Impact of Economic Crisis on Financial Imbalance Develepment in EU countries

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F14%3A00076594" target="_blank" >RIV/00216224:14560/14:00076594 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Impact of Economic Crisis on Financial Imbalance Develepment in EU countries
Original language description
The Stability and Growth Pact is a tool level to maintain the fiscal discipline on EU level. The states of the EMU have agreed to satisfy the 3% of GDP requirement for the maximum annual public budget deficit. The pertinence of SGP was questioned since its adoption but the recent financial and economic crisis reveals how weak this tool really is. Based on the evolution of the public debt in member countries, we can say that the SGP has failed as a tool for fiscal discipline. Presented paper is based onprevious research which assessed the impact of non-compliance with agreed rules on the level of public debt. Using the simple public debt dynamic model we separate the influence of compliance and non-compliance with the maximum level of deficit rule relative to GDP. Our previous research surprisingly showed that most of EU countries would suffer the raise of the debt level despite the respect of agreed rules in period 1995-2012.
Czech name
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Czech description
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Publication year
2014
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Proceedings of the 19th Intenational Conference Theoretical and Practical Aspects of Public Finances 2014
ISBN
9788074785344
ISSN
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e-ISSN
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Number of pages
9
Pages from-to
81-89
Publisher name
Wolters Kluwer, a.s.
Place of publication
Praha
Event location
Praha
Event date
Jan 1, 2014
Type of event by nationality
EUR - Evropská akce
UT code for WoS article
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