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Tytuł:
Restrukturyzacja gospodarki brazylijskiej w latach 1950-2004
Restructurisation of the Brazilian Economy 1950-2004
Autorzy:
Czarnacki, Marcin
Powiązania:
https://bibliotekanauki.pl/articles/38890052.pdf
Data publikacji:
2006
Wydawca:
Katolicki Uniwersytet Lubelski Jana Pawła II. Towarzystwo Naukowe KUL
Tematy:
Ameryka Południowa
Brazylia
restrukturyzacja
industrializacja
reforma
kryzys zadłużeniowy
kryzys walutowy
Plan Real
South America
Brazil
restructurization
industrialization
reform
debt crisis
currency crisis
Opis:
The article presents the process of restructurization of Brazilian economy in the second half of the 20th century. The Author presents major economic programs implemented by the Brazilian government since 1950's until 2004 and shows the main assumptions of implemented reforms and their effects in the economy. The Author proves that structural changes, which can be noticed in the Brazilian economy, are fundamental for further strengthening of Brazil’s position in both South America and global economy.
Źródło:
Roczniki Wydziału Nauk Prawnych i Ekonomicznych KUL; 2006, 2, 2; 243-260
1896-6365
Pojawia się w:
Roczniki Wydziału Nauk Prawnych i Ekonomicznych KUL
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Strategia makroekonomiczna Polski w warunkach światowego kryzysu
Poland’s Macroeconomic Strategy at a Time of Global Crisis
Autorzy:
Osiatyński, Jerzy
Powiązania:
https://bibliotekanauki.pl/articles/575673.pdf
Data publikacji:
2009-08-31
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
Tematy:
global economic crisis
fiscal expansion
fiscal tightening
government expenditure multiplier
budget deficit
public debt
foreign debt
Opis:
Different countries have applied different policies to deal with the latest economic crisis that has struck the world. While Poland and other new member states of the European Union have tightened their fiscal policies and resorted to various supply-side instruments, the United States, Japan and many old EU member countries have employed a fiscal expansion policy. This policy is based on a GDP growth multiplier effect and an increased use of public debt to finance government expenditure. The author estimates a potential fiscal impulse multiplier for the Polish economy in 2008 and follows up with a discussion of the key arguments of critics and advocates of the fiscal expansion strategy. In new EU member states, the ratio of the current-account deficit to GDP and the ratio of foreign debt to GDP are the main factors that determine whether or not there is room for fiscal expansion in the economy, the author says. In the wake of the global financial crisis, these ratios increased dramatically in these countries, chiefly due to previously underestimated system risks. Those risks resulted from the fact that new EU member countries maintained their interest rates at a high level for many years to keep inflation in check. The difference between the domestic and foreign interest rates was largely responsible for a progressive appreciation of the exchange rate, accompanied by a decreased competitiveness of exporters, increased foreign debt of businesses and households, and growing reliance on foreign investment as a way of covering the trade deficit. All these risks materialized when the international financial crisis began. The paper aims to determine if there is room for a fiscal expansion policy in Poland and whether such a policy could lead to a major increase in Treasury security yields and higher public debt service costs. This question requires detailed calculations, Osiatyński says. Even though the 2009 budget deficit was 121 percent financed from domestic sources in the first five months of the year, the policy produced no major increase in Treasury security yields, which may mean that there is room for such a policy in Poland, Osiatyński concludes. Otherwise the country could face a prolonged period of economic stagnation, he adds.
Źródło:
Gospodarka Narodowa. The Polish Journal of Economics; 2009, 233, 7-8; 1-16
2300-5238
Pojawia się w:
Gospodarka Narodowa. The Polish Journal of Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Wpływ światowego kryzysu gospodarczego na zadłużenie krajów najuboższych
The Global Economic Crisis and its Impact on the Indebtedness of the World’s Poorest Countries
Autorzy:
Ćwikliński, Krzysztof
Powiązania:
https://bibliotekanauki.pl/articles/574519.pdf
Data publikacji:
2010-04-30
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
Tematy:
indebtedness
debt
development aid
poor nations
crisis
World Bank
International Monetary Fund
Millennium Development Goals (MDG)
Opis:
In the 19th and 20th centuries, economic crises drove many developing countries into debt. The paper discusses the impact of the latest global economic crisis on the indebtedness of the world’s poorest nations. The author analyzes changes in the inflow of funds to these countries and the efforts of international financial institutions, such as the World Bank and the International Monetary Fund (IMF), to mitigate the problem of indebtedness. Due to the latest crisis, less foreign investment has reached the world’s poorest nations over the past year or so, Ćwikliński says, and their export revenues have also decreased. Revenues from tourism and cash transfers from people working and living abroad have remained stable, after a previous period of consistent growth. The decreased inflow of private capital explains why these countries are struggling with widening budget deficits. To facilitate the implementation of the Millennium Development Goals (MDG), international financial institutions are providing support to the poorest countries in the form of new loans. To reconcile these efforts with the World Bank and IMF’s Debt Sustainability Framework for Low-Income Countries (DSF), work is under way to change the way in which international financial institutions calculate the level of debt that they consider to be serviceable by these countries. Although preferential loans enable the world’s poorest nations to finance some of their development priorities, these countries will have to return these funds sooner or later. Considering that these countries are already heavily indebted, this may compound their financial problems. Further measures to reduce their financial obligations may prove to be unavoidable over the next decade or so. Moreover, the need to repay new loans may make it difficult for low-income countries to carry out those MDGs that are not attained by the expected deadline.
Źródło:
Gospodarka Narodowa. The Polish Journal of Economics; 2010, 239, 4; 1-20
2300-5238
Pojawia się w:
Gospodarka Narodowa. The Polish Journal of Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Assessing Ukrainian Banking Performance Before and After the Crisis
Autorzy:
Shkura, Iryna
Peitsch, Barbara
Powiązania:
https://bibliotekanauki.pl/articles/474896.pdf
Data publikacji:
2011
Wydawca:
Fundacja Upowszechniająca Wiedzę i Naukę Cognitione
Tematy:
performance
problem loans
debt provision
banking system
financial crisis
bank stock prices
Opis:
The main goal of this paper is to analyze the impact of the 2008 global financial crisis on the Ukrainian financial system and on Ukrainian banks’ performance. Our analysis is based on key bank performance indicators from 2003-2011. Bank assets, liabilities and capital are analyzed, and changes in bank management are taken into consideration. Special attention is paid to changes in bank stock prices of two of the largest banks, prior to and following the crisis.
Źródło:
Journal of Entrepreneurship, Management and Innovation; 2011, 7; 29-42
2299-7075
2299-7326
Pojawia się w:
Journal of Entrepreneurship, Management and Innovation
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:
Geneza i skutki kryzysu finansów publicznych w Grecji
The Origin and Implications of Greece’s Public Finance Crisis
Autorzy:
Baran, Bernadeta
Powiązania:
https://bibliotekanauki.pl/articles/574279.pdf
Data publikacji:
2011-06-30
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
Tematy:
Greece
crisis
public finance
budget deficit
public debt
Opis:
The article traces the development of the budgetary situation in Greece since the early 1990s and aims to identify the main causes behind the public finance crisis in this country that began in 2009 and continued in 2010. The author discusses the most important implications of the crisis for the functioning of the euro area. The period covered by the analysis was divided into several subperiods: the period of 1990-1995, which saw the continuation of an expansionary fiscal policy initiated in the 1980s; the period directly preceding the country’s entry into the euro zone Jan. 1, 2001, marked by an improvement in Greece’s budgetary performance; the years after Greece’s entry into the euro zone and the return of the fiscal expansion policy; and the period when the country was forced to launch budgetary reforms. Greece’s current public finance problems are not only a direct effect of the global financial crisis, but also an outcome of domestic factors, which led to persistent economic problems in the country, including the loss of financial stability and decreased competitiveness. The following factors generate high budgetary expenditures and limit revenue in Greece (consequently leading to a high budget deficit and an escalation in public debt): low administrative efficiency, high operating costs of the public sector (high employment and a high level of wages in the public sector), excessive social spending, an inefficient pension system, an overregulated labor market and excessive regulation on markets for goods and services. Greece’s public finance crisis was therefore primarily provoked by structural problems that were evident still before the country joined the euro area and that have not been resolved since then. According to Baran, Greece met the budget deficit criterion for adopting the single European currency only because the country’s government artificially increased its revenues and resorted to statistical manipulation. Meanwhile, budget expenditures increased steadily, Baran notes, and an interest rate cut after the country’s euro-zone entry enabled public borrowing at a lower cost as internal problems accumulated due to abandoned reforms. The result was an explosion of the budget deficit and public debt in 2009. Fellow EU countries have decided to provide financial aid to Greece to maintain the stability of the euro and avoid a situation in which Greece’s problems would spill over to other member states, the author says. According to Baran, Greece is struggling with what is the most serious public finance crisis in this country since it joined the euro zone and adopted the single European currency in 2001. The country’s unresolved structural problems are the fundamental issue that underlies the crisis. Greece scores poorly in terms of competition and product market liberalization. The Greek economy has a low level of competitiveness due to labor market problems, an inefficient social security system and excessive public-sector employment. As a result, the government in Greece collects insufficient revenue and has high public expenditures, Baran notes. Fiscal consolidation has been based on higher revenues and lower interest payments since the mid-1990s. Despite powerful arguments for a radical domestic adjustment, all reforms have been marked by controversy and conflict between the government and its social partners.
Źródło:
Gospodarka Narodowa. The Polish Journal of Economics; 2011, 248, 5-6; 49-67
2300-5238
Pojawia się w:
Gospodarka Narodowa. The Polish Journal of Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Nierównowaga finansów publicznych w krajach Unii Europejskiej
Public Finance Sustainability in European Union Countries
Autorzy:
Gajewski, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/574413.pdf
Data publikacji:
2011-10-31
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
Tematy:
public debt
public finance sustainability
financial crisis
Opis:
The article aims to estimate the current level of public finance sustainability in the European Union, taking into account the starting fiscal position, the possibility of withdrawing fiscal impulses, the future costs of population aging, and possible financial market responses. The author achieves this objective by using an indicator method similar to that used by the European Commission. However, this method has been modified by diversifying projected GDP growth rates and public debt interest rates, Gajewski says. The assumption is that the interest rate may vary depending on the response of financial markets to the debt-to-GDP ratio. The author demonstrates that almost all EU countries have lost their medium- and long-term fiscal sustainability. Greece and Ireland appear to be the worst off among the analyzed countries, Gajewski says. Both these economies suffer from a high structural budget deficit and potentially high costs of population aging. Most other countries will also be forced to make strong fiscal adjustments to achieve primary surpluses far exceeding those in the period before the financial crisis. The calculations also show that Sweden, Estonia and Bulgaria boast the highest levels of public finance sustainability in the European Union, the author concludes.
Źródło:
Gospodarka Narodowa. The Polish Journal of Economics; 2011, 251, 10; 21-38
2300-5238
Pojawia się w:
Gospodarka Narodowa. The Polish Journal of Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Greek crisis effects on the Albanian economy
Autorzy:
Durmishi, Veronika
Gjini, Valbona
Powiązania:
https://bibliotekanauki.pl/articles/1035824.pdf
Data publikacji:
2011
Wydawca:
Academicus. International Scientific Journal publishing house
Tematy:
Greek Crisis
negative effects
positive effects
the banking system
investment
public debt
Opis:
The study of the effects of the crisis of Greece has a special significance for two reasons: The first the large number of Albanian immigrants in Greece, and second is the fact that Greek investments are in sectors of economy. The first part of the analysis has to do with the effects of immigrants on the Greek crisis, collapse of economic growth in Greece, increased unemployment and poverty, which affects the emigrants. The second part of the analysis is the impact of the crisis in the Greek banking system, which is analyzed in several aspects: the safety of deposits, the credit of the Albanian economy and the investment banking sector. The third part of the analysis concerns the reduction of foreign direct investment. Reduction of Greek investments in the banking and telecommunications will grow negative effects.
Źródło:
Academicus International Scientific Journal; 2011, 04; 130-135
2079-3715
2309-1088
Pojawia się w:
Academicus International Scientific Journal
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Dynamika negocjacji między centrum a krajami peryferyjnymi unii gospodarczej i walutowej
The Dynamics of Debt Negotiations between the Central and Peripheral Countries of the Economic and Monetary Union
Autorzy:
Sawicki, Janusz
Powiązania:
https://bibliotekanauki.pl/articles/454492.pdf
Data publikacji:
2012
Wydawca:
Polski Instytut Ekonomiczny
Tematy:
unia gospodarcza i walutowa
kryzys zadłużeniowy
teoria gier
centrum i peryferia
European Monetary Union
sovereign debt crisis
game theory
centre and periphery
Opis:
W artykule przedstawiono dynamikę negocjacji zadłużeniowych w strefie euro jako strategiczną grę między krajami centrum i krajami peryferyjnymi. W każdej grze strategicznej, negocjatorzy wyceniają, w sposób mniej lub bardziej formalny, wartość funkcji preferencji każdej ze stron. Pierwsze decyzje ratowania gospodarki Grecji podejmowano w sytuacji niepełnej informacji zarówno o wartości wypłat (mierzonych np. szacowaną wielkością zmian PKB), jak i o przedmiocie umowy związanej z realizacją wybranej strategii - refinansowania długów sektora publicznego Grecji. Rozpoczętą grę sekwencyjną, z niedoskonałą informacją, prezentowano na rynku jako skończone negocjacje. Tymczasem w negocjacjach pojawiały się nowe strategie (np. wyjścia ze strefy euro) i coraz większego znaczenia nabierała gra prowadzona między strefą euro a rynkiem kapitałowym. Istotnym problemem w rozpatrywanych negocjacjach zadłużeniowych jest ich koalicyjna postać. W strefie euro koalicje tworzą zarówno kraje centrum, jak i kraje peryferyjne. Ich stabilność zależy od podziału korzyści z przyjmowanego rozwiązania i ma istotne znaczenie dla sposobu rozwiązywania problemu zadłużenia w UGW i losów całej Unii Europejskiej. Autor zauważa, że wyniki interakcji uzyskiwane w negocjacjach z Grecją, Irlandią i Portugalią wpłynęły na kolejne strategie, a także na późniejsze postępowanie wobec problemów Hiszpanii i Włoch. Decyzje w sprawie powołanie Europejskiego Mechanizmu Stabilności, aktywnego włączenia Europejskiego Banku Centralnego w zarządzanie długiem na rynku kapitałowym, powołanie unii bankowej itp. są istotnym „uzupełnieniem" podjętych wcześniej decyzji restrukturyzacji długu Grecji, Portugalii i Irlandii.
The paper looks at the dynamics of debt negotiations within the euro area as a strategic game between the central and peripheral countries. In each strategic game, players assess, in a more or less formal way, the pay-offs of each party. When the first decisions to rescue Greece were taken, the strategies were created in the game of incomplete information on both the value of pay-offs (for example the estimated size of the measured changes in GDP) and the subject of the contract related to the implementation of the selected strategies - refinancing of the public debt of Greece. The players began a sequential game with imperfect information, presented to the market as finished negotiations. Meanwhile, new strategies emerged (e.g. exit from the euro area) and the game between the euro area and the capital market became also more important. In the ongoing negotiations, the cooperative nature of the game gained an increasingly important role. The stability of the coalition depends on the distribution of the benefits of the adopted solutions and is essential for the process of solving the debt problem in the EMU and the fate of the European Union. It should also be noted that the results achieved in the negotiations with Greece, Ireland and Portugal contributed to the creation of new strategies. Decisions on establishment of the ESM, the ECB's active involvement in the management of debt in the capital market, the creation of a banking union, etc., constitute an important "complement" to the decisions taken earlier - to bailout strategies of Greece, Portugal and Ireland.
Źródło:
Unia Europejska.pl; 2012, 4; 30-37
2084-2694
Pojawia się w:
Unia Europejska.pl
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:
Konsumpcja jako czynnik wzrostu PKB w Polsce
Consumption as a GDP Growth Factor in Poland
Autorzy:
Świetlik, Krystyna
Powiązania:
https://bibliotekanauki.pl/articles/445343.pdf
Data publikacji:
2012
Wydawca:
Polski Instytut Ekonomiczny
Tematy:
popyt krajowy
spożycie indywidualne
spożycie zbiorowe
akumulacja
kryzys zadłużeniowy
recesja
GDP
domestic demand
individual consumption
collective consumption
accumulation
debt crisis
recession
Opis:
PKB w rachunkach narodowych jest sumarycznym ujęciem spożycia (indywidualnego oraz zbiorowego) i akumulacji brutto. Zaburzenia na światowych rynkach finansowych zapoczątkowane w połowie 2008 r., globalna recesja i kryzys zadłużeniowy państw strefy euro doprowadziły do znacznego osłabienia aktywności gospodarki światowej, co nie pozostało bez wpływu na gospodarkę polską. Relatywnie wysokie tempo wzrostu popytu konsumpcyjnego w Polsce, pomimo spowolnienia gospodarczego, osłabiło działanie niekorzystnych czynników związanych z kryzysem gospodarczym i przełożyło się na dodatnie, wyższe od średnich w Unii Europejskiej, wskaźniki dynamiki PKB. Silny popyt wewnętrzny i konsumpcja prywatna są mocnymi stronami polskiej gospodarki, przyczyniającymi się do zachowania wzrostu gospodarczego, nawet w obliczu niekorzystnych warunków na rynkach międzynarodowych.
GDP in the national accounts is a summary expression of consumption (individual and collective) and gross accumulation. Turbulences in the global financial markets originated in the mid-2008, the global recession and debt crisis of the Eurozone countries have led to a significant weakening of activity of the global economy what has also its effect or the Polish economy. The relatively high rate of growth of consumer demand in Poland, despite the economic downturn, has weakened action of unfavourable factors connected with the economic crisis and has been translated into positive, higher than the average in the European Union, indicators of the GDP dynamics. The strong internal demand and private consumption are strengths of the Polish economy facilitating retention of the economic growth, even in the face of unfavourable conditions in the international markets.
Źródło:
Konsumpcja i Rozwój; 2012, 1(2); 13-23
2083-6929
Pojawia się w:
Konsumpcja i Rozwój
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Kryzys strefy euro : przyczyny, skutki, drogi wyjścia
The Euro Zone Crisis : Reasons, Impacts and Solutions
Autorzy:
Czekaj, Jan
Powiązania:
https://bibliotekanauki.pl/articles/903842.pdf
Data publikacji:
2012
Wydawca:
Uniwersytet Ekonomiczny w Krakowie, Małopolska Szkoła Administracji Publicznej
Tematy:
dług publiczny
deficyt budżetowy
deficyt na rachunku obrotów bieżących bilansu płatniczego
kryzys finansowy
kryzys ekonomiczny
strefa euro
public debt
budget deficit
financial crisis
economic crisis
deficit in current account of balance of payment
Euro zone
Opis:
Rozpoczęty w drugiej połowie pierwszej dekady XXI w. światowy kryzys finansowy i gospodarczy wywarł istotny wpływ na sytuację gospodarczą w wielu rejonach globu. Szczególnie silnie skutki kryzysu odczuwają kraje strefy euro, a zwłaszcza południa Europy. Wśród przyczyn wymienia się najczęściej nadmierne wydatki oraz deficyty sektora finansów publicznych tych państw. W artykule hipoteza ta jest kwestionowana. Kraje Unii Europejskiej i strefy euro w porównaniu z innymi państwami wysoko rozwiniętego świata charakteryzowały się przed kryzysem umiarkowanym zadłużeniem sektora publicznego. Nadmierne zadłużenie finansów publicznych krajów strefy euro nie jest przyczyną kryzysu gospodarczego, lecz skutkiem kryzysu finansowego zapoczątkowanego w USA oraz następującego po nim kryzysu gospodarczego w świecie. Podjęte przez państwa strefy euro działania mające zlikwidować skutki kryzysu nie przynoszą pożądanych rezultatów. Skoncentrowanie się na równoważeniu sektora finansów publicznych nie jest wystarczające. Ze względu na istniejące dysproporcje warunkiem wyjścia z kryzysu jest integracja fiskalna. Jeżeli nie zostaną podjęte zmierzające do niej działania, strefie euro grozi rozpad.
The world financial and economic crisis initiated in the US in the second half of the 2000s had a considerable influence on the economic condition of many parts of the world economy. The most serious consequences can be seen in the Euro zone, particularly in Southern Europe. The most important cause of the crisis is, in the opinion of many, public finance imbalance. The author of the present paper questions this assumption. Before the crisis, the European Union and Euro zone countries were moderately indebted in comparison with other developed countries and regions of the world economy. Fiscal imbalances should therefore be treated as the effect of the financial and economic crisis. Hie measures undertaken so far in order to overcome the crisis of the Euro zone are not effective. It sees to be insufficient to concentrate solely on fiscal imbalances. Due to differences in the level of economic development between the Euro zone countries, a broader scope of transfers is necessary which can be achieved only through fiscal integration. Unless the Euro zone countries become more fiscally integrated, the zone will collapse.
Źródło:
Zarządzanie Publiczne / Public Governance; 2012, 3(21); 5-26
1898-3529
2658-1116
Pojawia się w:
Zarządzanie Publiczne / Public Governance
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
CORPORATE DEBT AND CRISIS SEVERITY IN EUROPE
Autorzy:
Niemczak, Kinga
Powiązania:
https://bibliotekanauki.pl/articles/599452.pdf
Data publikacji:
2013
Wydawca:
Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
Tematy:
corporate debt
crisis
European Union
financial structure
growth contractions
Opis:
The aim of this paper is to analyse the financial structure of non-financial corporations in the European Union prior to the 2008 crisis and to determine whether the ex-ante differences in corporate financial structure had an impact on the severity of the 2008 financial crisis in European countries. The analysis confirms a negative relationship between the corporate debt ratio prior to the crisis and crisis-induced contractions in corporate investment and GDP. The results indicate a greater importance of the growth in corporate indebtedness in the years prior to the crisis for crisis vulnerability than solely the level of debt immediately before the crisis. The paper has several important implications for crisis prevention and mitigation policy.
Źródło:
Finansowy Kwartalnik Internetowy e-Finanse; 2013, 9, 1; 35-43
1734-039X
Pojawia się w:
Finansowy Kwartalnik Internetowy e-Finanse
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Dług publiczny w poglądach Jamesa Buchanana a kryzys zadłużenia na świecie
James Buchanans View on Public Debt and Indebtedness Crisis in the World
Autorzy:
Ptak, Piotr
Powiązania:
https://bibliotekanauki.pl/articles/589109.pdf
Data publikacji:
2013
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Dług publiczny
Ekonomiści
Kryzys zadłużeniowy
Teoria ekonomii
Economic theory
Economists
Indebtedness crisis
Public debt
Opis:
The global financial and economic crisis revealed threats connected with excessive indebtedness of countries, whose cause came from maintaining of structural deficits. As a consequence, there was a sudden deepening of deficits and jumping growth of indebtedness in the world. Sufficiently deep reforms may, however, restore the confidence of markets. Effectiveness and permanence of those reforms will depend in a large scale on fiscal constraints imposed on governments. One of the advocates of permanent constraints imposed on governments is James Buchanan - one of the most outstanding representative of public choice theory, who was awarded a Nobel Prize in 1986. The aim of this article it to present the views of James Buchanan along with its evolution on public debt issues and the reasons for generating indebtedness as well as a presentation of his proposals of normative nature towards this phenomena.
Źródło:
Studia Ekonomiczne; 2013, 129; 19-27
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Eskalacja nierównowagi zewnętrznej krajów zadłużonych w warunkach globalnej mobilności kapitału
Escalation of the external disequilibrium of indebted countries under global capital mobility
Усиление внешнего неравновесия стран-должников в условиях глобальной мобильности капитала
Autorzy:
Najlepszy, Eugeniusz
Powiązania:
https://bibliotekanauki.pl/articles/1011930.pdf
Data publikacji:
2013
Wydawca:
Polska Akademia Nauk. Czytelnia Czasopism PAN
Tematy:
fiscal expansion
debt crisis
volatility of capital flows
disequilibrium balance of payments
predictability international solvency
фискальная экспансия
кризис задолженности
поток капиталов
неравновесие платежных балансов
международная платежеспособность
Opis:
The paper includes an analysis of some factors conducing to the rise in the external disequilibrium of domestic economy, such as: debt crisis, fluctuation in capital flows, and the decreasing predictability of international solvency. None of these factors considered separately can explain well the causes of the rising external indebtness. Only an integrated analysis of all those interdependent factors allows to better understand the escalation of external imbalance in individual countries. The knowledge of these processes is the condition of the effectiveness of the adjustment attempts aimed at stabilizing capital flows and hampering the increase in external disequilibrium. On the basis of theoretical analysis, the author describes the processes and dependencies underlying fi scal expansion that lead to the emergence of budget deficits and to the increase of indebtness. The author explains the interaction between the major instruments of expansionary fi scal policy that result in the increase in current deficits and in the weakening of external balance. A separate part the analysis is devoted to the description of behavioral factors shaping the attitudes and sentiments of the participants of financial markets, which determine their investment activity. The mechanism of the influence of behavioral factors is hidden, strongly stochastic, and its effects are difficult to be observed and foreseen. However, the experience of CEE countries suggests that this mechanism generates multiple signals indicating the appearance of a shock correction to the balance of payments as result of the increasing budgetary deficit and of the critical size of public debts.
Статья содержит анализ факторов, которые способствуют росту внешнего неравновесия отечественной экономики, таких как: кризис задолженности, колебания изменчивостифинансовых потоков и уменьшающаяся надежность международной платежеспособности. Ни один из этих факторов, анализируемый отдельно, не объясняет причин усиления внешнего неравновесия, и только их исследование в интегральной связи позволяет лучше понять процессы эскалации внешнего неравновесия в отдельных странах. Познание этих процессов является условиемэффективности предпринимаемых действий по адаптации, нацеленных на стабилизацию потоков капитала и сдерживание роста внешнего неравновесия. На основе теоретического анализа были описаны процессы и взаимозависимости, лежащие в основе фискальной экспансии, ведущие к появлению бюджетных дефицитов и росту задолженности отечественной экономики. Одновременно была дана характеристика связей (интеракций)и способа воздействия главных инструментов экспансивной фискальной политики на ход международных операций, результатом которых является увеличение текущих дефицитов и ослабление внешнего равновесия. Отдельной частью анализа является описание поведенческих факторов, формирующих поведение и настроение участников финансовых рынков, определяющих их инвестиционную активность. Механизм воздействия поведенческих факторов является скрытым, сильно стохастическим, в результате чего наблюдать и предугадать его эффекты. Опыт стран центральной и восточной Европыуказывает однако, что он дает многочисленные сигналы, извещающие о появлении шоковой корректировки платежного баланса в ответ на растущее неравновесие бюджета и критическую задолженность публичных финансов.
Źródło:
Ekonomista; 2013, 5; 647-668
0013-3205
2299-6184
Pojawia się w:
Ekonomista
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 58

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