Kryzys finansów publicznych czy kryzys płatniczy krajów PIIGS?

• Autorzy: Adam Koronowski

Warianty tytułu

PIIGS Countries : a Public Finance Crisis or a Balance-of-Payments Crunch?

• Języki publikacji: PL

Abstrakty

Artykuł ten poświęcony jest analizie przyczyn, które leżały u podłoża owego kryzysu wiarygodności. Według rozpowszechnionego wyjaśnienia jego przyczyną była znaczna nierównowaga finansów publicznych. Wyjaśnienie takie nie jest błędne, jest wszakże dalece niewystarczające. Aby uzasadnić ten pogląd wystarczy odwołać się do prostych przykładów. Wielka Brytania odnotowała w ostatnich latach dwucyfrowe deficyty finansów publicznych przy dość wysokim poziomie długu publicznego. Belgia miała stosunkowo znaczne deficyty przy jednoczesnym długu publicznym bliskim poziomu 100% PKB. Żaden z tych krajów nie doświadczył takiej presji rynkowej, w szczególności wyrażającej się wzrostem rentowności obligacji skarbowych czy obniżeniem ratingów, jak kraje grupy PIIGS, spośród których bynajmniej nie wszystkie miały gorsze wskaźniki sytuacji fiskalnej. (fragment tekstu)

EN

The article examines the causes behind a credibility crisis that has hit a group of euro-zone countries collectively referred to as PIIGS: Portugal, Ireland, Italy, Greece and Spain. The author discusses the economic policy being pursued in these countries in response to the crisis. The credibility crisis is generally being attributed to high public finance deficits and significant levels of public debt in the PIIGS countries. But this interpretation fails to consider the fact that various other countries are also struggling with high deficits and public debts. In addition to problems related to their public finances, Portugal, Ireland, Italy, Greece and Spain, are also suffering from an imbalance of payments. The high current-account deficits in these countries reflect unbalanced public finance-sector budgets and excessive private sector spending. The balance-of-payments aspect of the credibility crisis besetting PIIGS countries is obscured by these countries' membership of the euro zone. This diagnosis is the starting point for asking a question about an economic policy aimed at addressing the imbalance-of-payments problem experienced by PIIGS countries. The widely recommended "consolidation" of public finances is hardly an optimal measure, according to Koronowski; nor can it be applied on a satisfactory scale, the author says. The best option would be to use an appropriate exchange rate policy, Koronowski says, because of the asymmetrical nature of the difficulties being experienced by these countries, including the balance-of-payments aspect of the crisis. However, such a policy is missing in euro-zone countries. In the absence of adequate national economic policies, the EU's policy towards the PIIGS countries boils down to either explicit or implicit assistance granted by the European Central Bank, the European Commission and member states. According to Koronowski, this violates the underpinnings of the euro zone, undermines the credibility of the European Central Bank, ignores the principle of democratic control over public finances, and ultimately fails to effectively resolve the problem.

Słowa kluczowe

PL

Kryzys finansowy państwa; Integracja monetarna Europy; Finanse publiczne; Polityka gospodarcza krajów dłużniczych; Unie monetarne

EN

State financial crisis; European monetary integration; Public finance; Economic policy in debtor nations; Monetary unions

• Czasopismo: Gospodarka Narodowa
• Rocznik: 2011
• Numer: nr 5-6
• Strony: 69-84

Twórcy

autor

Adam Koronowski

• Innowacyjna Szkoła Wyższa w Siedlcach

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