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The Role of Taxes in Financing of Public Expenditures and the Implications for Fiscal Policy in the Countries of the European Union

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  • Toma Elena

    (“Alexandru Ioan Cuza†University of Iasi)

Abstract

The analysis made in this paper, for the 1995-2016 period, in the EU confirms that the fiscal resources are the main public resource and pointing out the fact that they are sensitive to the economic conjuncture. By analyzing the structure of financial resources, we found that most of the Member States also used extraordinary resources in financing the public spending even if the economic situation allowed the balancing of resources with public expenditures, with negative consequences on the situation of public finances, but also on macroeconomic stability, while breaching and the existing Community regulations. A second direction of analysis was to identify the position of the Member States towards the rules of a sound fiscal policy in relation to the economic conjuncture. As a result of the analysis, we have concluded that most of the Member States have led a pro-cyclical fiscal and budgetary policy, more pronounced in 2001-2007 period.

Suggested Citation

  • Toma Elena, 2017. "The Role of Taxes in Financing of Public Expenditures and the Implications for Fiscal Policy in the Countries of the European Union," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 132-138, December.
    • Handle: RePEc:ovi:oviste:v:xvii:y:2017:i:2:p:132-138
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    More about this item

    Keywords

    taxes; public expenditure; fiscal policy; economic growth;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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