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Tytuł:
The European Union fiscal policy framework and fiscal sustainability: challenges for the post-crisis environment
Autorzy:
Kosterna, Urszula
Powiązania:
https://bibliotekanauki.pl/articles/1945062.pdf
Data publikacji:
2021-08-31
Wydawca:
Instytut Naukowo-Wydawniczy "SPATIUM"
Tematy:
fiscal policy
fiscal rules
deficit
surplus
public debt
Opis:
The fiscal policy framework in the European Union was originally agreed upon in the Maastricht Treaty 30 years ago. In the following years it has been supplemented (Stability and Growth Pact) and modified, influenced by the experience of its application practice and external shocks, such as the financial crisis. However, the essence of this framework remained the same - member states are obliged to conduct a disciplined fiscal policy, which, in a nutshell, is assessed by comparing the ratio of budget deficit and public debt to GDP in a given country to the reference values. Even before the outbreak of the Covid-19 pandemic, the need to change the mechanisms for disciplining fiscal policy was widely recognized. High and persistent levels of public debt, pro-cyclicality of fiscal policy, shortage of public investment and the complexity of fiscal rules and their weak enforceability are indicated as unfavorable features of public finance. In 2019 the COVID-19 pandemic came as the biggest shock to the world community since World War II. In the context of the provisions on fiscal discipline, in May 2020 the Commission and the Council activated the general escape clause of Stability and Growth Pact, for the first time ever. This has allowed member states to take the necessary fiscal measures to deal with the crisis. On 19 October 2021, the European Commission adopted a Communication relaunching the public consultation, put on hold in March 2020, on the EU?s economic governance framework. The new governance framework should be tailored to the challenges the EU is facing, including the challenge of achieving a fiscal stance that is appropriate for the euro area as a whole.  There is a fairly widespread belief in the need to move away from rigid reference values, which should be replaced by solutions that ensure the sustainability of public debt in the differing circumstances of member states. The proposed options for the revision of the EU fiscal framework, although justified in theory, have a fundamental flaw - they strengthen the position of supranational institutions and, moreover, open the door to discretion and potentially unequal treatment of member states. These proposals can be seen in a broader context - the federalization of the EU, which would limit the sovereignty of nation states.
Źródło:
Central European Review of Economics & Finance; 2021, 33, 2; 67-82
2082-8500
2083-4314
Pojawia się w:
Central European Review of Economics & Finance
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
A Comparison of German, Swiss, and Polish Fiscal Rules Using Monte Carlo Simulations
Porównanie niemieckiej, szwajcarskiej i polskiej reguły fiskalnej przy użyciu symulacji Monte Carlo
Autorzy:
Pigoń, Adam
Ramsza, Michał
Powiązania:
https://bibliotekanauki.pl/articles/2156736.pdf
Data publikacji:
2022-12-30
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
Tematy:
polityka fiskalna
reguły fiskalne
fiscal policy
fiscal rules
Opis:
This paper assesses the economic implications of existing fiscal rules in Poland, Switzerland and Germany. In the analysis, we establish economic relationships between output, government revenues and expenditures, estimating a VAR model based on US data for the 1960–2015 period. We impose on these relationships fiscal policies implied by a given rule and analyse the consequences for the simulated paths of debts, deficits and expenditures in terms of stability and cyclicality. We find that the Swiss and German rules are strict and stabilise deficits at low levels. However, this may still not be sufficient to stabilise debt in the long term in the strict sense. The Polish rule stabilises the debt level at about 40% – 50% of the GDP in the long term. All the rules imply an anticyclical fiscal policy: the deficit-to-GDP ratio implied by changes in the output gap increases by up to 2.2 percentage points, 3.3 pp and 3.9 pp over the whole business cycle for the Polish, Swiss and German rules respectively. These results can be perceived as satisfactory for the Swiss and German rules.
W niniejszym artykule oceniamy skutki ekonomiczne istniejących reguł fiskalnych w Polsce, Szwajcarii i Niemczech. W analizie ustalamy związek pomiędzy PKB, dochodami i wydatkami rządowymi, estymując model VAR oparty na danych amerykańskich dla okresu 1960–2015. Nakładamy na te relacje polityki fiskalne implikowane przez daną regułę i analizujemy konsekwencje dla symulowanych ścieżek długu, deficytu i wydatków pod względem stabilności i cykliczności. Stwierdzamy, że reguły szwajcarska i niemiecka są konserwatywne i stabilizują deficyty na niskich poziomach. Może to być jednak niewystarczające do stabilizacji długu w długim okresie w ścisłym sensie. Polska reguła stabilizuje poziom długu na poziomie około 40–50% PKB w długim okresie. Wszystkie reguły implikują antycykliczną politykę fiskalną: relacja deficytu do PKB powodowana zmianami luki PKB wzrasta w całym cyklu koniunkturalnym o maksymalnie 2,2 p.p., 3,3 p.p. i 3,9 p.p. odpowiednio dla reguły polskiej, szwajcarskiej i niemieckiej. Wyniki te można uznać za zadowalające w przypadku reguły szwajcarskiej i niemieckiej.
Źródło:
Gospodarka Narodowa. The Polish Journal of Economics; 2022, 312, 4; 17-41
2300-5238
Pojawia się w:
Gospodarka Narodowa. The Polish Journal of Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Enhancing Prudent Fiscal Policy
Autorzy:
Poniatowski, Grzegorz
Powiązania:
https://bibliotekanauki.pl/articles/2075987.pdf
Data publikacji:
2020
Wydawca:
Polska Akademia Nauk. Czytelnia Czasopism PAN
Tematy:
fiscal effort
fiscal rules
cyclically-adjusted balance
fiscal governance
Opis:
The objective of this paper is to derive the characteristics of an effective governance framework ensuring incentives for conducting a prudent fiscal policy. We study this problem with the use of econometric tools and a sample of 28 European Union Member States between 2003 and 2017. By looking at specific reforms and measures, not only we verify the synthetic effectiveness of fiscal constraints but also we analyse specific elements of the governance framework. Our study shows that fiscal balances are affected not only by the economic cycle, but, among others, by the level of public debt and its cost. We find that the existence of numerical fiscal rules, in that specifically revenue and expenditures rules, their strong legal entrenchment, surveillance mechanisms, sanctions, and flexibility with respect to business cycle have a significant impact on curbing deficits.
Źródło:
Central European Journal of Economic Modelling and Econometrics; 2019, 4; 199-215
2080-0886
2080-119X
Pojawia się w:
Central European Journal of Economic Modelling and Econometrics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Diversity of public finance management instruments in EU countries
Autorzy:
Franek, Sławomir
Powiązania:
https://bibliotekanauki.pl/articles/2128117.pdf
Data publikacji:
2018
Wydawca:
Uniwersytet w Białymstoku. Wydawnictwo Uniwersytetu w Białymstoku
Tematy:
independent fiscal institutions
fiscal rules
medium-term budgetary framework
Opis:
The aim of the paper is to evaluate the implementation of public management instruments such as: independent fiscal institutions, fiscal rules and medium-term budgetary frameworks, with reference to the requirements set by EU legislation. The author uses a comparative analysis of the solutions applied in individual EU countries – based on the database of independent fiscal institutions, fiscal rules and medium-term budgetary frameworks published by the European Commission. EU regulations (‘six-pack’, ‘two-pack’) are described as regards the implementation of independent fiscal institutions, fiscal rules and medium-term budgetary frameworks. On the basis of a literature review, the influence of these instruments on the creation of fiscal stability conditions is assessed. The conducted analysis of the solutions applied in individual countries made it possible to indicate the lack of a uniform model for the functioning of individual instruments in EU countries. Additionally, it was found that the highest dynamics of these instruments can be observed in those countries which have experienced significant fiscal tensions in recent years.
Źródło:
Optimum. Economic Studies; 2018, 3(93); 63-75
1506-7637
Pojawia się w:
Optimum. Economic Studies
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Fiscal Rules and Fiscal Illusions – The Experience of Poland
Autorzy:
Panfil, Przemysław
Powiązania:
https://bibliotekanauki.pl/articles/2091831.pdf
Data publikacji:
2021-10-28
Wydawca:
Uniwersytet Gdański. Centrum Prawa Samorządowego i Prawa Finansów Lokalnych
Tematy:
deficit bias
public debt
fiscal sustainability
fiscal rules
fiscal illusions
Opis:
The aim of this article is to provide the synthetic presentation of over twenty years of Poland’s experience in establishing and obeying the system of fiscal rules. This experience depicts the scale of problems entailed by public authorities’ low determination as regards observance of constraints imposed on them. Therefore, it is necessary to substantially reinforce the budgetary frameworks in Poland with the use of the best European models. Firstly, the ESA 2010 standards should be fully implemented into the Polish legal order. Secondly, the Polish system of fiscal rules should be complemented with the budget balance rule, which would make it easier to achieve and maintain a medium-term budgetary objective defined by the EU regulations. Thirdly, a fiscal institution should be established, which would allow for constant and independent of the government monitoring of the observance of fiscal rules. Such institutional changes would make it possible to constrain the discretionary nature of the fiscal policy and, consequently, would increase Poland’s fiscal sustainability in the medium and long term. The basic research methods used in this paper are dogmatic analysis and comparative legal analysis.
Źródło:
Financial Law Review; 2021, 24, 4; 24-42
2299-6834
Pojawia się w:
Financial Law Review
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Day After Tomorrow: Designing an Optimal Fiscal Strategy for Libya
Autorzy:
Caceres, Carlos
Cevik, Serhan
Fenochietto, Ricardo
Gracia, Borja
Powiązania:
https://bibliotekanauki.pl/articles/565705.pdf
Data publikacji:
2015
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Fiscal policy
fiscal sustainability
fiscal rules
natural resources
public financial
management
Opis:
Libya is highly dependent on exhaustible and volatile hydrocarbon resources, which constitute the bulk of government revenues. Although resource wealth provides the means to promote socio-economic development, procyclical fiscal policies threaten macroeconomic stability as well as fiscal sustainability and intergenerational equity. This paper provides an assessment of the cyclically adjusted fiscal stance, analyzes fiscal sustainability according the permanent income framework, and simulates various fiscal policy rules with the objective of developing a rulebased fiscal strategy that would delink the economy from oil price fluctuations, improve the management of resource wealth, and safeguard macroeconomic stability. The empirical results suggest that an “enhanced” structural fiscal balance rule would provide the strongest anchor for policymaking, accommodating for output and/or commodity price shocks, though at the cost of relative complexity.
Źródło:
Journal of Banking and Financial Economics; 2015, 2(4); 32-50
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Macroeconomic Stability in Resource-rich Countries: The Role of Fiscal Policy
Autorzy:
Bova, Elva
Medas, Paulo
Poghosyan, Tigran
Powiązania:
https://bibliotekanauki.pl/articles/565652.pdf
Data publikacji:
2018
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
commodity prices
resource-rich countries
procyclical fiscal policy
fiscal rules
Opis:
Resource-rich countries face large and persistent shocks, especially coming from volatile commodity prices. Given the severity of the shocks, it would be expected that these countries adopt countercyclical fiscal policies to help shield the domestic economy, either through larger spending at times of commodity busts or lower spending during commodity booms. Taking advantage of a new dataset covering 48 non-renewable commodity exporters for the period 1970–2014, we investigate whether fiscal policy does indeed play a stabilizing role. Our analysis shows that fiscal policy tends to have a procyclical bias (mainly via expenditures) and, contrary to others, we do not find evidence that this bias has declined in recent years. Further, we find that the adoption of fiscal rules does not seem to reduce procyclicality in a significant way, but the quality of political institutions does matter. Finally, we find that non-commodity revenues tend to respond only to persistent changes in commodity prices.
Źródło:
Journal of Banking and Financial Economics; 2018, 1(9); 103-122
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Impact of the Council Directive on Requirements for Budgetary Frameworks of the Member States on the Polish Public Finance System
Autorzy:
Postuła, Marta
Powiązania:
https://bibliotekanauki.pl/articles/417356.pdf
Data publikacji:
2015-03-15
Wydawca:
Akademia Leona Koźmińskiego w Warszawie
Tematy:
public finance
fiscal rules
budget
Polska
European Union
Opis:
Purpose: The paper discusses the validity of the thesis according to which Polish budgetary framework in place in 2011 required only minor adjustments in order to be consistent with the principles set forth in the EU Council Directive on requirements for budgetary frameworks of Member States adopted in November 2011. Basic elements of the budgetary framework laid down in the Directive had already been provided for in Polish law. Methodology: A comparative analysis of the provisions of the Directive with relevant acts of Polish legislation, including the Public Finance Act, was carried out. The author outlines the Polish budgetary framework before 2011 and the most important adjustments introduced by the end of 2013 on the basis of the budgetary framework structure set forth in the Directive. Findings: The assessment of the convergence of provisions encompassed definitions, accounting, statistics, forecasts, numerical fiscal rules, medium-term budgetary frameworks, transparency and consistency. Its results demonstrate that Polish regulations complied with the provisions of the Directive. In order to confirm their correctness, an assessment of the practical application of recent adjustments, which entered into force in 2014, must be carried out. Constraints to research: The analysis addresses the main concepts and their most important characteristics, and therefore a synthetic approach to the subject required omitting a number of specific issues. Originality: The paper analyses the convergence of the Polish budgetary framework in 2011 and its subsequent adjustments to the provisions of the Directive of the EU Council requiring Member States to amend their legislation by the end of 2013.
Źródło:
Management and Business Administration. Central Europe; 2015, 1; 95-111
2084-3356
Pojawia się w:
Management and Business Administration. Central Europe
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Local Debt and the Development of Municipal Infrastructure. The Case of Małopolska
Autorzy:
Owsiak, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/18105079.pdf
Data publikacji:
2023
Wydawca:
Uniwersytet Marii Curie-Skłodowskiej. Wydawnictwo Uniwersytetu Marii Curie-Skłodowskiej
Tematy:
local debt
fiscal rules
local development
local government
local infrastructure
Opis:
Theoretical background: The contemporary approach to public debt is multi-faceted. Debt incurred to finance current expenses is assessed differently than debt financing capital expenditure. This distinction is also important from the point of view of local authorities as part of their budgetary policy. Each decision related to incurring a debt has not only financial consequences, but is also made in the political and image context. It is worth noting that the current research on debt insufficiently emphasizes its direct impact on the socio-economic development of a given local government unit, devoting much more attention to the impact of debt on the condition of public finances. In the case of the first stream of research, significant discrepancies should be noted with regard to the selection of optimal indicators for measuring the impact of debt on local development. Therefore, one should agree that local development is conditioned by a whole group of factors dependent and independent of local authorities. The article attempts to verify several indicators of the development of infrastructure partially financed with debt. Purpose of the article: Against this background, the subject of this study is to identify the policy of incurring debt by local government units in Poland in the longer term, to determine the degree of diversification of this policy, as well as, and perhaps above all, to link this policy with development processes. In order to avoid a superficial approach to such outlined issues, the scope of observation was limited to the communes of the Małopolska Voivodeship. Such an approach also made it possible to take into account a longer period of observation of the surveyed communes (2010–2020). Research methods: Out of the total number of 179 communes existing in Małopolska, 11 urban communes (the whole group due to their limited number), 20 rural communes and 20 urban-rural communes were randomly selected for the study. The basic criterion for assessing the policy of municipalities in relation to local debt was the ratio of total debt per capita to total revenue per capita. This indicator allows to determine the level of debt burden on communes’ revenue. Next, the total impact of variables characterizing the budgetary policy of the commune was examined, such as: a) own revenue per capita, b) investment expenditure per capita, c) non-recoverable property expenditure per capita (mainly from the European Union), d) debt per capita, on selected indicators of the development of municipal infrastructure of the commune, affecting the quality of life of the commune’s inhabitants. Progress in the development of infrastructure improves the conditions for conducting business activity of private enterprises, including the location of new entities, which may result in an increase in the commune’s own revenue. The study used a multiple correlation coefficient, the value of which was calculated in each distinguished cluster of communes. The obtained results allowed to assess how the level of indebtedness of communes influenced the socio-economic development of these units. Main findings: The conducted analysis made it possible to determine the degree of restrictiveness carried out by the authorities of the analyzed municipalities of Małopolska. The level of the multiple correlation coefficient calculated for municipalities between the explanatory variables characterizing the budgetary policy of municipalities (investment expenditure per capita, debt per capita, non-refundable property expenditure per capita and the dependent variable own revenue per capita) proves a fairly strong relationship between the analyzed variables. On the other hand, in rural communes with a low restrictive budget policy (with a high debt ratio), the total impact of the indicated variables on the level of infrastructure development is generally stronger than in communes with a more disciplined budget policy (with a lower debt level). In the case of urban-rural communes with a low-restrictive budget policy (high debt ratio), the total impact of the analyzed variables on the level of infrastructure development in a commune is generally stronger than in communes with a more disciplined budget policy (with a lower level of debt).
Źródło:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; 2022, 56, 4; 107-133
0459-9586
2449-8513
Pojawia się w:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Fiscal rules as institutional tools for public debt management in the European Union Member States
Autorzy:
Stawiarska, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/22792591.pdf
Data publikacji:
2023-12-12
Wydawca:
Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
Tematy:
fiscal rules
public debt management
fiscal policy
public finances solvency
institutional governance
Opis:
This paper aims to assess the impact of the second-generation numerical fiscal rules on the effectiveness of public debt management in the Member States of the European Union. The research was conducted using dynamic panel models on a sample of 27 EU Member States over the period 2008–2021. The effectiveness of public debt management was determined by the level of public debt servicing costs, considering not only the impact of the quality of numerical fiscal rules on interest payments, but also other factors influenced by these rules, such as the quality of fiscal policy, the solvency of public finances and the quality of institutional governance. The motivation for this topic was to evaluate the effectiveness of the second-generation numerical fiscal rules following the changes made to their design in the context of the reconstruction of the EU fiscal surveillance system after the global economic and financial crisis of 2008–2010. The research has found that strong numerical fiscal rules improve the effectiveness of public debt management. In addition, stable fiscal policy and higher solvency of public finances, as well as political stability and the absence of violence, are conducive to lower public debt servicing costs. This paper enriches the literature by extending it with a new approach to fiscal rules, highlighting their multifaceted impact on the quality of public debt management.
Źródło:
Central European Economic Journal; 2023, 10, 57; 414-428
2543-6821
Pojawia się w:
Central European Economic Journal
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The influence of fiscal rules on the discipline in the public finance in Poland
Autorzy:
Ciak, Joalnta Maria
Powiązania:
https://bibliotekanauki.pl/articles/18735089.pdf
Data publikacji:
2019-07-30
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Zarządzania i Finansów
Tematy:
discipline of public finance
budget deficit
fiscal rules
public debt
Opis:
Fiscal rules constitute tools that match the characteristics of a transparent fiscal policy. Increasing the predictability of activities conducted within the public finance sector, which can limit politicians’ irresponsible behaviour, is of crucial importance. Fiscal rules may be preventative in nature – they can, therefore, prevent negative phenomena in the area of public finance now and in the near future. They become a kind of obstacle for potential inappropriate fiscal expansion, expenditure expansion in particular, of the public authorities, which could lead to too deep an imbalance between the liabilities of the state and the sources sufficient to cover its obligations. The trends in changes in the current public finance are supplemented by introducing fiscal rules or strengthening their role. The basic problem with fiscal rules is that in many cases they are leaky and are also not consistently observed. The aim of the article is to present a brief overview of national and supranational fiscal rules and reference to the existing situation in the public finance in Poland. The article presents the analysis of the source literature, legal acts and statistical data.
Źródło:
Journal of Management and Financial Sciences; 2019, 36; 31-43
1899-8968
Pojawia się w:
Journal of Management and Financial Sciences
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Limitation of public debt on the verge of financial crisis
Autorzy:
Vuongova, Andrea
Powiązania:
https://bibliotekanauki.pl/articles/1368171.pdf
Data publikacji:
2020-11-16
Wydawca:
Uniwersytet Gdański. Centrum Prawa Samorządowego i Prawa Finansów Lokalnych
Tematy:
budgetary responsibility
sound public finances
fiscal rules
expenditure rule
debt rule.
Opis:
The foretaste of the financial crisis raises the question of the functioning, application and enforcement of measures to ensure sound and sustainable public finances. The limitation of public debt was enshrined in law in the Czech legal system in 2017, and in April of this year one of the established fiscal rules was amended. The aim of this article is to critically analyze the adjustment of the public debt limitation that has been undertaken in the context of the current crisis caused by the spread of COVID-19. The introduction of the article will describe the European and Czech context of the limitation of public debt and setting budgetary responsibility. Subsequently, the article briefly summarizes the effects of the coronavirus crisis on the implementation of the state budget and, consequently, the justification for the legislative change of the set fiscal rule. The methods used in the article are mainly the method of literary research relevant sources, the method of description of the limitation of the public debt regulation in European union and in passages describing the current state of budgetary responsibility rules. Method of evaluation appears in the parts of the work evaluating the legislative adjustments to budgetary responsibility rules due to the coronavirus crises.
Źródło:
Financial Law Review; 2020, 20, 4; 105-117
2299-6834
Pojawia się w:
Financial Law Review
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Fiscal Rules versus the Financial Condition of EU Local Government Units
Reguły fiskalne a sytuacja finansowa jednostek samorządu lokalnego UE
Autorzy:
Malinowska-Misiąg, Elżbieta
Powiązania:
https://bibliotekanauki.pl/articles/2206338.pdf
Data publikacji:
2023
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
local government finance
fiscal rules
financial condition
finanse samorządowe
reguły fiskalne
kondycja finansowa
Opis:
The financial crisis and significant deterioration of public finances have led to the strengthening of instruments aimed at ensuring the financial stability of the state, including fiscal rules. The article1 focuses on the fiscal rules binding the local self-government units (LGUs) of the European Union. An attempt was made to answer the question of how the design of fiscal rules in LGUs has changed, especially in crisis situations, and what was the effectiveness of these regulations. The results of statistical analyses covering the period 2001-2020 are shown. As the aggregated values with such a large variety of local financial systems are difficult to compare, the article presents the results of two case studies (Portugal and Poland), where no significant correlations were found between the number or strength of fiscal rules and the budget deficit indicators. Summarising the analysis of the financial situation of the Polish and Portuguese municipalities, it can be stated that the financial health of LGUs varies greatly depending on the size of the municipality, which makes it difficult to formulate general conclusions regarding the links between the fiscal rules and the financial condition of LGUs.
Kryzys finansowy i znaczące pogorszenie stanu finansów publicznych doprowadziły do wzmocnienia instrumentów mających na celu zapewnienie stabilności finansowej państwa, w tym reguł fiskalnych. Przedmiotem artykułu są reguły fiskalne obejmujące jednostki samorządu terytorialnego (JST) Unii Europejskiej na poziomie lokalnym. W artykule podjęto próbę odpowiedzi na pytanie, jak zmieniała się konstrukcja reguł fiskalnych w JST, szczególnie w sytuacjach kryzysowych, i jaka była skuteczność tych regulacji. Przedstawiono wyniki analiz statystycznych, które objęły lata 2001-2020. Ponieważ wielkości zagregowane przy tak dużej różnorodności lokalnych systemów finansowych są trudno porównywalne, w artykule przedstawiono wyniki dwóch case studies (Portugalii i Polski). Podczas badania nie stwierdzono istotnych korelacji pomiędzy liczbą reguł fiskalnych czy siłą reguł a wielkością deficytu JST w relacji do PKB. Podsumowując analizę sytuacji finansowej gmin polskich i portugalskich, można stwierdzić, że kondycja finansowa JST jest mocno zróżnicowana w zależności od wielkości gminy, co utrudnia sformułowanie ogólnych wniosków dotyczących powiązań między regułami fiskalnymi a kondycją finansową JST.
Źródło:
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu; 2023, 67, 2; 71-80
1899-3192
Pojawia się w:
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Constitutionalisation of Fiscal Rules in Times of Financial Crises – a Cure or a Trap?
Autorzy:
Kielin, Łukasz
Powiązania:
https://bibliotekanauki.pl/articles/1789241.pdf
Data publikacji:
2021-06-30
Wydawca:
Uniwersytet Gdański. Centrum Prawa Samorządowego i Prawa Finansów Lokalnych
Tematy:
budget
public finances
Constitution
fiscal policy rules
debt rule
Opis:
The global financial crisis of 2008 undoubtedly had a significant impact on the constitutional regulation of economic and financial matters. As a consequence of economic downturn six EU Member States (Germany, Spain, Slovakia, Slovenia, Italy and Hungary) have amended their constitutions. With economic crisis caused by global pandemic of, the new discussion about constitutional fiscal policy rules is expected. New economic downturn is one of the most important challenges for the constitutional fiscal rules, which undoubtedly will verify their functioning and effectiveness. The main purpose of this paper is to find out if constitutional fiscal policy rules is a cure or trap in times of financial crisis. According to the hypothesis adopted, constitutional fiscal rules can be an effective tool. The article has the following structure. In the first and second part I describe constitutional fiscal rules. The third part concerns the method of constitutionalisation. Subsequently, I am focus on effectiveness of constitutional fiscal policy rules. The last part of the article contains conclusions.
Źródło:
Financial Law Review; 2021, 22, 2; 94-112
2299-6834
Pojawia się w:
Financial Law Review
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Fiscal policy performance and economic downturn – the experience of the European Union countries outside the euro area
Polityka fiskalna a dekoniunktura gospodarcza – doświadczenia krajów Unii Europejskiej spoza strefy euro
Autorzy:
Szymańska, Agata
Powiązania:
https://bibliotekanauki.pl/articles/2057207.pdf
Data publikacji:
2021-12-19
Wydawca:
Łódzkie Towarzystwo Naukowe
Tematy:
fiscal stance
CEE countries outside the euro area
fiscal rules
fiscal governance
kraje Europy Środkowo-Wschodniej poza strefą euro
reguły fiskalne
Opis:
Background: In recent years, imbalances in public finances have been building up in many countries of the European Union, and it has been influenced by, among others, the expansionary fiscal policies implemented during the economic downturns. The beginning of the 21st century was affected by two severe recessions caused by shocks of different natures. Therefore, there is an interest in comparing how fiscal policy was conducted before and during both recessions. Research purpose: The paper aims to identify changes in fiscal policy and the main causes of these changes in six Central and Eastern European countries outside the euro area, i.e., Bulgaria, Czechia, Croatia, Hungary, Poland, and Romania. The focus is on comparing the paths and developments of fiscal policy aggregates before and during the two recessions that occurred in the first decades of the 21st century.1 Methods: The evaluation of fiscal policy is based on a large (full) sample, which covers 2004 to 2019, and sub-samples, which allows for an evaluation of fiscal policy before the two downturns, i.e., before the economic crisis from the first decade of the 21st century, and before the “COVID-19” crisis. The main attention is paid to analyzing the changes in debt development, changes in the budget balance against the background of the cyclical indicator – fiscal stance, and evaluating domestic fiscal rules in the context of fiscal governance, and recognizing the scale of fiscal imbalances. The data used are mainly based on the AMECO database. Conclusions: The comparison of the fiscal policy performance in the period one year before both crises shows that almost all countries under consideration in 2008 conducted a procyclical policy, whereas in 2019, the fiscal policy was procyclical in all six countries. Regardless of the fact that in recent years the countries increased the number of national fiscal rules, especially domestic budget balance rules, the fiscal policy stance was somewhat procyclical. Moreover, the analyzed countries have large disparities in the level of debt-to-GDP ratio.
Przedmiot badań: W ostatnich latach w wielu krajach Unii Europejskiej narastała nierównowaga w finansach publicznych, na co wpływ miała m.in. ekspansywna polityka fiskalna prowadzona w okresie recesji. Początek XXI w. został dotknięty dwiema poważnymi recesjami, wywołanymi przez szoki o odmiennym charakterze. W związku z tym pojawia się zainteresowanie porównaniem tego, w jaki sposób polityka fiskalna była prowadzona przed i w trakcie obu recesji, co stanowi przedmiot badań podjętych w artykule. Cel badawczy: Celem artykułu jest próba zidentyfikowania zmian w polityce fiskalnej oraz porównania tych zmian w sześciu krajach Europy Środkowo-Wschodniej spoza strefy euro, tj. w Bułgarii, Czechach, Chorwacji, na Węgrzech, w Polsce i Rumunii. W szczególności uwagę skupiono na porównaniu agregatów polityki fiskalnej przed i w trakcie dwóch recesji z początków XXI w. Metoda badawcza: W pracy podjęto próbę identyfikacji zmian polityki fiskalnej w kontekście pełnej próby za lata 2004–2019 oraz podprób pozwalających na ocenę polityki fiskalnej przed dekoniunkturami: tj. przed kryzysem gospodarczym z pierwszej dekady XXI w. oraz przed kryzysem wywołanym pandemią COVID-19. Główna uwaga poświęcona jest analizom zmian zadłużenia, zmian salda budżetowego prezentowanego na tle wskaźnika cyklicznego – tzw. fiscal stance, a także ocenie implementacji krajowych reguł fiskalnych w kontekście fiscal governance i rozpoznania skali nierównowagi fiskalnej. Źródłem wykorzystanych danych jest głównie baza AMECO. Wyniki: Porównanie wyników polityki fiskalnej w okresie co najmniej jednego roku przed kryzysami sugeruje, że prawie wszystkie badane kraje w 2008 r. prowadziły politykę procykliczną, natomiast w 2019 r. polityka fiskalna była procykliczna we wszystkich sześciu analizowanych krajach. Pomimo że w ostatnich latach kraje te zwiększyły liczbę krajowych reguł fiskalnych, w tym zwłaszcza reguł dotyczących salda budżetowego, zaprezentowane dane wskazują, że kurs polityki fiskalnej był procykliczny. Ponadto analizowane kraje charakteryzują się dużym zróżnicowaniem wskaźnika obrazującego relację długu publicznego do PKB.
Źródło:
Studia Prawno-Ekonomiczne; 2021, 121; 281-303
0081-6841
Pojawia się w:
Studia Prawno-Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 16

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