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Fiscal Contractions in Eurozone in the Years 1995–2013: Can Non-Keynesian Effects Be Helpful in Future Deleverage Process?

In: Business Challenges in the Changing Economic Landscape - Vol. 1

Author

Listed:
  • Adam P. Balcerzak

    (Nicolaus Copernicus University)

  • Michał Bernard Pietrzak

    (Nicolaus Copernicus University)

  • Elżbieta Rogalska

    (University of Warmia and Mazury)

Abstract

Last global financial crisis has led to massive fiscal stimulation actions in EU which resulted in significant increase of public debt. As a result, in near future EU countries will have to adopt much stricter long term fiscal policy that will be necessary for deleveraging process. In this context the aim of the research is to check whether one can find non-Keynesian effects of fiscal consolidations in Eurozone countries in last decade. If the answer is positive, then could these non-Keynesian effects be significant developing factor. The third scientific question concentrates on the ways the fiscal consolidations were implemented and the potential influence of consolidations strategies on short term growth. The research is based on European Commission and Eurostat fiscal and macroeconomic data for the years 1995–2013. The econometric dynamic panel model based on the concept of conditional convergence was applied. As a complementary method qualitative analysis of cases of significant contractions was used with the concentration on the differences between expansionary and conventional Keynesian cases of fiscal contractions. The research gives some arguments for existence of fiscal transitions channels leading to non-Keynesian effects of fiscal policy, which in the same time can be a factor of conditional convergence.

Suggested Citation

  • Adam P. Balcerzak & Michał Bernard Pietrzak & Elżbieta Rogalska, 2016. "Fiscal Contractions in Eurozone in the Years 1995–2013: Can Non-Keynesian Effects Be Helpful in Future Deleverage Process?," Eurasian Studies in Business and Economics, in: Mehmet Huseyin Bilgin & Hakan Danis & Ender Demir & Ugur Can (ed.), Business Challenges in the Changing Economic Landscape - Vol. 1, edition 1, pages 483-496, Springer.
    • Handle: RePEc:spr:eurchp:978-3-319-22596-8_35
    DOI: 10.1007/978-3-319-22596-8_35
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    Cited by:

    1. Beata Bieszk-Stolorz & Krzysztof Dmytrów, 2020. "Influence of Accession of the Visegrad Group Countries to the EU on the Situation in Their Labour Markets," Sustainability, MDPI, vol. 12(16), pages 1-16, August.
    2. Adam P. Balcerzak & Elzbieta Rogalska, 2016. "Non-Keynesian Effects of Fiscal Consolidations in Central Europe in the Years 2000-2013," Chapters, in: Mehmet Huseyin Bilgin & Hakan Danis (ed.),Entrepreneurship, Business and Economics - Vol. 2. Proceedings of the 15th Eurasia Business and Economics Society, edition 1, volume 2, chapter 18, pages 271-282, Institute of Economic Research.
    3. Krzysztof Dmytrow & Beata Bieszk-Stolorz, 2021. "Comparison of changes in the labour markets of post-communist countries with other EU member states," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 16(4), pages 741-764, December.
    4. Adam P. Balcerzak & Michal Bernard Pietrzak, 2016. "Dynamic Panel Analysis of Influence of Quality of Human Capital on Total Factor Productivity in Old European Union Countries," Working Papers 19/2016, Institute of Economic Research, revised May 2016.
    5. Ramona Tiganasu & Gabriela Carmen Pascariu & Dan Lupu, 2022. "Competitiveness, fiscal policy and corruption: evidence from Central and Eastern European countries," Oeconomia Copernicana, Institute of Economic Research, vol. 13(3), pages 667-698, September.

    More about this item

    Keywords

    Fiscal policy; Fiscal consolidations; Non-Keynesian effects; Conditional convergence;
    All these keywords.

    JEL classification:

    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents

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