Unia Ekonomiczna i Monetarna - wyzwania fiskalne: wnioski dla nowych krajów członkowskich UE
S. Bukowski
ABSTRACT: The aim of the paper is to evaluate the fiscal challenges which have appeared before EMU (Economic and Monetary Union) countries after four years of monetary union functioning. Then the author formulates conclusions for accession countries, which plan to be members of EMU in the near future. The first part of the paper deals with criteria of fiscal stabilization within EMU, their meaning and connections with economic growth. The fiscal stabilization criteria were taken from the Pact of Stabilization and Growth and in the Maastricht Treaty. The first criterion concerns budged deficit, whose relation to the GDP should be no higher than 3%. The second criterion concerns public debt, whose relation to the GDP should be no higher than 60%. Special procedure and sanctions are forecasted in case of a country which does not respect those criteria. It fundamentally limits possibilities of using fiscal policy to stabilize economy after the economic shocks. On the other hand, the fiscal criteria have also positive influence, because of implementation of discipline to the economic policy, which is created by the policymakers who act under policy cycle pressure. At that point, a problem of contradictions between short ormedium period of economic policy and long period in policymaker?s actions appears.
If we assume that effective economic policy should be based on the long-run stable rules to assure economic development in long period, we can conclude that fiscal discipline is necessary. But if we assume that government should apply fiscal policy for short run fine tuning of economic processes, we can consequently conclude that fiscal stabilization criteria limit government possibilities. After four years of EMU functioning, budged deficit and public debt have appeared as challenges again. Those selected countries are: Portugal, Germany and France. Reasons of budged deficit and public debt are different in each country. An explanation may be found in processes of adjustment to the Maastricht criteria in the period of the 90's. Research by M. Demertzis, M. Hallet and A.H. Rummel indicates that the convergence degree, which was revealed by fulfilling the Maastricht criteria at the end of the 90?s resulted from applying appropriate instruments of economic policy rather than from natural convergence processes in the area of economic and structural adjustments. The authors of the research also emphasise that although politics helped to create conditions which enabled the existence of the Economic and Monetary Union, from that time on the whole project has depended on the impact of all political changes.
In the case of fiscal stabilization, governments of many EMU countries increased tax burden rather than cut the budged expenditure to achieve lower deficit. In Germany, France, Portugal and many other countries governments did not implement radical reform of public finance structure. Recession which has started from 2000 is another problem. Especially deep recession has appeared in Germany. One of the reasons is rigidity of German economy and lack of deep public finance reform. The prospect of EMU is dependent on economic reforms in member countries. One of them is deep reform of public finance structure. The new member countries of the EU are facing the necessity of economic adjustment to the convergence criteria, and among them criteria of fiscal stabilization. Experiences of selected EMU countries let conclude that nominal convergence should be the result of real convergence processes. Thus fiscal stabilization should be the result of deep changes in the structure of public finance and tax systems.
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Issue number: 15
In this issue:
Unia Ekonomiczna i Monetarna - wyzwania fiskalne: wnioski dla nowych krajów członkowskich UE
S. Bukowski
ABSTRACT |
PDF
The aim of the paper is to evaluate the fiscal challenges which have appeared before EMU (Economic and Monetary Union) countries after four years of monetary union functioning. Then the author formulates conclusions for accession countries, which plan to be members of EMU in the near future. The first part of the paper deals with criteria of fiscal stabilization within EMU, their meaning and connections with economic growth. The fiscal stabilization criteria were taken from the Pact of Stabilization and Growth and in the Maastricht Treaty. The first criterion concerns budged deficit, whose relation to the GDP should be no higher than 3%. The second criterion concerns public debt, whose relation to the GDP should be no higher than 60%. Special procedure and sanctions are forecasted in case of a country which does not respect those criteria. It fundamentally limits possibilities of using fiscal policy to stabilize economy after the economic shocks. On the other hand, the fiscal criteria have also positive influence, because of implementation of discipline to the economic policy, which is created by the policymakers who act under policy cycle pressure. At that point, a problem of contradictions between short ormedium period of economic policy and long period in policymaker?s actions appears.
If we assume that effective economic policy should be based on the long-run stable rules to assure economic development in long period, we can conclude that fiscal discipline is necessary. But if we assume that government should apply fiscal policy for short run fine tuning of economic processes, we can consequently conclude that fiscal stabilization criteria limit government possibilities. After four years of EMU functioning, budged deficit and public debt have appeared as challenges again. Those selected countries are: Portugal, Germany and France. Reasons of budged deficit and public debt are different in each country. An explanation may be found in processes of adjustment to the Maastricht criteria in the period of the 90's. Research by M. Demertzis, M. Hallet and A.H. Rummel indicates that the convergence degree, which was revealed by fulfilling the Maastricht criteria at the end of the 90?s resulted from applying appropriate instruments of economic policy rather than from natural convergence processes in the area of economic and structural adjustments. The authors of the research also emphasise that although politics helped to create conditions which enabled the existence of the Economic and Monetary Union, from that time on the whole project has depended on the impact of all political changes.
In the case of fiscal stabilization, governments of many EMU countries increased tax burden rather than cut the budged expenditure to achieve lower deficit. In Germany, France, Portugal and many other countries governments did not implement radical reform of public finance structure. Recession which has started from 2000 is another problem. Especially deep recession has appeared in Germany. One of the reasons is rigidity of German economy and lack of deep public finance reform. The prospect of EMU is dependent on economic reforms in member countries. One of them is deep reform of public finance structure. The new member countries of the EU are facing the necessity of economic adjustment to the convergence criteria, and among them criteria of fiscal stabilization. Experiences of selected EMU countries let conclude that nominal convergence should be the result of real convergence processes. Thus fiscal stabilization should be the result of deep changes in the structure of public finance and tax systems.
Dług komunalny polskich samorządów na tle krajów Unii Europejskiej
A. Alińska
ABSTRACT |
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The object of the paper was presentation of the premises and trends of changes in the communal debt in Poland as assessed against the background of the relative values generated by the selfgovernments in the European Union countries. Basic quantities and indicators illustrating the situation of the Polish and the EU selfgovernments were presented. The comparison permits to ascertain that the condition, structure and size of the communal debt of the Polish selfgovernment units are kept on a good level and practically do not exert any adverse influence on the magnitude of the state's public debt. The mean level of the communal debt's share in the whole value of the public debt amounts in the European Union to 8.6% and in Poland to 4.1%. Over the last few years, however, many EU countries were introducing restrictive regulations, together with sanctions for tolerating budgetary deficits in operational activities, which is expected to lead to reduction in the debt value in those countries. Whereas in Poland opposite trends are showing up.
Wpływ rezerw na rentowność publicznych spółek akcyjnych
A. Duraj
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The main goal of this article is to present the role of reserves and provisions in determining the level of profitability of Polish public companies, especially the level of ROE (Return on Equity). This article presents also a relationship between reserves and financial results of the enterprises, such as R (net revenues from sales of product, goods and materials), EBIT (earnings before interest and tax), EBT's (profit on commercial activity; EBT - earn before tax) and EAT (earnings after tax). This paper describes three kinds of reserves: reserves as the liability (reserve for income tax, social security reserves and other reserves), accruals and deferred income, and capital reserves, such as reserve capital, revaluation reserve capital and other reserve capital.
Europeizacja polskiej polityki ekologicznej na przykładzie dyrektywy azotanowej
Z. Karaczun
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The paper examines how the process of European integration influences the development of Polish environmental policy. One of the Nitrate Directive's objectives is to reduce nitrate emissions from agricultural sources to groundwater and surface water. The Implementation of all the Directive's requirements is a difficult task therefore, it should be expected thatmost of the Accession Countries will have problems with establishing efficient measures to protect water resources. It is especially true for Poland, as agriculture is the main source of income for over 11% of the country's population.
The process of implementing the Nitrate Directive in Poland is a good example of how European integration influences the development of environmental policy in the Accession Countries. When the European Treaty between Poland and the EU came into force, on 1st February 1994, it became clear that Poland's activities would be aimed at joining the European Union. The process of creating an appropriate institutional structure was launched to facilitate Polish accession to the European Union and a special procedure was adopted to ensure compliance of new legal regulations with the requirements of EU legislation. This paper tries to answer the following questions: What is the role of Europeanization in the development of Polish ecological policy? How does the process influence administration as well as environmental policy objectives? Is Poland prepared to follow the present and future EU environmental policy objectives?
Arabia Saudyjska na drodze przemian. Próba budowy gospodarki otwartej na Świat
A. Łukaszewicz
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The paper presents the directions of transformations in the sphere of politics and economy taking place in Saudi Arabia in 1995-2004. The author tries to analyze the effects of the reforms being implemented, the degree to which they are comprehensive, as well as the level of threat to the reforms in the case of possible victory of antireformist forces in the Saudi Kingdom.
Handel usługami Polski z Unią Europejską w okresie przedakcesyjnym
D. Mongiało
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The fact that, since 1 May 2004, Poland has the status of European Union member involves certain consequences for Poland's competitiveness in the international services trade market. What competitive position will Poland finally occupy among the EU countries in the postaccession period will to a large extent depend on Poland's present position in the services trade with the EU countries. So, the paper tries to present, on the basis of the most recent available statistical data published by the OECD and Eurostat, the size and structure of Poland's services trade with the EU countries during the preaccession period and, basing on these data, analyzes the degree of Poland's competitiveness in the services trade with the EU countries in the years preceding Poland's accession to this integration group. In the paper, the size and structure of the export and import of services as well between Poland and the European Union as a whole as between Poland and individual EU countries are presented and the service sectors are identified in which Poland enjoys a comparative advantage and those in which there is no such advantage. Also, kinds of services are identified in which some EU countries specialize and, consequently, are Poland's competitors. The paper also deals with the phenomenon of the intrabranch trade as a kind of international exchange alternative to the interbranch trade, that in a particular way refers to the turnover of services.
Konsekwencje zakupów impulsywnych w hipermarketach na podstawie modelu monopolu wieloproduktowego
L. Morawski, A. Pugacewicz
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In the paper, the impulsive buying phenomenon taking place in big selfservice shops is described. By means of the Multiproduct Monopoly Model that can be applied to the super- and hypermarkets, formal grounds are shown for reduction in prices of basic products below the profitmaximizing level, as a way to induce a growth in demand for other goods in a complementary way linked with the former. In the conclusions, the popular perception is shaken according to which the hypermarkets' activities are aimed at ruining the small local shops. Also, certain effective promotional policies of hypermarkets are suggested.
Pojęciowo-definicyjne zagadnienia polityki celnej w teorii i praktyce
G. Mosiej
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The state has at its disposal a number of instruments that permit to shape the ongoing economic processes. Among them, an important role is played by the customs policy being a basicmeans of regulation of the merchandise exchange with the external world.
An overview of the existing definitions of the customs policy notion shows that we have to do with different interpretations of this notion both in the theoretical area of economics and in the sphere of the economic practice (legal and organizational solutions) and, consequently, with lack of an unequivocal and precise definition of the state's customs policy.
These divergences can be reduced to three basic aspects: first-ways of embedding the customs policy in the general social and economic policy of the state; second-difference of views as to the goals that the customs policy is expected to achieve; third-diverging views as to the scope and kinds of the instruments to be used.
Szwedzki model państwa dobrobytu: upadek czy adaptacja?
W. Rutkowski
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In the paper, attempt was made to verify the not uncommon opinion about the collapse of the Swedish welfare state model. The first part of the paper was devoted to description of the Swedish model. Attention was drawn, among other things, to its features such as: the high level, universality and equality of social rights of all the citizens, the full employment policy and the solidaristic wage policy. Especially the Swedishmodel's particularity, i.e. the very high level of social expenditures was stressed and, in this connection, their size, structure and financing sources were presented. Then, the principles of organization of the following areas of the social security were discussed: the pension system, the health care system, the labour market policy and the family and social aid policy. The next part of the paper was devoted to the development trends of the Swedish economy, with special regard to the economic growth rate, the productivity, the level of unemployment and the condition of public finance. In the last part of the paper, basing on the analysis made, conclusions were drawn in the key question formulated in the heading of the paper.
