The study presents a comparison between EU-member countries that once or at present attempt(ed) to catch up to the current EU-average (Ireland, Portugal, Spain, Greece, Finland, Hungary). The aim of the paper is to analyse their trade competitiveness. The study seeks response to the questions: How different were the starting positions of these countries? What effects have prevailed already and what can be expected? What were the effects of customs abolishment related to EU-accession? How did the competitiveness of export, the import demand, the structure of foreign trade and the trade balance develop? What are the sources of the trade effects?
The global crisis of 2008 caused both liquidity shortage and increasing insolvency in the banking system. The study focuses on credit default contagion in the Central and Eastern European (CEE) region, which originated in bank runs generated by non-performing loans granted to non-financial clients. In terms of methodology, the paper relies on the one hand on review of the literature, and on the other hand on a data survey with comparative and regression analysis. To uncover credit default contagion, the research focuses on the combined impact of foreign exchange rates and foreign private indebtedness.
wishes to identify optimal ways for fiscal consolidation in eastern EU member
states. Dedicated efforts to have balanced budgets seem to be the rule rather
than the exception across the enlarged European Union. Fiscal stability, more
than any other factors, provide favourable macro-environments to increase the
competitiveness of the member states and of the single market. These efforts,
of course, are being constantly pressed - true, with varying degree - by the
Stability and Growth Pact (SGP) that obliges member states to have stable
macro-economic environments with deficit caps, or preferably, with balanced
budgets. It is argued that optimal ways for budget consolidation must be
centred around deep structural reforms of national budgets that are prerequisites
for efficient public finance mechanisms.
This study assesses the Pigou taxes introduced as a response to negative externalities in practice. The authors analyze the international practice and effectiveness of taxation on food products harmful to health and on carbon emissions harmful to the environment and, in relation to these two types of taxes, the focus is on the opportunities and the factors reducing efficiency.
Are governments able to continuously boost economic growth by spending for decades? Can the state be a more efficient user of income by improving the structure of public spending? The paper analyses the correlation between various types of public expenditures and GDP growth in different countries of the EU. The database was composed from the Classification of the Functions of Government (COFOG) classification of public spending, which contains data of 25 EU economies in the period 1996–2017. Three econometric models were applied in accordance with the empirical practice found in the literature: first-differences general method of moment (GMM), fixed effects panel and ordinary least squares (OLS) models. The expenditures on social protection proved to have a negative, statistically significant and robust impact on GDP growth. The results are similar for general public spending, and while spending on public order also has a significant and robust coefficient, its sign is ambiguous. The novelty of the article relate to the findings on lagged education and health spending, which have a positive impact on GDP growth.