Suchergebnisse

The Stability & Growth Pact has become a primary fiscal policy framework in all European countries since 1997. Together with Maastricht fiscal criteria it determines the fiscal discipline of integration process. The aim of this study is to evaluate ex-post effectiveness of the fiscal rules from the view of a primary structural balance development during 1991-2007. A method taken for the evaluation was a panel-corrected standard errors regression with fixed effects applied on the former euro zone countries (EA12), "old" EU members (EU15) & finally on the EU25. The results of the econometric estimation indicate that all considered rules were effective even though with different impacts. Furthermore, the analysis suggests that electoral cycle, among others, has strong impact on the primary structural component of public balance. However against theoretical assumptions, there is not a conclusive statistical significance of the government behavior on the current state in the business cycle. Adapted from the source document.

The interconnections within food, biofuel and fossil fuel markets are first described in the context of biofuels technologies and economic policy framework. Consequently, the econometric analysis consisting of Johansen cointegration, error correction model, vector autoregression and Granger causality is applied to price series of 12 biofuel related commodities. While a number of equilibrium relationships are found across the examined markets suggesting their interconnection, we do not obtain a persuasive confirmation of the thesis that biofuels clearly lead to food shortages via the increase in prices of basic food commodities used in the production of biofuels. Adapted from the source document.

The aim of this paper is the formulation and econometric estimation of a small macroeconomic model, which is intended to provide an understanding of fundamental economic relationships in the eurozone. Unemployment is used to represent real economic activity. Phillips curve links unemployment with inflation and Taylor rule describes the monetary policy of the European Central Bank. The results from econometric estimation indicate that interest rate policy of the European Central Bank has only a very limited effect on unemployment. Furthermore, the reaction coefficient for inflation in the Taylor rule does not support Taylor principle. This paper also presents original method for measuring NAIRU. The proposed method for estimating NAIRU uses probabilities of finding and loosing a job. These probabilities are made endogenous in the model, which is the main contribution of the paper. Adapted from the source document.

This paper investigates the effects of economic growth on income inequality in EU countries by employing econometric models. We estimated the effect of growth on the share of income for all particular deciles of population and on the Gini. Other control variables were included in the models as well. The results showed a negative effect of economic growth on inequality, while this impact is the largest for the deciles ranging from the third to the seventh. This can be perceived as an indication of a shrinking middle class. Inequality-increasing effects were found for long-term unemployment, openness and partly for indicators of importance of the financial sector. Factors reducing inequality were rule of law and population with tertiary education. The size of government turned out to be a rather insignificant determinant.