scholarly journals Changes in the fiscal policy of EU states after the 2008 crisis

2019 ◽  
Vol 55 (1) ◽  
pp. 52-65 ◽  
Author(s):  
Witold Wiliński
Keyword(s):  
Economic Growth ◽  
Fiscal Policy ◽  
European Parliament ◽  
Steady Increase ◽  
Fiscal Policies ◽  
National Debt ◽  
Eu Countries ◽  
Fiscal Compact ◽  
The Eu ◽  
Debt Levels

Abstract The aim of this article is an extensive presentation of the fiscal policy conducted by the EU states in the years 2008–2015. The analysis concerns the legal regulations introduced at the EU level by the European Parliament and the Council, as well as the fiscal policies of governments of particular states. The first part of the article analyzes basic macroeconomic data in EU states concerning the level of debt, the level of gross domestic product (GDP) redistribution, and the level of economic growth in the analyzed period. The second part discusses the legal acts adopted by the European Parliament and the Council (the so-called ‘sixpack’ and the European Fiscal Compact), aimed at improving macroeconomic balance and ensuring supervision over the proper functioning of national finances. The third part analyzes the discretionary fiscal policies pursued in EU states. The main conclusions of this article are as follows: (i) EU countries recorded higher national debt levels and debt growth rates between 2008 and 2015 than most non-EU Organisation for Economic Co-operation and Development (OECD) countries; (ii) despite legal measures taken by the European Council and the European Commission in the form of the sixpack and the European Fiscal Compact, and despite discretionary fiscal measures such as in the form of the European Economic Recovery Plan, five EU countries (Cyprus, Greece, Italy, Portugal, and Spain) have experienced a steady increase in their national debt levels; and (iii) deep reforms in the composition and level of government expenditure are a prerequisite for reducing national debt levels and for achieving satisfactory economic growth in these countries.

scholarly journals Tendencies and Relations of Defense Spending and Economic Growth in the EU Countries

2016 ◽  
Vol 27 (3) ◽  
Author(s):  
Gitana Dudzeviciute ◽  
Kestutis Peleckis ◽  
Valentina Peleckiene
Keyword(s):  
Economic Growth ◽  
Defense Spending ◽  
Eu Countries ◽  
The Eu

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 SMART GROWTH PROGRESS IN EUROPEAN UNION: A COHESION APPROACH

2019 ◽  
Vol 133 (2) ◽  
pp. 41-49
Author(s):  
Viktor Kozlovskij
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Tertiary Education ◽  
Smart Growth ◽  
Developed Countries ◽  
Member States ◽  
Eu Countries ◽  
Development Level ◽  
Growth Indicators ◽  
The Eu

Economic development and socioeconomic cohesion have always been an object of scientific research. In particular, this issue had become a focus of attention after EU enlargement in 2004 and Great Recession in 2007–2009. The above changes have given way to a certain slowdown in economic growth in most EU countries along with triggering a range of divergence processes between EU countries and regions. As a response to situation, the EU offered a Europe 2020 strategy, in which smart growth was mentioned as one of critical instruments to deal with increasing menaces. The objective of the study is to evaluate the progress of the main smart growth indicators (investment in research and development (R&D), employment rate and share of population obtaining tertiary education) in the EU over the period 2001–2017 within the framework of the economic cohesion concept. The paper seeks to explore the EU from different perspectives. First, the EU new member states (EU-10) and the old ones (EU-14) were compared. Second, the EU countries were divided by economic development level (calculated by GDP per capita in PPP): highly developed (H-7), medium developed (M-7) and less developed (L-7) countries. Finally, aggregate cohesion indices of all three smart growth indicators were calculated for the entire EU (EU-28). The research findings have revealed some interesting trends. First, each smart growth indicator’s progress depends on countries’ economic development level. Aggregate values for more developed countries (EU-14, H-7 and G-3) are always higher than the EU average (EU-28) and aggregate values for less developed economies are basically lower. Second, cohesion progress of smart growth indicators was influenced by economic recession in 2007–2009. It is argued that cohesion is evident in times of economic growth, but its progress ceases or divergence might occur in case of economic hazards. However, despite the expanding cohesion between the new and the old member states, a gap between certain groups of countries is even growing. This is clearly evident when the EU member states are divided into groups subject to the level of their economic development.

scholarly journals The impact of health care financing on the economic growth: EU countries analysis

2020 ◽  
Vol 1 (2) ◽  
pp. 24-32
Author(s):  
Anastasiia Samoilikova ◽  
Rosen Kunev
Keyword(s):  
Economic Growth ◽  
Health Care ◽  
Software Package ◽  
Positive Impact ◽  
Statistical Significance ◽  
Health Care Financing ◽  
Eu Countries ◽  
Per Capita ◽  
The Impact ◽  
The Eu

This article generalized modern tendencies and actual peculiarities of health care financing. The key aim of the research is to investigate the dynamics of health care financing as a factor of economic growth based on EU countries analysis. Systematization information sources connected with health care financing and its structure indicate that the EU countries analysis of dynamics of health care financing and its impact on economic growth was conducted fragmentary. This issue is still actual both for scholars and policymakers, especially for Ukraine, based on European trends. Investigation in the article is made according to the following stages: 1) introduction and relevance grounding; 2) literary review and identifying the necessity of research in this scientific area; 3) describing methodology, research methods, and current hypothesis; 4) characteristic of research results and confirming the hypothesis of the positive impact of the health care financing on economic growth; 5) making conclusions. Methodological tools of the research methods were structural and comparative analysis, logical generalization, and scientific abstraction. The methods of cross-country statistical and analytical analysis using the Excel 2010 software package for the sample from 14 EU countries for 2009-2018 (limited number of countries and limited data in 2018 relate to the data availability on open website of the EU statistical office) were applied to analyse the structure of health care financing, in particular financing schemes, main providers, and health care functions. The top countries in health care financing were identified. The methods of empirical analysis using the STATA software package for this data sample were used to confirm the hypothesis about the positive impact of the health care financing on economic growth – the GDP per capita. The nature of the analysed indices distribution was estimated based on results of Shapiro-Wilk test. So, Pearson or Spearman correlation coefficient was chosen. The statistical significance and strength of the relationship between the indicators of total expenditure for health care, and in particular government financing and compulsory contributory health care financing, voluntary health care financing, and household out-of-pocket payment for health care and the change of GDP per capita were assessed through a correlation analysis. The time lags of achievement the most statistical significance by this relationship was also identified. The results of the research show that the impact of health care financing on the change of economic growth is very high in 12 from 14 investigated EU countries (with lags of 1–3 years) and high in 2 from 14 countries (with a lag of 1 year). The character of this relationship for the most countries (9 from 14 countries) is direct (positive), and for 5 countries it is inverse (negative). The results of the research will be useful during future fundamental and practical research connected with health care financing and its modelling, for scholars and government officials to reform the health care system and its financial mechanism.

Economic Growth In The Conditions Of Digitalization In The EU Countries

2021 ◽  
Vol 38 (4) ◽  
Author(s):  
Oleksandr Vyshnevskyi ◽  
Ihor Stashkevych ◽  
Olena Shubna ◽  
Svetlana Barkova
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
European Commission ◽  
National Level ◽  
Present Stage ◽  
Eu Countries ◽  
Stage Of Development ◽  
Object Of Study ◽  
High Level ◽  
The Eu

The article discusses the dynamics of economic development based on the level of digitalization of the countries. Economic development is evaluated through the dynamics of GDP changes. Digitalization level is evaluated through the Digital Economy and Society Index (DESI), which is calculated on a regular basis by the European Commission. Object of study – 28 EU‑member countries. The hypothesis of the investigation: a high level of digitalization leads to an acceleration of economic growth on national level. This hypothesis did not find any statistically significant confirmation. Thus, we can conclude that the level of the economy digitalization at the present stage of development of technologies and institutions in the EU countries does not have a decisive effect on the rate of economic growth.

scholarly journals Financial Crisis and Fiscal Policy: An Assessment of the EU-Member Balkan States

2014 ◽  
Author(s):  
Servet Akyol
Keyword(s):  
Public Sector ◽  
Fiscal Policy ◽  
Public Debt ◽  
Financial Sector ◽  
Fiscal Policies ◽  
Economic Activities ◽  
Public Deficit ◽  
Debt Burden ◽  
Balkan States ◽  
The Eu

The objective of this paper is to study the economic and social results of the post-crisis fiscal policies concerning the Balkan States that are members of the EU. The global crisis, which broke out in the US in 2008, had a deep effect on both developed and developing countries. Until today different policies have been put on the agenda in order to eliminate or alleviate the impacts of the crisis. In this context, bailout and stimulus packages were firstly implemented. Stimulus packages were replaced by austerity policies because of the increasing public debt and budget deficit after 2010. Fiscal policy focused on reducing the debts instead of supporting the economic activities. This study is based on historical and descriptive method. It examines the development of post-crisis fiscal policies in the Balkan States that are members of the EU. In this study, public expenditure, public debt, public deficit and unemployment rate are used as the main indicators. The effects of fiscal policy will be compared between countries. This study also suggests that although the crisis resulted from financial sector, burden of crisis was transferred to public sector. Moreover, in many countries, because of its increasing deficit and debt burden, public sector became depended on financial sector that was rescued before. After the crisis, fiscal policies has led to significant economic and social costs in the Balkan States that are members of the EU.

scholarly journals Growing discoordination between monetary and fiscal policies in Ukraine

2019 ◽  
Vol 14 (2) ◽  
pp. 40-49 ◽  
Author(s):  
Svitlana Mishchenko ◽  
Svitlana Naumenkova ◽  
Volodymyr Mishchenko ◽  
Viktor Ivanov ◽  
Roman Lysenko
Keyword(s):  
Economic Growth ◽  
Fiscal Policy ◽  
Interest Rate ◽  
Weighted Average ◽  
Fiscal Policies ◽  
Macroeconomic Indicators ◽  
High Volatility ◽  
Monetary And Fiscal Policy ◽  
Sustainable Economic Growth ◽  
The Impact

The slowdown in economic development caused by the reduction in the efficiency of the functioning of state institutions determined the focus of the governments of most countries of the world on achieving sustainable economic growth, as well as ensuring macroeconomic and macrofinancial stability. A major issue that is dealt with is the weakening of the interaction of monetary and fiscal policies in Ukraine. It can be assumed that one of the reasons hindering economic growth is growing discoordination between monetary and fiscal policies. The purpose of this study is to assess the nature of monetary and fiscal policies in Ukraine in 2000–2017 and justify the need for coordination between them to stimulate economic growth. For the quantitative assessment of the influence of monetary and fiscal factors on GDP, the models of autoregression with distributed lags – ARDL are used. The analysis makes it possible to distinguish and characterize three stages of combining the rigid and stimulating monetary and fiscal policy in Ukraine in 2000–2017. The article examines the influence of the dynamics of the monetary aggregate M3, the inflation rate and the weighted average base interest rate on the growth rates of real GDP in Ukraine, the impact of using the “monetary clamp” effect on the increase in the NBU’s interest rate, and the direct effect of monetary factors on the fiscal policy. The authors conclude that the inconsistency of monetary and fiscal policies is one of the reasons for the high volatility of macroeconomic indicators. The article substantiates the conclusion that it is necessary to overcome the increasing antagonism between monetary and fiscal policies in Ukraine and to strengthen their coordination.

Sign in / Sign up

Export Citation Format

Share Document