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1

Social confidence and budget deficit

100%
Gyorffy D.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 3
274-290
EN
The study examines how confidence in the state affects the establishment and maintenance of budget equilibrium. The main supposition is that in countries where society's confidence in the political system is low there are factors contributing to budget deficit on the revenue and expenditure sides: on the revenue side, there is a greater inclination to evade tax, and on the expenditure side, a temptation to populism and difficulty in obtaining a consensus for reform. The positive link between confidence and budget equilibrium is explored first through statistical analysis of experience so far in the Euro zone, and secondly through qualitative comparison of consolidation in Sweden and in Hungary in the mid-1990s. The main conclusion drawn from recognizing the relation between confidence and equilibrium is that the chance of durable budget equilibrium is small in a low-confidence environment, where cycles of overspending and restriction can be expected instead.
2

Hungarian fiscal policy: 'quo vadis'?

100%
Orban G., Szapary G.
Kozgazdasagi Szemle (Economic Review)
|
2006
|
vol. 53
|
issue 4
293-309
EN
The study reviews the causes and macroeconomic effects of the persistently high budget deficit in Hungary in recent years and then outlines the possible directions of a solution. A concise theoretical account is followed by analysis of the process of loosening fiscal policy and its effect on external equilibrium and the country's risk rating. Attention is drawn to the dangers that a chronic budget deficit poses to long-term balanced growth. Finally, without aiming at completeness, the authors draw some conclusions for economic policy.
3

Kontrowersje wokół Paktu na rzecz stabilności i wzrostu

80%
Ciak J.
Roczniki Naukowe Wyższej Szkoły Bankowej w Toruniu
|
2011
|
issue 10
29-40
EN
Pact for Stability and Growth was to be a reliable way to ensure public finances. It commits the Economic Union countries to presenting a monetary budget in the medium term. The idea is to achieve a situation close to a balance in the budget, even a surplus. The deterioration of the fiscal situation of the European Union countries, including the euro area countries, especially in recent times, forcing the introduction of changes to the existing rules of the Pact. Undoubtedly, the introduction of the changes proposed by the European Commission should impact positively on the change in the approach to the problems of excessive deficits and public debt to GDP for the euro area, as well as for the future members of this zone in connection with ongoing processes of European integration
4

SOURCES EVOLUTION OF BUDGET DEFICIT'S FINANCING IN POLAND SUBJECT TO PUSH-OUT EFFECT (Ewolucja zrodel finansowania deficytu budzetowego w Polsce z uwzglednieniem efektu wypychania)

80%
Kocurek K.
Contemporary Economics
|
2008
|
issue 3(7)
21-30
EN
In the article, the author analyses sources of budget deficit's financing in the transformation period in Poland. Firstly, different instruments that can balance expenses of state's budget over its income are presented. Then an analysis of the structure of deficit's financing and its consequences for the economy is made. The author pays attention to efficiency of the fiscal expansion in the short and long term and describes the direct and indirect push out effect. In result performed analysis it is claimed that the choice of sources of deficit's financing has the fundamental significance for the economic policy.
5

Be on your guard! Cyclically adjusted budget deficit

80%
P-Kiss G., Vadas G.
Kozgazdasagi Szemle (Economic Review)
|
2005
|
vol. 52
|
issue 2
109-129
EN
Cyclically adjusted budget deficit (CAB) is a concept widely cited and used in evaluating fiscal situations. The key idea behind it is to separate temporary and/or non-discretionary effects on budget deficit from the underlying balance and/or effects of discretionary measures of fiscal policy. Computation of CAB is based on identification of the potential level of economic variables. In this paper, it is demonstrated that composition matters in the case of both real and nominal variables. The European Commission and the European Central Bank have each proposed methods for measuring CAB, but these are not fully capable of satisfying all requirements. Besides, results show that aggregated and disaggregated approaches provide different estimations, to the benefit of the latter. The paper presents an alternative method, able to incorporate the advantages of both approaches. Combining output gap from production function and constrained multivariate HP filter induces a theoretically motivated disaggregated approach that also exploits the implication of production-function parameterization. Taking into account the nominal features, for example, nominal elements of the tax code or deflators directly affected by the government, the more precise definition of discretionary measures became also important.
6

Problems of implementing the stability and growth pact and the outlines of a possible solution

80%
Racz M.
Kozgazdasagi Szemle (Economic Review)
|
2004
|
vol. 51
|
issue 10
970-986
EN
The Economic and Monetary Union (EMU) is a curious formation in terms of two components of monetary policy. While monetary policy is placed on the supranational plane, fiscal policy remains within national frames. According to the original concept of EMU, it was enough to regulate the extent of the current deficit. However, it emerged in 2003 that this kind of regulation is not capable of compelling member-states continually to keep their current-account deficit within 3 per cent of GDP. This has placed EMU in legal uncertainty and institutional tension. It has become clear that confinement of the budget deficit - in line with the rules - is growth dependent. GDP growth provides grounds for constant concern in these countries, as such and in comparative terms. The European Commission and the finance ministers of member-states have to find out rapidly how to devise adequate regulation, in practice and in terms of penalties for non-compliance.
7
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EVALUATION OF THE IMPACT OF FINANCIAL CRISIS ON THE CONDITION OF PUBLIC FINANCES IN POLAND (Ocena wplywu kryzysu finansowego na stan finansow publicznych w Polsce)

80%
Skica T., Pater R.
Finansowy Kwartalnik Internetowy e-Finanse
|
2010
|
vol. 6
|
issue 4
36-50
EN
The article is an attempt to diagnose the current condition of public finances in Poland. The authors have adopted the goal of analyzing the impact of financial crisis on the condition of domestic public finances, referring to the results of findings of indexes describing public finance in European Union countries. The article is a view of domestic comparisons of the current situation of public finances against the background of crisis that affected the economy of each of the EU countries. The article evaluates and examines the scale and the impact of the consequences of the crisis on the condition of public finances in Poland, pointing to threats that influence the stability of the financial system as an effect of abandonments to reform of public finances.
8

FINANCING THE BUDGET DEFICIT ON THE CAPITAL MARKET

80%
Nawrot W.
Myśl Ekonomiczna i Prawna
|
2005
|
issue 1(8)
35-57
EN
In the most recent history of Poland, the budget deficit in 2002 hit a low of nearly 40 bilion zloties. In the years under inspection the rising deficit created an increased need for loans. One of the major sources of the budget financing is the issue of treasury bonds. The regularly rising budget deficit was accompanied by a regular increase in bonds' interest. Consequently, the high interest of treasury bonds raised the costs of acquiring financial means by companies issuing bonds and shares. It results from the fact that treasury bonds are regarded as securities of the lowest investment risk whereas companies shares are characterized by a higher risk.
9
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Ograniczenie obciazen podatkowych w Polsce

70%
Karwowski J.
Nauki o Finansach
|
2011
|
issue 6
67-78
EN
The purpose of this paper is to analyze the possibilities and implications of reducing the income tax burden for the Polish economy. Two major proposals are presented: 1) halving the tax-GDP ratio to below 20% and changing the structure of budget expenses to reflect the real needs of the society (e.g. public order and safety, education, R&D, health, infrastructure); and 2) reducing, and finally abolishing income taxes to positively influence economic growth and welfare in Poland. Several implications on the conduct of these proposals are discussed. Paper findings are subject to a discussion concerning the flat tax debate.
10
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Teoretyczne aspekty dyscyplinowania polityki fiskalnej w państwach należących do Unii Gospodarczej i Walutowej

70%
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.
11
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IMPACT OF THE PROVISIONS OF POLISH CONSTITUTION ON THE POSSIBILITY OF LIMITATION OF PUBLIC EXPENDITURES (Wplyw przepisow Konstytucji RP na mozliwosc ograniczenia wydatkow publicznych)

70%
Grygorowicz W.
Przegląd Sejmowy
|
2009
|
issue 5(94)
129-138
EN
The article attempts to answer the question of effectiveness of the constitutional provisions (which exist for more then ten years in Polish legal order) aimed at maintaining the balance in public finances. As this balance has been threatened by the economic crisis, there is a need for assessment whether the regulations contained in Polish Constitution provide sufficient safeguards for one of the fundamental values, i.e. financial stability of the State. The issues of possible growth of budget deficit and further increase of national debt have become the subject of heated political debate. The existing constitutional limitations in this field, imposed on the legislative and executive branches of power, raise controversy due to their restrictive character. In these circumstances, any attempts to further limit this freedom should be subject to careful examination in order to prevent violation of fundamental principles affecting the functioning of the state ruled by law. Of particular importance, in this context, is the conclusion of work on a government bill on public finances. The bill contains provisions to enable practical accomplishment of the values enshrined in the Constitution aimed at maintaining financial stability of the State. The article presents assessment of legal regulations contained in the above-mentioned bill, concerning in particular the so-called precautionary and sanative procedures. Their effective functioning, in face of a dramatic increase in the public debt, deserve more attention.
12

IMPACT OF FISCAL RULES ON GOVERNMENT EXPENDITURE AND TAX REVENUE IN EMERGING EUROPEAN COUNTRIES: THRESHOLD EFFECT OF BUDGET DEFICIT

61%
Kȍktaş A. M., Günel T.
Ekonomický časopis (Journal of Economics)
|
2022
|
vol. 70
|
issue 3
264 – 283
EN
This study aims to investigate the effectiveness of fiscal rules in terms of government expenditure and tax revenues with and without the threshold effect of the budget deficit over the period 1995 – 2019 in 91 emerging European countries, as the frequency and severity of the implementation of fiscal rules vary according to the level of the budget deficit. To achieve this objective, the study firstly examines this relationship using the fixed and random effect methods without considering the threshold effect of budget deficit. Secondly, the study employs the panel threshold method proposed by Hansen (1999) to examine this relationship with the threshold effect of budget deficit, which is different from previous studies. Based on the panel threshold estimation, the results reveal that there are two threshold levels of budget deficit on government expenditure and a single threshold level of budget deficit on government tax revenue. Depending on these thresholds, the effect of fiscal rules on government expenditure and tax revenue varies significantly. This suggests that fiscal rules are more effective in ensuring fiscal discipline when the budget deficit is high and less effective when the budget deficit is low.
13

REASONS OF THE GREEK CRISIS (Przyczyny greckiego kryzysu)

61%
Rymarczyk J.
Ekonomia - Uniwersytet Ekonomiczny we Wroclawiu
|
2011
|
issue 1(13)
175-184
EN
In the article the author analyzes the major causes of the outbreak of the economic crisis in Greece. In his opinion they are: mistaken economic policy of the state, not taking structural changes of the economy and not using the chances of globalization and the membership in the European Union to increase the competitiveness of the economy. The author also shows the chances to solve the crisis.
14

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

61%
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.
15

Political Reforms Based on Human Capital Research Programme

61%
Dobija M.
Argumenta Oeconomica Cracoviensia
|
2012
|
issue 8
9-29
EN
The aim of this paper is to introduce a political programme of reforms stemming from human capital research conducted over more than 15 years. Recognition of the abstract nature of capital has made alternative research possible. Human capital ‒ the human ability to do work ‒ is under the authority of all fundamental laws established in respect of the general notion of capital as spontaneous, and possessing random diffusion and limited growth. The phenomenon of human capital’s natural dispersion is a starting point for the theory of the minimum wage, which ought to be sufficient to counterbalance the natural thinning out of the initial human capital of an employee. The essence of the money economy reveals an abstract triad: capital – labour – money, where capital is the ability to do work, labour is the transfer of capital to products, and wages receivable correctly defines money earned by employees. The only proper money creating process is through labour. Money is a certification of work done; therefore labour is always self-financing. Using this theoretical framework, governments can eliminate budget deficits, and reduce direct taxes and unemployment while avoiding inflation. If the compensation paid in the public sector comes from the funds collected by taxation, then the economy works as a scarcity machine. In the reshaped economic system, the Central Bank directly transfers salaries earned by the public sector employees to their bank accounts. The budgets are then balanced, the direct taxes are limited, and the public debt no longer grows. The modern equation of exchange involves labour productivity as a fundamental economic ratio.
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