A Comparative Analysis of Fiscal Policy Changes in Selected European Union Countries outside the Eurozone

• Authors: Agata Szymańska

Title variants

Analiza porównawcza zmian polityki fiskalnej w wybranych krajach Unii Europejskiej spoza strefy euro

• Languages of publication: EN

Abstracts

EN

The aim of this article is to investigate the fiscal policy changes in six Central and Eastern European countries outside the Eurozone: Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Romania. The analysis covers the period from 2004 to 2017. The study uses changes in the cyclically‑adjusted primary balance as a main indicator to assess the fiscal policy stance. The results indicate that, in general, over the period from 2004 to 2017, the fiscal stance in these countries was somewhat contractionary.

PL

Celem artykułu jest analiza zmian polityki fiskalnej w sześciu krajach Europy Środkowo‑Wschodnie spoza strefy euro: Bułgarii, Czechach, Chorwacji, Węgier, Polsce i Rumunii. Analiza obejmuje okres lat 2004-2017, czyli okres pomiędzy dotychczas największym rozszerzeniem Unii Europejskiej a najnowszymi dostępnymi danymi. W badaniu wykorzystano zmiany salda pierwotnego skorygowanego o wahania cykliczne, jako główny wskaźnik oceny kursu polityki fiskalnej. Wyniki wskazują, że polityka fiskalna w tych krajach była przeważnie restrykcyjna.

Keywords

EN

fiscal stance; cyclically‑adjusted primary balance; non‑Eurozone countries

PL

pozycja fiskalna; saldo pierwotne skorygowane o wahania cykliczne; kraje Unii Europejskiej spoza strefy euro; pozycja fiskalna; saldo pierwotne skorygowane o wahania cykliczne; kraje Unii Europejskiej spoza strefy euro

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Comparative Economic Research. Central and Eastern Europe
• Year: 2019
• Volume: 22
• Issue: 3
• Pages: 131-143

Dates

published

2019-08-19

Contributors

author

Agata Szymańska

• Institute of Economics, Faculty of Economics and Sociology University of Lodz, Lodz, Poland

References

• Ademmer, E., Boeing‑Reicher, C., Boysen‑Hogrefe, J., Gern, K.J., Stolzenburg, U. (2016), Euro area fiscal stance: definition, implementation and democratic legitimacy, Directorate‑General for the Internal Policies of the Union, European Parliament.
• Alesina, A., Campante, F., Tabelini, G. (2008), Why is fiscal policy often procyclical. “Journal of the European Economic Association” 65, pp. 1006–1036.
• Arsic, M., Nojkovic, A., Randjelovic, S. (2017), Determinants of discretionary fiscal policy in Central and Eastern Europe, “Economic Systems”, 41 (3), pp. 367–378.
• Atoyan, R., Jaeger, A., Smith, D. (2012), The pre‑crisis capital flow surge to emerging Europe: Did countercyclical fiscal policy make a difference? IMF Working Paper No. 12/222. International Monetary Fund, Washington, D.C.
• Bańkowski, K., Ferdinandusse, M. (2017), Euro area fiscal stance, EBC Occasional Paper Series, Paper No. 182, January 2017.
• Cimadomo, J. (2005), Has the Stability and Growth Pact made fiscal policy more pro‑cyclical?, La Lettre du CEPII, No. 247, July‑August, Paris.
• Coricelli, F. (2004), Fiscal policy in an enlarged EU. Revue de l’OFCE No. 91, 191–208.
• Davis, J.M. (1995), Guidelines for fiscal adjustment, IMF, Pamphlet Series, No. 49, December.
• European Central Bank (2016), The euro area fiscal stance, Economic Bulletin, Issue 4/2016.
• European Central Bank (2018), EBC Economic Bulletin, Issue 2/2018.
• European Commission (2009), Public finances in EMU, European Economy 5/2009.
• European Commission (2016), Towards a positive euro area fiscal stance. Supporting public investments that increase economic growth, EPSC Strategic Notes, issue 20.
• European Commission (2018), European economic forecast. Autumn 2018, Institutional Paper 089.
• European Commission (2018a), Debt sustainability monitor 2017, Institutional Paper 071. January.
• European Commission (2018b), Cyclical adjustment of budget balances. Autumn 2018. Directorate‑General for Economic and Financial Affairs.
• Gali, J., Perotti, R. (2003), Fiscal policy and monetary integration in Europe. Economic Policy 18 (37), pp. 533–572.
• Gavin, M., Perotti, R. (1997), Fiscal policy in Latin America, [in:] Bernanke, B., Rotemberg, J. (eds.), NBER Macroeconomics Annual 1997. MIT Press, Cambridge, MA, pp. 11–72.
• IMF (2004), World Economic Outlook. September 2004: The Global Demographic Transition, IMF.
• Kaminski, G., Reinhart, C., Vegh, C. (2004), When it rains, it pours: Procyclical capital flows and macroeconomic policies, [in:] Getler, M., Rogoff, K. (eds.), NBER Macroeconomics Annual 2004. MIT Press, Cambridge, MA.
• OECD (2002), Fiscal stance over the cycle: The role of debt, Institutions and Budget Constraints. OECD Publishing, Paris.
• Philip, R., Janssen, J. (2002), Developing an indicator for fiscal stance for New Zealand, [in:] The Impact of Fiscal Policy, book of proceedings of Workshops on Public Finance – Perugia, 21–23 Marzo 2002, Banca d’Italia, pp. 189–214.
• Uryszek, T. (2015), Long‑term sustainability of public finance in the Central and Eastern EU Member States, “Comparative Economic Research. Central and Eastern Europe”, 18 (4), pp. 47–61.

Identifiers

DOI

10.2478/cer-2019-0027