kako citirati ovaj članak
podeli ovaj članak


  • citati u SCIndeksu: [3]
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:1
  • preuzimanja u poslednjih 30 dana:0


članak: 1 od 1  
2011, vol. 58, br. 5, str. 631-649
The roots of the Eurozone sovereign debt crisis: PIGS vs non-PIGS
(naslov ne postoji na srpskom)
Faculdade de Economia do Porto and NIFIP, Universidade do Porto, Porto, Portugal

e-adresaabelf@fep.up.pt, mpaulo@fep.up.pt
Ključne reči: European public finance; fiscal policy; fiscal rules
(ne postoji na srpskom)
The main purposes of this paper are twofold: a) to determine if there are significant differences on the determinants of public expenditures and tax revenues between the so-called PIGS and the remaining Eurozone member states; b) to uncover possible explanations for the different situations in which these countries find themselves nowadays. The paper focus on the effects of the cyclical state of the economy on those fiscal variables, and on the actual adherence to the fiscal rules imposed by the Maastricht Treaty. Based on the estimated results we conclude that the anti-cyclical reaction with respect to the unemployment rate is much stronger among non-PIGS. We also find that fiscal rules have, in general, not been followed by those two groups of countries. Moreover, PIGS, in spite of their economic frailties, have tried to emulate the fiscal behavior of their more prosperous Eurozone partners instead of executing more rigorous policies.
Aizenman, J., Gavin, M., Hausmann, R. (1996) Optimal Tax Policy with Endogenous Borrowing Constraint. National Bureau of Economic Research, Working Paper 5558
Alesina, A., Perotti, R. (1996) Budget deficits and budget institutions. NBER Working Paper, 5556, may str. 4
Alesina, A., Tabellini, G. (1990) A positive theory of fiscal deficits and government debt. Review of Economics Studies, 57 (3), 403-414
Allan, D., Eslava, M. (2005) Electoral manipulation via expenditure composition: Theory and evidence. National Bureau of Economic Research, Working Paper 11085
Alt, J.E., Lassen, D.D. (2006) Transparency, Political Polarization, and Political Budget Cycles in OECD Countries. American Journal of Political Science, 50(3): 530-550
Armigeon, K., Engler, S., Potolidis, P., Gerber, M., Leimgruber, P. (2010) Comparative political data set. Berne: Institute of Political Science
Barro, R. (1979) On the determination of public debt. Journal of Political Economy, 87, 940-71
Cameron, D.R. (1978) The Expansion of the Public Economy: A Comparative Analysis. American Political Science Review, 72(4): 1243
Gavin, M., Hausmann, R., Perotti, R., Talvi, E. (1996) Managing fiscal policy in Latin America and the Caribbean: Volatility, procyclicality, and limited creditworthiness. Inter-American Development Bank Office of the Chief, Economist Working Paper 326
Hallerberg, M., Strauch, R., Vonhagen, J. (2007) The design of fiscal rules and forms of governance in European Union countries. European Journal of Political Economy, 23(2): 338-359
Hallerberg, M., von Hagen, J.J. (1999) Electoral institutions, cabinet negotiations, and budget deficits within the European Union. u: Poterba James, von Hagen Jürgen J. [ur.] Fiscal Institutions and Fiscal Performance, Chicago: University of Chicago Press, 209-232
Hallerberg, M., Strauch, R. (2002) On the Cyclicality of Public Finances in Europe. Empirica, 29(3): 183-207
Hausman, J.A. (1978) Specification tests in econometrics. Econometrica, 46 (6), str. 1251-1271
Hibbs, D. (1977) Political parties and macroeconomic policy. American Political Science Review, 7, str. 1467-1487
Kontopolous, Y., Perotti, R. (1999) Government fragmentation and fiscal policy outcomes: Evidence from the OECD countries. u: Poterba J., von Hagen J. [ur.] Fiscal Institutions and Fiscal Performance, Chicago: University of Chicago Press, pp. 81-102
Lohmann, S. (1998) Rationalizing the Political Business Cycle: A Workhorse Model. Economics and Politics, 10(1): 1-17
Macrae, D.C. (1977) A Political Model of the Business Cycle. Journal of Political Economy, 85(2): 239
Meltzer, A.H., Richard, S.F. (1981) A rational theory of the size of government. Journal of Political Economy, vol. 89, str. 914-927
Myrdal, G. (1960) Beyond the welfare state economic planning and its international implications. New Haven: Yale University Press
Nordhaus, W.D. (1975) The political business cycle. Review of Economic Studies, vol. 42, april, str. 169-190
Olson, M. (1965) The logic of collective action: Public gods and the theory of groups. Cambridge, MA, itd: Harvard University Press
Rogoff, K. (1990) Equilibrium political budget cycles. American Economic Review, 80(1), str. 21-36
Schneider, C. (2010) Fighting with One Hand Tied Behind the Back: Political Budget Cycles in the West German States. Public Choice, 142(1-2): 125-150
Talvi, E., Carlos, A. (2005) Tax Base Variability and Procyclical Fiscal Policy in Developing Countries. Journal of Development Economics, 78: 156-190
Tornell, A., Lane, P. (1999) The voracity effect. American Economic Journal, 89, 22-46
Torsten, P., Tabellini, G. (1990) Macroeconomic policy, credibility and politics. Chur-Philadelphia, itd: Harwood Academic Publishers
Vernon, R. (1974) Big Business and the State. Cambridge: Harvard University Press
Von, H.J., Wolff, G.B. (2006) What do deficits tell us about debt? Empirical evidence on creative accounting with fiscal rules in the EU. Journal of Banking & Finance, 30(12): 3259-3279

O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.2298/PAN1105631F
objavljen u SCIndeksu: 12.01.2012.