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Tytuł:
The Eurozone Crisis: Short-Run versus Long-Run Solutions
Autorzy:
Pickert, Jens
Narayanan, Vijay
Powiązania:
https://bibliotekanauki.pl/articles/420784.pdf
Data publikacji:
2017
Wydawca:
Akademia Ignatianum w Krakowie
Tematy:
Eurozone
debt crisis
EFSF
ESM
Opis:
RESEARCH OBJECTIVE: The main objective of this article is to present the result of the comparison of the short‑run and the long‑run solutions available for the Eurozone crisis. The main focus lies in examining if the provisions provided for the short‑term are sufficient compared to the long‑term solutions. THE RESEARCH PROBLEM AND METHODS: The existing monetary policy in the European Monetary Union at the beginning of the crisis will be examined together with the measures pursued immediately following the crisis as well as future prospects. The study is based on a literature review. THE PROCESS OF ARGUMENTATION: The monetary policy showed structural problems clearly emphasizing that the Eurozone was not prepared to address this crisis. The first reactive measures were taken several months after the start of the crisis. The implemented solutions on the short‑run did not meet the requirements to garner lost trust and determination. In summary, the decided provisions on the short‑run solutions were not sufficient. RESEARCH RESULTS: On the one hand, some efforts were made to find short run solutions. But these short‑run solutions could not solve the financial difficulties of the affected Eurozone countries. On the other hand, long‑run solutions are highly discussed in the literature but are not set in place. Therefore, only a political and monetary union can solve the structural problems of the Eurozone. However, in the foreseeable future, politicians need to spend more efforts into this aim. CONCLUSION, INNOVATION AND RECOMMENDATION: The paper underlines the need for a political and monetary union. A first step in the long‑term would be the introduction of the European Monetary Fund and later on the Eurobonds.
Źródło:
Horyzonty Polityki; 2017, 8, 24; 215-235
2082-5897
Pojawia się w:
Horyzonty Polityki
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Inflation and Public Debt Reversals in the G7 Countries
Autorzy:
Akitoby, Bernardin
Binder, Ariel
Komatsuzaki, Takuji
Powiązania:
https://bibliotekanauki.pl/articles/565670.pdf
Data publikacji:
2017
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Inflation
debt crisis
G7
public debt
sovereign debt
Opis:
This paper investigates the impact of low or high inflation on the public debt-to-GDP ratio in the G-7 countries. Our simulations suggest that if inflation were to fall to zero for five years, the average net debt-to-GDP ratio would increase by about 5 percentage points during that period. In contrast, raising inflation to 6 percent for the next five years would reduce the average net debtto-GDP ratio by about 11 percentage points under the full Fisher effect and about 14- percentage points under the partial Fisher effect. Thus higher inflation could help reduce the public debt-to-GDP ratio somewhat in advanced economies. However, it could hardly solve the debt problem on its own and would raise significant challenges and risks. First of all, it may be difficult to create higher inflation, as evidenced by Japan’s experience in the last few decades. In addition, an unanchoring of inflation expectations could increase long-term real interest rates, distort resource allocation, reduce economic growth, and hurt the lower–income households.
Źródło:
Journal of Banking and Financial Economics; 2017, 1(7); 28-50
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Debt Reduction in the Eurozone
Autorzy:
Sawicki, Janusz
Powiązania:
https://bibliotekanauki.pl/articles/953225.pdf
Data publikacji:
2011-08-31
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
Tematy:
sovereign debt crisis
bailout
debt reduction
eurozone
peripheral countries
Opis:
When the Greek crisis exploded in the spring of 2010 the eurozone countries collected funds to refinance Greece’s debt in order to stave off a banking crisis. Later Ireland and Portugal asked for similar eurozone assistance. Because refinancing (bailout) was not sufficient to enable these peripheral countries to solve their debt problems, they agreed to implement austerity programs so that they could use eurozone countries’ public funds. But these austerity measures, even if politically affordable, will not suffice. It is exceedingly possible that the peripheral countries will not outgrow their problems and will be unable to return to capital markets at their pre-crisis levels. Their debt-to-GDP as well as debt services-to-income ratios are likely to grow and additional debt reorganization programs including debt reduction (haircut) will be required. At the heart of the issue is the potential impact of a reduction of the peripheral economies’ debt on the monetary financial institutions of all European Union countries. As a result of the restructuring and partial debt reduction, banks may need to receive public support. To address these problems a new solution in the form of the European Stability Mechanism (EMS) has been proposed. It is expected to change the way in which the eurozone functions. However, the EMS idea is based on the same philosophy as the existing bailout instruments. It does not address the equal treatment and moral hazard issues, while the conditionality programs proposed so far have not softened the adverse impact of the growing debt burden on the economic performance of the debt-laden countries. The entire European Union financial system is at risk and remains vulnerable as long as the refinancing mechanisms are not supported by debt restructuring and reduction. Debt managers do not seem to know how to draw on past experience and so ad hoc measures prevail. To effectively manage that kind of debt reorganization, the European Union should create the necessary procedures to efficiently address the economic future of all heavily indebted economies. The EU should also be prepared politically to accept the costs of debt reduction or of a fundamental reorganization of the eurozone.
Źródło:
Gospodarka Narodowa. The Polish Journal of Economics; 2011, 249, 7-8; 1-20
2300-5238
Pojawia się w:
Gospodarka Narodowa. The Polish Journal of Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Leading indicators of sovereign debt and currency crises: Comparative analysis of 2001 and 2018 shocks in Argentina
Autorzy:
Gruszczyński, Marcin
Majczak, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/2024098.pdf
Data publikacji:
2020
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Argentina
Currency crisis
Early warning signals
Sovereign debt crisis
Opis:
Aim/purpose – This paper investigates the accuracy of leading indicators in the case of the 2001 sovereign default crisis and the 2018 currency turmoil in Argentina.Design/methodology/approach – In this paper, we conducted early warning signals analysis based on a-priori selected variables. For each of the macroeconomic variables, we computed yearly changes and selected the threshold to minimise the noise-to-signal ratio, i.e. the ratio of percentage of false signals in ‘normal’ times to percentage of good signals in a two-year period preceding each of the crises.Findings – The predictive power of indicators differs significantly in various crisis episodes. For the 2001 crisis, the decline in value of bank deposits was the best leading indicator based on the noise-to-signal ratio. For the 2018 currency crisis, the lowest noise-to-signal ratio was observed for the lending-deposit rate ratio.Research implications/limitations – The survey is limited mostly by the data availability and their quality.Originality/value/contribution – This paper gives a complex review of the major early warning indicators in the context of the most recent history of Argentina’s economy. It applies a set of classical leading indicators to two modern cases of financial crises. The paper proposes an original ‘knocking the window’ approach to the presentation of traditional warning concepts in the context of current economic events.
Źródło:
Journal of Economics and Management; 2020, 42; 20-47
1732-1948
Pojawia się w:
Journal of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
THE VAROUFAKIS-TSIPRAS LINE WAS DOOMED TO FAIL FROM THE WORD ‘GO’
Autorzy:
TOUSSAINT, ÉRIC
Powiązania:
https://bibliotekanauki.pl/articles/1036360.pdf
Data publikacji:
2019-12-31
Wydawca:
Uniwersytet im. Adama Mickiewicza w Poznaniu
Tematy:
Varoufakis
Syriza
Greece
Greek Debt Crisis
European Union
Opis:
This article on Varoufakis’s book, Adults in The Room: My Battle with Europe’s Deep Establishment (2017) and about what happened in Greece in 2015 is a guide for left-leaning readers who are not happy with the dominant narrative meted out by the mainstream media and the Troika-controlled governments. These readers are also dissatisfied with the former Greek Finance Minister’s version. As a counterpoint to Varoufakis’s story, I have highlighted events that he is silent about, and I have expressed different views on what he should have done and what he did instead. My story runs parallel, and not opposite, to his. It is crucial to thoroughly analyse the policy implemented by the Varoufakis-Tsipras government because, for the first time in the 21st century, a radical left-wing government was elected in Europe. If we want to avoid another disaster, it is absolutely vital to identify the flaws and understand what went wrong. This critique of the Greek government’s policy in 2015 is not primarily meant to point out the respective responsibilities of Tsipras or Varoufakis as individuals. It is imperative to analyse the politico-economic orientation that was followed, so that we can ascertain the causes of failure, understand what could have been tried instead, and learn what a radical left-wing government can do in a country in the periphery of the Eurozone.
Źródło:
Society Register; 2019, 3, 2; 67-95
2544-5502
Pojawia się w:
Society Register
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Institutional Hybridization and Economic Performance: The State of France. The State in France
Autorzy:
Goyer, Michel
Powiązania:
https://bibliotekanauki.pl/articles/942368.pdf
Data publikacji:
2012
Wydawca:
Szkoła Główna Handlowa w Warszawie
Tematy:
state
sovereign debt crisis
coordinated market economy
dirigisme
Opis:
Does the presence of institutional hybridization invariably lead to lower rates of economic growth? The absence of tight complementarities between the different spheres of the economy makes it harder for companies to secure market-based or strategic- inspired modes of coordination. I investigate this issue with the case of France - an institutionally hybrid economy whose relative economic performance has declined in the last decade. I highlight that the prominence of state intervention in the first four postwar decades lessened the weaknesses of institutional hybridization. Nonetheless, state dirigisme did not eliminate the shortcomings associated with a hybrid model. If anything, state intervention in France significantly contributed to stifle the development of institutional capacities of actors, most notably labour organisations, which are crucial in coordinated market economies.
Źródło:
Warsaw Forum of Economic Sociology; 2012, 3, 6; 55-68
2081-9633
Pojawia się w:
Warsaw Forum of Economic Sociology
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Euro, dollar or Swiss franc: which currency had the greatest impact on the Hungarian, Polish and Czech economies during the global financial crisis?
Autorzy:
Kliber, Agata
Płuciennik, Piotr
Powiązania:
https://bibliotekanauki.pl/articles/1047384.pdf
Data publikacji:
2021-05-31
Wydawca:
Główny Urząd Statystyczny
Tematy:
bond spread
copula-GARCH model
debt crisis
Central Europe
Opis:
The article presents an analysis of the impact of foreign currency dynamics on the fundamentals (basic indices of the economic performance) of the Czech Republic, Hungary and Poland during the financial crisis of 2007/2008 and its aftermath until 2017. The subject of the analysis are three currencies: the US dollar, the euro and the Swiss franc. The assessment of their impact on the fundamentals of the three above-mentioned economies is based on the joint volatilities of bond spreads and currencies. A series of copula-GARCH models was estimated. The research demonstrates that the impact of foreign currencies was the strongest in the case of Poland and Hungary, as these two countries were more dependent on loans in foreign currencies than the Czech Republic. Another finding shows that the impact decreased significantly in Hungary after its government introduced loan conversion.
Źródło:
Przegląd Statystyczny; 2020, 67, 4; 247-273
0033-2372
Pojawia się w:
Przegląd Statystyczny
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Dispute over European Union and Eurozone Crisis in the Light of Selected Theories of European Integration
Autorzy:
Staszczyk, Artur
Powiązania:
https://bibliotekanauki.pl/articles/2031831.pdf
Data publikacji:
2014-12-31
Wydawca:
Wydawnictwo Adam Marszałek
Tematy:
European Union
eurozone
theories of European integration
debt crisis
Opis:
The study tackles the issue of applying respective theories of European integration to explain the processes occurring in the EU, and in particular, in the debt-wrecked eurozone. In the author’s view, the eurozone crisis revived the dispute over the shape of EU. On one hand, it is the supranational neofunctionalism and on the other, state-centric intergovernmentalism views clashing with one another. The author believes that the key theory that successfully explains the member states’ behavior in face of eurozone crisis is the intergovernmentalism theory. It assumes the primacy of nation-state and its interests in the process of European integration. This is particularly apparent in the time of crisis when supranational mechanisms typical of neofunctionalist theory serve solely the purpose of legitimizing national interests of the economically strongest EU members.
Źródło:
Reality of Politics; 2014, 5; 81-94
2082-3959
Pojawia się w:
Reality of Politics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Arithmetic of influence of debt crisis on economies of visegrad group and challenges ahead
Autorzy:
Ptak, Piotr
Powiązania:
https://bibliotekanauki.pl/articles/570192.pdf
Data publikacji:
2014
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
V4 Group
sovereign debt crisis
general government debt
fiscal consolidation
ageing of population
Opis:
The global financial and economic crisis has fully revealed the risks of over- -indebted countries, whose cause was, inter alia, the maintenance of structural deficits for many years. Economies of the Visegrad Group (V4 Group) conducted even less disciplined fiscal policy than the EU. Nevertheless, the V4 Group has weathered the crisis better than the EU, even though its initial fiscal position was worse. However, in the long term, the fiscal consolidation process will be hindered due to unfavorable demographic trends and the burden on public finances imposed by scarce social security systems. In this respect, the V4 Group is going to experience even greater challenges than the EU. The purpose of this article is to show the arithmetic course and consequences of the sovereign debt crisis on economies of V4 Group as well as the challenges related among others to ageing process its population is going to face in medium and long term.
Źródło:
Ekonomia XXI Wieku; 2014, 4(4); 64-79
2353-8929
Pojawia się w:
Ekonomia XXI Wieku
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Alternative investments during turbulent times - a comparison of dynamic relationships
Autorzy:
Siemaszkiewicz, Karolina
Powiązania:
https://bibliotekanauki.pl/articles/2176611.pdf
Data publikacji:
2023-02-28
Wydawca:
Główny Urząd Statystyczny
Tematy:
safe haven instruments
gold
silver
Bitcoin
dynamic correlation
global financial crisis
eurozone debt crisis
COVID-19 pandemic
Opis:
The COVID-19 pandemic, like the Russian aggression against Ukraine, had a significant impact on many financial markets and asset prices. The latter additionally led to large fluctuations on financial markets. In our paper, we try to compare the performance of 'safe haven' assets during turbulent times, such as the recent global financial crisis, the eurozone debt crisis, the COVID-19 pandemic and the Russian aggression against Ukraine. We investigate the dynamic relationship between indices from several European countries (Czech Republic, France, Germany, Great Britain, Poland, Slovakia and Spain), and popular financial instruments (gold, silver, Brent and WTI crude oil, US dollar, Swiss franc and Bitcoin). The study further estimates the parameters of DCC or CCC models to compare dynamic relationships between the above-mentioned stock markets and financial instruments. The results demonstrate that in most cases, the US dollar and Swiss franc were able to protect investors from stock market losses during turbulent times. In addition, investors from France, Poland, the Czech Republic and Slovakia saw gold as a 'safe haven' asset throughout all the abovementioned crises. Our findings are in line with other literature which points out that 'safe haven' instruments can change over time and across countries. In the literature, we can find research performed for the USA, China, Canada, and Great Britain, but there is no such research for Poland, France, the Czech Republic or Slovakia. The purpose of this paper is to try to fill this research gap.
Źródło:
Przegląd Statystyczny; 2022, 69, 3; 23-43
0033-2372
Pojawia się w:
Przegląd Statystyczny
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Financial Crisis, Austerity Policy And Greece / Kryzys Finansowy, Polityka Oszczędnościowa i Grecja
Autorzy:
Eißel, Dieter
Powiązania:
https://bibliotekanauki.pl/articles/633247.pdf
Data publikacji:
2015-12-01
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
finance crisis
Bail-out for banks
budget and debt crisis
austerity policy
Greece
kryzys finansowy
pomoc publiczna dla banków
budżet i kryzys zadłużenia
polityka oszczędności
Grecja
Opis:
This article contains a brief review of the main causes of the current crisis and concerns strategies of market dogmatism and their impacts, which followed the end of post-war boom and the end of the so-called Bretton Woods System. Rising inequality and deregulation led to increasing investment of speculative capital (casino capitalism), creating a real estate bubble in USA. Owing to public bailouts, this finance capital did not lose so much after the bubble bursts. However, the bailouts created serious problems for state budgets, which were already poor as a consequence of the tax race to the bottom following the specific neoliberal recommendations to surmount the economic crisis. Together with weak economic performance and high interest rates for state bonds - due low rankings by rating agencies - some states in the euro zone were threatened with insolvency. Additionally, home-made negative structures and mismanagement worsened the situation. The financial assistance then provided by the troika were tied to harsh “reforms” in the spirit of the austerity policy. This has led to a social crisis with colossal humanitarian impacts; it is economically a fiasco and has increased the public debt to unbearable proportions, mainly in Greece, a country which might be seen as a laboratory for this strategy. Central and Eastern European countries could learn by the Greek example of austerity policy: First, they should stay longer to their own currency, allowing them to remain competitive by compensating stronger trade partners’ productivity by the chance of devaluating. Second, it is clear that cutting off expenditures will not solve problems in case of aiming at balancing the public budget. Just the opposite, it will increase social and economic problems by down-sizing public and private demand and it will endanger necessary investments in future development (infrastructure, education). That’s why increasing state receipts and a fair tax policy are on the agenda, as long as the rich escape from contributing adequately to state’s action capability.
Artykuł zawiera krótki przegląd głównych przyczyn obecnego kryzysu i dotyczy strategii dogmatyzmu rynkowego i ich skutków, które pojawiły się po zakończeniu powojennego boomu i tzw. systemu z Bretton Woods. Rosnące nierówności i deregulacja spowodowały wzrost inwestycji kapitału spekulacyjnego (kapitalizm kasynowy), przyczyniając się do bańki na rynku nieruchomości w USA. Dzięki pomocy z środków publicznych kapitał ten nie poniósł większych strat po jej pęknięciu. Jednak pomoc publiczna naraziły na poważne kłopoty budżety państw, które już były ograniczone w wyniku „podatkowego wyścigu na dno”, spowodowanego specyficznymi neoliberalnymi zaleceniami, mającymi pomóc w przełamaniu kryzysu ekonomicznego. Słabe wyniki ekonomiczne i wysokie oprocentowanie obligacji skarbowych - wynikające z niskich ocen wystawianych przez agencje ratingowe - zagroziły niektórym państwom w strefie euro niewypłacalnością. Sytuację pogorszyły błędy w zarządzaniu. Zaoferowana przez „trójkę” (EBC, MFW i UE) pomoc finansowa wiązała się z „twardymi” reformami w duchu polityki oszczędności. Następstwem tego był kryzys społeczny i humanitarny o kolosalnych skutkach; było to dowodem ekonomicznego fiaska i zwiększyło dług publiczny do nieznośnych rozmiarów, głównie w Grecji, którą można uznać za laboratorium dla takiej strategii. Kraje w Europie Środkowo-Wschodniej powinny wyciągnąć wnioski z greckiej polityki oszczędności. Po pierwsze, powinny dłużej zachować własną walutę, gdyż pozwoli im to zachować konkurencyjność, dzięki możliwości dokonania dewaluacji w celu zrównoważenia większej produktywności ich partnerów handlowych. Po drugie, cięcia wydatków z pewnością nie rozwiążą problemu równoważenia budżetu państwa. Wprost przeciwnie, zwiększą napięcia społeczne i ekonomiczne w wyniku ograniczenia popytu publicznego i prywatnego i zagrożą niezbędnym inwestycjom w przyszły rozwój (infrastruktura, edukacja). Dlatego zwiększanie przychodów państwa i sprawiedliwa polityka podatkowa powinny być na liście celów, dopóki bogaci będą unikali proporcjonalnego wkładu w zwiększanie potencjału państwa do działania.
Źródło:
Comparative Economic Research. Central and Eastern Europe; 2015, 18, 4; 5-26
1508-2008
2082-6737
Pojawia się w:
Comparative Economic Research. Central and Eastern Europe
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Corporate Investment in Bank-Dependent Companies in Crisis Time
Autorzy:
Bukalska, Elżbieta
Skibińska-Fabrowska, Ilona
Powiązania:
https://bibliotekanauki.pl/articles/2168538.pdf
Data publikacji:
2023-01-20
Wydawca:
Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
Tematy:
corporate investment
corporate debt
crisis time
Opis:
The aim of this paper is to ascertain corporate investment reaction in bank-dependent companies in times of crisis. Our investigation covers the differences in corporate investment reaction due to the global financial crisis (GFC) of 2007–2009 and the COVID-19 crisis of 2020–2021. We utilized panel data of companies present on the Warsaw Stock Exchange during the GFC and COVID-19 crisis—932 firm-year observations. We found a negative relationship between bank dependence (static ratio) and corporate investment, but a statistical significance was found only for the GFC period. We also found a positive relationship between bank dependence (dynamic ratio) and corporate investment, but statistical significance was found only for the GFC period. Additionally, we found that during the COVID-19 crisis, the level of corporate investment was at its lowest level, but the biggest drop was noticeable during the GFC when compared to the pre-GFC period. Our article contributes to the existing research by being part of the research on corporate investment and capital structure. It consists of the research on one of the determinants of the corporate investment and capital structure decisions—macroeconomic turbulence manifested in economic crises.
Źródło:
Central European Economic Journal; 2023, 10, 57; 1-22
2543-6821
Pojawia się w:
Central European Economic Journal
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Inflation the global financial crisis and COVID-19 pandemic
Autorzy:
Jałtuszyk, Grzegorz
Powiązania:
https://bibliotekanauki.pl/articles/17919346.pdf
Data publikacji:
2023-03-15
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Zarządzania i Finansów
Tematy:
inflation
COVID-19
financial crisis
fiscal policy
public debt
private debt
Opis:
In the years 2021–2022, world inflation has drastically increased. The analyses of the main characteristics of the 2007–2009 financial crisis and of the economic crisis caused by the COVID-19 pandemic as well as of the rise in total debt of the non-financial sector suggest that the growth in inflation was triggered by excessive debt growth of the government sector in 2020–2021. In that period, the main goal of the debt growth of the government sector was to finance the aid schemes limiting the negative effects of the COVID-19 pandemic. These aid programmes were indispensable to avoid deep and long-term global economic recession, however, their value was too high to keep inflation in the world under control. The fiscal intervention of particular countries should be co-ordinated internationally, as the cumulative result of the operations undertaken by particular states might have detrimental effects globally.
Źródło:
Journal of Management and Financial Sciences; 2022, 46; 9-19
1899-8968
Pojawia się w:
Journal of Management and Financial Sciences
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Public Debt and Its Impact on the Polish Economy and Society1
Autorzy:
Rae, Gavin
Powiązania:
https://bibliotekanauki.pl/articles/465586.pdf
Data publikacji:
2016-03-15
Wydawca:
Akademia Leona Koźmińskiego w Warszawie
Tematy:
Public debt;
economic crisis;
transition;
communis;
European Union;
pension reform;
hidden debt
Opis:
Purpose: To analyse the issue of public debt in Poland and examine its effect on other areas of socio-economic life as well as government policy. Approach: The question of public debt is placed in its historical context by looking at how it grew during the Communist system and influenced the transition period. The article draws on a range of secondary economic statistics and considers in detail a number of public policy issues, such as the reform of the pension system. Findings: One result of the large debt incurred by the end of the 1970s was that Poland became indebted to creditors in the West. This dependency helped to shape its economic policy at the end of the 1980s. The transition to a market economy placed new burdens on the country’s public services, primarily due to the resulting large deactivation of labour. Furthermore, the creation of a compulsory private pension system at the end of the 1990s diverted significant funds out of the government’s budget and swelled the country’s public debt. Since the outbreak of the economic crisis, Poland has avoided a recession by increasing public investment by utilising available European Union funds. However, due to internal and external limits on the size of its public debt, the government is being pressured to reduce this spending. In order to create more fiscal room, the government has partly dismantled the compulsory private pension system as a short-term solution to the growing debt crisis. Value: In the wake of the global financial crisis and economic turmoil in the European Union, the matter of public debt has taken on increased importance. This paper considers this question from a long-term perspective in a country that has been relatively successful during the international economic downturn. By examining public debt from this broad perspective, we can better understand the economic situation in Poland and the European Union, whilst also shedding light on some of the surrounding academic perspectives and public policy debates.
Źródło:
Journal of Management and Business Administration. Central Europe; 2016, 1; 89-112
2450-7814
Pojawia się w:
Journal of Management and Business Administration. Central Europe
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Determinants of the deterioration in China’s public finances in 2005-2018
Czynniki wpływające na pogodzenie stanu finan-sów publicznych w Chinach w latach 2005-2018
Autorzy:
Twarowska, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/583698.pdf
Data publikacji:
2019
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
central and local government debt
domestic and external debt
budget deficit
systemic risk, crisis.
Opis:
The aim of the paper is to assess the condition of China’s public finances, identify the main factors that contribute to the increase in public debt, and to provide some suggestions that could be considered to improve the quality of public finances and reduce systemic risk. To achieve the objective of research the descriptive comparative method was used. The analysis was carried out for the period 2005-2018, however, due to the special conditions for the development of the Chinese economy, the background from previous years is also presented, as well as forecasts up to 2024. The analysis allowed to formulate conclusions, the most significant of which are that the main causes of China’s debt problem and the rising systemic risks are the effect of the global financial crisis and the change of the economic growth strategy to a strategy based on internal demand, which results in fiscal expansion. A particularly troubling development is the pace of growth in public debt, in particular the increase in local government debt and the increase in the share of short-term financing in external debt.
Cele analizy stanowią ocena kondycji finansów publicznych Chin, identyfikacja głównych czynników, które przyczyniają się do wzrostu zadłużenia publicznego, a także wskazanie propozycji mogących służyć poprawie kondycji finansów publicznych i obniżeniu ryzyka systemowego. W badaniu wykorzystano metodę porównawczą opisową. Okres analizy obejmuje lata 2005-2018, jednak ze względu na szczególne uwarunkowania rozwoju chińskiej gospodarki uwzględniono lata wcześniejsze i prognozy do 2024 r. Przeprowadzone badanie pozwoliło sformułować wnioski. Najważniejsze mówią o tym, że głównymi przyczynami problemów związanych z zadłużeniem Chin są rosnące ryzyko systemowe, wpływ globalnego kryzysu finansowego i zmiana strategii wzrostu gospodarczego na strategię opartą na popycie wewnętrznym, co wiąże się z większą ekspansją fiskalną. Niepokojącym zjawiskiem jest tempo wzrostu zadłużenia publicznego, a w szczególności wzrost zadłużenia na poziomie lokalnym, a w zadłużeniu zewnętrznym wzrost udziału finansowania krótko-terminowego.
Źródło:
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu; 2019, 63, 10; 114-128
1899-3192
Pojawia się w:
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 24

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