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structure of the public budget (both on the tax and expenditure side) has a significant impact on the volume of GDP. This study works on the basis of this assumption, and aims to quantify the impact of the structure of public expenditures on growth of per

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A look at the Western debate about West’s problems reveals what the present writer regards in a large measure as an irritating superficiality. Nowhere is it better visible than in the mainstream discussions about the euro zone and its problems, where most debaters glide over the fundamentals of Europe’s long-term problems and concentrate on the superficial and short-term issues. The discussions on how to “save” the euro zone strangely forget the defects in its creation, glide over the lessons to be drawn from policies pursued during the past decade, and defend the virtue of maintaining its present membership. But the problems of Europe run much deeper than the survival or collapse of the monetary union. Even if we assume that the problems of confidence the member states have in each other’s behaviour are restored and the rest of the world regains confidence in the institutions of the monetary union, the fundamental problems will remain unsolved. A clue to the real long-term problems may be found in the answer to a rather simple question. It runs as follows: “Why is the large majority of European countries indebted to such an extent that any further increase in debt to GDP ratio generates panic reactions among potential lenders?”

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This paper evaluates the efficiency of Active Labour Market Policies (ALMPs) in the European Union (EU). The paper first reviews the main trends governing the evolution of the European Social Fund (ESF) since its creation. The ESF promotes public expenditure in ALMPs in order to foster social cohesion across the EU. In order to test to what extent this strategy can be backed up by facts, we estimate the impact of public expenditure on ALMPs on the employment rate using panel data from 28 European countries (1985–2011), taking into account the endogeneity of the explanatory variables and the dynamic behaviour of their relationship. Results support the hypothesis that expenditure in ALMPs is more beneficial for employment than aggregate public expenditure. In addition, we show that periphery countries observe a larger efficiency of their ALMPs. These results support the recent policy strategy undertaken by the European Commission to raise the budget devoted to ESF in Member States experiencing higher unemployment rates.

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1 Introduction Extensive literature shows that both the level and composition of public expenditures and revenues have implications for economic development. There are two main strands of the literature. The discussion on the short-term impacts of

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. Bose , N. – Haque , E. – Osborn , D. ( 2007 ): Public Expenditure and Economic Growth: A Disaggregated Analysis for Developing Countries . The Manchester School , 75 ( 5 ): 533 – 556

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Acta Oeconomica
Authors: José Augusto Lopes Da Veiga, Alexandra Ferreira-Lopes, Tiago Neves Sequeira, and Marcelo Serra Santos

in Low-Income Countries . IMF Working Paper, No. 03/249 . Devarajan , S. – Swaroop , V. – Zou , H. ( 1996 ): The Composition of Public Expenditure and Economic Growth

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Economics , 73 ( 2 ): 583 – 605 . Devarajan , S. – Swaroop , V. – Zou , H. ( 1997 ): The Composition of Public Expenditure and Economic Growth . Journal of Monetary Economics

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. Aschauer , D. A. ( 1989 ): Is Public Expenditure Productive? Journal of Monetary Economics , 23 ( 2 ): 177 – 200 . Bai , J. – Perron , P. ( 1998 ): Estimating and

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. Arrow , K. J. ( 1969 ): The Organisation of Economic Activity: Issues Pertinent to the Choice of Market Versus Non Market Allocation . In: The Analysis and Evaluation of Public Expenditure: The PPB System . Vol. I. US Joint Committee

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Acta Oeconomica
Authors: GheorghiŢa Dincă, Marius Sorin Dincă, and Maria LetiŢia Andronic

1 Introduction This study aimed to identify the most efficient healthcare systems using a sample of 17 EU states. The health sector is an area where public expenditures are of a great importance so that the findings of this study would have strong

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