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1
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Konsolidacja fiskalna w krajach Unii Gospodarczej i Walutowej w warunkach kryzysu zadłużenia

100%
Giżyński J.
Zarządzanie i Finanse
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2012
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vol. 4
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issue 1
179-193
EN
The aim of this article is to present an idea of fiscal consolidation and its methods, used in Member States of the Economic and Monetary Union (EMU) and to point out the benefits and costs of fiscal consolidation. The article also analyzes and assesses the main effects of fiscal consolidation policies in EMU countries in the time of debt crisis. Fiscal consolidation is a policy which strengthens public finances by reducing government deficit. In EMU, the level of budget deficit is limited to 3 percent of GDP. If deficit exists for a long time, the state of public finances is harmed. Euro area countries have used three different methods of fiscal consolidation, i.e. by increasing public incomes, by reducing public expenditures and by using a mixed method. Despite the fact that the fiscal consolidation weakens economic growth in the short term, it limits the possibility of degradation of public finances in the long term. The postponed effects of financial and economic crisis which took place from the year 2007 to 2009, have caused the fact that the risk of insolvency has risen up significantly in some EMU countries. Since the first half of 2010, in order to defeat public finance crisis, the Member States have introduced fiscal consolidation programs. These programs are to reduce public expenditures and increase tax incomes. Taken actions have caused inter alia a fall in a budget deficit level and stabilization in public debt level in the EMU. Besides these facts, some Members still have to take further reforms, making their decisions on the provisions having its grounds in the modified Stability and Growth Pact.
2
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Kryzys w strefie euro – geneza zjawiska

100%
Ziemba M.
Zarządzanie i Finanse
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2012
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vol. 4
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issue 2
419-433
EN
The euro area should have prevented to political conflicts and should have become a basis for further integration in Europe, but the current financial crisis revealed the shortcomings of this monetary union. The publication analyses the causes of failure of the euro zone’s concept in the context of the theory of optimum currency area, the costs and benefits approach and the endogeneity of the optimum currency area criteria.
3
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Czynniki kreujące i destabilizujące strefę euro w warunkach kryzysu

80%
Przygoda M.
Zarządzanie i Finanse
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2012
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vol. 4
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issue 2
189-205
EN
The establishment of a common European currency was an expression of a political intention to accelerate the integration processes in the European Union and to provide its societies with a possibility to make use of the benefits of a peaceful coexistence of nations. The eurozone was supposed to help to create a safe and dynamically developing “common European home”. The economic crisis, which came to the Old Continent from overseas, called the fulfilment of those plans into question. Now, the fortunes of the united Europe in its current form are uncertain. The future of the common currency will fundamentally influence all this what must happen. The article deals with the factors which influence the current events. They are divided into factors creating and bonding the eurogroup and those which contribute to its destabilisation. There is also an analysis which indicates which factors will fundamentally influence the shape of the euro area in the nearest future.
4

SOVEREIGN CREDIT RATINGS IN „NEW“ EU MEMBER STATES – A COMPARATIVE ANALYSIS IN TIMES OF CRISIS AND TRANQUILITY

80%
Stawasz-Grabowska E., Stawska J.
Ekonomický časopis (Journal of Economics)
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2021
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vol. 69
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issue 6
559 – 581
EN
This paper investigates the impact of quantitative and qualitative factors on the long-term sovereign credit ratings of nine countries that joined the European Union in 2004 (Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia). Among this group, two subgroups are distinguished – euro area members and countries that pursue an independent monetary policy. The analysis is conducted for the period of 2004q1 – 2018q4, which is later divided into pre-crisis, crisis, and post-crisis sub-periods. Using a panel fixed effects model with robust standard errors, we find that the macroeconomic variables played the dominant role throughout the period under analysis, and particularly during the crisis. Moreover, the quality of governance had an important impact on the ratings in all three sub-periods. We also find that euro area membership has provided additional benefits in terms of countries’ perceived credibility.
5

Integracja finansowa strefy euro – wnioski dla Polski

80%
Zyguła A.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2011
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issue 875
63-77
EN
The internationalisation of economies and the deepening of cooperation on a regional and global scale have determined to a large extent changes on global financial markets. The process of financial integration within the European Union is, therefore, a part of a broader process of globalisation and liberalisation of the world economy. The introduction in 1999 of a common currency, the euro, has created a unique opportunity to step up this process. Financial integration is an extremely complex phenomenon. Due to the multiplicity of determining conditions, it is impossible to highlight them all. Accordingly, the article characterises synthetically the financial market integration process in the euro area by focusing only on two of their main operating segments, i.e. money markets and capital markets. Within these segments the largest sub-segments – markets – have been characterised, taking as a criterion in its narrow definition the type of partial instruments occurring on these markets.
6
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Teoretyczne aspekty dyscyplinowania polityki fiskalnej w państwach należących do Unii Gospodarczej i Walutowej

70%
Giżyński J.
Zarządzanie i Finanse
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2012
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vol. 2
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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

LONG-RUN DETERMINANTS OF CONSUMPTION IN THE EURO AREA: IS THERE A ROLE FOR UNCERTAINTY?

70%
Dajcman S.
Ekonomický časopis (Journal of Economics)
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2018
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vol. 66
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issue 10
969 – 986
EN
This paper examines the long-run (co-integrating) relationship between real consumption, real disposable income, real net financial wealth, real housing wealth, and uncertainties in future income (income uncertainty) and the rate of return on accumulated financial wealth (capital uncertainty) for a panel of 12 euro area countries. Using proxies for the unobservable housing wealth and income and capital uncertainty, we show that such a relationship does exist, but it is not homogenous for the euro area as a whole. Real disposable income and real net financial wealth are the main determinants of real consumption for the PIIGS (Portugal, Italy, Ireland, Greece, and Spain) and non-PIIGS (Austria, Belgium, Finland, France, Germany, Netherlands, and Slovenia) euro areas. Income and capital uncertainties are negatively associated with real consumption, but only in the PIIGS euro area.
8

ROLE OF EXCHANGE RATE ON THE ROAD TOWARDS THE EURO AREA: THE CASE OF BALTIC AND CENTRAL EMERGING EUROPEAN ECONOMIES

61%
Beker Pucar E., Glavaški O.
Ekonomický časopis (Journal of Economics)
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2020
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vol. 68
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issue 3
289 – 317
EN
The paper deals with the attractiveness of the euro area for emerging EU members (Central Emerging European Economies vs Baltic States) from the angle of previously applied exchange rate regimes (floaters vs fixers). Monetary convergence is accompanied with real exchange rate appreciation, but the adjustment channels differ in dependence from adopted exchange rate framework. Impulse response functions from bivariate VAR models in the period 2000 – 2018/euro adoption are used to identify the impact of monetary and real shocks to real exchange rate variations, as well as real exchange rate transmission to economic activities. The results indicate: the prevalence of real shocks in initiating real exchange rate appreciation; higher real exchange rate sensitivity for the floaters with higher loss in terms of stabilization mechanism; less contractionary real exchange rate appreciation for the floaters with less output constraints due to the role of exchange rate as a shock absorber.
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