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Effects of the Contemporary Economic and Financial Crisis on the Public Finances of Member Countries of the European Union - 27

Author

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  • Deyan Rumenov

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

The contemporary financial and economic crisis highlighted the problem of high public indebtedness. Although the origin of the crisis was in the USA, there was a deterioration in the macroeconomic variables of the member countries of EU-27. This study examines the direction of the influence of the contemporary crisis on public revenues, public expenditures and public indebtedness of member countries of the EU-27. The examined period is divided in two parts – the first one, T1, spans over the years 2001 to 2007 and the second one, T2, spans over the years 2007 to 2012. A comparison is made of the dynamic of the public revenues, public expenditures, public debt, the indicators range and standard deviation of the macroeconomic variables for the two periods. The results from the study show that after the year 2007, as a rule there is an increase in the average public indebtedness of the member countries of EU-27, slowdown in public revenues for all member countries of EU-27 and an average slowdown in public revenues that is greater than the average slowdown in public expenditures.

Suggested Citation

  • Deyan Rumenov, 2014. "Effects of the Contemporary Economic and Financial Crisis on the Public Finances of Member Countries of the European Union - 27," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 2, pages 187-232, June.
    • Handle: RePEc:nwe:natrud:y:2014:i:2:p:187-232
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    More about this item

    Keywords

    budget deficit; sovereign debt; public revenues; public expenditures; financial crises; budget surplus;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F01 - International Economics - - General - - - Global Outlook
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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