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Možnosti hodnocení fiskální pozice a stabilizační fiskální politika
[Possible Evaluation of Fiscal Position and Stabilization Fiscal Policy]

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  • Zdeněk Pikhart

Abstract

Paper deals with the assessment of the fiscal position and stabilization of government policy. First, the framework for assessment of the fiscal position and the sustainability of public finances is presented. It is justified the usage of specific data based on the ESA95 methodology, including consideration of possible alternatives. Subsequently, the government deficit is set into the framework of macroeconomic identities and expressed its impact on the current account balance and other aggregates. Sustainability of the government deficit is firstly derived from the primary balance and consequently from the overall balance. Even before it is discussed appropriate fiscal policy in the short and long term, including the role of fiscal rules, OECD methodology is presented for the calculation of structural and cyclical balance, including risks associated with their quantification.

Suggested Citation

  • Zdeněk Pikhart, 2013. "Možnosti hodnocení fiskální pozice a stabilizační fiskální politika [Possible Evaluation of Fiscal Position and Stabilization Fiscal Policy]," Politická ekonomie, Prague University of Economics and Business, vol. 2013(6), pages 795-813.
    • Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:6:id:931:p:795-813
    DOI: 10.18267/j.polek.931
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    References listed on IDEAS

    as
    1. Günter Coenen & Christopher J. Erceg & Charles Freedman & Davide Furceri & Michael Kumhof & René Lalonde & Douglas Laxton & Jesper Lindé & Annabelle Mourougane & Dirk Muir & Susanna Mursula & Carlos d, 2012. "Effects of Fiscal Stimulus in Structural Models," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 22-68, January.
    2. Ms. Anja Baum & Mr. Marcos Poplawski Ribeiro & Miss Anke Weber, 2012. "Fiscal Multipliers and the State of the Economy," IMF Working Papers 2012/286, International Monetary Fund.
    3. Nathalie Girouard & Christophe André, 2005. "Measuring Cyclically-adjusted Budget Balances for OECD Countries," OECD Economics Department Working Papers 434, OECD Publishing.
    4. Paul van den Noord, 2000. "The Size and Role of Automatic Fiscal Stabilizers in the 1990s and Beyond," OECD Economics Department Working Papers 230, OECD Publishing.
    5. Ms. Selma Mahfouz & Mr. Richard Hemming & Mr. Michael Kell, 2002. "The Effectiveness of Fiscal Policy in Stimulating Economic Activity: A Review of the Literature," IMF Working Papers 2002/208, International Monetary Fund.
    6. Mr. George Kopits, 2001. "Fiscal Rules: Useful Policy Framework or Unnecessary Ornament?," IMF Working Papers 2001/145, International Monetary Fund.
    7. Ales Krejdl, 2006. "Fiscal Sustainability - Definition, Indicators and Assessment of Czech Public Finance Sustainability," Working Papers 2006/3, Czech National Bank.
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    More about this item

    Keywords

    business cycle; public finance sustainability; structural balance; crowding-out effect;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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