Essays on monetary and fiscal policy interaction: applications to EMU and Eastern Europe
In: Dissertation series 24
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In: Dissertation series 24
In: Tinbergen Institute research series 1
Povezanost i efekti između fiskalne politike i gospodarskog rasta važna su teoretska i empirijska tema istraživanja. Neoklasični modeli smatraju da će ekonomski učinci u državnoj potrošnji biti neutralizirani efektima posljedičnih promjena u privatnoj potrošnji. S druge strane, endogeni modeli rasta smatraju da promjene u razini i sastavu oporezivanja i državne potrošnje utječu na gospodarski rast. Cilj rada je istražiti povezanost i efekte fiskalne politike i gospodarskog rasta u 21 zemlji srednje i istočne Europe u razdoblju od 2000. – 2018. godine. Empirijski rezultati, nakon kontrole zajedničkih i specifičnih varijabli za pojedinu zemlju, ukazuju na to da povećanje oporezivanja, ali ne i neproduktivnih izdataka, može pozitivno utjecati na gospodarski rast. Glavni rezultati empirijske analize su: (i) da postoji značajna i pozitivna povezanost između opće razine oporezivanja i gospodarskog rasta; i (ii) da ne postoji povezanost između državne finalne potrošnje i gospodarskog rasta. Rezultati empirijske analize doprinjeli su znanstvenoj literaturi potvrđujući povezanost između državnih poreznih prihoda i ekonomskog rasta u zemljama srednje i istočne Europe. ; The relationship and effects between fiscal policy and economic growth have been an important theoretical and empirical research topic. The neoclassical models imply that the economic effects of changes in government spending will be neutralised by the impact of consequent changes in private spending. Endogenous growth models, on the other hand, imply that changes in the level and composition of taxation and government expenditure can affect economic growth. This aim of the paper is to explore the relationship and effects of fiscal policy and economic growth in 21 Central and Eastern European (CEE) countries over the period 2000-2018. The results, after controlling for various common and country-specific variables, imply that an increase in taxation, but not in non-productive expenditures, can positively affect economic growth. Our main findings are: (i) there is a significant and positive contemporaneous relationship between the general level of taxation and economic growth; and (ii) there is no relationship between the government final consumption and economic growth. Therefore, our results contributed to the scientific literature by providing empirical evidence on the contemporaneous relationship between the general government tax receipt and economic growth in CEE countries.
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Svjetska ekonomska kriza zahvatila je zemlje Zapadnog Balkana. Recesija koju je karakteriziralo smanjenje privredne aktivnosti, pad potrošnje i povećanje zaposlenosti bila je praćena smanjenjem javnih prihoda. Posljedica takvog stanja je budžetska neravnoteža koja se manifestirala u vidu strukturnog budžetskog deficita i rasta javnog duga. Fiskalna konsolidacija u svim zemljama bila je neophodna. U procesu fiskalne konsolidacije dolazi do promjene pojedinih elemenata fiskalne politike koji se razlikuju od zemlje do zemlje. U tom procesu , struktura javnih prihoda i javnih rashoda se mijenja. Postavlja se pitanje koliko je fiskalna konsolidacija bila uspješna i u kojoj mjeri. Dinamička panel analiza pomoću PMG procjenitelja u šest zemalja Zapadnog Balkana, za period od 2004-2016. godine pokazala je da fiskalna konsolidacija ima pozitivan utjecaj na ekonomski rast. Dakle, zemlje Zapadnog Balkana moraju voditi odgovorne financije kako bi potakle ekonomski rast. ; The global economic crisis has not spared the countries of the Western Balkans. The ensuing recession, characterized by a decline in economic activity, a decline in consumption and an increase in unemployment, went hand in hand with drops in public revenues. This in turn resulted in budget imbalances that manifested in structural budget deficits and higher public debt. Fiscal consolidation was deemed necessary across the board. In this process, certain fiscal policy elements varied among countries. The structure of public revenues and public expenditures changed. The question is whether the fiscal consolidation was successful and to what extent. Dynamic panel analysis using PMG estimator in six Western Balkan Countries for the period 2004-2016 has shown that fiscal consolidation has positive impact on economic growth in this region. So, Western Balkan Countries have to conduct responsible public finances in order to encourage economic growth.
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In: Res publica: politiek-wetenschappelijk tijdschrift van de Lage Landen ; driemaandelijks tijdschrift, Band 56, Heft 2, S. 149-170
ISSN: 0486-4700
We analyze the relation between (horizontal) fairness in the local property tax and municipal tax policy in the 308 Flemish municipalities in 2012. The local property tax is levied on the property's assessed rental value, and its unfairness is a by-product of the slow reassessment procedure - such that properties of identical value are being taxed (very) differently. Using data for housing sales, we create an indicator for the unfairness of the local property tax. We find clear evidence that this unfairness affects political decision-making: municipalities in which property taxation is more unfair tend to rely systematically less on this tax as a source of municipal revenue. Instead these local governments tend to generate revenue through local income taxation. Adapted from the source document.
In: Politicka misao, Band 37, Heft 2, S. 194-206
If the functioning of the fiscal system implies the functioning of democracy, then the interest in its smooth operation is understandable. Particularly important is its segment concerning the financing of local government & self-government. Well-regulated relations between the state & local communities is the basic prerequisite of economic, social, & any other development. The decentralization of the fiscal system in the Republic of Croatia is one of the barriers standing in the way of achieving these goals. The crucial question is the acceptable degree of decentralization, economically & politically. The experiences of other European countries may serve as a basis for regulating the fiscal relations among the higher & lower levels of government. The central government should retain only those responsibilities that cannot be carried out by the units of local government & self-government. 3 Tables, 25 References. Adapted from the source document.
In: Politicka misao, Band 51, Heft 3, S. 139
The author applies a variant of the common pool resources theory to the problem of public spending under the coalition governments elected by proportional representation. The claim is that proportional representation produces cabinets with a large number of parties, and that a large number of parties brings about higher public spending (measured by budget deficit and public debt). The author constructs and deploys the concept of budgetary dilemma to the effect that, absent institutional constraints, public spending results in expansionary fiscal policy. In the second part, the author empirically tests the budgetary dilemma in two postcommunist democracies - Serbia and Croatia, which in 2000-2013 had cabinets with a large number of actors and increasing public spending. The analysis shows a statistically unreliable predictive capacity of the main independent variable - the number of parties in the cabinet. Statistical analysis is followed by several illustrations of the budgetary dilemma. Adapted from the source document.
In: Politicka misao, Band 51, Heft 3
The author applies a variant of the common pool resources theory to the problem of public spending under the coalition governments elected by proportional representation. The claim is that proportional representation produces cabinets with a large number of parties, and that a large number of parties brings about higher public spending (measured by budget deficit and public debt). The author constructs and deploys the concept of budgetary dilemma to the effect that, absent institutional constraints, public spending results in expansionary fiscal policy. In the second part, the author empirically tests the budgetary dilemma in two postcommunist democracies - Serbia and Croatia, which in 2000-2013 had cabinets with a large number of actors and increasing public spending. The analysis shows a statistically unreliable predictive capacity of the main independent variable - the number of parties in the cabinet. Statistical analysis is followed by several illustrations of the budgetary dilemma. Adapted from the source document.
In: Res publica: politiek-wetenschappelijk tijdschrift van de Lage Landen ; driemaandelijks tijdschrift, Band 44, Heft 2-3, S. 325-362
ISSN: 0486-4700
U ovome radu istražujemo utjecaj makroekonomskih politika na prerađivačku industriju u Hrvatskoj. Koristeći model višestruke regresije, ispitujemo kako osobna potrošnja, investicije, kamatne stope, realni efektivni tečaj, državna potrošnja, fiskalni deficit te inozemna potražnja utječu na proizvodnju 22 prerađivačka sektora. Analiza je provedena na tromjesečnim podacima za razdoblje od prvoga tromjesečja 1998. do trećega tromjesečja 2008. godine. Rezultati pokazuju da su prerađivački sektori s niskim razinama tehnologije pod snažnijim utjecajem promjena fiskalne politike, realnog efektivnog tečaja i osobne potrošnje. Proizvodnja prerađivačkih sektora s visokom razinom tehnologije u pravilu je elastična na promjene investicija, inozemne potražnje i fiskalne politike. Čini se da je fiskalna politika posebno važna za prerađivačku industriju, kako zbog veličine fiskalnih elastičnosti, tako i zbog kratkih vremenskih pomaka djelovanja. U slučaju deprecijacije kune u prosjeku raste proizvodnja sektora s niskom razinom tehnologije, dok se kod sektora s visokom i srednje visokom razinom tehnologije ona smanjuje. ; In this paper, we analyse the impact of macroeconomic policies on manufacturing production in Croatia. We use multiple regressions in order to assess how personal consumption, investments, interest rates, the real effective exchange rate, government consumption, fiscal deficit and foreign demand affect the output of 22 manufacturing sectors. The analysis is conducted on quarterly data from 1998:1q to 2008:3q. The results suggest that changes in fiscal conditions, the real effective exchange rate and personal consumption mostly affect low technological intensity industries. Production in high technological intensity industries is, in general, elastic to changes in investments, foreign demand and fiscal policy. Fiscal policy seems particularly important for manufacturing output, both in terms of the magnitude of fiscal elasticities and shorter time lags. Production in low technological intensity industries on average increases with the exchange rate depreciation, while in high and medium-high technological intensity industries it contracts as a result of depreciation.
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Ovo istraživanje ima za cilj utvrditi empirijsku procjenu odnosa između čimbenika održivosti fiskalne politike, poput fiskalnog deficita i gospodarskog rasta u zemljama zapadnog Balkana i zemljama Istočne Europske unije koristeći panel baze podataka za godišnji vremenski raspon od 2000. do 2021. godine. Empirijski model istražuje utjecaj fiskalnog deficita, uz ostale kontrolne varijable poput inflacije, školovanja, ukupnih ulaganja, otvorenosti trgovine i proizvodnog jaza na gospodarski rast u odabranoj skupini zemalja. Za potrebe istraživanja koristili smo statičku i dinamičku panel procjenu tehnike poput fiksnih učinaka s Driscol i Kraay standardnim greškama i sustav GMM. Nalazi potvrđuju da je fiskalni deficit značajno utjecao na razinu rasta u obje skupine zemalja. Osim toga, kada se fiskalne varijable dovedu u interakciju s COVID-19 dummy varijablama, fiskalni deficit rezultira značajnim i pozitivnim učinkom na gospodarski rast. Međutim, kada je fiskalni deficit u interakciji s razdobljem dužničke krize u Euro-zoni, on postaje čimbenik koji pogoršava rast. Ostale kontrolne varijable poput inflacije, otvorenosti trgovine, ukupnih ulaganja i proizvodnog jaza smatraju se važnim čimbenicima u objašnjavanju uspješnost rasta zemalja srednje i istočne Europe i zapadnog Balkana. ; This research aims to provide an empirical assessment of the relationship between fiscal policy sustainability factors, like fiscal deficit and economic growth in the Western Balkan countries and East European Union Countries, using panel-level data for the yearly time span from 2000-2021. The empirical model provides the impact of fiscal deficit, alongside other control variables like inflation, schooling, total investments, trade openness, and output gap on economic growth in the selected group of countries. For the purpose of research, we employed Static and dynamic panel estimation techniques like Fixed Effects with Driscol and Kraay standard errors and system GMM. The findings confirm that fiscal deficit has significantly affected ...
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U radu se razmatraju implikacije braniteljskih naknada na socijalnu politiku i fiskalnu održivost u jednom od dva entiteta Bosne i Hercegovine, Federaciji Bosne i Hercegovine. Autor nastoji obuhvatiti promjene tijekom vremena i povezati ih s procesom demilitarizacije, kao i s utjecajem i pritiskom braniteljskih udruga, što je rezultiralo mjerama koje pogoduju određenim grupama branitelja, često nauštrb drugih korisnika i dugoročne održivosti sustava. Socijalna politika i zakonodavstvo koje regulira status branitelja u Federaciji Bosne i Hercegovine temelji se na statusu, što vladinim dužnosnicima daje prostor za značajne diskrecijske odluke o dodjeli sredstava. Time se destabiliziraju javne financije, dok se malo toga poduzima u borni protiv siromaštva. ; The paper addresses the implications of war veteran benefits on social policy and fiscal sustainability in one of the two B&H entities, the Federation of Bosnia and Herzegovina. The author attempts to address changes over time and relate these to the process of demilitarisation, as well as the influence and pressures exerted by war veteran associations, which resulted in policies favourable to certain war veteran groups, often at the expense of other beneficiaries and the system's long term sustainability. Social policy and war veteran legislation in the Federation of Bosnia and Herzegovina is status based, which provides scope for considerable discretion by government officials in deciding where to allocate funds. This, in turn, is destabilising public finances, while little is being done to address poverty alleviation.
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U ovome radu prikazani su rezultati teorijskog i empirijskog istraživanja kojim su utvrđena dugoročna razvojna obilježja brdsko-planinskih područja u Republici Hrvatskoj, kao i učinci dosadašnjeg sustava potpore njihovom razvoju. Polazeći od teorijske i strateške razrade problematike razvoja brdsko-planinskih područja, svrha ovog istraživanja bila je analizirati ukupna demografska, ekonomska i fiskalna kretanja u brdsko-planinskim područjima Republike Hrvatske u usporedbi s prosječnim kretanjima na nacionalnoj razini. S tim u vezi, cilj istraživanja bio je kritički i empirijski ispitati učinkovitost i nedostatke dosadašnjeg sustava potpore razvoju brdsko-planinskih područja u kontekstu ostvarenja zakonski postavljenih ciljeva hrvatske regionalne politike. Rezultati provedenog istraživanja ukazuju na povećanje divergencije u cjelokupnom razvoju Republike Hrvatske i razvoju njezinih brdsko-planinskih područja, ali i na neučinkovitost državnih intervencija u zaustavljanju tog procesa. Ključni razlozi za to su relativno mala izdašnost državnih pomoći, zatim nedostatak kvalitetnih kriterija za njihovo dodjeljivanje te provedba neadekvatnih mjera i instrumenta za poticanje razvoja brdsko-planskih područja. ; This paper presents the results of theoretical and empirical research that determines the longterm development characteristics of mountain areas in the Republic of Croatia, as well as the impact of the previous system of support for their development. Based on the theoretical and strategic analysis of the development problems of mountain areas, the aim of this research was to analyse the demographic, economic and fiscal dynamics of mountain areas in Croatia by comparing them with the average trends at the national level. Therefore, the aim of this research was to critically and empirically examine the efficiency and shortcomings of the previous system of support for mountain area development within the framework of the legally defined objectives of Croatian regional policy. The results of the conducted research ...
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In: Res publica: politiek-wetenschappelijk tijdschrift van de Lage Landen ; driemaandelijks tijdschrift, Band 45, Heft 2-3, S. 429-468
ISSN: 0486-4700