Abstract
We start from the assumption that the main problem, and at the same time the goal, is socio-economic development. We also assume that this pursuit is universal, development is the ambition of entities at all levels of aggregation, development is a desire of each country, as well as of business entities and individuals. From the other side, the governments create conditions for entities at the microeconomic level which generate additional value, that is, contribute to the creation of this development. Peculiar to them they are developmental paths. That’s why, the main hypothesis of this article, as stating that the choice of economic policy financed by excessive public debt does not, in the long run, serve well real socio-economic development.
At the beginning of the 21st century, the vast majority of these countries had serious problems with public debt. These problems already had their history and were so serious that some efforts to discipline the forum of this group appeared. It is, in a sense, natural in the sense that integration itself is heading to a high degree of coordination and to the unification of all economic policies. The picture of public finances of the European Union does not look good despite the fact that this group can boast a long history of making efforts to control and monitor the budgets of its member states. Moreover, one can even talk about a certain intensification of this process, especially with respect to the euro area countries, but we still can not say that satisfactory results have been achieved.
Socio-economic development and electricity access in developing economies: A long-run model averaging approach