Wyniki wyszukiwania - Biblioteka Nauki

1

Opinia na temat budżetowych kryteriów konwergencji sformułowanych w Pakcie na rzecz stabilności i wzrostu oraz w pakcie fiskalnym

100%

Łacny J. , Szpringer Z.

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nr 2(38)

131-139

EN

The aim of the opinion is to answer the question whether the criteria of economic convergence relating to the condition of public finances in the member states, specified in both the Stability and Growth Pact (SGP) and the Fiscal Compact (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union) are identical or not. The EU member states participating in the European Monetary Union (EMU), and using the euro as their currency, as well as those member states which intend to join the EMU need to meet the convergence criteria (also known as Maastricht criteria). These include legal criteria related to independence of their national central banks, and economic criteria related to stability of prices, situation of public finances, currency exchange rates and long-term inter‑ est rates. The authors conclude that the reference values specified in the Stability and Growth Pact and in the Fiscal Compact are identical.

2

Ocena zmienionego wniosku dotyczącego decyzji Rady w sprawie systemu zasobów własnych Unii Europejskiej

100%

Kulicki J. , Szpringer Z. , Jaśkowski M.

Zeszyty Prawnicze BAS

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2020

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nr 4(68)

122-133

EN

The purpose of the proposed decision is to raise the limit of the annual own resources in relation to the national income (GNI) of the EU Member States and to empower the Commission to borrow up to EUR 750 billion at 2018 prices on the capital markets on behalf of the EU. These borrowed funds would be dedicated solely to combating the consequences of the COVID-19 pandemic. According to the authors of the opinion, the proposal is valid and rational from the perspective of protection and development of the internal market as an important Community element and does not raise doubts as to its compliance with the principle of subsidiarity. Its compatibility with Article 310 TFEU may however be disputed.

3

Problem ukrytego długu publicznego w Polsce

100%

Kasperowicz-Stępień A.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2013

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nr 907

33-41

EN

The largest problem facing Polish public finance today is the rapid growth in public debt and the attendant costs of servicing it. According to government calculations, in 2010 public debt reached 54.9% of GDP. Yet to the government calculations must be added hidden public debt, which actually measures 180% of GDP. This paper analyses the level of evident and hidden public debt in Poland.

4

Kryteria fiskalne w procesie konwergencji Polski do wymogów UE

100%

Rzeczycka A. , Golawska-Witkowska G.

Pieniądze i Więź

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2012

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tom 15

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nr 4(57)

160-169

EN

The accession of Poland to the structures of the EU became the beginning of operations which should result in its entry to the euro zone. Even at present, during the crisis of public finances, a number of authors sees the merits of continuing the efforts made in this area. However accession to the euro zone requires the fulfillments of the definite monetary, currency and fiscal norms of the convergence. Respecting these last allows assuring the stability of public finances. The care for the condition of public finances, in this respecting the norms of the convergence, becomes- in the face of the threat of the exit from the euro zone of Greece, and also other countries- the superior problem. The thorough analysis of the sources of the budget deficit and the ways of covering it becomes necessary. The purpose of this article is analysis of degree of adaptation of public finances in Poland to requirements designated in the fiscal convergence process within the context of countries just passing the violent crisis of public finances as Greece, Spain or Portugal, and functioning in the euro zone.

5

Determinants of the deterioration in China’s public finances in 2005-2018

100%

Twarowska K.

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

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2019

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nr vol. 63, nr 10

114-128

EN

The aim of the paper is to assess the condition of China’s public finances, identify the main factors that contribute to the increase in public debt, and to provide some suggestions that could be considered to improve the quality of public finances and reduce systemic risk. To achieve the objective of research the descriptive comparative method was used. The analysis was carried out for the period 2005-2018, however, due to the special conditions for the development of the Chinese economy, the background from previous years is also presented, as well as forecasts up to 2024. The analysis allowed to formulate conclusions, the most significant of which are that the main causes of China’s debt problem and the rising systemic risks are the effect of the global financial crisis and the change of the economic growth strategy to a strategy based on internal demand, which results in fiscal expansion. A particularly troubling development is the pace of growth in public debt, in particular the increase in local government debt and the increase in the share of short-term financing in external debt.

PL

Cele analizy stanowią ocena kondycji finansów publicznych Chin, identyfikacja głównych czynników, które przyczyniają się do wzrostu zadłużenia publicznego, a także wskazanie propozycji mogących służyć poprawie kondycji finansów publicznych i obniżeniu ryzyka systemowego. W badaniu wykorzystano metodę porównawczą opisową. Okres analizy obejmuje lata 2005-2018, jednak ze względu na szczególne uwarunkowania rozwoju chińskiej gospodarki uwzględniono lata wcześniejsze i prognozy do 2024 r. Przeprowadzone badanie pozwoliło sformułować wnioski. Najważniejsze mówią o tym, że głównymi przyczynami problemów związanych z zadłużeniem Chin są rosnące ryzyko systemowe, wpływ globalnego kryzysu finansowego i zmiana strategii wzrostu gospodarczego na strategię opartą na popycie wewnętrznym, co wiąże się z większą ekspansją fiskalną. Niepokojącym zjawiskiem jest tempo wzrostu zadłużenia publicznego, a w szczególności wzrost zadłużenia na poziomie lokalnym, a w zadłużeniu zewnętrznym wzrost udziału finansowania krótko-terminowego.

6

The influence of fiscal rules on the discipline in the public finance in Poland

100%

Ciak J. M.

Journal of Management and Financial Sciences

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2019

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nr 36

31-43

EN

Fiscal rules constitute tools that match the characteristics of a transparent fiscal policy. Increasing the predictability of activities conducted within the public finance sector, which can limit politicians’ irresponsible behaviour, is of crucial importance. Fiscal rules may be preventative in nature – they can, therefore, prevent negative phenomena in the area of public finance now and in the near future. They become a kind of obstacle for potential inappropriate fiscal expansion, expenditure expansion in particular, of the public authorities, which could lead to too deep an imbalance between the liabilities of the state and the sources sufficient to cover its obligations. The trends in changes in the current public finance are supplemented by introducing fiscal rules or strengthening their role. The basic problem with fiscal rules is that in many cases they are leaky and are also not consistently observed. The aim of the article is to present a brief overview of national and supranational fiscal rules and reference to the existing situation in the public finance in Poland. The article presents the analysis of the source literature, legal acts and statistical data.

7

How Budget Deficit Impairs Long-Term Growth and Welfare under Perfect Capital Mobility

100%

Konopczyński M.

Central European Journal of Economic Modelling and Econometrics

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2014

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nr 3

8

The Role of Commercial Banks in Financing Debt of Local Government Units

100%

Żabka A. , Hoza B.

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nr 2

56-60

EN

The authors of the paper present the results of their research in the structure of resources used to cover financial deficit of institutions of public finance sector on central and local level. The authors also evaluate the consequences triggered by application of different methods of financing. The aim of the paper is to analyse the reasons of low activity of local government units in obtaining financial resources directly from the capital market as compared to the State Treasury and commercial enterprises. By means of tools used in comparative analysis the authors juxtapose the most important parameters of primary and secondary markets of long-term debt securities issued by local government units, the State Treasury and commercial enterprises.

9

Budżet zadaniowy a efektywność wydatków publicznych

100%

Wieprzowski P. , Wieprzowski P.

Pieniądze i Więź

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2012

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tom 15

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nr 3(56)

88-94

EN

The article presents in a synthetic way the performance budget issue. In addition to the indication of the characteristics of this type of public financial management mechanism, literature studies, which aim was to show the mechanisms of efficiency in the management of budget expenditures, was carried out. The Authors made also an attempt to locate the performance budget issue in the perspective of integration with the euro area and the necessity of meeting the Maastricht criteria.

10

Opinia na temat decyzji Komisji w sprawie wszczęcia, na podstawie rozporządzenia Parlamentu Europejskiego i Rady (UE) nr 1173/2011 w sprawie skutecznego egzekwowania nadzoru budżetowego w strefie euro, postępowania wyjaśniającego związanego z manipulowaniem danymi statystycznymi w Austrii

88%

Łacny J. , Szpringer Z.

Zeszyty Prawnicze BAS

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2016

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nr 3(51)

91-98

EN

The European Commission expresses doubts as to the authenticity of the general government deficit and debt data provided to Eurostat by of Austria. The proceedings launched on its basis may result in improving the quality of statistical data on budget indicators in Member States. The document can also provide the basis for reflection for the Polish authorities regarding the need for strengthened control over local finance.

11

Geneza i skutki kryzysu finansów publicznych w Grecji

88%

Baran B.

Gospodarka Narodowa. The Polish Journal of Economics

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2011

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tom 248

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nr 5-6

49-67

EN

The article traces the development of the budgetary situation in Greece since the early 1990s and aims to identify the main causes behind the public finance crisis in this country that began in 2009 and continued in 2010. The author discusses the most important implications of the crisis for the functioning of the euro area. The period covered by the analysis was divided into several subperiods: the period of 1990-1995, which saw the continuation of an expansionary fiscal policy initiated in the 1980s; the period directly preceding the country’s entry into the euro zone Jan. 1, 2001, marked by an improvement in Greece’s budgetary performance; the years after Greece’s entry into the euro zone and the return of the fiscal expansion policy; and the period when the country was forced to launch budgetary reforms. Greece’s current public finance problems are not only a direct effect of the global financial crisis, but also an outcome of domestic factors, which led to persistent economic problems in the country, including the loss of financial stability and decreased competitiveness. The following factors generate high budgetary expenditures and limit revenue in Greece (consequently leading to a high budget deficit and an escalation in public debt): low administrative efficiency, high operating costs of the public sector (high employment and a high level of wages in the public sector), excessive social spending, an inefficient pension system, an overregulated labor market and excessive regulation on markets for goods and services. Greece’s public finance crisis was therefore primarily provoked by structural problems that were evident still before the country joined the euro area and that have not been resolved since then. According to Baran, Greece met the budget deficit criterion for adopting the single European currency only because the country’s government artificially increased its revenues and resorted to statistical manipulation. Meanwhile, budget expenditures increased steadily, Baran notes, and an interest rate cut after the country’s euro-zone entry enabled public borrowing at a lower cost as internal problems accumulated due to abandoned reforms. The result was an explosion of the budget deficit and public debt in 2009. Fellow EU countries have decided to provide financial aid to Greece to maintain the stability of the euro and avoid a situation in which Greece’s problems would spill over to other member states, the author says. According to Baran, Greece is struggling with what is the most serious public finance crisis in this country since it joined the euro zone and adopted the single European currency in 2001. The country’s unresolved structural problems are the fundamental issue that underlies the crisis. Greece scores poorly in terms of competition and product market liberalization. The Greek economy has a low level of competitiveness due to labor market problems, an inefficient social security system and excessive public-sector employment. As a result, the government in Greece collects insufficient revenue and has high public expenditures, Baran notes. Fiscal consolidation has been based on higher revenues and lower interest payments since the mid-1990s. Despite powerful arguments for a radical domestic adjustment, all reforms have been marked by controversy and conflict between the government and its social partners.

12

Wpływ czynników politycznych na instrumenty i efekty polityki gospodarczej

88%

Działo J.

Gospodarka Narodowa. The Polish Journal of Economics

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2007

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tom 216

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nr 5-6

25-44

EN

The paper examines the impact of political factors on the instruments and effects of economic policy. The author analyzes several theoretical models to determine the ways in which politicians seek to influence the economy. The analysis comprises both “traditional” models based on irrational voter behaviors and “new-generation” models that assume that, after all, voters behave in a rational way. Traditional models include an “opportunistic political cycle” model developed by Nordhaus and a “partisan cycle” model developed by Hibbs. Both these models are based on “the Phillips curve.” Under the Nordhaus model, before parliamentary elections, the economy tends to grow fast and employment remains low; then, as election day approaches, inflation tends to rise. After the elections, the economy usually displays a recessionary trend. This pattern does not depend on the political orientation of those in power. On the other hand, under the Hibbs partisan model, there are differences in the inflation/unemployment pattern depending on the political orientation of the ruling party in terms of whether it is rightist or leftist. New-generation models assume that voters behave in a rational manner and cannot be “fooled” all the time. The assumption of rationality reduces the extent and likelihood of regular political cycles, although it does not eliminate them, the author says. Instead of regular multi-year electoral cycles, there are short electoral cycles that involve monetary and fiscal policy instruments rather than economic policy outcomes.

13

First borrowing period at Ottoman Empire (1854-1876): Budget policies and consequences

88%

Ozekicioglu S. , Ozekicioglu H.

Business and Economic Horizons

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2010

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tom 3

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nr 3

28-46

EN

The financial troubles of Ottoman Empire which started in 16th century reached its ultimate point in 19th century. The Ottoman Empire searching to get rid of these troubles directed towards making some reform activities during the Tanzimat Era. Some of the money needed for these reform activities was met via the external borrowings which the Ottoman Empire had applied reluctantly and then could not preclude. During the period of 1854-1876 which was included in the Tanzimat Era and called as the first borrowing period, the Ottoman Empire signed 15 external borrowing agreements totally. However, the loans received as a result of these agreements were not used properly and then the budget deficit could not be settled. At the end of these developments, a financial bankruptcy was experienced in the Ottoman Empire in 1876.

14

Problemy efektywnego zarządzania długiem samorządowym

88%

Otczyk G. , Felis P.

Studia BAS

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2021

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nr 4(68)

171-194

EN

The article presents the issues of effective management of local government debt. Local government debt can be seen as an effect of accumulated budget inequality. The considerations in the article concern the analysis of the sources of financing the activities of local government units and the effectiveness of their use in the context of maintaining an appropriate level of liquidity and meeting statutory standards. For this purpose, financial data of local government units for the years 2010–2020 were examined. The study was enriched with the results of research on the budget policy of municipalities on which the authors worked in previous years. It made it possible to trace the tendencies in the field of debt policy in local government units and to establish the challenges faced by representatives of local government authorities.

15

Reguły fiskalne zarządzania finansami publicznymi

88%

Walasik A.

Studia BAS

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2016

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nr 3(47)

73-87

EN

The aim of the paper is to discuss numerical fiscal rules implemented in the Public Finance Act in light of security, exposure to risk and instability of public finance. The author comments on robustness of these rules and their influence on political pressure of budgetary process and impact of economic processes. The author claims that both market economy and democracy create the environment of public finance management. It is widely accepted to implement numerical fiscal rules into system of public finance, as such rules allow to build the mechanisms of security for process of collecting public revenues as well as executing public expenditure. Therefore, the proper construction of numerical fiscal rules grows plausibility and ensures independence of public finance from political pressure.

16

Budget Deficit in a Growing Economy and Impossibility of Fiscal Collapse: A Continuous Time Analysis

88%

Tanaka Y.

Central European Economic Journal

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2024

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tom 11

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nr 58

305-319

EN

Using a continuous time dynamic model of growing economy we will show the following results. 1) When people derive utility from their money holding (or government bond holding) along with their consumption, a budget deficit is essential to achieve and maintain full employment under stable prices or inflation in a growing economy. 2) If we take into account that government spending due to budget deficits increases financial assets held by the private sector, and then consumption will occur from assets in addition to consumption from income, even when the interest rate on government bonds is higher than the real economic growth rate, the ratio of government debt to GDP can not diverge and the divergence is naturally prevented by mild inflation. The required inflation rate is such that the interest rate of the government bonds is smaller than the weighted average of the rate of return on capital and the nominal growth rate. Since the interest rate of the government bonds is usually considered smaller than the rate of return on capital, this is not a very demanding requirement. Thus, we need not worry at all about the accumulation of government debt or about the divergence of the debt to GDP ratio, which is often taken as an indicator of fiscal collapse.

17

Optimal Fiscal Policy in a Small Open Economy: Insights from the Growth Model with Human Capital and Public Debt

75%

Konopczyński M.

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nr 2

18

Strategia makroekonomiczna Polski w warunkach światowego kryzysu

75%

Osiatyński J.

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nr 7-8

1-16

EN

Different countries have applied different policies to deal with the latest economic crisis that has struck the world. While Poland and other new member states of the European Union have tightened their fiscal policies and resorted to various supply-side instruments, the United States, Japan and many old EU member countries have employed a fiscal expansion policy. This policy is based on a GDP growth multiplier effect and an increased use of public debt to finance government expenditure. The author estimates a potential fiscal impulse multiplier for the Polish economy in 2008 and follows up with a discussion of the key arguments of critics and advocates of the fiscal expansion strategy. In new EU member states, the ratio of the current-account deficit to GDP and the ratio of foreign debt to GDP are the main factors that determine whether or not there is room for fiscal expansion in the economy, the author says. In the wake of the global financial crisis, these ratios increased dramatically in these countries, chiefly due to previously underestimated system risks. Those risks resulted from the fact that new EU member countries maintained their interest rates at a high level for many years to keep inflation in check. The difference between the domestic and foreign interest rates was largely responsible for a progressive appreciation of the exchange rate, accompanied by a decreased competitiveness of exporters, increased foreign debt of businesses and households, and growing reliance on foreign investment as a way of covering the trade deficit. All these risks materialized when the international financial crisis began. The paper aims to determine if there is room for a fiscal expansion policy in Poland and whether such a policy could lead to a major increase in Treasury security yields and higher public debt service costs. This question requires detailed calculations, Osiatyński says. Even though the 2009 budget deficit was 121 percent financed from domestic sources in the first five months of the year, the policy produced no major increase in Treasury security yields, which may mean that there is room for such a policy in Poland, Osiatyński concludes. Otherwise the country could face a prolonged period of economic stagnation, he adds.

19

Dług Skarbu Państwa jako sposób na finansowanie deficytu budżetowego w Polsce w latach 2016-2021

75%

Rechul H.

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2023

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tom 67

|

nr 3

63-71

EN

The basic element of the effective functioning of each state is efficient and reasonable management of public finances. Each manifestation of activity of public structures requires financing with public funds. In modern countries, there are additional possibilities of financing budgetary needs, e.g. issuing bonds. When the sum of state expenditures exceeds the sum of its revenues, we are dealing with a deficit. The sum of these deficits over successive years, together with other factors, constitutes the public debt. The aim of the study is to examine the nature and causes of public debt and to assess its level and effects on the economy. The study uses the descriptive method and the method of statistical data analysis. The data was taken from the statistical studies of the Ministry of Finance. The results of the analysis indicate, among others, that the State Treasury debt is the most important item in the structure of the state public debt and was acquired on domestic markets.

PL

Podstawowym elementem efektywnego funkcjonowania każdego państwa jest sprawne i rozsądne zarządzanie finansami publicznymi. Każdy przejaw aktywności struktur publicznych wymaga finansowania środkami publicznymi. W nowoczesnych państwach istnieją dodatkowe możliwości finansowania potrzeb budżetowych, np. emisja obligacji. Gdy suma wydatków państwa przewyższa sumę jego dochodów, mamy do czynienia z deficytem. Suma tych deficytów z następujących po sobie lat, wraz z innymi czynnikami, stanowi dług publiczny. Celem opracowania jest zbadanie istoty i przyczyn powstawania długu publicznego oraz ocena jego poziomu i skutków dla gospodarki. W opracowaniu wykorzystano metodę opisową i metodę analizy danych statystycznych. Dane zaczerpnięto z opracowań statystycznych Ministerstwa Finansów. Wyniki analizy wskazują m.in., że dług Skarbu Państwa jest najważniejszą pozycją w strukturze państwowego długu publicznego i pozyskany został na rynkach krajowych. Słowa kluczowe: dług publiczny, deficyt budżetowy, równowaga budżetowa

20

Deficyt Budżetowy : nowe pojęcie makroekonomiczne

75%

Dylewski Z.

Zeszyty Naukowe AON

|

2001

|

tom nr 2(43)

83-88

EN

The author discusses the notion of "budget deficit" and its influence on monetary balance in the country. He lists operations aiming at deficit reduction. Then he analyses the notion of "economic deficit" and presents the economic deficit of public finances in 1998-2003. The author concludes that if disintegration, centralisation, commercialisation and inappopriate structure of public sectors incomes contribute largely to its significant weakness then it means that. Poland needs deep and comprehensive restructuring of public finances.