PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2016 | nr 1(9) | 103-116
Tytuł artykułu

Primary Deficit Indicator, Tax Gap, and Fiscal Sustainability : Evidence from Central and Eastern EU Member States

Autorzy
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The main goal of the article is to test the level of fiscal (un)sustainability in the Central and Eastern EU economies, using primary deficit indicator and tax gap indicator - tools proposed and described by Buiter and Blanchard. This goal is accompanied by the following hypotheses: (1) large primary deficits recorded in the investigated economies prevent form stabilizing the public debt volume, (2) actual public revenues in those countries are too low to stabilize current public debt volume (predetermined by public spending policies). The research period covers the years 1996-2015. Data were taken from Eurostat. The results of the research confirm the hypothesis. (original abstract)
Rocznik
Numer
Strony
103-116
Opis fizyczny
Twórcy
  • University of Lodz, Poland
Bibliografia
  • Adam, A., Approaches of Public Finance Sustainability taking into Account the Current Economic Context, "Financial Studies" 2015, nr 19(1).
  • Afonso, A., Jalles, J.T., The elusive character of fiscal sustainability, "Applied Economics" 2016, nr 48(28).
  • Barro, R.J., Are Government Bonds Net Wealth?, "Journal of Political Economy" 1974, nr 82.
  • Barro, R.J., The Ricardian Approach to Budget Deficits, "Journal of Economic Perspectives" 1989, nr 3 (2).
  • Blanchard, O.J., Suggestions of a New Set of Fiscal Indicators, "OECD Working Papers" 1990, nr 79.
  • Bohn, H., The Sustainability of Budget Deficits with Lump-Sum and with Income-Based Taxation, "Journal of Money, Credit & Banking" 1991, nr 23(3).
  • Buiter, W.H., A Guide to Public Sector Debt and Deficits, "Economic Policy" 1985, nr 1 (1).
  • Chalk, N., Hemming, R., Assessing Fiscal Sustainability in Theory and Practice, "IMF Working Papers" 2000, April.
  • Collard, F., Habib, M., Rochet, J.-C., Sovereign Debt Sustainability in Advanced Economies, "Journal of the European Economic Association" 2015, nr 13(3).
  • Corsetti, G., Roubini, N., Fiscal deficits, public debt and government solvency: evidence from OECD countries, The National Bureau of Economic Research, 1991.
  • Fan, J., Arghyrou, M.G., UK Fiscal Policy Sustainability, 1955-2006, "The Manchester School" 2013, nr 81(6).
  • Gabriel, V.J., Sangduan, P., An efficient test of fiscal sustainability, "Applied Economics Letters" 2010, nr 17(18).
  • Gali, J., Notes for a New Guide to Keynes (I): Wages, Aggregate Demand, and Employment, "Journal of the European Economic Association" 2013, nr 11(5).
  • Gevorkyan, A.V, Fiscal Policy in Transition Economies: Opportunities for Sustainable Development, "Proceedings of the Northeast Business & Economics Association" 2010.
  • Głuchowski, J., Zarys finansów publicznych, TNOiK, Toruń 1995.
  • Hajdenberg, A., Romeu, R., Parameter Estimate Uncertainty in Probabilistic Debt Sus-tainability Analysis, "IMF Staff Papers" 2010, nr 57(1).
  • Hakkio, C.S., Rush, M., Is the Budget Deficit 'Too Large?', "Economic Inquiry" 1991, nr 29(3).
  • Hamilton, J.D., Flavin, M.A., On the Limitations of Government Borrowing: A Framework for Empirical Testing, "American Economic Review" 1986, nr 76(4).
  • John, J., Kurian, N.J., Sub-national Fiscal Sustainability in a Globalised Setting, Cambridge Scholars Publishing, 2009.
  • Kosikowski, C., Wydatki publiczne jako problem legislacyjny, [in:] Ekonomiczne i prawne problemy racjonalizacji wydatków publicznych, t. 1, eds. J. Głuchowski, A. Pomorska, J. Szołno-Koguc, Wydawnictwo Uniwersytetu Marii Curie- Skłodowskiej, Lublin 2005.
  • Kremers, J.J.M., U.S. Federal Indebtedness and the Conduct of Fiscal Policy, "Journal of Monetary Economics" 1989, nr 23(2).
  • Lamé, G., Lequien, M., Pionnier, P.-A., Interpretation and limits of sustainability tests in public finance, "Applied Economics" 2014, nr (46)6.
  • Legrenzi, G., Milas, C., Nonlinearities and the Sustainability of the Government's Intertemporal Budget Constraint, "Economic Inquiry" 2012, nr 50(4).
  • Lindbeck, A., Weibull, J.W., Intergenerational Aspects of Public Transfers, Borrowing and Debt, "Scandinavian Journal of Economics" 1986, nr 88(1).
  • Mahdavi, S., Bohn's Test of Fiscal Sustainability of the American State Governments, "Southern Economic Journal" 2014, nr 80(4).
  • Malito, D.V, Measuring Sustainability: Benefits and Pitfalls of Fiscal Sustainability Indicators, "European University Institute Working Papers" 2014, nr 77.
  • Martins-da-Rocha, V-F., Vailakis, Y., On Ponzi schemes in infinite horizon collateralized economies with default penalties, "Annals of Finance" 2012, nr 8(4).
  • McCallum, B.T., Are Bond-financed Deficits Inflationary?: A Ricardian Analysis, "Journal of Political Economy" 1984, nr 92(1).
  • Minea, A., Villieu, P., Endogenous growth, government debt and budgetary regimes: A Corrigendum, "Journal of Macroeconomics" 2010, nr 32(2).
  • Molendowski, E., Stanek, P., Globalny kryzys finansowo-gospodarczy i strefy euro a sytuacja fiskalna nowych państw członkowskich (UE-10), "Acta Universitatis Lodziensis, Folia Oeconomica" 2012, nr 273.
  • Neck, R., Sturm, J.-E., Sustainability of Public Debt, Cambridge, Massachusetts Institute of Technology, Massachusetts 2008.
  • Potrafke, N., Reischmann, M., Fiscal Transfers and Fiscal Sustainability, "Journal of Money, Credit & Banking" 2015, nr 47(5).
  • Qin, D., Cagas, M.A., Ducanes, G., Magtibay-Ramos, N., Quising, P., Empirical assessment of sustainability and feasibility of government debt: The Philippines case, "Journal of Asian Economics" 2006, nr 17(1).
  • Tanner, E., Samake, I., Probabilistic Sustainability of Public Debt: A Vector Autoregression Approach for Brazil, Mexico, and Turkey, "IMF Staff Papers" 2008, nr 55(1).
  • The Economics of Budget Deficits, eds. Rowley, C.K., Shughart, W.F., Tollison, R.D., Edward Elgar, Cheltenham 2002.
  • Trehan, B., Walsh, C.E., Common Trends, the Government's Budget Constraint, and Revenue Smoothing, "Journal of Economic Dynamics & Control" 1988, nr 12(2/3).
  • Tsuchiya, Y., Directional analysis of fiscal sustainability: Revisiting Domar's debt sustainability condition, "International Review of Economics & Finance" 2016, nr 41.
  • Uryszek, T., Long-term Sustainability of Public Finance in the Central and Eastern EU Member States, "Comparative Economic Research" 2015a, nr 18(4).
  • Uryszek, T., Samodzielność finansowa jednostek samorządu terytorialnego. Polska na tle wybranych krajów Unii Europejskiej, "Finanse Komunalne" 2015b, nr 12.
  • Uryszek, T., Sustainable Public Finance - illusion or reality? Evidence from old EU Member States, "Journal of International Studies" 2015c, nr 8(1).
  • Wigger, B.U., A note on public debt, tax-exempt bonds, and Ponzi games, "Journal of Macroeconomics" 2009, nr 31(3).
  • Wilcox, D.W., The Sustainability of Government Deficits: Implications of the Present-Value Borrowing Constraint, "Journal of Money, Credit & Banking" 1989, nr 21(3).
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171446716
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.