Robert J. Barro és a költségvetési túlköltekezés (Robert J. Barro and fiscal overspending)

Robert J. Barro, a Harvard Egyetem professzora főként a gazdaságpolitika makroökonómiai modellezése területén elért eredményei alapján ismert a közgazdászok körében. Tevékenysége kiterjed mind az elméleti, mind pedig az empirikus kutatások területére. Jelen tanulmány Barro azon kutatásainak feltételezéseit és eredményeit összegzi, amelyek a ricardói ekvivalenciaelvből kiindulva a költségvetési politika elméletét magyarázó újszerű eredmények kibontakozását segítették elő. A 80-as években az Egyesült Államok magas költségvetési hiánya számos közgazdászt ösztönzött hasonló témájú elmélet kidolgozására. Mivel hazánkban szinte mindennapos vita forrása a költségvetési hiány túlzott mértéke, ami veszélyezteti a monetáris közösségben való részvételünket, különösen érdekes és időszerű annak áttekintése, hogy hogyan gondolkodik egy modern közgazdász a költségvetési hiány okairól és következményeiről. ________________ The question of budgetary discipline emerges in relation to the criteria of the Economic and Monetary Union in almost all European special journals today. There is much less attention paid to budgetary overspending, the adjustment of which caused a serious puzzle for the government and the economists of the United States in the 80's. The Lucasian world of new classical economics has questioned the effectiveness of government intervention, it confuted above all the efficiency of fiscal policy. The macroeconomic models of Barro (1979, 1986) introduced in the present study - building upon the theoretical approach of economic policy on similar foundations - examine the effect of budgetary spending principally from a long-run perspective. His empirical analysis, overarching almost seventy years (1916–1982), is based upon the time series of variables affecting the budgetary deficit of the United States, distinguishing the effect of the usual government expenses from the over average items within. On the basis of his investigation on the United States and the United Kingdom he, furthermore, did not reject the economic invigorating role of government spending, he opposed Lucas' conclusions and got a modest step closer to the Keynesian standpoint in this sense. Barro, however, irrefutably argues on classical grounds, he recalls and reevaluates the Ricardian equivalence principle, summarizes the critiques raised against it and unintentionally praises the Classical economists. According to Barro we cannot ignore the one-time theorem of Ricardo if we are endeavoring to model government spending - we have to count with it if not definitely as a positive, but at least as a normative economic relationship.

The Polluter Profits Principle: A Note on the Grandfathering of CO2 Emissions Rights in Lax-Cap Trading Regimes

Grandfathering is currently the main principle for the initial allocation of tradable CO2 emission rights under the European cap-and-trade scheme. Furthermore, political feasibility often requires non-restrictive emission caps. Grandfathering under lax cap is unjust, biased and brings polluters unintended windfall profits. Still, in any post-Kyoto international CO2 regime, lax caps may be critical in coaxing binding emission targets out of more countries, especially those in the less-developed world. This paper argues that there is a certain quantity of emission rights between the initial and the optimal emissions, the grandfathering of which brings polluters zero windfall profits or zero windfall losses. Our theoretical concept of zero-windfall grandfathering can be used to demonstrate the windfall profits that have emerged at company level during the first EU trading period. It might thus encourage governments to embrace auctioning, and to combine it with grandfathering as a legitimate tool in the initial allocation of emission rights in later trading regimes.

An Elementary Core Equivalence Theorem in a Countable Economy

We consider an infinite exchange economy with countably many traders, which can be regarded as a natural extension of finite exchange economies to an infinite one. In our countable economy the core defined in the traditional manner would be empty. To avoid this unwanted situation we have to strengthen the notion of “improves upon”. We will achieve this based on the idea that forming coalitions involve costs.

Applying consumer responsibility principle in evaluating environmental load of carbon emissions

There is a need for a proper indicator in order to assess the environmental impact of international trade, therefore using the carbon footprint as an indicator can be relevant and useful. The aim of this study is to show from a methodological perspective how the carbon footprint, combined with input- output models can be used for analysing the impacts of international trade on the sustainable use of national resources in a country. The use of the input-output approach has the essential advantage of being able to track the transformation of goods through the economy. The study examines the environmental impact of consumption related to international trade, using the consumer responsibility principle. In this study the use of the carbon footprint and input-output methodology is shown on the example of the Hungarian consumption and the impact of international trade. Moving from a production- based approach in climate policy to a consumption-perspective principle and allocation, would also help to increase the efficiency of emission reduction targets and the evaluation of the ecological impacts of international trade.

Applying consumer responsibility principle in evaluating environmental load of carbon emissions

There is a need for a proper indicator in order to assess the environmental impact of international trade, therefore using the carbon footprint as an indicator can be relevant and useful. The aim of this study is to show from a methodological perspective how the carbon footprint, combined with input- output models can be used for analysing the impacts of international trade on the sustainable use of national resources in a country. The use of the input-output approach has the essential advantage of being able to track the transformation of goods through the economy. The study examines the environmental impact of consumption related to international trade, using the consumer responsibility principle. In this study the use of the carbon footprint and input-output methodology is shown on the example of the Hungarian consumption and the impact of international trade. Moving from a production- based approach in climate policy to a consumption-perspective principle and allocation, would also help to increase the efficiency of emission reduction targets and the evaluation of the ecological impacts of international trade.

Quota bonuses in a principle-agent setting

Theoretical articles on incentive systems almost excusively focus on linear compensations, while in practice, nonlinear elements, eg. quota bonuses are not uncommon. Our article tries to bridge that gap and show how the use of quotas can increase the owners’ profit.

The principle of non-refoulement under international law: Its inception and evolution in a nutshell

The article first gives an overview of the formation and the evolution of the principle of non-refoulement under international law. The different meanings of the concept in the asylum and human rights contexts are then discussed and compared, with due regard to the convergences that arose in the course of legal developments. In doing so, this short piece also draws attention to certain controversial issues and blurred lines, which have surfaced through the practical application of the prohibition of refoulement. Identifying the contours of the concept and clarifying its content and its effects may help in appreciating the implications that stem, in the current extraordinary times of migratory movements, from the fundamental humanitarian legal principles of which the imperative of non-refoulement forms part.