scholarly journals National fiscal frameworks in the post-crisis European Union

Equilibrium ◽  
2018 ◽  
Vol 13 (4) ◽  
pp. 623-642
Author(s):  
Agata Szymańska
Keyword(s):  
Public Finance ◽  
European Union ◽  
Value Added ◽  
Fiscal Rules ◽  
Agglomerative Clustering ◽  
Clustering Method ◽  
Public Finances ◽  
Eu Countries ◽  
The Eu ◽  
Fiscal Frameworks

Research background: The latest economic and financial crisis has seriously injured European Union Member States, affecting the condition of their public finances. In the face of the crisis, the EU made a special effort to increase the effectiveness of national fiscal frameworks, e.g. by improving the compliance with legislation. The post 2009 reforms were aimed at providing a solid economic foundation for the national fiscal frameworks, especially in the high-debt euro area countries. Purpose of the article: The goal of this research is twofold. Firstly, it aims to provide an outline of the national fiscal governance in the EU. Secondly, the paper analyzes the changes in the core measures of fiscal governance in the EU between the crisis period and the year 2016 (due to the latest available data) and investigates the similarities in the progress made by the 28 EU countries in restoring balance in public finance. Methods: To achieve the goal, the literature review and the analysis of core elements of national fiscal frameworks are provided. In the empirical section the grouping method for all 28 EU countries based on the Ward's agglomerative hierarchical clustering method is employed. The study uses data derived from the AMECO database (in the case of fiscal data) and the European Commission thematic data for quality indexes of particular elements of fiscal governance (numerical fiscal rules, medium-term budgetary frameworks and independent fiscal institutions). Findings & Value added: This paper contributes to the literature by, on the one hand, attempting to analyze changes in main fiscal governance measures and, on the other hand, by assessing their link with public finance through employment of the agglomerative clustering method. Based on the results, the conclusion about the importance of the improvement in fiscal frameworks is provided. The analysis shows that countries with better national fiscal framework achieved better results in public finances regardless the macroeconomic conditions.

scholarly journals The Use of Artificial Neural Networks to Analyze Greenhouse Gas and Air Pollutant Emissions from the Mining and Quarrying Sector in the European Union

Energies ◽  
2020 ◽  
Vol 13 (8) ◽  
pp. 1925 ◽  
Author(s):  
Jarosław Brodny ◽  
Magdalena Tutak
Keyword(s):  
Neural Networks ◽  
European Union ◽  
Greenhouse Gas ◽  
Value Added ◽  
Air Pollutant ◽  
Pollutant Emissions ◽  
Mining Activities ◽  
The European Union ◽  
Eu Countries ◽  
The Eu

The European Union (EU) is considered one of the most economically developed regions worldwide. It was driven by the mining industry for several decades. Despite certain changes in this area, a number of mineral and energy resources are still being mined in the EU. Nevertheless, mining activities are accompanied by many unfavorable phenomena, especially for the environment, such as greenhouse gas and air pollutant emissions. The great diversity of the EU countries in terms of the size of the “mining and quarrying” sector means that both the volume and structure of these emissions in individual countries varies. In order to assess the current state of affairs, research was conducted to look at the structure and volume of these emissions in individual EU countries. The aim of the study was to divide these countries into homogenous groups by structure and volume of studied emissions. In order to reflect both the specificity and diversity of the EU countries, this division was based on the seven most important gases (CO2, CH4, N2O, NH3, NMVOC, CO, NOx) and two types of particulate matter (PM 2.5, PM 10) emitted into the atmosphere from the sector in question. The volume of studied emissions was also compared to the number of inhabitants of each EU country and the gross value added (GVA) by the mining and quarrying sector. This approach enabled a new and broader view on the issue of gas and air pollutant emissions associated with mining activities. The artificial Kohonen’s neural networks were used for the analysis. The developed method, the analyses and the results constitute a new approach to studying such emissions in the EU. Research that looks only at the emission of harmful substances into the environment in relation to their absolute values fail to fully reflect the complexity of this problem in individual EU countries. The presented approach and the results should broaden the knowledge in the field of harmful substance emissions from the mining and quarrying sector, which should be utilized in the process of implementing the new European climate strategy referred to as “The European Green Deal”.

scholarly journals Multidimensional comparative analysis of the competitive capacity of the European Union countries and geographical regions

2017 ◽  
Vol 8 (4) ◽  
pp. 487-504 ◽  
Author(s):  
Katarzyna Cheba ◽  
Katarzyna Szopik-Depczyńska
Keyword(s):  
European Union ◽  
Comparative Analysis ◽  
International Comparisons ◽  
Value Added ◽  
Basic Question ◽  
The European Union ◽  
Eu Countries ◽  
Geographical Regions ◽  
European Union Countries ◽  
The Eu

Research background: The basic question we ask is whether is it possible to talk in today’s globalizing world about the uniform of the competitiveness of the economies? Posing such questions is particularly important in the case of political and economic structures such as the European Union. The competitiveness of the economies is now one of the most frequently discussed topics. In this work, due to the context of the conducted research (international comparisons of the EU countries’ economies) the competitiveness of international economies will be considered in terms of international competitive capacity. In addition to the problems associated with defining this concept, there are also important dilemmas concerned with the measurement of the competitiveness. In the performed comparative analyses of European economies the research results presented within reports of „Global Competitiveness Index” will be used. Purpose of the article: The main purpose of the paper is to conduct a multidimensional comparative analysis of the competitive capacity of the European Union countries and geo-graphical regions of Europe. Methods: In the paper, to study the spatial differentiation of the EU countries and geograph-ical regions of Europe in the context of their competitive capacity, the taxonomic measure of development based on median vector Weber was used. Findings & Value added: As a result, the classification and the typological groups of EU countries and geographical regions of Europe calculated on the basis of the features describing their competitive capacity arises. The value added of these research is the analysis of competitive capacity conducted not only for EU countries, but also for geographical regions of Europe. In the paper, the verification of criteria using by World Economic Forum to assess the competitive capacity of EU economies was also conducted. In this area of the research, because of high level of correlation, many features from initial database were deleted.

scholarly journals The quality of public finance in the light of fiscal governance concept: implications for the European Union countries

Equilibrium ◽  
2018 ◽  
Vol 13 (3) ◽  
pp. 411-426
Author(s):  
Aneta Kargol-Wasiluk ◽  
Anna Wildowicz-Giegiel
Keyword(s):  
Public Finance ◽  
Descriptive Analysis ◽  
Value Added ◽  
Principal Component ◽  
Research Area ◽  
Point Of View ◽  
Fiscal Rules ◽  
The European Union ◽  
The Eu

Research background: The research area on the quality of public finance (QPF) appears to be intellectually attractive. In the light of the challenges of the 21st century, public finance should be characterized by adequate quality, ensuring effective implementation of the economic functions of government. The problem of QPF is increasingly more frequent in the face of a deteriorating fiscal situation of most countries in Europe and around the world. Hence, it is worth considering which factors determine the quality of public finance. Purpose of the article: This article aims to show the possibility of assessing the quality of public finance in the light of fiscal governance concept.  The identification of the key components of QPF seems to be useful from the point of view of empirical research, and can be implemented to assess the quality of public finance in the EU–28. Methods: Descriptive analysis along with principal component analysis (PCA) was implemented to indicate dimensions of QPF. Findings & Value added: The quality of public finance consists of a well-designed fiscal rules (numerical and non-numerical) and institutions, as well as structural reforms. The obtained results allow to characterize the quality of public finance through the prism of six identified principal components. They have a mixed character, two of them are partly or totally related to the institutional aspects of public finance, which proves their importance in the process of improving the quality of public finance. Improving the quality of public finance remains a key challenge for policy makers in the EU. The growing impact of globalization and the aging population also cause the need to improve the qualitative aspects of fiscal policy. The study contributes to the literature on public finance, particularly in the empirical dimension through broadening the knowledge on institutional factors which can be used to measure QPF index. The results of research have certainly enriched the existing knowledge on the phenomenon of QPF and the ways of its measurement.

scholarly journals Impact of fiscal institutions on public finances in the European Union: Review of evidence in the empirical literature

2021 ◽  
Vol 21 (2) ◽  
pp. 215-232
Author(s):  
Martin Gorčák ◽  
Stanislav Šaroch
Keyword(s):  
European Union ◽  
Fiscal Policy ◽  
Policy Making ◽  
Fiscal Rules ◽  
Empirical Literature ◽  
The European Union ◽  
Fiscal Institutions ◽  
Public Finances ◽  
The Eu ◽  
Fiscal Outcomes

Abstract This paper examines the impact of budgetary institutions on public finances in the European Union on the basis of a critical survey of the relevant theoretical and empirical literature. In general, the authors find that fiscal institutions (namely fiscal rules) have successfully contributed to greater fiscal sustainability, reduced procyclicality of fiscal policies within the EU, and increased national ownership of fiscal rules by strengthening national fiscal frameworks. A fiscal reaction function was one of the widely used methods to determine the principal variables affecting fiscal outcomes. Some authors used cyclically-adjusted fiscal outcomes as the dependent variable representing the discretionary fiscal policy-making whereas others put emphasis on other fiscal outcomes. The samples of countries covered mostly the EU Member States, representing rather homogenous samples in the context of common EU fiscal framework. Institutional aspects used as independent variables differed significantly among authors and some could be added for future research. Based on the literature survey, several recommendations were made for fiscal policy-making.

scholarly journals Evaluation of cultural sphere development in the European Union countries as a factor of forming social capital and creative industries: experience for Ukraine

2020 ◽  
Vol 184 (7-8) ◽  
pp. 68-78
Author(s):  
Marianna Kichurchak ◽  
Keyword(s):  
Social Capital ◽  
European Union ◽  
National Economy ◽  
Value Added ◽  
Creative Industries ◽  
The European Union ◽  
Eu Countries ◽  
Spatial Differences ◽  
Cultural Sphere ◽  
The Eu

Taking into account the European integration course of Ukraine, it is necessary to evaluate the socio-economic conditions of cultural sphere development in the countries of the European Union, because it is an integral part of creative industries and improvement of social capital. The purpose of this research is to identify the factors of cultural sphere development in the EU countries due to its importance for the system of creative industries and the process of social capital accumulation, outlining the possibilities of European experience adaptation in this sphere for Ukraine. The scientific and methodology approaches were developed to the definition of cultural sphere development factors in the EU countries from the point of view of its influence on the formation of social capital and creative industries. A comparative analysis of socio-economic development of cultural sphere in 2011-2019 was realized, including evaluation of spatial differences in its functioning on the base of variation indicators calculating and tracking their dynamics. The specification of multiple regression models was done, in which the explained variables became employment in cultural sphere (Y1) and the value of its gross value added (Y2). It is found out that the place and significance of the cultural sphere for the national economy of each EU country differ, whereas the environment of its functioning is relatively stable, which contributes to the formation of proper conditions for the accumulation of social capital and the development of creative industries. It is substantiated that spatial differences in cultural sphere development have been intensified in the EU countries due to the different intensity of social capital and creative industries network formation. The multiple regression analysis revealed that a number of explanatory variables (demographic situation, tourism activity, unemployment rate, and education index) influence employment and gross value added of the cultural sphere. It is determined that for the cultural sphere of Ukraine, taking into account the European integration and experience of the EU countries, it is important to ensure the stability of cultural sphere, minimize the effects of the demographic crisis, promote tourism development, and regulate the employment policy, which, due to synergy, will influence the social capital and the positions of creative industries in the national economy.

scholarly journals Comparative advantages in Polish export to the European Union — food products vs selected groups of non-food products

2018 ◽  
Vol 9 (2) ◽  
pp. 287-308
Author(s):  
Iwona Szczepaniak
Keyword(s):  
European Union ◽  
Foreign Trade ◽  
Value Added ◽  
Food Products ◽  
The European Union ◽  
Food Sector ◽  
Eu Countries ◽  
Comparative Advantages ◽  
Research Period ◽  
The Eu

Research background: Globalisation and economic integration are the reasons for which the competitiveness of economic entities is analysed more and more often in the context of their relations with the international market. One of the ways to assess the competitiveness of the Polish food sector is an analysis of comparative (relative) advantages in the export of this sector’s products. Purpose of the article: The objective of this paper is to assess comparative advantages in Polish export of food products to the European Union against a background of selected groups of non-food products. Methods: The study used the B. Balassa’s revealed comparative advantage (RCA) index. The study is preceded by a brief review of foreign trade results. The source of data was the WITS-Comtrade commercial database. The analysis was carried out at the level of the HS sections (in commodity terms). The research period covered the years 2003–2015. Findings & Value added: In the years 2003–2015, export of food increased nearly six times and its import — more than 4.5 times. The major partners of Poland as regards trade in food were the EU countries. The food sector was one of few sectors of the economy with the positive trade balance. Polish export to the EU was characterised by a diversified level of comparative advantages. From among 20 HS sections, in 2015 Poland had comparative advantages in export to the EU countries for products from 10 sections (2 food and 8 non-food). Those products accounted for 11% and 70% of Polish export to the EU, respectively. The development of Polish foreign trade in food products during the Polish membership in the EU as well as fairly high comparative advantages in the export of these products to the EU indicate the competitiveness and significant importance of the Polish food sector for the national economy.

scholarly journals The dimensions of fiscal governance as the cornerstone of public finance sustainability: A general framework

2014 ◽  
Vol 26 (1) ◽  
pp. 94-139 ◽  
Author(s):  
Alessandro Giosi ◽  
Silvia Testarmata ◽  
Sandro Brunelli ◽  
Bianca Staglianò
Keyword(s):  
Public Finance ◽  
European Union ◽  
Fiscal Policy ◽  
General Framework ◽  
European Countries ◽  
The European Union ◽  
Eu Countries ◽  
National Governments ◽  
The Eu

Recently many European countries have incurred crises in public finance despite the fact that EU institutions have pushed the national governments toward the sustainability of public finance with compulsory and voluntary rules regarding fiscal governance. This paper investigates the relations between the quality of fiscal governance and the financial virtuosity of national fiscal policy. We proposed a general framework for analyzing the fiscal governance issue and we empirically tested the correlation between the dimensions of fiscal governance and the budgetary performance of EU countries. The results showed a positive correlation between the quality of fiscal governance in the EU countries and financial surplus in the period concerned. However further investigations are needed and an effort should be made to collect uniform data on fiscal governance in the European Union.

scholarly journals Fiscal councils as an element of the concept of fiscal governance in the European Union member states

Equilibrium ◽  
2016 ◽  
Vol 11 (4) ◽  
pp. 675
Author(s):  
Ryta Dziemianowicz ◽  
Aneta Kargol-Wasiluk ◽  
Renata Budlewska
Keyword(s):  
Fiscal Policy ◽  
Good Governance ◽  
Fiscal Rules ◽  
The European Union ◽  
Member States ◽  
Public Finances ◽  
Eu Countries ◽  
Eu Member States ◽  
Fiscal Balance ◽  
The Eu

Fiscal governance is defined as a combination of institutions, rules and norms that structure good governance in the area of fiscal policy. It can be named as the specific mechanism of coordination by using of tools such as: budgetary procedures (legislative fiscal rules), fiscal rules (numerical) and independent fiscal institutions/ fiscal councils. Fiscal governance focuses on how the fiscal policy is planned, approved, conducted and monitored, including the involvement of not only public bodies, but the business sector and civil society too. In this study, particular attention was paid to capturing the essence of the relationship between the qualitative elements of fiscal councils activity and its impact on stabilizing the public finances in the view of fiscal governance concept. During the last world crisis in the EU countries, an interest in establishing fiscal councils has increased. Before 2008 there were only seven institutions in the EU, while in 2014 there are already 19. The question is - are these institutions efficient in stabilizing public finances? Therefore, the main objective of the article is the assessment of the role of the fiscal councils in the coordination of the fiscal policy in the EU Member States. The conducted analysis verifies this role on the basis of theoretical deliberation of the current state of the art. The empirical research verifies fiscal councils’ dependence on fiscal balance of EU countries. Research was conducted on the basis of the European Commission, Eurostat and International Monetary Fund data sets.

scholarly journals The role of independent fiscal councils in improving fiscal performance of the European Union countries

Equilibrium ◽  
2019 ◽  
Vol 14 (4) ◽  
pp. 611-630
Author(s):  
Anna Wildowicz-Giegiel
Keyword(s):  
Public Finance ◽  
Global Financial Crisis ◽  
Value Added ◽  
Political Support ◽  
Fiscal Discipline ◽  
Eu Countries ◽  
Fiscal Performance ◽  
The Impact ◽  
The Eu

Research background: Independent fiscal councils are an example of new fiscal institutions, the number of which has rapidly increased around the world, including the EU countries since the global financial crisis of 2008–09. A further deterioration of public finance has provoked many economists to intensify disputes regarding the optimal shape, functions and effectiveness of fiscal councils responsible for promoting sound fiscal policy. Given this, a research focus on independent fiscal councils, active in the public debate in Europe, seems intellectually attractive. Purpose of the article: This article aims to explore the impact of Independent Fiscal Councils on fiscal performance, paying particular attention to their mandate, tasks and institutional models which can strengthen the achievement of fiscal discipline in the EU countries. In connection with this, the question arises about the effectiveness of fiscal councils, especially in the case of institutions that were compulsorily created under the external pressure (at the European level) and found no strong political support in national parliaments. Methods: Descriptive analysis along with panel data analysis were implemented to show the role of fiscal councils in enhancing fiscal discipline in the EU countries in years 2006–17 on the basis of data collected by the European Commission. Findings & Value added: The improvement in fiscal performance and better macroeconomic and budgetary forecasts can be achieved thanks to well-designed fiscal councils supported by appropriate fiscal rules. The conducted analysis confirms that independent fiscal councils are the useful mechanism introducing indirect social control over government revenues and expenditures. This means greater fiscal transparency and lower fiscal illusion between the government and the electorate. Due to the increase in the transparency of public finance, it is possible to reduce the ‘partisan’ deficit bias that contributes to public debt growth. The empirical research extends the existing knowledge on the role of fiscal councils and their impact on fiscal performance.

scholarly journals EXPORT OF RUSSIAN MANUFACTURES TO EU COUNTRIES: TENDENCIES, PROBLEMS AND OPPORTUNITIES

2013 ◽  
pp. 139-145
Author(s):  
I. A. Korobkov
Keyword(s):  
European Union ◽  
Economic Development ◽  
Russian Federation ◽  
Western Europe ◽  
Value Added ◽  
High Tech ◽  
The European Union ◽  
Eu Countries ◽  
The Eu ◽  
Value Added Products

The modernization and specialization of the economy in hi-tech and high-value-added goods is the long term goal defined and set forward within the frame of Russian Federation 2020 Concept for the Social and Economic Development. According to the principles and clauses of the abovementioned document these high-tech and high-value-added products in the long run are intended to be exported to the European Union countries. For the foreseeable future EU will remain Russia’s key trade partner and moreover will play an immense and significant role for the integration of the Russian Federation in the international manufacturing and industrial processes. However, considering the high level of economic development of the EU countries and their strong positions in global exports of processed products including hi-tech goods, the export of the manufactures to the EU countries is quite a challenging task for Russia. Currently the manufactures that are supplied to the European Union mainly consist of semi-processed commodities, e.g., metals, diamonds and chemicals. Russian high-value-added products are exported to a limited number of partners; export volumes are comparatively moderate and volatile. However, some high-tech Russian products are successfully exported to the EU countries and meet growing demand from consumers from Central and Western Europe. The share of finished products and high-value-added goods exported to the Central and Eastern Europe slightly exceeds the EU average; the growing machinery and transport equipment sales are determined by an increased supply towards Poland, Slovakia, Bulgaria and Czech Republic.

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