Fiscal Austerity Versus Growth in Croatia

• Autorzy: Marinko Škare , Romina Prziklas Druzeta
• Języki publikacji: EN

Abstrakty

EN

The role of fiscal austerity has been questioned for centuries, but a rapidly increasing deficit along with the financial crisis in 2007/2008 influenced a renewed debate on the economics of austerity. This paper analyzes the role of austerity versus the role of economic growth. It also attempts to highlight the role of the theoretical context of austerity policy and the economic history lesson learned during the transition from the Bretton Woods model to Washington's consensus. Despite numerous studies and polarized debate, no consensus on the implementation of fiscal austerity has been achieved because this complex subject has not been the subject of a sufficient methodological exploration. Emphasis should be placed on defining the methodology of austerity and gathering statistical data to influence the implementation of social transfer policies. In addition, it is necessary not only to take a hybrid approach to fiscal and monetary policy but also to adopt economic laws and quantitative economic relationships. The benchmarking country used in this paper is Croatia. The outcome of this research can serve as the basis for future decision-making and research.(original abstract)

Słowa kluczowe

PL

Oszczędności; Polityka fiskalna; Wyniki badań

EN

Savings; Fiscal policy; Research results

• Czasopismo: Contemporary Economics
• Rocznik: 2015
• Tom: 9
• Numer: nr 1
• Strony: 77-92

Twórcy

autor

Marinko Škare

• Juraj Dobrila University of Pula, Croatia

autor

Romina Prziklas Druzeta

• Juraj Dobrila University of Pula, Croatia

Bibliografia

• Aglietta, M. (2012). Zone Euro, Eclatement ou Federation. Paris: Michalon.
• Antonakakis, N. and Collins, A. (2014). The impact of fiscal austerity on suicide: on the empirics of a modern Greek tragedy. Social Science and Medicine Journal, 112, 39-50.
• Arestis, P., Pelagidis T. (2010). Absurd Austerity Policies in Europe. Challenge, 53 (6), 54-61.
• Aristovnik, A., Berčić, B. (2007). Fiscal Sustainability in Selected Transition Countries. (MPRA, No.122). University Library of Munich, Germany.
• Bejaković, P. (2013). The importance of social transfers in reducing poverty in Croatia. Economic Research, [Special Issue], 103-116.
• Blažević, S. (2013), Is employment decreasing due to minimum wage increase? Economic Research, 26 (1), 69-100.
• Blyth, M. (2013). Austerity; The history of a dangerous idea. Oxford, UK: Oxford University Press.
• Branas, C. C., Kastanaki, A. E., Michalodimitrakis, M., Tzougas, J., Kranioti, E. F., Theodorakis, P. N., Carr, B.G., & Wiebe, D. J. (2015). The Impact of Economic austerity and prosperity events on suicide in Greece: A30-Year Interrupted Time- Series- Analysis. Health Policy, 5 (1), (n.d.) DOI:10.1136/bmjopen-2014-005619.
• Calcagno, A. (2012). Can austerity work? Review of Keynesian Economics, [Inaugural Issue], 24-36.
• Constantinos, A. , Nellis, J. G. (2013). Challenging the Raison d'etre of Internal Devaluation in the Context of the Greek Economy. Panoeconomicus, 60 (6), 813-836.
• Chang, H. J. (2011). 23 Things they don't tell you about capitalism. London, UK: Penguin Group.
• Chang, H. J., (2008). Bad Samaritans. The Myth of Free Trade and the Secret History of Capitalism. New York, NY: Bloomsbury Press.
• Croatian Bureau of Statistics (2002). Statistical yearbook of Croatia 2002. Retrieved from http:// www. zs.hr/Hrv_Eng/ljetopis/2002/sljh2002.pdf.
• Croatian Bureau of Statistics (2013). Statistical yearbook of Croatia 2013. Retrieved from http:// www. dzs.hr/Hrv_Eng/ljetopis/2013/sljh2013.pdf.
• Croatian Bureau of Statistics (2014). Statistical yearbook of Croatia 2014. Retrieved from http:// www. dzs.hr/Hrv_Eng/ljetopis/2014/sljh2014.pdf.
• International Monetary Fund (2012). Fiscal Monitor (April 2012). Balancing, Fiscal Policy Risks. Retrieved from http://www.imf.org/external/pubs/ ft/fm/2012/01/pdf/fm1201.pdf.
• Keynes, J. M. (1936), The General Theory of Employment, Interest and Money. London, UK: MacMillan.
• Konzelmann, S. J. (2012). The Economics of Austerity (Working Paper). Centre for Business Research. Retrieved from http://eprints.bbk.ac.uk/5867.
• Minksy, H. P. (1992). The financial instability hypothesis (Working Paper No. 74). The Jerome Levy Economics Institute of Bard College.
• Mendonca, A. (2014). The European Crisis and Global Economy Dynamics: Continental Enlargement versus Atlantic Opening. Panoeconomicus, 61 (5), 543-569.
• Ogujiuba, K. K., Ehigiamusoe, K. (2014). Capital Budget Implementation in Nigeria: Evidence from the 2012 Capital Budget. Contemporary Economics, 8 (3), 243-348.
• Papadimitriou, D.B.., Hannsgen, G (2012). A Brief Guide to the US stimulus and Austerity Debates, One-Pager/No. 35.
• Phillips, A.W. (1962). Employment, Inflation and Growth. Economica, 29 (113), 1-16.
• Radulescu, M., Druica, E. (2014). The impact of fiscal policy on foreign direct investments. Empiric evidence from Romania, Economic Research, 27 (1), 86-106.
• Sharma, S. (2002). Economics does Matter: About Economics and Economists, Mikrorad, Zagreb.
• Sharma, S. (2013). Making the Social World: A retrospect. Economic Research, 26 (1), 243-256.
• Škare, M. (2013). The missing link: From Kautilya s The Arthashastra to modern economics. The Journal of Philosophical economics, 6 (2), 2-31.
• Škare, M. (2010a). Can there be a golden "triangle" of internal equilibrium? Journal of Policy Modeling, 32 (4), 562-573.
• Škare, M.(2010b). Hrvatska u "Čeljusti" zlatnog trokuta [Croatia in the Golden triangle trap]. Economics, 1 (17), 79-100.
• UNCTAD (2011). Trade and development report. Retrieved from http://unctad.org/en/Docs/tdr2011_en.pdf.
• The World Bank (2014a). World Development Indicators: Structure of demand. Retrieved from http:// wdi.worldbank.org/table/4.8.
• The World Bank (2014b). World Development Indicators: Central government finances. Retrieved from http://wdi.worldbank.org/table/4.12.
• The World Bank (2014c). World Development Indicators: Central government expenditure. Retrieved from http://wdi.worldbank.org/table/4.13.
• The World Bank (2014d). World Development Indicators: Central government revenues. Retrieved from http://wdi.worldbank.org/table/4.14.
• The World Bank (2014e). World Development Indicators: Structure of output. Retrieved from http:// wdi.worldbank.org/table/4.2.
• The World Bank (2014f). Cash surplus deficit (%of GDP). Retrieved from http://data.worldbank.org/ indicator/GC.BAL.CASH.GD.ZS.
• The World Bank (2014g). GDP growth (annual %). Retrieved from http://data.worldbank.org/indicator/ NY.GDP.MKTP.KD.ZG.
• The World Bank (2012). World Development Indicators 2012. Retrieved from http://data.worldbank. org/sites/default/files/wdi-2012-ebook.pdf.
• Eurostat (2014a). General Government Gross Debt. Retrieved from http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&language=en&pcode=tsdde410&plugin=1.
• Eurostat (2014b). General Government Gross Deficit/ Surplus. Retrieved from http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&language=en&pcode=tec00127&plugin=1.
• Eurostat (2015). Unemployment rate by sex and age groups - annual average, %. Retrieved from http://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=une_rt_a&lang=en.
• Zaman, K., Khilji, B. A., Awan, U., Ali, G., Naseem, I. (2014). Measuring pro poor sectoral analysis for Pakistan: trickle down? Economic Research, 27 (1), 713-728.

Identyfikatory

DOI

10.5709/ce.1897-9254.162