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Autor
Halmai Peter (Pannon University, Szent Istvan University, Hungary), Vasary Viktoria (Pannon University, Szent Istvan University, Hungary)
Tytuł
Quality of Public Finances and Economic Growth
Źródło
Acta Universitatis Lodziensis. Folia Oeconomica, 2010, t. 241, s. 249-265, rys., tab., bibliogr. 29 poz.
Tytuł własny numeru
Macroeconomic Aspects of European Integration
Słowa kluczowe
Wzrost gospodarczy, Wstrząs popytowy, Wstrząs podażowy, Finanse publiczne, Stabilność finansowa
Economic growth, Demand shock, Supply shock, Public finance, Financial sustainability
Uwagi
summ.
Abstrakt
Fiscal sustainability is considered as a fundamental requirement of economic growth. The paper studies this topic regarding the EU Member States, especially the new ones. The ageing society of the EU countries results in growing dependency ratio and growing age-related budget expenditure as implicit requirements. All these require the maintenance of the current state debt ratio and a permanent budget adjustment. The differences among Member States are significant, the country risks are diverse. In certain countries unsustainable public finances -sustainability gap - might evolve. Sustainable public finances are considered of special importance in the system of the EMU. Due to the lack of exchange rates, risk premium it comes to the spill-over of fiscal sustainability problems. Besides the reduction in state debt the creation of sustainable public finances requires employment and productivity growth, and the reforms of age-related expenditure. The quality of public finances requires the joint observance of several dimensions: long-term sustainability, stabilization (demand shocks), adjustment (effects of supply shocks) and the promotion of long-term growth are of outstanding importance. Main factors of the quality of public finances are the size of government, the level of deficit and state debt, composition of public spending, the structure of the tax system, and the fiscal governance and regulation. The Economic and Monetary Union itself has not forced out the necessary reforms yet. The fundamental public finance reforms are, however, unavoidable. In the ageing society there is a growing need for forward-looking policies. The integrated structural reforms that could contribute to the promotion of the potential growth might bring permanent solutions. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka SGH im. Profesora Andrzeja Grodka
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Pełny tekst
Pokaż
Bibliografia
Pokaż
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Cytowane przez
Pokaż
ISSN
0208-6018
Język
eng
URI / DOI
http://hdl.handle.net/11089/453
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