Public finances and the new economic governance in the European Union Stanisław Owsiak

Spis treści książki

• Cover
• Title page
• Copyright page
• Table of Contents
• Introduction
• Chapter 1. Practical dimension of research on public finances
  • 1. Premises for disciplining public finances in the European Union
  • 2. Measures undertaken by the European Union to discipline public finances
  • 3. Research thesis
  • 4. Verification methods
    • 4.1. A qualitative and quantitative approach
    • 4.2. Fiscal consolidation as the basic tool for disciplining public finances
    • 4.3. Budget balance and types of fiscal policy
    • 4.4. Methods of examining the relationship between budget balance and macroeconomic variables
    • 4.5. The matter of non-Keynesian effects of fiscal policy during the crisis
    • 4.6. Method for testing the economic potential of EU countries
    • 4.7. Convergence or economic divergence in Europe
  • 5. Time scope of the study
  • 6. Country selection criteria case studies
• Chapter 2. Concepts of fiscal consolidation
  • 1. Definitional difficulties
  • 2. Controversies over the concept of fiscal consolidation
    • 2.1. Problem of the starting point of consolidation
    • 2.2. Choice of consolidation strategy and macroeconomic effects
    • 2.3. Measuring consolidation
    • 2.4. Criteria for assessing the effects of consolidation
  • 3. Dilemma regarding the choice of consolidation instruments
  • 4. Assessing the sustainability of fiscal consolidation in selected EU countries
  • 5. Summary
• Chapter 3. Fiscal supervision as an element of new economic governance in the European Union
  • 1. Treaty bases for coordination of the Member States economic and budgetary policies
  • 2. Evolution of fiscal supervision 19922005
  • 3. Fiscal supervision as an element of new economic governance
    • 3.1. General concept of change
    • 3.2. New requirements for budgetary frameworks of member states
    • 3.3. Action undertaken to strengthen the surveillance of budgetary positions and the surveillance and coordination of economic policies
    • 3.4. Action to speed up and clarify the excessive deficit procedure
    • 3.5. Enforcement of budgetary surveillance in the euro area
    • 3.6. Mechanism for preventing and correcting macroeconomic imbalances
    • 3.7. Enforcement of correction of excessive macroeconomic imbalances in the euro area
  • 4. Further attempts to strengthen fiscal supervision
    • 4.1. The Fiscal Compact
    • 4.2. The two-pack
  • 5. Assessment of the reform of the economic governance in the EU
  • 6. Conclusion
• Chapter 4. Austerity as a tool of fiscal consolidation theoretical and empirical perspective
  • 1. Introduction
  • 2. Historical debate
  • 3. Neoliberalism and financialization
  • 4. Macroeconomic performance
  • 5. The justification for austerity
  • 6. Economic crisis and fiscal policy
  • 7. The ideological foundations of supply side economics
  • 8. Brexit and its implications for the UK
  • 9. Conclusion
• Chapter 5. Efforts of fiscal consolidation in the United Kingdom
  • 1. Introduction background of the study
    • 1.1. The sovereign debt crisis and financial stability
    • 1.2. The United Kingdoms Fiscal Stability Code
    • 1.3. The Maastricht Treaty and fiscal rules
  • 2. The pre-crisis overview
    • 2.1. Macroeconomic imbalances in the UK
    • 2.2. State of public finances before the crisis
    • 2.3. Budgetary forecast before the crisis
  • 3. Analysis of the financial crisis period
    • 3.1. Public sector net debt
    • 3.2. Relative projections and economic performances
    • 3.3. Output gap and real GDP
    • 3.4. The structural deficit
  • 4. Efforts of fiscal consolidation
    • 4.1. Policy implementation under Labour government
    • 4.2. Policy changes under coalition government
    • 4.3. Policy effects on the UK economy
    • 4.4. The UKs public finances and Brexit
      • 4.4.1. The mechanical effect
      • 4.4.2. The national income effect
  • 5. The policy decision and summary
• Chapter 6. Fiscal consolidation in the Federal Republic of Germany
  • 1. Characteristics of fiscal policy in the Federal Republic of Germany 19992007
  • 2. Reforms in the public expenditure system
  • 3. Changes in the public revenue system in the years 19992007
  • 4. Characteristics of fiscal policy in the Federal Republic of Germany 20082015
    • 4.1. State interventionism in response to the crisis: 20082010
    • 4.2. Savings policy implemented by the Federal Republic of Germany in 20112015
  • 5. German fiscal policy and the business cycle
  • 6. The problem of common monetary policy
  • 7. Socio-economic effects of the fiscal policy of the Federal Republic of Germany
  • 8. Summary
• Chapter 7. Fiscal consolidation strategies in Hungary
  • 1. Introduction
  • 2. Excessive deficit in Hungary and scenarios for its correction
  • 3. Medium-term budgetary objective
  • 4. Public debt in Hungary
  • 5. Instruments for disciplining public finances on the expenditure side
  • 6. Scenarios of expenditure adjustments and their implementation
  • 7. Instruments for disciplining public finances on the revenue side
  • 8. Scenarios of revenue adjustments and their implementation
  • 9. Institutional changes favouring fiscal consolidation
  • 10. Evaluation of fiscal consolidation
  • 11. Economic effects of fiscal consolidation
  • 12. Macroeconomic imbalances in Hungary in the period of fiscal consolidation attempts
    • 12.1. Internal imbalances
    • 12.2. External imbalances
  • 13. Conclusions
• Chapter 8. Strategies of fiscal consolidation in Poland
  • 1. Introduction
  • 2. Fiscal consolidation in Poland in 20032008
    • 2.1. Adaptation measures to the nominal fiscal convergence criterion
    • 2.2. Changes on the revenue side of government institutions sector and local government
    • 2.3. Actions to reduce public spending
  • 3. Impact of 1999 pension reform on the condition of public finances in the period 20042015
  • 4. Fiscal policy in Poland in response to the global financial and economic crisis
    • 4.1. New solutions adopted in the Public Finance Act of 2009
    • 4.2. Disciplining public finances in Poland after launching the excessive deficit procedure in 2009
  • 5. Summary
• Chapter 9. Testing the dynamic relationships between the public financial sector deficit and the macroeconomic variables in selected EU countries
  • 1. Description of the testing procedure
  • 2. Dynamic modelling results in selected EU economies
    • 2.1. Poland
    • 2.2. The United Kingdom
    • 2.3. Hungary
    • 2.4. Germany
    • 2.5. France
    • 2.6. Sweden
  • 3. Analysis of the impulse response function
  • 4. The results of Granger causality test
  • 5. Summary
  • Annex
• Chapter 10. The impact of the financial crisis on the distribution of total power across the member states of the European Union
  • 1. Introduction
  • 2. The measurement of power and its distribution in the European Union
    • 2.1. The applicability of the power model and its core components
    • 2.2. The distribution of power in the European Union
    • 2.3. Total power and stability at the onset of the recession in the EU
  • 3. Shifts in the stability of total power
    • 3.1. The position during the recession
    • 3.2. The position after the recession
    • 3.3. Economic potential and public spending in the Baltic states
  • 4. The impact of the crisis on the Baltic states and their fiscal responses
    • 4.1. Changes in GDP output from 2006 to 2014
    • 4.2. Changes in the structure of total power and its causes Poland and the Baltic states
    • 4.3. Drivers of growth and debt compared
  • 5. Conclusion
• Chapter 11. Process of economic convergence of European countries
  • 1. Initial remarks
  • 2. Models for cross-section and time-series variables configuration
  • 3. Methods for stratified analysis
  • 4. Initial analysis of GDP per capita ratios variation in European countries in 19502015
  • 5. Analysis of moveable dynamics indexes for GDP per capita ratios in European countries
  • 6. Analysis of the ranking of European countries by GDP per capita ratios in selected years
  • 7. Summary
• Chapter 12. Options for disciplining public finances synthesis
  • 1. Condition of public finances as a result of various factors
  • 2. Assessment of the impact of fiscal stimulus on public finances in the European Union countries
  • 3. Convergence or divergence research results
  • 4. Case study on the assessment of disciplining public finances in the surveyed countries
  • 5. Evaluation of fiscal consolidations
  • 6. Evaluation of the role of new public governance in disciplining public finances
  • 7. Variants for achieving public finance discipline conclusions for Poland
• Annex
• Bibliography
• Footnotes

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