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SHORT-TERM FISCAL IMBALANCE COMPARISON IN V4 COUNTRIES USING A DYNAMIC CONDITIONAL CORRELATION APPROACH

100%

Drab R., Martinkova S., Mihokova L.

Equilibrium. Quarterly Journal of Economics and Economic Policy

2017

vol. 12

issue 2

261-280

Research background: The crisis periods have highlighted the interdependence between individual European economies in the area of economic and fiscal development. The common development tendencies raise the question whether the fiscal indebtedness and preferred fiscal policy of V4 countries can be considered as interdepending. Considering this assumption, a possibility for implementing a similar type of consolidation in selected clusters of countries could be proposed. Purpose of the article: The research is, from the empirical point of view, focused on the analysis and comparison of primary balance indicator, analysis and assessment of fiscal measures (in identified fiscal episodes) and analysis of fiscal development intercorrelations using the dynamic conditional correlation approach. Methods: The empirical assessment of the research objective is, from the methodological point of view, divided into five phases: (1) the calculation of primary deficit indicator, (2) the analysis, comparison and assessment of the fiscal development in the V4 countries based on the annual primary deficit during the selected period 1999–2016, (3) the seasonal adjustment of performing time series and non-stationarity testing, (4) the dynamic conditional correlation approach (DCC) application. Within the analysis, the traditional and specific methods were used (time series analysis, content analysis, descriptive statistics, correlation methods, DCC approach). Findings & Value added: The results of the research suggest that between V4 countries do exist significant differences based on which cannot be clearly confirmed the assumption about the fiscal development interdependence in V4 countries. From the long-term perspective, it can be stated that the fiscal development in V4 countries is a very slightly positively related aspect, but in the context of the implementation of a common consolidation strategy it is not sufficient.

Współczesne państwo wobec triady funkcjonalnej: wartości – normy – dobra

72%

Wilkin J.

Zarządzanie Publiczne / Public Governance

2017

issue 1(39)

125-133

Przedmiotem analizy w artykule jest rola państwa w funkcjonowaniu gospodarki i społeczeństwa w kraju postsocjalistycznym. Ramy analizy wyznacza triada: wartości – normy – dobra. Autor przedstawia m.in. podejście ekonomii do zagadnienia wartości, stwierdzając, że w teorii ekonomii kategoria ta ma bardzo wąskie znaczenie, natomiast odgrywa dużą rolę jako punkt wyjścia w kształtowaniu polityki ekonomicznej. Z kolei normy można traktować jako pojęcie odnoszące się do instytucjonalnych podstaw gospodarowania i życia społecznego. Osiągnięcia ekonomii instytucjonalnej mają bardzo duży wpływ na rozwój współczesnej gospodarki, zwłaszcza w odniesieniu do transformacji systemów ekonomicznych oraz wyjaśniania mechanizmów rozwoju gospodarczego. Autor wskazuje na renesans etatyzmu we współczesnej polityce polskiego rządu i niebezpieczeństwa z tym związane. Pokazuje też znaczenie państwa wynikające z globalizacji i integracji europejskiej.

The main subject of analysis in this paper is the role of the state (government) in the functioning of economy and society in a post-socialist country. The frame of analysis is made up of the triad: values – norms – goods. The author presents the way economics approaches the category of value, stressing that this category has a very limited meaning in the theory of economics, but plays a significant role as a starting point in formulation of economic policy. However, norms could be treated as a concept related to institutional foundations of economy and social life. Achievements of institutional economics have a very significant impact on the development of contemporary economics, especially in the area of systemic transformation and in explaining the mechanisms of economic development. The author also touches upon the renaissance of the idea of “expanding government” in Poland and in other countries, and discusses the dangers associated with this tendency. He also describes the role of the state in relation to globalization and European integration.

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1 Equilibrium. Quarterly Journal of Economics and Economic Policy

1 Zarządzanie Publiczne / Public Governance

1 Drab R.

1 Martinkova S.

1 Mihokova L.

1 Wilkin J.

2 2017

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SHORT-TERM FISCAL IMBALANCE COMPARISON IN V4 COUNTRIES USING A DYNAMIC CONDITIONAL CORRELATION APPROACH

Współczesne państwo wobec triady funkcjonalnej: wartości – normy – dobra