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1

EXPENDITURE COMPETITION AND A SOFT BUDGET CONSTRAINT

100%
Jevcak A.
Ekonomický časopis (Journal of Economics)
|
2007
|
vol. 55
|
issue 5
476-483
EN
This paper offers a two-period small open economy model with publicly provided production inputs. The model confirms that if government's and consumers' relative preferences for second period utility coincide, while at the same time the public cost of borrowing and the consumers' return on saving are identical, lump-sum taxation and public debt are equivalent methods of financing public input provision. However, if the public cost of borrowing and the consumers' return on saving do not match, debt financing similarly as capital taxation can depending on circumstances lead to under- or over-provision of public inputs in a small open economy. Furthermore, if the government cannot ex ante commit to a certain expenditure level, the difference between the government's and consumers' discount rate can also result into under- or over-provision of public inputs.
2

PUBLIC FINANCE IN EURO ZONE - CHALLENGES AND DIRECTION OF CHANGES

100%
Oreziak L.
Myśl Ekonomiczna i Prawna
|
2005
|
issue 1(8)
15-34
EN
Poland is interested in entering the euro zone in the next few years. Replacing a zloty with a euro should constitute a considerable incentive for the development of the Polish economy. However, this has to be preceded by fulfillment of certain economic conditions referred to as the criteria of convergence. One of these is a criterion concerning public finance. Fulfilling this criterion may turn out to be very difficult for Poland. Therefore, the experiences of the euro zone countries of reducing the budget deficit and public debt are of vital importance here.
3

The Problem of Public Debt in Pre-Keynesian Economic Thought

100%
Babczuk A.
Ekonomista
|
2008
|
issue 6
777-797
EN
Managers of public finances and thinkers were interested in public debt long time before economic theory started to be formulated. Initially negative attitude to public debt was a consequence of theological criticism of financial usury. For the first time public debt as instrument of public finance management was accepted by mercantilists. In first half of 19th century most economists, especially representatives of the English liberal school, were strong against creation of public debt. One of the first economist who justified temporary public credit was C.F. Bastable. In the second half of 19th century public debt was accepted by representatives of historical school. They argued with neoclassical economists, who were against the practice of incurring public debt.
4

EFFECT OF PUBLIC DEBT ON INCOME INEQUALITY IN ADVANCED ECONOMIES: DOES INSTITUTIONAL QUALITY MATTER?

100%
Nguyen V. B.
Ekonomický časopis (Journal of Economics)
|
2022
|
vol. 70
|
issue 9-10
723 – 742
EN
Global income inequality becomes one of the severe problems in most economies, while government spending financed by public debt can be a good instrument of fiscal policy to reduce this inequality in society. Does institutional quality affect the public debt – income inequality relationship in advanced economies? For the answer, the paper employs the system-GMM and PMG estimator to examine the effects of public debt, institutional quality, and their interaction on income inequality for a group of 30 advanced economies from 2002 through 2020. The paper finds some exciting results. Public debt and institutional quality narrow income inequality, but their interaction term widens. Furthermore, economic growth and unemployment increase income inequality, while education decreases it. The findings suggest some necessary policy implications to narrow income inequality through public debt and institutional quality.
5

TRANSMISSION OF FISCAL SPILLOVERS ON INTEREST RATES IN EMU

88%
Petrović Malešević L.
Ekonomický časopis (Journal of Economics)
|
2020
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vol. 68
|
issue 9
939 – 962
EN
In this paper we investigate the relationship between fiscal imbalances and long-term interest rates and assess various transmission channels of fiscal spillovers in EMU during 2002 – 2015. Our results support the importance of bilateral trade, informational and geographical channel of transmission, with spillovers accounting for more than 50 percent of the overall effect. Our findings suggest that if the share of public debt in GDP in all countries increases by 1 percentage point, the long-term interest rates of a given country will, on average, increase by 2.56 – 5.98 basis points, 1.9 – 3.61 basis points of which can be attributed to indirect effects.
6
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Teoretyczne aspekty dyscyplinowania polityki fiskalnej w państwach należących do Unii Gospodarczej i Walutowej

88%
Giżyński J.
Zarządzanie i Finanse
|
2012
|
vol. 2
|
issue 1
31-47
EN
The aim of this article is to present main views on running fiscal policies in Member States of the Economic and Monetary Union in the light of optimum currency area theories. Article also summarizes theoretical premises of fiscal policy discipline in the euro area.
7

Budget sustainability

88%
Papa L., Valentinyi A.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 5
395-426
EN
Government deficit and level of public debt are among the economic fundamentals. The basic question to ask about fiscal policy is whether it is sustainable. This paper first studies the theoretical problem of sustainability. One implication of the theory is that fiscal sustainability is determined by future fiscal policies. Hence, it is not possible to measure sustainability in the narrow theoretical sense. The authors propose a definition of sustainability that can be used in empirical applications. Next, building on their theoretical analysis, they review the empirical literature on fiscal sustainability, with particular attention to the theoretical criteria of sustainability and the indicators used in the empirical studies. Finally, they present two simple indicators of fiscal sustainability that they use to study the sustainability of fiscal policy in Brazil and Hungary.
8

IMBALANCES AND DEBT CRISIS IN THE EURO AREA

88%
Sipko J.
Ekonomický časopis (Journal of Economics)
|
2014
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vol. 62
|
issue 3
265 – 284
EN
The main goal of the article is to analyse some critical macro and microeconomic indicators between 1995 and 2012 in EU member states, but in particular, in the Euro Area. By using quantitative and comparative analysis, the paper found that there is a trend of both internal and external imbalances within the single currency area. Both regression and correlation analysis indicated statistically significant relations between the key macro and microeconomic indicators, such as the current account, market share, net international investment position, fiscal deficit and public debt, including imbalances in the TARGET2 system. Based on this, the paper came to the conclusion that put the economies on a sustainable, solid and balanced economic growth path in the euro-zone countries, comprehensive structural reform agenda is needed, adopting and implementing the medium-term fiscal consolidation plans a the creation of banking union would be critical.
9

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

75%
Šuliková V., Djukic M., Gazda V., Horváth D., Kulhánek L.
Ekonomický časopis (Journal of Economics)
|
2015
|
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).
10

Otsiniuvannia rivnia borhovoi bezpeky derzhavy

75%
Makaryuk O. V., Yatsenko N. V.
Mekhanizm Rehuluvannya Economiky
|
2010
|
vol. 4 (48)
223-226
EN
This article analyzes the approaches to estimating the level of debt security. The advantages and disadvantages of each approach. Analyzed the effects of lowering the debt security.
11

THE BUDGET DEFICIT AND ECONOMIC ACTIVITY (Deficyt budzetu panstwa i aktywnosc gospodarcza)

75%
Krawczyk M.
Ekonomista
|
2009
|
issue 5
559-578
EN
In economic theory the budget deficit policy is a controversial issue and economists dispute over its potency to stimulate the economy. In the case of deficit which results from increased budgetary expenditure the discussion concentrates on such issues as how lasting are the changes in employment, output and prices caused by deficit spending and to what extent the crowding-out effect would raise interest rates and lead to a reduction of households' expenditure. The influence of the deficit on economic activity is ambigious because much depends on what households do when new treasury bills flow into their portfolios. Economic crises make this influence quite uncertain as households' expectations tend to become unstable and their decisions unpredictable . In such a situation the success of the budget deficit policy depends on the ability of policy makers to moderate the behaviour of households.
12

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.
13
Content available remote

Sprawiedliwość międzypokoleniowa jako wyzwanie społeczno-etyczne

75%
Wiemeyer J.
Roczniki Nauk Społecznych
|
2011
|
vol. 3(39)
69-87
EN
The article draws the reader’s attention to the category of intergenerational justice, that is justice concentrated on the space between two points that are distant from each other, and asks the question about how social relations improved during the life-time of one generation and how they deteriorated in the life-time of another; as well as one if one generation may burden another one that follows it with its own charges, in this way setting itself free of them. In a long-term perspective intergenerational justice is the main ethical challenge that concerns not only German and Polish demography, but practically that of all the European Union countries. In the worldwide scale especially the problem of ecology is significant, as well as the problem of dealing with natural resources. Since in the political process future generations do not yet have the right to make decisions, there is a threat that their interests will be neglected, and the present generation will make profits at the cost of the future ones. This is why drawing everybody’s attention to so important ethical issues is one of the Church’s significant tasks.
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