Impact of Economic Crisis on Financial Imbalance Develepment in EU countries

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Impact of Economic Crisis on Financial Imbalance Develepment in EU countries

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

Impact of Economic Crisis on Financial Imbalance Develepment in EU countries

Popis výsledku anglicky

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.

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2014

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

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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Počet stran výsledku

9

Strana od-do

81-89

Název nakladatele

Wolters Kluwer, a.s.

Místo vydání

Praha

Místo konání akce

Praha

Datum konání akce

1. 1. 2014

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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