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Consequences of the Budget Deficit in the Current Crisis in Romania. Implications on the Labor Market  [PDF]
Gabriela MOL?NESCU,Mirela Ionela ACELEANU
Theoretical and Applied Economics , 2011,
Abstract: In the current economic activity conditions, in which the need of financial resources is usually higher than the existing funds, the elaborations of budgets at any level is one of the primary issues, particularly as regards the principle of budgetary balance. Approaches regarding sizing budgets deficits, means of financing and particularly sizing public debt get a series of touches of precise nature for different economies. Actual economic, financial, social and administrative conditions put up a series of problems which impose an extremely serious approach of the potential adverse impact by sizing of budget deficits and public debt over the real possibilities of noninflationary financing. In Romania, in the highly complex framework in which the economic activity takes place, in the attempt to show the place held by the budget deficit, a special role is assigned to determine the share of public financial deficit in the consolidated budget revenue and expenditure. Currently, knowledge and concern for reducing the budget deficit are still of great importance, especially as Romania is facing great difficulties in economic development. Amid deepening structural crisis phenomena, increasing budget deficits financed over a non-inflationary limits comes as an additional factor that contributes to imbalances of the economy. In addition, where budgetary expenditures are targeted to satisfy, primary, the redistribution function and to state subsidies, because of the lack of a real multiplier coefficient, the state budget deficit worsens. Influences such as introducing economic disturbance in the mechanisms which cause them to increase budget deficits can be summarized and grouped into two broad categories: economic influences and psychological influences. Regarding economic influences, we can say that they act strongly and strictly determined by how meanings used to cover budget deficit. The modalities used are subject to an analysis by direct or indirect influence on the mechanisms that generate economic stability and economic development effort. For example, on the short-term, the budget deficit reduces the national saving, leads to decreased supply of market funds, which increases the interest rates. In this context, the volume of investment decreases, the consumption is reduced, affecting the volume of economic activities and employment. The psychological influences combined with the economic boost caused by budget deficits act directly on financial markets, leading to falling down the values of capital markets and the depreciation of the currencies sometimes
Sources Evolution of Budget Deficit’s Financing in Poland Subject to Push-out Effect
Krzysztof Kocurek
Contemporary Economics , 2008,
Abstract: In the article, the author analyses sources of budget deficit’s financing in the transformation period in Poland. Firstly, different instruments that can balance expenses of state’s budget over its income are presented. Then an analysis of the structure of deficit’s financing and its consequences for the economy is made. The author pays attention to efficiency of the fiscal expansion in the short and long term and describes the direct and indirect push out effect. In result performed analysis it is claimed that the choice of sources of deficit’s financing has the fundamental significance for the economic policy
Deficit of the budget: essence, reasons and management  [PDF]
Mashko, Andriy Ivanovych
Socìal?no-ekonomì?nì Problemì ì Der?ava , 2012,
Abstract: The article is devoted to the problem of deficit of the state budget in the conditionsof forming the socially directed market economy. The economic essence and the basic factors ofexistence of negative balance of the budget have been interpreted and identified. The conditions ofthe use of deficit of the state budget as the instrument of influence on economic processes have beendetermined.The purpose lies in principles of forming the deficit of budget and developingrecommendations in relation to the increasing management efficiency.The basic task of the scientific article is to investigate the economic essence and identify theprincipal reasons for deficit of budget.
Marinas Marius-Corneliu
Annals of the University of Oradea : Economic Science , 2009,
Abstract: The economies which appealed to the IMF loan faced difficulties related to financing the public and the private foreign debt. IMF imposed the promoting of a restrictive fiscal policy to the beneficiary countries, in order to decrease the budget deficit, e
Budget Deficit and Macroeconomics Fundamentals: The case of Azerbaijan  [PDF]
Kahnim Farajova
International Journal of Economic Sciences and Applied Research , 2011,
Abstract: In recent years, the emergence of rising budget deficit is the main reason forcing economists to investigate the reasons for changes in fiscal balances. The purpose of the paper is to investigate the relationship between budget deficit and macroeconomic fundamentals using data from Azerbaijan. The empirical analysis applies ARDL Cointegration methodology in conjunction with Granger causality tests to provide evidence for both the long and short run dynamics between the variables involved in the analysis. Using the Error Correction specification, there was found evidence of long-run causality running from current account, real interest rate, GDP, inflation and exchange rate to budget deficit. There was also found evidence of short-run Granger causal effects running from current account and real interest rate towards budget deficit and a rather weak causal effect from inflation to budget deficit. However, there is no short – run causality running from interest rate to budget deficit.
Abdur Rauf,Abdul Qayyum Khan
Academic Research International , 2011,
Abstract: In this paper an attempt has been made to investigate the relationship between trade deficit and budget deficit in case of Pakistan. Annual data has been used for the period from 1980 to 2009.Also causality between the two has been checked via Granger Causality test to find that which variable is responsible for causing the other. While for simple regression OLS technique is used in the study. The result of the study showed that in case of Pakistan the budget deficit is mainlycaused by trade deficit and causality run from trade deficit to budget deficit.
Current account deficit sustainability in selected transition economies
Aleksander Aristovnik
Zbornik Radova Ekonomskog Fakulteta u Rijeci : ?asopis za Ekonomsku Teoriju i Praksu , 2006,
Abstract: The article examines the question of whether the current account deficits seen inselected transition economies in recent years mainly as a symptom of the dynamiceconomic activity of the catching-up process are a source of potentialmacroeconomic destabilisation. Given the possible significant reduction of capitalflows, as well as restrictions and lessons from recent financial crises, currentaccount deficits must be closely monitored in the region. In this respect, the issue of‘current account sustainability’ in seventeen transition economies is investigated.For this purpose, two accounting frameworks (Milesi-Ferreti and Razin, 1996;Reisen, 1998) based on certain strict assumptions are employed. The results showthat if the observed level of foreign direct investment (FDI) flows is kept in themedium run almost all countries could optimally have a higher level of externaldeficit, with the exception of countries such as Baltic States, Hungary, Macedonia,Moldova and Romania. Accordingly, the maintenance of relatively large FDIinflows (especially greenfield investments) to national economies is a key priority insecuring future external sustainability. In the end, the results indicate that currentaccount deficits of transition economies that exceed 5 percent of GDP generallyinvolve problems of their external sustainability
Rural Economies and ahe Pillar 2 Budget Debate: A Regional Perspective  [PDF]
T. Ratinger, Z. Kr?i?stkova
AGRIS on-line Papers in Economics and Informatics , 2012,
Abstract: In this paper, three scenarios concerning different budget options of the reformed CAP are analysed based on the general equilibrium approach. The simulations consider a policy shock in 2014 and assess its impact until 2020. The results suggest that the changes in financing the second pillar CAP will produce only marginal effects on the economy. However, the reallocation of funds from the first to the second pillar has considerably larger negative effects on gross value added and employment in agriculture than the case of the second pillar budget reduction. On the other hand, the reallocation of funds will produce small but positive effects on the remaining sectors of the economy and the GDP.Research presented in this paper is the result of a research grant MSM 6046070906 “Economics of Czech agricultural resources and their efficient usage within the framework of multifunctional agri-food systems” and a Research Task of UZEI conducted for the Ministry of Agriculture TU 4241/2011”.
The lack of consistency in budget deficit criteria in the Stability and Growth Pact  [PDF]
Theoretical and Applied Economics , 2013,
Abstract: European public debt crisis led to a reversal of economic strategy for the policy makers. The lack of vision when choosing the budget deficit as an important factor in SGP has allowed a discretionary fiscal behavior for the member states. The budget deficit of the member states was strongly influenced by the cyclical component of the budget between 2002-2007, the reversing of the economic cycle creating the impossibility of rapid fiscal adjustments. Selecting the structural deficit as part of the Stability and Growth Pact would have allowed an early alert of fiscal imbalances and a resetting of economic strategy in the Member States.
Fiscal Deficit and Inflationary Trend in Nigeria: A Cross-Causal Analysis
M.O. Olusoji,L.O. Oderinde
Journal of Economics Theory , 2012, DOI: 10.3923/jeth.2011.37.43
Abstract: This study explored the causal link between inflation and fiscal deficit for Nigeria within the period 1970-2006. We used the more robust Toda-Yamamoto Granger non-causality test which allows the Granger test in an integrated system for the investigation. Annual time series data covering the period was used. The result showed no clear evidence of causality between fiscal deficit and inflation. This suggest that inflation will be better controlled by looking at its other determinants than fiscal deficit and what should be of paramount concern to policy makers as regards inflation should not so much be the level of fiscal deficits but the sources of its financing.
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