amplifying the problem of rapidly expanding public debts. The purpose of the article is to estimate the threshold value of government debt above which its service costs rapidly increase. Methodology: The relation between the 10-year government bond real interest rate and the level of debt is investigated with the use of spline regression with cubic splines. The regression model is estimated using annual data for 66 countries that spans between the years 1980-2010. An additional analysis is conducted for the last decade and after splitting the sample into high-income and catching-up countries. Findings: In the sample that covers all countries and the whole 1980-2010 period no relation between the level of debt and interest rate has been detected. In the years 2001-2010 the threshold value of debt above which the real interest rate starts to grow rapidly is estimated to be around 150% of GDP in catching-up countries and about 110% of GDP in high-income countries. Research implications: An analysis of the impact of fiscal policy on the level of interest should take into account the likely non-linearity of the relationship. Originality: Spline regression has not yet been used in the analysis of the relation between debt and interest rate.

20

External Factors in Debt Sustainability Analysis: An Application to Latin America?

100%

Adler G., Sosa S.

Journal of Banking and Financial Economics

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2016

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issue 1(5)

81-120

EN

This paper develops a framework for debt sustainability analysis that integrates econometric estimates of the effect of global factors on a set of key domestic variables that determines public and external debt dynamics. The methodology is applied to assess debt sustainability in Latin America—a region highly sensitive to external conditions. Results suggest that, while some countries in the region are well placed to withstand moderate or even large foreign shocks, many would benefit from strengthening their fiscal positions to be able to deploy countercyclical policies under adverse scenarios, especially tail events. External sustainability, on the other hand, does not appear to be a source of concern for most countries.

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