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2014 | 7 | nr 2 | 25-32
Tytuł artykułu

Analysis of Public Debt in the European Union - Issues Related to Its Sustainability

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Języki publikacji
The purpose of this paper is to analyze the public debt in the EU member countries based on the "golden rule" of state indebtedness. This study analyzes the type of relationships that exist in the European Union (EU27) in the period 2008-2012, between the level of the public debt and: public investments, unemployment rate and economic growth in order to identify the destinations and effects of the public debt that represent pillars in the analysis of its sustainability. The analysis revealed an inverse relationship between public debt and public investments, thus increasing the public debt is not listed in stimulating public investments, but on the contrary it can be noticed their decline. (original abstract)
Opis fizyczny
  • University of Sibiu, Romania
  • Afonso A, Gonzales A. J., (2011), Economic Growth And Budgetary Components: A Panel Assessment For The EU, Empir Econ 41:703-723, DOI 10.1007/s00181-010-0400-9, Springer-Verlag.
  • Albu L., (2008), A simulation model of public debt sustainability, MPRAPaper 11713, University Library of Munich, Germany.
  • Balassone F., Franco D., (2000), Public Investment, The Stability Pact And The 'Golden Rule', Fiscal Studies; vol. 21, no. 2; ProQuest Central, pg. 207-229.
  • Bivens J., (2012), It's OK To Add To Debt To Grow Jobs, CNN available online at Josh Bivens, an economist, is the research and policy director at the Economic Policy Institute.
  • Buffe E. E., Berg A., Pattillo C., Portillo R., Zanna L.F., (2012), Public Investment, Growth, and Debt Sustainability: Putting Together the Pieces, IMF Working Paper WP 12/144.
  • Bunescu L., (2011), International Financing Alternatives For Romanian Central Government , Studies in Business and Economics, vol. 6(3), pages 39.
  • Checherita C., Rother P., (2010), The Impact Of High And Growing Government Debt On Economic Growth An Empirical Investigation For The Euro Area, European Central Bank Working Paper Series NO 1237 / AUG UST 2010, page 22.
  • Coccia M., (2013), Innovation, Employment And Public Debt Across European Countries, African Journal of Business Management Vol. 7(5), pp. 318-330, available online at, DOI: 10.5897/AJBM12.627, Academic Journals, page.327
  • Greiner A., Fincke B., (2009), Public debt and economic growth, Series: Dynamic Modeling and Econometrics in Economics and Finance, Vol. 11, Springer - Verlag.
  • International Monetary Fund, (2011), Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis, prepared by the Fiscal Affairs Department and the Strategy, Policy, and Review Department, approved by Carlo Cottarelli and Reza Moghadam, page 14.
  • Kumar M. S., Jaejoon Woo, (2010), Public Debt and Growth, IMF Working Paper, Fiscal Affairs Department, WP/10/174, page 21.
  • Ribeiro H.N.R., Vaicekauskas T., Lakštutienė A., (2012), The Effect Of Public Debt And Other Determinants On The Economic Growth Of Selected European Countries, Economics And Management, vol. 17 (3), page 915.
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