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Czasopismo
2016 | nr 2 (10) | 9--21
Tytuł artykułu

Cięcia budżetowe. Przegląd najnowszych badań

Autorzy
Treść / Zawartość
Warianty tytułu
Austerity at the Treasury. A Review of the Recent Literature
Języki publikacji
PL
Abstrakty
Celem artykułu jest dokonanie krytycznej analizy najnowszej literatury kliometrycznej poświęconej dwóm hipotezom związanym z jednym z najbardziej palących problemów gospodarki globalnej, tj. historycznie najwyższym poziomom długu publicznego. Dokonano przeglądu badań opublikowanych po roku 2009 poświęconych hipotezie progu na poziomie 90% (the 90%-threshold hypothesis) oraz hipotezie ekspansywnych cięć budżetowych (expansionary fiscal contraction hypothesis). Opinie kliometryków są silnie podzielone, jednak przeprowadzona analiza wskazuje, że (1) duża doza sceptycyzmu jest niezbędna do właściwej oceny wyników badań ilościowych, (2) brak jest jednoznacznych dowodów kliometrycznych na szczególnie negatywny wpływ wysokich poziomów długu publicznego na wzrost gospodarczy, (3) ze względu na możliwy kontrakcyjny wpływ dostosowania budżetowe powinny być dokonywane, gdy recesja dobiegnie końca i (4) powinny polegać na cięciach wydatków, a nie wzroście fiskalizacji gospodarki.(abstrakt oryginalny)
EN
The goal is analyzing the most recent cliometric literature on two hypotheses connected to one of the most fiercing problems of the world economy, i.e. historically highest levels of public debt. The author focuses on research published after 2009 aimed at assessing the 90% threshold hypothesis and the expansionary fiscal contraction hypothesis. The opinions among cliometricians are vastly divided. The author concludes that (1) a great dose of scepticism is needed in assessing the recent empirical findings, (2) the 90% threshold hypothesis is not proven, (3) austerity at the Treasure should take place after a recession ends due to possible contractionary influence and (4) it should be based on spending cuts rather than tax increases.(original abstract)
Czasopismo
Rocznik
Numer
Strony
9--21
Opis fizyczny
Twórcy
  • Uniwersytet Ekonomiczny we Wrocławiu
Bibliografia
  • Abbas A., Belhocine N., El Ganiny A., Horton M., 2010, A Historical Public Debt Database, Working Paper, 10/245, International Monetary Fund.
  • Abbas S., Belhocine N., El Ganiny A., Horton M., 2011, Historical patterns of public debt - evidence from a new database, IMF Economic Review, 59, 4, s. 717-742.
  • Afonso A., Jalles T., 2011, Growth and Productivity: the Role of Government Debt, Working Paper, 13, School of Economics and Management, Technical University of Lisbon.
  • Alesina A., Ardagna S., 2009, Large Changes in Fiscal Policy: Taxes versus Spending, NBER Working Paper Series, 15438, National Bureau for Economic Research.
  • Alesina A., Perotti R., 1996, Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects, NBER Working Paper Series, 5730, NBER.
  • Baum A., Checherita-Westphal C., Rother P., 2012, Debt and Growth. New Evidence for the Euro Area, Working Paper Series, 1450, European Central Bank.
  • Bell A., Johnston R., Jones K., 2015, Stylised fact od situated messiness? The diverse effects of increasing debt on national economic growth, Journal of Economic Methodology, 15, 2, s. 449-472.
  • Clemens M., 2015, The Meaning of Failed Replications: A Review and Proposal, Discussion Paper No. 9000, Institute for the Study of Labor (IZA).
  • Dafermos Y., 2015, The 'other half' of the public debt-economic growth relationship: a note on Rinhart and Rogoff, European Journal of Economics and Economic Policies: Intervention, 12, 1, s. 20-28.
  • Eberhardt M., 2014, Nonlinearities in the Relationship between Debt and Growth: (No) Evidence over Two Centuries, Working Paper, 22/14, School of Economics, University of Nottingham.
  • Eberhardt M., Presbitero A., 2013, This Time They Are Different: Heterogenity and Nonlinearity in the Relationship Between Debt and Growth, Working Paper, 13/248, International Monetary Fund.
  • Eberhardt M., Presbitero A., 2013, This Time They're Different: Heterogenity and Nonlinearity in the Relationship between Debt and Growth, Discussion Papers 2013/10, University of Nottingham, Centre for Finance, Credit and Macroeconomics.
  • Egert B., 2012, Public Debt, Economic Growth and Nonlinear Effects: Myth or Reality?, OECD Economics Department Working Paper, 993, OECD Publishing.
  • Egert B., 2013, The 90% Public Debt Threshold: The Rise and Fall of a Stylised Fact, OECD Economics Department Working Papers, 1055, OECD Publishing.
  • Frankel J., 2013, On Whose Research Is the Case for Austerity Mistakenly Based?, EconIntersect, 30.05.2013, http://econintersect.com/wordpress/?p=36880, 9.01.2016.
  • Goulas E., Zervoyianni A., 2013, Growth, Deficits and Uncertainty: Theoretical Aspects and Empirical Evidence, Working Paper, 13/53, The Remini Centre for Economic Analysis.
  • Guajardo J., Leigh D., Pescatori A., 2010, Will it hurt? Macroeconomic effects of fiscal policy: evidence from industrial and developing countries, World Economic Outlook, s. 93-124, International Monetary Fund.
  • Herndon Th., Ash M., Pollin R., 2014, Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff, Cambridge Journal of Economics, 38, 2, s. 257-279.
  • Hyunmin P., Seo M., Shin Y., 2014, A Contribution to the Reinhart and Rogoff Debate: Not 90 Percent but Maybe 30 Percent, Working Paper, 39/14, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
  • Kourtellos A., Stengos Th., Tan Ch., 2012, The effect of public debt on growth in multiple regimes, Working Paper, 12/60, The Remini Centre for Economic Analysis.
  • Krugman P., 2013, The Excel Depression, The New York Times, http://www.nytimes.com/2013/04/19/ opinion/krugman-the-excel-depression.html?_r=1, 18 kwietnia 2013, dostęp: 18.12.2015.
  • Kumar M., Woo J., 2010, Public Debt and Growth, IMF Working Paper, 10/174, International Monetary Fund.
  • Lee S., Park H., Seo M., Shin Y. 2014, A contribution to the Reinhart and Rogoff debate: not 90 percent but maybe 30 percent, CeMMAP working papers, no. 39/14.
  • Maziarz M., w prasie1, Being a good econometrician is not enough!, Journal of Economic Methodology.
  • Maziarz M., w prasie2, It's all in the eye of beholder, Economics and Philosophy.
  • Minea A., Parent A., 2012, Is High Public Debt Always Harmful to Economic Growth? Reinhart and Rogoff and some complex nonlinearities, Etudes et Documents, 18, Centre d'Etudes et de Researches sur le Development International.
  • Perotti R., 2011, The "Austerity Myth": Gain without Pain?, NBER Working Paper Series, 17571, National Bureau for Economic Research.
  • Pescatori A., Sandri D., Simon J., 2014, Debt and Growth: Is There a Magic Threshold? Working Paper, 34, International Monetary Fund.
  • Reinhart C., Reinhart V., Rogoff K., 2012, Debt Overhangs: Past and Present, Working Paper, 18015, National Bureau of Economic Research.
  • Reinhart C., Rogoff K., 2010, Growth in a time of debt, American Economic Review, 100, 2, 573-578.
  • Reinhart C., Rogoff K., 2009, This Time is Different: Eight Centuries of Financial Folly, Princeton University Press, Princeton.
  • Reinhart C., Rogoff K., 2013, Errata: 'Growth in a Time of Debt', Harvard University, http://www.carmenreinhart.com/user_uploads/data/36_data.pdf (11.01.2015).
  • Romer Ch., Romer D., 2007, The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks, NBER Working Papers, 132624, National Bureau for Economic Research
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171437096

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