scholarly journals Fiscality, Economic Growth and the Level of Unemployment in Poland in the Context of the Fiscal‑Monetary Game

2018 ◽  
Vol 4 (337) ◽  
pp. 53-67
Author(s):  
Joanna Stawska
Keyword(s):  
Public Finance ◽  
Economic Growth ◽  
Unemployment Rate ◽  
Fiscal Policies ◽  
The Public ◽  
Factors Influencing ◽  
General Government ◽  
Government Deficit ◽  
The Government ◽  
Economic Developments

The central bank and the government are pursuing different goals so finding the best mix of monetary and fiscal policies is not easy. At the same time, the decisions the two authorities make during the fiscal‑monetary game exert a strong influence on economic variables. This article focuses on the level of revenues and expenditures of the public finance sector, economic growth and the unemployment rate in Poland in the years 2000–2016. Its aim is to present the level of fiscality and the rates of economic growth and unemployment in the context of monetary and fiscal decisions made by the economic authorities. To this end, the following research methods are employed: statistical analysis methods and graphical presentations of economic developments. As found, in the years 2000–2016 in Poland the general government deficit and the rate of GDP growth influenced the unemployment rate that in turn determined the expenditures of the public finance sector. This research is original in that the changes in fiscality, the rate of unemployment and the dynamics of GDP are studied with respect to interactions between the monetary and fiscal authorities, including factors influencing their decisions, particularly those arising from the last financial crisis.

scholarly journals Savings and investment equality does not prevail according to Keynesian definitions

2019 ◽  
Vol 7 (9) ◽  
pp. 97-105
Author(s):  
Tamás Bánfi
Keyword(s):  
Common Sense ◽  
Theoretical Framework ◽  
Monetary Authority ◽  
Market Mechanisms ◽  
The Public ◽  
Public Investments ◽  
General Government ◽  
Government Deficit ◽  
The Creation ◽  
The Government

Aside from the general government and the non-resident sector, textbooks on macroeconomics uniformly define the following correlation under the terms investment and saving: I = S. The I = S equality is naturally and legitimately interpreted by macroeconomic textbooks almost without exception as the equality between intended investments and intended savings, because the equality ‒ if we accept it ‒ is not only a definitive identity, but generally the outcome of market mechanisms that take time. Keynes’s first critic was Robertson who claimed that “his analysis corresponded to what common-sense proclaims (even to the simple-minded) to be the essence of the matter; namely, the power possessed by the public and by the monetary authority to alter the rates of income flow – the former by putting money into and out of store, the latter by putting it into and out of existence. Thus, in his definition, I = S + (A + B), in which A is new money and B is reactivated idle balances. ” Robertson's comment could have been addressed with a simple correction, and the tool used for funding the expansion of state (public) investments, i.e. the government deficit financed by the creation of new money, is a consistent element of the theoretical framework.

scholarly journals Quality of Public Finance and Economic Growth in the Czech Republic

2016 ◽  
Vol 64 (4) ◽  
pp. 1373-1381
Author(s):  
Irena Szarowská
Keyword(s):  
Public Finance ◽  
Economic Growth ◽  
Czech Republic ◽  
System Size ◽  
Tax Rates ◽  
The Czech Republic ◽  
The Public ◽  
Key Policy ◽  
The Government

Quality of public finances belongs to a key policy challenge as its improvement should lead to a long-term economic growth. The aim of the paper is to investigate if the key channels and tools used by the public finance (structure of revenue system, size of the government and composition of expenditure, level and sustainability of fiscal position) affect economic growth in the Czech Republic in the period 1995-2013. The empirical model is based on the methodology of Barro and Sala-i-Martin (2003) and the model of Mankiw et al. (1992) which is adapted to the framework of this study. The results of dynamic regressions suggest that economic growth is affected by public finance variables only partly and traditional sources of economic growth (human capital or openness) play bigger role. Provided evidence shows that total tax burden as well as the structure of revenue system (especially implicit tax rates on labour and consumption) should be primarily used as tools for maintain macroeconomic objectives. On the contrary, changes in size and composition of expenditure, balance and debt report not statistically significant impact.

scholarly journals Economic Growth, Policies and Influencing Factors: The Case of Albania

2016 ◽  
Vol 4 (1) ◽  
pp. 107
Author(s):  
Eleni Vangjeli ◽  
Anila Mancka
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Fiscal Policy ◽  
Interest Rates ◽  
Empirical Analysis ◽  
Influencing Factors ◽  
Fiscal Policies ◽  
The Government ◽  
High Level ◽  
The Empirical Analysis

Monetary and fiscal policies are two policies that the government could use to keep a high level of growth, with a low inflancion. Fiscal policy has its initial impact on the stock market, while monetary policy in market assets. But, given that the goods and active markets are closely interrelated, both policies, monetary as well as fiscal have impact on the economy, increasing the level of product through the reduction of interest rates. In our paper we will show how functioning monetary and fiscal policies. But also in our paper we will analyze the different factors which have affected the economic growth of the country. The focus of our study is the graphical and empirical analysis of economic growth, policies and influencing factors. For the empirical analysis we have used data on the economic growth in Albania for 1996– 2014.

scholarly journals PENGARUH PERTUMBUHAN EKONOMI, UPAH MINIMUM PROVINSI, DAN TINGKAT PENDIDIKAN TERHADAP PENGANGGURAN TERBUKA DI INDONESIA

Jurnal Ecogen ◽  
2018 ◽  
Vol 1 (4) ◽  
pp. 162
Author(s):  
Syurifto Prawira
Keyword(s):  
Economic Growth ◽  
Minimum Wage ◽  
Unemployment Rate ◽  
Secondary Data ◽  
Education Level ◽  
Quality Of Education ◽  
Wage System ◽  
Negative Effect ◽  
The Government

This study aims to analyze the effect of economic growth, provincial minimum wage, and education level on open unemployment rate in Indonesia in 2011-2015, either simultaneously or partially. Using panel data with Fixed Efect Model (FEM) approach and using secondary data of 33 provinces in Indonesia. The model estimation results show that the variable of economic growth, provincial minimum wage, and education level simultaneously have significant effect on open unemployment rate in Indonesia. While the partial variable of economic growth has a negative effect but no significant effect on the unemployment rate. The provincial minimum wage variable is partially positive and significant to the unemployment rate. The variable of educational level also have positive and significant effect to unemployment rate. The government is expected to pay serious attention to economic growth, minimum wage system, improving the quality of education, the issue of availability of employment opportunities. Keyword: Economic Growth, Wage, Education, and Unemployment

Is There a Threshold Effect of Public Debt on Economic Growth?

2019 ◽  
pp. 49-64
Author(s):  
Seher Gulsah Topuz ◽  
Taner Sekmen
Keyword(s):  
Economic Growth ◽  
Linear Relationship ◽  
Public Debt ◽  
Threshold Effect ◽  
Oecd Countries ◽  
Fiscal Policies ◽  
The Public ◽  
Regression Methods ◽  
The Relationship ◽  
Panel Threshold Regression

In this chapter, the relationship between public debt and economic growth is examined for OECD countries. In order to determine this relationship, the data between 2002 and 2016 is analyzed using panel threshold regression methods. The findings of the study suggest that the relationship between public debt and economic growth is linear. The public debt threshold is estimated at 99.75% for OECD countries but it is statistically insignificant. While the public debt to GDP ratio is both below and above this threshold, the effect of public debt on economic growth is negative and statistically significant. There is no evidence of the existence of a non-linear relationship between public debt and economic growth. These findings are expected to guide policymakers in the implementation of fiscal policies.

Economic Growth and Changes in Public Expenditures of the States in the Time of the COVID-19 Pandemic

2022 ◽  
pp. 205-228
Author(s):  
Ferimah Yusufi
Keyword(s):  
Economic Growth ◽  
Descriptive Analysis ◽  
Secondary Data ◽  
World Order ◽  
Developed Countries ◽  
Economic Effects ◽  
Public Expenditures ◽  
Fiscal Policies ◽  
Factors Affecting ◽  
The Public

Fiscal policies are changing due to the conditions required by the COVID-19 pandemic towards the new world order. Under these circumstances, developed countries use their resources for their citizens, and international financial institutions step in for underdeveloped and developing countries with insufficient public resources of their own or are in debt and offer new credit opportunities to these countries. This study aims to analyze how public expenditures, one of the important policies in economic growth and development, will change during and after the COVID-19 pandemic. In light of the findings obtained from the literature review, the economic effects of the pandemic are explained by making a descriptive analysis of secondary data at the levels of country groups classified according to development and income level. Secondly, factors affecting the changes in the public expenditure of countries due to the pandemic were examined, and evaluations are made on the public expenditures in fiscal policies that will ensure the economic recovery and growth of countries after the pandemic.

scholarly journals Trend and Impact of Public Debt in Nepalese Economy

2015 ◽  
Vol 4 ◽  
pp. 85-89
Author(s):  
Yadab Raj Sharma
Keyword(s):  
Economic Growth ◽  
Public Debt ◽  
The Public ◽  
The Government

The public debt or public borrowing in Nepal is considered to be an important source of income of the government. Public debt helps to achieve targeted economic growth and to narrow down the gap between expenditure and revenue. However, the country is falling into debt trap in the form of interest and principal payment. In this article an attempt has been made to find out the situation, trend and impact of public debt on Nepalese economy.DOI: http://dx.doi.org/10.3126/av.v4i0.12363Academic Voices Vol.4 2014: 85-89

scholarly journals After COVID-19: Rethinking Fiscal Rules in Europe

2020 ◽  
Vol 55 (5) ◽  
pp. 276-276
Author(s):  
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Fiscal Rules ◽  
Economic Forecast ◽  
Fiscal Policies ◽  
Sovereign Debt Crisis ◽  
Gdp Growth Rate ◽  
European Sovereign Debt Crisis ◽  
General Government ◽  
Government Deficit

Abstract Following the COVID-19 outbreak in Europe this spring and subsequent measures to contain the pandemic, the European Commission drastically revised its economic and fiscal forecasts. The Summer 2020 Economic Forecast projects that the euro area economy will contract by 8.7% in 2020. The coronavirus crisis is expected to push the general government deficit to about 8.5% of GDP this year. Even in an optimistic V-shaped recovery scenario with a GDP growth rate of 6.1% in 2021 due to the temporary nature of lockdown measures taken in 2020, the headline deficit is expected to decrease to about 3.5% of GDP. Furthermore, both the downturn and the rebound of economic activity are expected to be asymmetric across member states, exposing entrenched divergences. The recent outlook highlights the problem of pro-cyclical revisions of potential output and output gap estimates. Some economists warn that the current fiscal framework may lead to pro-cyclical and thus destabilising fiscal policies, a problem encountered in Southern Europe during the European sovereign debt crisis that has implications for the entire European Union. In order to avoid repeating past mistakes, the debate on how to reform European fiscal policy should be settled before the rules are re-enacted when the coronavirus crisis has passed.

The Missing Public Interest in Land: Auctions of Public Land in Taipei City

2016 ◽  
Vol 52 (04) ◽  
pp. 1640003
Author(s):  
TZU-CHIN LIN ◽  
YUN-TING CHENG
Keyword(s):  
Affordable Housing ◽  
Public Interest ◽  
Housing Price ◽  
Public Land ◽  
Fiscal Policies ◽  
Land Value ◽  
Specific Measure ◽  
The Public ◽  
Taipei City ◽  
The Government

One of the fundamental services a modern government shall furnish is affordable housing. The ratio of the housing price to household income in Taipei has in recent years reached an astonishing figure of 15. Taipei has long suffered from a lack of readily available sites for residential development. In addition to monetary and fiscal policies, a supply-oriented and location-specific measure is therefore called for. In this vein, the supply of public land in the market has become a promising policy alternative. In spite of that, public land is an asset that belongs to all citizens. Therefore, sales of public land shall meet three conditions so as not to violate the requirement of the public interest. First of all, the price of land sold to private developers shall reflect the reasonable price that the parcel expects to fetch in the market. Secondly, the land sold to the developers shall be quickly developed in accordance with its highest and best use, and not instead remain idle. Finally, no excessive profits shall be obtained from the land by the developers when the land is later developed and houses are sold. Our empirical evidence on auctions of public land in Taipei between 2006 and 2014 provides some disappointing findings. On average, public land is worth 1.37 times more than its auctioned price. In addition, nearly 90% of undeveloped public land has been idle for more than three years after being auctioned. Besides, the effective rates of land value tax and land value increment tax are on average 0.155% and 1.01%, respectively. We therefore conclude that the auctioning of public land in Taipei has operated against the public interest. We suggest that the government in future consider both fiscal and physical measures to improve the uses of public land. However, taxation shall remain the cornerstone of the policy package.

scholarly journals Imbalance of the public finance in the context of Keynesian and Non-Keynesian effects of fiscal policy limitation

2017 ◽  
Vol 3 (3) ◽  
pp. 27-32
Author(s):  
Joanna Stawska
Keyword(s):  
Public Finance ◽  
Economic Growth ◽  
Fiscal Policy ◽  
Public Debt ◽  
Statistical Data ◽  
Gdp Growth ◽  
The Public ◽  
Methods Of Analysis ◽  
Restrictive Policy

The purpose of this article is to point out the importance of the size of public debt and deficit in the context of Keynesian and non-Keynesian effects of fiscal policy limitation. To achieve this objective primarily were used methods of analysis of the available literature and presentation of statistical data. Considerations include, among others, the presentation of public debt and deficit in the context of economic growth. Expansionary fiscal policy often caused by economic fluctuations contributes to the deepening of public finance imbalance with frequent decline in GDP growth. The restrictive policy has an influence on improving the situation of the public finance sector in the long-term with at least moderate economic growth.

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