Suchergebnisse

We analyze corruption and economic freedom links to public finance and investment in new EU members. In terms of the public investment our results show that improvement in economic freedom is linked to increases in public investment while lowering of corruption is linked with increase or decrease with respect to public investment. As a complementary finding we show that increases in public investment are also linked with the ambiguous effect. In case of public finance our estimates suggest that debt usually decreases as economic regulation goes down while the effect on budget deficit goes both ways. On other hand, as corruption declines both budget deficit and debt decrease. Based on our results we generalize that measures taken to lower corruption and economic regulation should lead to improvements in fiscal position in most of the new EU member states. Adapted from the source document.

We analyse potential sources of internal imbalances, specifically as regards private and public indebtedness. The combination of a high public debt and increasing private sector indebtedness have been a source of concern in the perspective of the funding of the economy in examined countries. We utilize the detailed financial accounts as an analytical framework for revealing the development of private sector's indebtedness in 18 EU countries in the period 1995-2012. Ratio of private debt (non-financial corporations, households and non-profit institutions serving households) to GDP was steadily increasing till 2009 with a decrease in the following years. After the decomposition of the private sector debt several facts stand out. Highly indebted, on the average, are households in Denmark and The Netherlands. Postsocialist countries have still low indebtedness, but are catching up. In panel regressions (fixed effects) the dependent variable is overlapping two-and free-year forward looking averages. The control variables are those usually used in growth equations a la R. Barro. We have utilised also instrumental variables (Pooled IV Two-stage EGLS) and 3 years averages for all variables to capture medium-run impacts. Having analysed the impacts of different private debt variables on the growth rate of real GDP we assert that the impact has been negative and statistically significant in almost all growth regressions. Adapted from the source document.

The question of public finance stability & the economic stability are widely discussed topics, not only in transitive & emerging economies, but also in developed countries. The aim of this paper is to find out & measure connections between the fiscal policy development & external economic stability. This research is based on a quantification of the budget deficit & public debt impact onto exchange rate in chosen countries that have recently experienced some kind of financial crisis. External competitiveness is also assessed by the fiscal policy impact onto current account balance. It is necessary to point out that monetary variables are going to be probably more important but the fiscal sector cannot be omitted. Especially nowadays when there is an integration process in EMU going on, where the fiscal policy is going to play important role in the economic stability. Tables, Figures, References. Adapted from the source document.

Panel data are increasingly being used in both macro- & micro-level studies of economic problems. Macro-panel data (i denotes countries) are characteristic by sufficiently long time series to be able to analyze panel spurious regression & panel cointegration. According to the main stream of the economic theory the budget deficits leads to deterioration in the current account balance. The panel long-run causal relation is examined in the case of the four groups of countries. For the Granger causality test the panel cointegration analysis is needed. The panel cointegration relationships were not found in any case. Some similarities in the panels were found in the case of Latin America countries but they are not significant. Tables, Graphs, References. Adapted from the source document.

Data on the economic development of OECD-Member countries show that tax structures in all OECD countries are changing, but one constant feature is that the share of taxes in GDP is rising. The aim of this article is to discus the main reasons for the increased tax burden in OECD countries, the difficulties of international comparisons of tax burden, & the conditions for tax burden reduction in the Czech Republic. An international comparison is difficult because national economic indicators can be distorted by methods used for measuring GDP on the one hand & by tax-revenues assessment on the other. For example, some countries tax/GDP ratios are underestimated on account of considerable & hidden 'tax expenditures.' Czech tax policy is limited by the coordination & harmonization with, & the fiscal objectives of its accession to, the European Union. 2 Tables, 24 References. Adapted from the source document.

The aim of the article is to describe theoretical concepts related to the effects of state subsidies on enterprises & to discuss the magnitude & effect of state aid on enterprises during the transformation of the Czech economy. Subsidies to enterprises during transformation were high, often transparent, & above the European Union average. During 1997-2003 registered state aid reached 362 bn. CZK. More than 90 percent of the total registered state aid went to awards the rescue & restructuring of enterprises. It can be roughly estimated that during 1997-2000 state aid was twice as high as officially registered. Share of state aid to enterprises in public debt increased & reached 70 percent by 2003. Non-transparent channels of state aid distribution decrease the efficiency of state aid, as they distort market signals & decrease motivation for fair competition. Tables, Graphs, References. Adapted from the source document.