Public debt sustainability and the participation of the new member states in the euro area

• Autorzy: Piotr Stanek
• Języki publikacji: EN

Abstrakty

EN

The recent financial and economic crisis pushed the ratio of public debt to GDP in a number of industrialised countries to unprecedented levels. This phenomenon was especially marked in the peripheral countries of the euro area, which questioned again the adequacy of the institutional framework of the Economic and Monetary Union (including the Maastricht criteria related to public finance). Thus, the new entrants and candidates to the euro area must put a deeper emphasis on the interrelations between public debt sustainability and participation in the monetary union. The article analyses empirically the interrelationships between the participation of the EU-10 countries in the euro area and the sustainability of their debts. The principal method of investigation is the use of panel stationarity tests. The results, contrary to intuition, indicate no significant differences between countries in the euro area and those remaining outside. (original abstract)

Słowa kluczowe

EN

Economic and Monetary Union (EMU); Gross domestic product (GDP); Eurozone; Public debt

PL

Unia Gospodarcza i Walutowa (UGW); Produkt krajowy brutto (PKB); Strefa euro; Dług publiczny

• Czasopismo: The Poznań University of Economics Review
• Rocznik: 2014
• Tom: 14
• Numer: nr 4
• Strony: 22--37

Twórcy

autor

Piotr Stanek

• Cracow University of Economics, Poland

Bibliografia

• Afonso, A., 2005, Fiscal Sustainability: the Unpleasant European Case, Finanzarchiv, vol. 61, no. 1, pp. 19-44.
• Blanchard, O. J., Weil, Ph., 1992, Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games Under Uncertainty, NBER Working Paper, no. 3992.
• Bohn, H., 1995, The Sustainability of Budget Deficits in a Stochastic Economy, Journal of Money, Credit and Banking, vol. 27, no. 1, pp. 257-271.
• Collignon, S., 2010, Fiscal Policy Rules and the Sustainability of Public Debt in Europe, RECON online Working Paper, no. 28.
• Cooper, R., Kempf, H., Peled, D., 2014, Insulation Impossible: Monetary Policy and Regional Debt Spillovers in a Federation, Journal of the European Economic Association, vol. 12, iss. 2, pp. 465-491.
• Cuestas, J.C., Gil-Alana, L.A., Staehr, K., 2014, Government Debt Dynamics and the Global Financial Crisis: Has Anything Changed in the EA12?, Economics Letters, vol. 124, pp. 6466.
• de Grauwe, P, 2011, Debt Sustainability Inside and Outside a Monetary Union, Paper prepared for the seminar «Fiscal sustainability in the euro area and In the US» at the occasion of the delivery of the 11th Germán Bernácer Prize, Bank of Spain.
• do Rosario Correia, M., Neck, R., Panagiotidis, X, Richter, Ch., 2008, An Empirical Investigation of the Sustainability of the Public Deficit in Portugal, International Economics and Economic Policy, vol. 5, pp. 209-223.
• ECB, 2012, Analysing Government Debt Sustainability in the Euro Area, ECB Monthly Bulletin, April, pp. 55-69.
• Greiner A., Kodier, U, Semmler, W, 2007, Debt Sustainability in the European Monetary Union: Theory and Empirical Evidence for Selected Countries, Oxford Economic Papers, vol. 59, no 2, pp. 194-218.
• Hinrichs, K., 2013, Sovereign Debt Crises and Pension Reforms in Selected European Countries, Poznan University of Economics Review, vol. 13, no. 3, pp. 5-22.
• Hlouskova, J., Wagner, M., 2006, The Performance of Panel Unit Root and Stationarity Tests: Results from a Large Scale Simulation Study, Econometric Reviews, vol. 25, iss. l,pp. 85-116.
• Jçdrzejowicz T, Kitala, M., Wronka, A., 2008, Polityka fiskalna w kraju nalezqcym do strefy euro - wnioski día Polski, Raport na temat pelnego uczestnictwa Rzeczypospolitej Polskiej w trzecimetapie Unii Gospodarczej i Walutowej. Projekty Badawcze, czçsc III, NBP, Warszawa, pp. 8-67.
• Kowalski, X, 2012, The Economic and Monetary Union Countries vs. the Global Crisis, Poznan University of Economics Review, vol. 12, no. 2, pp. 19-48.
• Kufa, P, Pellechio, A., Rizavi, S., 2003, Fiscal Sustainability and Policy Issues in the Eastern Caribbean Currency Union, IMF Working Paper, no. 162.
• Mackiewicz, M., 2010a, Stabilizacyjna polityka fiskalna w krajach OECD, PWE, Warszawa.
• Mackiewicz, M., 2010b, Metody weryfikacji stabilnoscifiskalnej - porównanie wlasnosci, Bank i Kredyt, vol. 41, no. 2, pp. 87-110.
• Molendowski, E., Stanek, P, 2012, Globalny kryzys finansowo-gospodarczy i strefy euro a sytuacja fiskalna Nowych Panstw Czlonkowskich (UE-10), in: Bilski, J., Klysik-Uryszek, A. (eds.), Globalne aspekty kryzysu strefy euro, Acta Universitatis Lodziensis, no. 273, pp. 267-284.
• Moszynski, M., 2011, Kryzys finansowy afinanse publiczne wybranych krajów Europy Srodkowo- Wschodniej w kontekscie uczestnictwa w strefie euro, Zeszyty Naukowe Uniwersytetu Ekonomicznego w Poznaniu, nr 190, pp. 293-308.
• Oshikoya, X.W., Xarawalie, A.B., 2009, Sustainability of Fiscal Policy: The West African Monetary Zone (WAMZ) Experience, West African Journal of Monetary and Economic Integration, vol. 9, no. 2, pp. 1-29.
• Semmler, W, Greiner, A., Zhang, W, 2005, Monetary and Fiscal Policies in the EuroArea. Macro Modelling Learning and Empirics, Elsevier, Boston.
• United Nations, 1987, Report of the World Commission on Environment and Development: Our Common Future, www.un-documents.net/our-common-future.pdf.
• Welfe, A. (ed.), 2013, Analiza kointegracyjna w makromodelowaniu, PWE, Warszawa.
• Wlodarczyk, P, 2011, Stabilnoscfiskalna - koncepcja teoretyczna ijej znaczenie praktyczne. Analiza na przykladziepanstw Grupy Wyszehradzkiej w latach 1995-2009, Materialy i Studia NBP, nr 256.