5 resultados para political union
em Corvinus Research Archive - The institutional repository for the Corvinus University of Budapest
Resumo:
Provides a multidisciplinary and systematic analysis of the concept of fiscal consolidations. This book discusses the concept, suggesting that fiscal adjustment can be in trade-off with economic growth if certain conditions are met. Fiscal consolidation has significant short term costs which dampen economic growth. This widely shared consensus in literature on political economy makes fiscal adjustment highly unpopular. Benczes conducts a systematic analysis to find out whether it is possible to have fiscal consolidation and experience economic growth even in the short run.The book provides a clear, multidisciplinary and systematic analysis of the relatively new concept of the so-called expansionary fiscal consolidations. This concept suggests that fiscal adjustment can be in trade-off with economic growth if certain conditions are met. But why do only a few countries and only at certain times experience the expansionary effects, while others not at all? The necessary conditions and circumstances have been totally neglected in the literature, or analyzed only partially at best.Having evolved a theoretical framework, it is tested on a difficult case: Hungary, which has had the highest deficit in the European Union. The main question was whether Hungary has a chance to experience short term growth effects in times of adjustment. ----- Contents: List of Figures List of Tables Acknowledgements 1. Introduction Part One: A critical Assessment of the Concept of Non-Keynesian Effects 2. Stylized Facts of EU Countries Major Fiscal Episodes 3. An Expectational View of Fiscal Policy: A Non-Linear Approach to Fiscal Consolidation 4. The Composition of Adjustment and the Structure of Labor Markets: A Linear Approach to Fiscal Consolidation Part Two: Testing the Institutional Conditions of Non-Keynesian Effects in Hungary 5. From Goulash Communism To Neo-Kadarism: An Overview 6. Financial Intermediation in Hungarya Comparative Perspective 7. The Structure of the Hungarian General Budgeta Decompositional Analysis 8. The Labor Market and Wage Bargaining in Hungarythe (Ir)relevance of a Social Pact 9. Conclusion References Appendices Index
Resumo:
The European Union with its sophisticated institutional system is the most important regional integration on Earth. This tight form of economic integration converges to the level that Dani Rodrik calls hyperglobalization in his model, the political trilemma of globalisation. In our paper we develop the mentioned model and then we apply it to the case of the European Integration. We argue that if we want to maintain the deep integration among member states in the EU we have to pass more and more functions of the nation states to the federation level. In case of the EMU that means that federal fiscal policy is needed which could lead to multi-speed Europe considering new member states reluctance to give up their specific institutions.
Resumo:
The economic and financial crisis of 2007/2009 has posed unexpected challenges on both the global and the regional level. Besides the US, the EU has been the most severely hit by the current economic crisis. The financial and banking crisis on the one hand and the sovereign debt crisis on the other hand have clearly shown that without a bold, constructive and systematic change of the economic governance structure of the Union, not just the sustainability of the monetary zone but also the viability of the whole European integration process can be seriously undermined. The current crisis is, however, only a symptom, which made all those contradictions overt that were already heavily embedded in the system. Right from the very beginning, the deficit and the debt rules of the Maastricht Treaty and the Stability and Growth Pact have proved to be controversial cornerstones in the fiscal governance framework of the European Economic and Monetary Union (EMU). Yet, member states of the EU (both within and outside of the EMU) have shown an immense interest in adopting numerical constraints on the domestic level without hesitation. The main argument for the introduction of national fiscal rules was mostly to strengthen the accountability and credibility of national fiscal policy-making. The paper, however, claims that a relatively large portion of national rules were adopted only after the start of deceleration of the debt-to-GDP ratios. Accordingly, national rules were hardly the sole triggering factors of maintaining fiscal discipline; rather, they served as the key elements of a comprehensive reform package of public budgeting. It can be safely argued, therefore, that countries decide to adopt fiscal rules because they want to explicitly signal their strong commitment to fiscal discipline. In other words, it is not fiscal rules per se what matter in delivering fiscal stability but a strong political commitment.
Resumo:
A centrum-perifria kapcsolatok elemzse az Eurpai Unira is kiterjeszthet. Az integrcis folyamatban jl elemezhetek a bourdeiu-i tkeformk, ezek egymsra trtn tvltsa, a gazdasgi s politikai aszimmetrik klcsnhatsa. E klcsns kapcsolatokban tovbbra is a gazdasgi viszonyok meghatrozottsga rvnyesl. A vilggazdasgi vlsg felsznre hozta a trtnelmi aszimmetrikat, amelyeket a korbbi neoliberlis politikk tovbb mlytettek. Az Unin belli periferlis trsgekre a vlsg klnbzkppen hatott. E hatsok semlegestsre tbbnyire a megszort gazdasgpolitikkat alkalmazzk. Tovbbra is hinyzik azonban egy, a minsgi s nem mennyisgi szempontokat hangslyoz fejlesztsi politika. Egy ilyen megkzelts a strukturlis, intzmnyi vonatkozsokat ersten, s ezzel jrulna hozz a perifria termelsi, forgalmi, elosztsi kpessgeinek fokozshoz. _____ Analysis of centre-periphery relations can be extended to the European Union as well. The capital forms by Bourdieu, their inter-changeability, mutual effects of economic and political asymmetries could be analysed well in the integration process. In these mutual relations economic relations still play the dominant role. The global economic crisis has brought to the surface historical asymmetries, further aggravated by earlier neo-liberal economic policies. Peripheral regions within the Union have been affected in different ways. In order to neutralise these effects austerity measure have been implemented. However, a development policy, emphasising quality and not only quantitative aspects, is still missing. Such an approach would strengthen structural and institutional elements, further enhancing production, trade, and distribution capabilities of the periphery.
Resumo:
Az Eurpai Uni a vilggazdasg egyik legfontosabb integrcija. A benne megvalsul gazdasgi integrci szorossga megfelel annak a szintnek, amit Rodrik hiperglobalizcinak nevez. Az elmlet szerint a politika szintjn egyszerre nem megvalsthat a demokratikus politikai dntshozatal, a teljes vilggazdasgi integrci, illetve a nemzetllam. A trilemma a globalizci tjban ll intzmnyi klnbsgeken alapszik. Megoldsa hrom mdon lehetsges: a demokrcia kiiktatsval a megolds az arany knyszerzubbony, ahol a piaci mechanizmusok veszik t az llami gazdasgpolitika szerept; a globlis kormnyzs megvalsulsa esetn a szuvern nemzetllamok tnnek el a nemzetkzi rendszerbl; vgl a Bretton Woods kompromisszum esetben a globalizci tjba lltunk akadlyokat. rsunkban a modellt az eurpai integrcira, egszen pontosan a Gazdasgi s Monetris Unira alkalmazzuk. rvelsnk szerint, ha fent kvnjuk tartani az integrci szorossgt, ersteni kell az integrci szintjn a gazdasgi kormnyzst, ami pedig csak a tagllami szuverenits rovsra mehet. Ez, mely a GMU esetben leginkbb a fisklis fderci erstst jelenti ugyanakkor, megnvelve az integrci kltsgeit, egy tbbsebessges Eurpa kialakulsa irnyba hathat. _____ The European Union with its sophisticated institutional system is the most important regional integration on Earth. This tight form of economic integration converges to the level that Dani Rodrik calls hyperglobalization in his model, the political trilemma of globalisation. In this model Rodrik assumes that from the three desired element of world politics (deep economic integration, the nation state, and democratic politics) only two can be chosen. We can either choose deep integration and the nation state but then we have to abandon democracy; or we can choose deep integration and democracy, but then we have to forfeit the nation state; or we have to circumscribe globalisation to maintain democracy and the nation state. In our paper we develop the mentioned model and then we apply it to the case of the European integration. We argue that if we want to maintain the deep integration among member states in the EU we have to pass more and more functions of the nation states to the federation level. In case of the EMU that means that federal fiscal policy is needed which could lead to multi-speed Europe considering new member states reluctance to give up their specific institutions.
