Fiscal Decentralization and Public debt in the European Union

10.4335/171 ◽  
2012 ◽  
Vol 10 (3) ◽  
Author(s):  
Lenka Horváthová ◽  
Julius Horváth ◽  
Vladimír Gazda ◽  
Matúš Kubák
Keyword(s):  
European Union ◽  
Public Debt ◽  
Fiscal Decentralization ◽  
Panel Data Analysis ◽  
Medium Size ◽  
The European Union ◽  
The Public ◽  
Small Countries ◽  
Average Size ◽  
The Relationship

This paper analyses the relationship between fiscal decentralization and the level of the public debt in the twenty seven member countries of the European Union. Our panel data analysis points to the importance of size as fiscal decentralization reduces public debt in large and small countries, but not in medium - size countries. In addition, our results show that the number of government levels and average size of the lowest government unit is insignificant with respect to the public debt in these countries.

scholarly journals La reforma constitucional suiza : el origen de la "regla de oro fiscal"

2012 ◽  
pp. 455
Author(s):  
Mónica Arenas Ramiro
Keyword(s):  
European Union ◽  
Economic Crisis ◽  
Public Debt ◽  
Golden Rule ◽  
The European Union ◽  
Member States ◽  
The Public ◽  
Debt Brake ◽  
The Way

Si bien la crisis económica que estamos viviendo afecta a todos los Estados miembros de la Unión Europea, la manera de afrontarla de unos y otros varía considerablemente, sin que en ninguno de los casos parezcan producirse resultados óptimos. Por este motivo, desde la propia Unión, ante el peligro de que la ruptura económica y monetaria se produzca, se ha orientado el proceso de estabilidad fiscal aconsejando a sus Estados miembros introducir un límite al gasto público en sus textos constitucionales. Esta solución, adoptada por algunos países como Alemania, Francia, o España, ha sido recibida con cierta suspicacia y con pocas esperanzas. No obstante, este freno al endeudamiento público, esta «regla de oro fiscal», fue ya constitucionalizada por Suiza en el 2001 y los resultados son verdaderamente positivos. Su experiencia, y la semejanza con nuestra forma de organización territorial, puede arrojar un poco de luz a las medidas hasta ahora adoptadas.While the economic crisis affects all Member States in the European Union, the way to resist it varies considerably from each others, and nobody have the optimal results. For this reason, from the European Union faced with the danger of economic and monetary breakdown, has guided the process of fiscal stability recomending its Member States to introduce a debt brake in their national Constitutions. The solution adopted by countries like Germany, France, or Spain, has been greeted with suspicion and without hope. However, the public debt brake —the «financial golden rule»— was already constitutionalized by Switzerland in 2001 and the results were truly positive. His experience may shed some light on our steps.

scholarly journals Government expenditure and economic growth in the European Union countries: New evidence

2017 ◽  
Vol 36 (36) ◽  
pp. 127-133 ◽  
Author(s):  
Marta Pascual Sáez ◽  
Santiago Álvarez-García ◽  
Daniela Castañeda Rodríguez
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Government Spending ◽  
Government Expenditure ◽  
The European Union ◽  
The Public ◽  
European Union Countries ◽  
The Impact ◽  
New Evidence ◽  
The Relationship

AbstractThis paper provides new evidence of the impact of government spending on economic growth in the European Union countries. Governments can adjust their levels of spending in order to influence their economies, although the relationship between these variables can be positive or negative, depending on the countries included in the sample, the period of estimation and the variables which reflect the size of the public sector. The results obtained based on regression and panel techniques suggest that government expenditure is not clearly related with economic growth in the European Union countries over the period 1994-2012.

scholarly journals Public Debt as a Problem of the European Union

2014 ◽  
Vol 5 (2) ◽  
pp. 21-34
Author(s):  
Paweł Piątkowski
Keyword(s):  
European Union ◽  
Economic Policy ◽  
Public Debt ◽  
Debt Crisis ◽  
Theoretical Background ◽  
The European Union ◽  
The Public ◽  
Debt Policy

The article is aimed at analyzing the consequences of debt crisis in European Union. Special attention is paid to changes in economic policy. In the first paragraph theoretical background of public debt is presented. In the second paragraph the level of public debt in European Union is compared with other countries. Finally, changes in the public debt policy are presented.

scholarly journals System finansowania programów operacyjnych w Polsce – implikacje dla stanu finansów publicznych

2012 ◽  
pp. 47-76
Author(s):  
Agnieszka Kłos
Keyword(s):  
European Union ◽  
Public Debt ◽  
Budget Deficit ◽  
The State ◽  
The European Union ◽  
Public Finances ◽  
The Public ◽  
Structural Funds ◽  
Eu Structural Funds ◽  
The Way

The article is devoted to the issue of financing of operational programs implemented in Poland in the European Union’s financial perspectives 2000–2006 and 2007–2013. Polish membership in the European Union gives the opportunity to obtain additional funds but the possibility of absorption involves costs which Poland has to bear. The author attempts to assess the way in which Poland’s adopted systems for operational programs implemented with the participation of EU structural funds influenced the state of the public finances. System solutions used in Poland have implications for two key measures of the state of public fi nances such that is public debt and budget deficit.

scholarly journals Wpływ współczesnego kryzysu ekonomicznego na stan finansów publicznych państw Grupy Wyszehradzkiej

Ekonomia ◽  
2017 ◽  
Vol 23 (2) ◽  
pp. 57-73
Author(s):  
Mikołaj Mielczarek
Keyword(s):  
European Union ◽  
Economic Crisis ◽  
Public Debt ◽  
The European Union ◽  
The Czech Republic ◽  
Public Finances ◽  
The Public ◽  
Sector Analysis ◽  
The Impact ◽  
Visegrad Group

The impact of contemporary economic crisis on public finances of the Visegrad GroupThe article attempts to assess the state of public finances of the Visegrad Group V4 during the contemporary economic crisis. At the beginning there are shown two faces of the economic crisis in the European Union and that this crisis firstly took the form of abanking crisis, and next extend to the public finance sector. Analysis of GDP proved that when we have crisis in the European Union in all V4 countries there has been adecline in the volume of GDP, and in the next years there were rather its growth. Analysis of the budget deficit showed that in 2008-2015 the V4 countries had problems in complying with the deficit below 3% of GDP. At the same time analysis of public debt showed that as aresult of the economic crisis public debt in the Visegrad Group had atendency to rather increase, but in the Czech Republic, Poland and Slovakia, it was less than 60% of GDP, while in Hungary exceeded 71% of GDP.

scholarly journals The Relationship Between Increased Debt Ratio and Economic Growth in the European Union: The Granger Causality Approach

2021 ◽  
Vol 24 (1) ◽  
pp. 77-94
Author(s):  
Ádám Marton
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Granger Causality ◽  
Public Debt ◽  
Causal Effect ◽  
External Debt ◽  
Reverse Direction ◽  
The European Union ◽  
Causality Test ◽  
The Relationship

Increased government debt rates in recent years can be easily financed in the current global economic environment characterised by liquidity abundance. Nevertheless, the  debt ratios represent a potential threat under the surface,  which could lead to significant macroeconomic problems in  the future. The purpose of the paper is to contribute to the  debate in the empirical studies between public debt and  economic growth, as well as external debt and economic  growth. During the analyses, the relationship between  variables was examined using the panel Granger causality  test with the Dumitrescu–Hurlin test in the Member States  of the European Union. The main findings of the study are  that there is a unidirectional causal effect between public  debt and economic growth, that is, only debt impacts on  the economic growth. In case of external debt and  economic growth there is also a unidirectional effect, but it  is in the reverse direction. In addition, the pre-crisis and  post-crisis period was also examined, on the basis of which  it can be concluded that before the crisis, the nature of the  relationship was bidirectional between public debt and  economic growth, whereas after the crisis the debt had an  impact on the economy growth, and the reverse effect does  not exist.

scholarly journals HAVE PUBLIC DEBT LEVELS RESTRICTED ANTI-CORONAVIRUS FISCAL RESPONSES? EVIDENCE FROM EUROPE

2020 ◽  
Vol 5 (2) ◽  
pp. 1
Author(s):  
Mohammed Kalloub ◽  
Ahmed Musabeh ◽  
Koutibah Alrifai
Keyword(s):  
European Union ◽  
Public Debt ◽  
Financial Management ◽  
Graphical Representation ◽  
Negative Impact ◽  
Panel Data Analysis ◽  
Future Research ◽  
Unique Contribution ◽  
The European Union ◽  
The Impact

Purpose: This study was conducted to analyze the impact of public debt stock in 12 European countries on the size of primary[1] anti-coronavirus fiscal responses, and to explore the general characteristics of these packages in sample countries. Methodology: The sample included only countries from the European Union due to homogeneity in economic standards and legal framework beside the availability of data. However, graphical representation along with regression anlaysis were performed, our key findings indicate a significant negative impact of public debt on the size of primary anti-coronavirus fiscal response and expect a second wave of government borrowing in the near term. Findings: However, this study sheded the light on public debt confirming the importance of maintaining reasonable levels, as a policy recommendation; governments in the European Union are advised to conduct more efforts to reduce public debt stocks and to adopt new effective public financial management rules to overcome the high debt dilemma, since countries with low debt stocks have initiated the largest packages among the sample. Unique contribution to theory, practice and policy: The study recommends that employing data from different geographical areas and occasions to gather more evidence on this topic. Moreover, stimulus packages may be in effect for further periods. Therefore, a series of observations might be accumulated and utilized in panel data analysis to form a cogent evidence on this topic by future research efforts.   [1] Primary fiscal responses are the first fiscal packages announced between the period between March-May 2020.

scholarly journals Trade, Politics, and Democratization: The 1997 Global Agreement Between the European Union and Mexico

2000 ◽  
Vol 42 (2) ◽  
pp. 35-62 ◽  
Author(s):  
José Antonio Sanahuja
Keyword(s):  
European Union ◽  
International Political Economy ◽  
Trade Agreement ◽  
Negotiation Process ◽  
The European Union ◽  
Association Agreement ◽  
Economic Association ◽  
Trade Politics ◽  
Global Agreement ◽  
The Relationship

Mexico and the European Union signed a new Political and Economic Association Agreement in December 1997 and ultimately a free-trade agreement in March 2000, aiming to establish a new model of relations with a more dynamic trade and investment component. This article analyzes the 1997 agreement as background to the final accord. Economic and political changes in the 1990s modified both parties’ participation in the international political economy, helping to overcome some of the structural obstacles to the relationship. The policy toward Latin America adopted by the EU in 1994 was influential. The negotiation process revealed divergences over the scope of the liberalization process and the so-called democracy clause.

scholarly journals Environmental Production Efficiency in the European Union Countries as a Tool for the Implementation of Goal 7 of the 2030 Agenda

Energies ◽  
2021 ◽  
Vol 14 (15) ◽  
pp. 4593
Author(s):  
Katarzyna Cheba ◽  
Iwona Bąk
Keyword(s):  
European Union ◽  
Production Efficiency ◽  
Energy Use ◽  
The European Union ◽  
2030 Agenda ◽  
European Union Countries ◽  
Taxonomic Methods ◽  
Development Levels ◽  
The Relationship ◽  
The Eu

The main purpose of the paper is to present a proposal to measure the relationships between Goal 7 of the 2030 Agenda for Sustainable Development and one of the areas considered in the green growth concept: environmental production efficiency. Both of these areas illustrate the relationship between the natural environment and the economy, emphasizing transformations in the field of energy use. Selected taxonomic methods, TOPSIS, and multicriteria taxonomy, were applied to study the relationships between the two areas. The results of the EU countries classification showed a variety of countries’ development pathways within a single economic community. Despite continued attempts to equalize the development levels between European Union countries in many strategic areas, they remain highly diversified. That is also true for the areas analyzed in the paper, which is a disturbing situation, indicating that both strategies might not correlate in all respects. Further research into the relationships linking the remaining dimensions of both strategies is required.

scholarly journals The Importance of Maritime Transport for Economic Growth in the European Union: A Panel Data Analysis

2021 ◽  
Vol 13 (14) ◽  
pp. 7961
Author(s):  
Alexandra Fratila (Adam) ◽  
Ioana Andrada Gavril (Moldovan) ◽  
Sorin Cristian Nita ◽  
Andrei Hrebenciuc
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Panel Data ◽  
Panel Data Analysis ◽  
Maritime Transport ◽  
The European Union ◽  
Panel Data Regression ◽  
Green Investment ◽  
Port Infrastructure ◽  
The Impact

Maritime transport is one of the main activities of the blue economy, which plays an important role in the EU. In this paper, we aim to assess the impact of maritime transport, related investment, and air pollution on economic growth within 20 countries of the European Union, using eight panel data regression models from 2007 to 2018. Our results confirm that maritime transport, air pollutants (NOx and SO2) from maritime transport, and investment in maritime port infrastructure are indeed positively correlated with economic growth. In other words, an increase of 10% in these factors has generated an associated increase in economic growth rate of around 1.6%, 0.4%, 0.8%, and 0.7% respectively. Alongside the intensity of economic maritime activities, pollution is positively correlated with economic growth, and thus it is recommended that policymakers and other involved stakeholders act to diminish environmental impacts in this sector using green investment in port infrastructure and ecological ships, in accordance with the current European trends and concerns.

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