Theoretical and Applied Economics
No. 1 / 2013 (578)
The lack of consistency in budget deficit criteria in the Stability and Growth Pact
The Bucharest University of Economic Studies
Abstract. European public debt crisis led to a reversal of economic strategy for the policy makers. The lack of vision when choosing the budget deficit as an important factor in SGP has allowed a discretionary fiscal behavior for the member states. The budget deficit of the member states was strongly influenced by the cyclical component of the budget between 2002-2007, the reversing of the economic cycle creating the impossibility of rapid fiscal adjustments. Selecting the structural deficit as part of the Stability and Growth Pact would have allowed an early alert of fiscal imbalances and a resetting of economic strategy in the Member States.
Keywords: Public debt crisis; budget deficit; Nash equilibrium; fiscal policy; monetary policy.
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Contents
- Corruption, public integrity, and globalization
in South-Eastern European states.
A comparative analysis
Andrew I.E. EWOH
Ani MATEI
Lucica MATEI
- The risks of Euro adoption in Romania –
an analysis based on ten criteria
Marius-Corneliu MARINAŞ
- The impact of foreign direct investment on economic
growth: the Portuguese experience
Nuno Carlos LEITÃO
Saeed RASEKHI
- Employment in the EU countries:
a panel data analysis
Larisa STĂNILĂ
Mădălina ANDREICA
Amalia CRISTESCU
- Territorial efficiency of the cohesion policy
in Romania
Daniela Livia TRAŞCĂ
Mirela Ionela ACELEANU
Daniela SAHLIAN
- Corporate social responsibility and organizational
identity in post-crisis economy
Diana Andreia HRİSTACHE
Claudia Elena PAİCU
Nilgün İSMAİL
- Urban and rural educational system disparities
in Romania
Mihaela Roberta STANEF
- Adaptation of the tourism in Romania
to the new economic context imposed
by the global economic crisis (in 2010)
Silvia IFTIME
Paulina Cornelia PODINA
