scholarly journals EU fiscal governance and budget consolidation in Visegrád countries

2019 ◽  
pp. 131-158 ◽  
Author(s):  
Zh. N. Komissarova ◽  
E. A. Sergeev
Keyword(s):  
Pension System ◽  
Slovak Republic ◽  
Debt Crisis ◽  
Structural Characteristics ◽  
The Czech Republic ◽  
Budget Consolidation ◽  
Cumulative Deficit ◽  
The One ◽  
Visegrád Countries ◽  
The Eu

Budget consolidations in Visegrád countries, which followed European financial and debt crisis, were mainly driven by external factors such as EU fiscal governance. Since the Visegrád countries have accomplished their consolidation effort, it seems topical to study their experience and assess the efficiency of consolidation measures. Involving descriptive statistical analysis, the authors posit that supranational impact on national budgets of Visegrád countries was quite efficient, as all economies concerned have accomplished a relatively sizeable fiscal consolidation. This happened largely due to the fact that the governments did not intend to lose vast amounts of funds from the EU budget. Such an option was quite feasible as a part of possible sanctions related to excessive deficit. The Czech Republic, Hungary, Poland and the Slovak Republic run different consolidations as to scale, structure and measures taken, though one could highlight some similarities. On the one hand, consolidations were to a great extent carried out through the means of indirect taxation, because they have a less distortive nature, given the structural characteristics of countries at issue. On the other hand, the governments refrained from raising direct taxes due to their distortive character. Hungary was the only country, which took some active measures in the field of corporate taxation, and subsequently suffered from drop in tax collection. The Visegrád countries did cut government expenditures, but strived to use the most effective instruments such as curbing employment in public sector. Further, there were some subsidiary factors at place that influenced consolidation pace. For example, three of four Visegrád countries are not members of a currency union, which inter alia contributed to monetizing government debt. At the same time, some measures taken by the countries, were of a quite formal nature. For instance, Hungary totally nationalized pension system in order to increase budget revenues. Nevertheless, all Visegrád countries reached deficit target without any revolutionary changes to main fiscal aggregates, which means that consolidations were at least nominally effective. However, cumulative deficit change was not fully accompanied by lowering debt and was by several times less than cumulative transfers from the EU budget. At the same time the budget consolidations in Visegrád countries could be called efficient as GDP growth rates restored, as did investors’ confidence and exports.

What is the Influence of the Global Economic Crisis on the Development of the Wage Distribution of Czechs and Slovaks?

2014 ◽  
Vol 2 (3) ◽  
pp. 141-155
Author(s):  
Diana Bílková
Keyword(s):  
Slovak Republic ◽  
Economic Recession ◽  
Wage Distribution ◽  
Wage Level ◽  
The Czech Republic ◽  
International Context ◽  
Men And Women ◽  
Wage Distributions ◽  
The Subject ◽  
The One

This paper deals with the development of wage distribution by gender in the Czech and Slovak Republics in the years 2005–2012. Special attention is given to the changing in the behavior of the wage distribution in relation to the onset of the global economic recession. The different behavior of the wage distribution of Czech and Slovak employees during the period is the subject of research. The article discusses the differences in wage level between men and women in the Czech and Slovak Republics. There are the total wage distributions of men and women together, both in the Czech Republic and in the Slovak Republic on the one hand, and wage distributions according to the gender separately for men and for women on the other hand. Comparison of wage levels in the world and the position of wages of the Czech employees in the international context is included, too.

scholarly journals Post-communist countries of the EU and the euro: Dynamic linkages between exchange rates

2017 ◽  
Vol 67 (4) ◽  
pp. 511-538 ◽  
Author(s):  
Nikolaos Stoupos ◽  
Apostolos Kiohos
Keyword(s):  
Czech Republic ◽  
Exchange Rates ◽  
Euro Area ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Monetary Integration ◽  
The Czech Republic ◽  
The Impact ◽  
The Eu ◽  
Dynamic Linkages

The sovereign debt crisis of 2010 in the euro area significantly decelerated the monetary integration of the EU. The main purpose of this paper is to explore whether five post-communist member states of the EU are mature enough to adopt the euro. We used nominal exchange rates in the error correction model with asymmetric power ARCH (ECM-APARCH). Our results highlight that EU membership positively increased the impact of the euro on the currency of each of these countries in the short-run. In contrast, the long-term effect of the euro on each currency is negative for the Czech Republic, Hungary, and Croatia. Wholly different results were obtained for Poland and Romania. The APARCH model showed that the negative responses of the euro had a greater or neutral effect on the conditional variance of each currency instead of the positive responses. The debt crisis of the euro area had no impact on the dynamic linkages between the currencies. Our research concludes that Croatia, the Czech Republic, and Hungary are not ready to join the euro area in the near future. On the other hand, the currencies of Poland and Romania are already aligned with the fluctuations of the euro.

scholarly journals Roadmap for the adoption of the euro in Hungary: dangers and opportunities

Competitio ◽  
2020 ◽  
Vol 3 (1) ◽  
Author(s):  
Laszlo Jankovics
Keyword(s):  
Slovak Republic ◽  
Acquis Communautaire ◽  
The Czech Republic ◽  
Opt Out ◽  
Accession Countries ◽  
Jel Code ◽  
New Eu Members ◽  
Question Today ◽  
Rate Mechanism ◽  
The Eu

In April 2003, the EU Accession Agreement was officially signed for the Czech Republic, Estonia, Cyprus, Hungary, Latvia, Lithuania, Malta, Poland, Slovenia and the Slovak Republic. These countries are destined to become EU members in May 2004. As part of the “acquis communautaire”, participation in the new version of the exchange rate mechanism (ERM II), and subsequently in the European Monetary Union (EMU) is obligatory for all new EU members (no opt-out clause is available). Therefore, the question today for the accession countries is no longer whether or not to enter the eurozone but rather the time horizon when the entry should happen. Journal of Economic Literature (JEL) code: E42, E58, F33.

scholarly journals Spatial polarity and spatial polarization in the context of supranational and national scales: regions of Visegrad countries after their accession to the EU

2018 ◽  
Vol 41 (41) ◽  
pp. 59-78 ◽  
Author(s):  
René Matlovič ◽  
Radoslav Klamár ◽  
Ján Kozoň ◽  
Monika Ivanová ◽  
Miloslav Michalko
Keyword(s):  
Spatial Organization ◽  
National Level ◽  
The West ◽  
The Czech Republic ◽  
Dependent Variables ◽  
Scale Shift ◽  
Independent Variable ◽  
Visegrád Countries ◽  
The Eu

Abstract The paper focuses on the evaluation of some aspects of the spatial organization of economic development of regions in the V4 countries after their accession to the EU. It focuses on the confirmation or confutation of the application of two principles of spatial organization based on the context of polarization theories, namely the polarity between western and eastern regions (i.e. the West–East gradient) and the polarity between the capital and other regions of the country (i.e. the national metropolitan gradient) at national and supranational levels. In the evaluation of the spatial polarity, the remoteness of various regions of the V4 countries from the economic core area (the Blue Banana, respectively the capital of the country) acts as the independent variable, whereby two economic indicators, i.e. the average monthly wage and the unemployment rate were chosen as the dependent variables. The analysis showed that on the supranational scale of the research in the monitored period, the increase of spatial polarisation was recorded. The increasing role of the West–East gradient and declining role of the national metropolitan gradient in the dynamics of spatial polarity has also been confirmed. The analysis has not confirmed the scale shift of polarity according to the West–East gradient to the national level, but at the same time it has pointed out the significant influence of the national metropolitan gradient in Slovakia, the Czech Republic and Hungary at this assessment level.

scholarly journals In the Aftermath of the Crisis – The EU Administrative System Between Impediments and Momentum

2015 ◽  
Vol 17 ◽  
pp. 311-333 ◽  
Author(s):  
Edoardo CHITI
Keyword(s):  
Public Debt ◽  
Financial Services ◽  
Debt Crisis ◽  
Administrative Law ◽  
Economic And Monetary Union ◽  
Administrative System ◽  
Scientific Discussion ◽  
Laws And Policies ◽  
The One ◽  
The Eu

AbstractThe European responses to the financial and public debt crisis have triggered a process of administrative reorganisation and growth in the governance of the internal market in financial services and economic and monetary union. Such a process is characterised by four main tensions, referring respectively to: the powers conferred on the satellite administrative bodies established in order to tackle the crisis; the jurisdictions of the new administrations; the degree of centralisation which is sought within the new mechanisms for the implementation of EU laws and policies; and to the accountability mechanisms. The effects of such tensions are deeply ambivalent. On the one hand, they might operate as ‘fault lines’ within the EU administrative machinery. On the other hand, by pointing to a host of unsolved issues in EU administrative law, they provide an opportunity for opening a genuine institutional and scientific discussion on the ways in which the EU administrative system should be adjusted or reformed.

scholarly journals What Will Retirement Pensions Be Like? Analysis of Spanish Future Pensioner Households in Terms of Poverty

2021 ◽  
Vol 13 (4) ◽  
pp. 1760
Author(s):  
Blanca Urbano ◽  
Antonio Jurado ◽  
Beatriz Rosado-Cebrián
Keyword(s):  
Pension System ◽  
Defined Benefit ◽  
Replacement Rate ◽  
Retirement Pension ◽  
Poverty Risk ◽  
Current Formulation ◽  
The Future ◽  
The One ◽  
The Eu

The Spanish public retirement pension system, the same as that of many European countries, faces two important risks in the long term. On the one hand, the sustainability of the current pay-as-you-go system and, on the other hand, the ability to maintain an acceptable standard of living for the retired population. This paper presents a study on the current situation of the Spanish public retirement pension system and its effect on the future retired population. In recent years, the concern for the long-term sustainability of the system, which is based on pay-as-you-go and defined benefit, has been very present. For this reason, two major reforms were carried out in 2011 and 2013; however, different investigations have indicated the reduction in future retirement pensions as a possible consequence. Regarding this dilemma, this paper aims to study the future poverty risk of the retired population due to the current formulation of the system, by conducting, for this purpose, an analysis of the purchasing power of future pensioners based on the EU-Statistics on Income and Living Conditions (SILC) 2016 of the National Institute of Statistics of Spain. As a result, a future reduction in the replacement rate was observed, affecting the younger population to a greater extent, as well as an increase in poverty in pensioner households using two different scenarios.

scholarly journals The Impact of Innovation and Information Technology on Greenhouse Gas Emissions: A Case of the Visegrád Countries

2021 ◽  
Vol 14 (2) ◽  
pp. 59
Author(s):  
Radosław Miśkiewicz
Keyword(s):  
Information Technology ◽  
Czech Republic ◽  
Greenhouse Gas Emissions ◽  
Greenhouse Gas ◽  
Climate Changes ◽  
Slovak Republic ◽  
Ghg Emissions ◽  
Control Variables ◽  
The Czech Republic ◽  
Visegrád Countries

The rapid growth of negative consequences from climate changes provokes divergent effects in all economic sectors. The experts proved that a core catalyst which bootstrapped the climate changes was greenhouse gas emission. This has led to a range of social, economic, and ecological issues. Such issues could be solved by extending innovation and information technology. This paper aimed to check the hypothesis that innovation and information technology allowed for a reduction of greenhouse gas emissions. The author used such methodology as OLS, fully modified OLS (FMOLS), dynamic OLS (DMOLS), Dicky-Fuller and Phillips-Perron tests. The research is informed by the report of the World Economic Forum, World Data Bank, Eurostat for the Visegrád countries (Hungary, Poland, Check Republic, Slovakia) for the period of 2000–2019. The findings were confirmed in models without control variables, and an increase of 1% of patents led to reducing greenhouse gas (GHG) emissions by 0.28% for Poland, 0.28% for Hungary, 0.38% for the Slovak Republic and 0.46% for the Czech Republic. At the same time, for the models with control variables, only Hungary experienced a statistically significant impact. There, an increase of patents by 1% led to reduction of GHG emissions by 0.22%. The variable R&D expenditure was statistically significant for all countries and all types of models (with and without control variables). The increase of R&D expenditure provoked a decline of GHG emissions by 0.29% (without control variables) and 0.11% (with control variables) for Poland, by 0.26% (without control variables) and 0.41% (with control variables) for Hungary, by 0.3% (without control variables) and 0.23% (with control variables) for the Slovak Republic and by 0.54% (without control variables) and 0.38% (with control variables) for the Czech Republic.

Czech republic: outlook of accession to the european union

1997 ◽  
Vol 6 (4) ◽  
Author(s):  
Luděk Urban
Keyword(s):  
European Union ◽  
Czech Republic ◽  
Transformation Process ◽  
The Other ◽  
The European Union ◽  
Eu Accession ◽  
The Czech Republic ◽  
The One ◽  
Relationship Of ◽  
The Eu

The Czech economy is undergoing two dominant processes: on the one hand transformation process which is far from being finished, on the other hand the Czech Republic is preparing its legislation and takes other measures to be ready for accession to the EU. The process of EU accession is a relationship of two partners who are not in quite an equal position. One party, an associated country aspiring to join the EU, tries to demonstrate that it fulfills the laid down conditions of accession and that it is ready for this act.

scholarly journals Public Attitudes towards Monetary Integration in Seven New Member States of the EU

2015 ◽  
Vol 11 (1) ◽  
pp. 115-130
Author(s):  
Csongor-Ernő Szőcs
Keyword(s):  
Public Attitudes ◽  
Monetary Integration ◽  
Cross Sectional ◽  
Member States ◽  
The Czech Republic ◽  
Individual Level ◽  
New Member States ◽  
Logit Regression ◽  
The One ◽  
The Eu

Abstract Existing work on euro support has provided insights into the dynamics of preferences, but most of these studies focus on older member states that already form an integral part of the Eurozone. This article inquires into public attitudes towards monetary integration in new member states of the EU: Poland, the Czech Republic, Romania, Hungary, Croatia, Bulgaria and Lithuania. Focusing on the cross-sectional variation of preferences, it applies multilevel logit regression to test three perspectives – economic, conceptual and political – using individual-level survey data and NUTS-2 regional statistical data from seven countries for 2013. One of its novel findings is that beliefs such as the one that European Monetary Union (EMU) adherence will cause a spiral in economic inflation are powerful disincentives to euro support in these countries.

scholarly journals Effect of the domestic sectoral policies harmonisation in CECs with the EU Common Agricultural Policy

2012 ◽  
Vol 49 (No. 3) ◽  
pp. 113-119
Author(s):  
V. Vojtěch
Keyword(s):  
Czech Republic ◽  
Quantitative Analysis ◽  
Agricultural Policy ◽  
Common Agricultural Policy ◽  
Agricultural Sector ◽  
Slovak Republic ◽  
The Czech Republic ◽  
Central European ◽  
The Common ◽  
The Eu

This paper discusses the potential effects of the EU Common Agricultural Policy (CAP) on the various branches of the agricultural sector in the four OECD member Central European Countries (CECs), i.e. the Czech Republic, Hungary, Poland and the Slovak Republic. The estimation of the effect of the domestic sectoral policies harmonisation with the Common Agricultural Policy (CAP) and its impact on the farming sector, consumers of agricultural commodities and taxpayers, is based on the data from the OECD quantitative analysis of support to agriculture.

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