Decizia publică și managementul resurselor bugetare în țările în dezvoltare și emergente

An unprecedented financial and economic crisis irrupted in the US in 2007, and has rapidly grown and spread to many countries around the world. The financial instrument has been widely used: in a context of financial contagion, governments have initially reacted by adopting measures to revive the economy, and then, secondly, facing mounting debt, implemented economic stabilization policies. The goal of this thesis is to highlight the importance of specific features both at regional and national level in the public decision making to stimulate economic growth. The thesis analyses the relationship between GDP and unemployment, as well as the effects of fiscal stimuli. In the first part, Okun’s law is examined at regional level in three emerging Central and Eastern European countries. In the second part, the emphasis is given to the concept of fiscal multiplier and its policy implications. In the third part, fiscal multipliers are assessed in emerging countries, particularly those of the Mediterranean and the Central and Eastern Europe regions. The thesis makes use of time series and panel econometrics methods.Une crise financière et économique sans précèdent est apparue aux Etats-Unis en 2007, a progressé rapidement et s’est propagée à de nombreux pays dans le monde. L’instrument budgétaire a été largement utilisé : dans un contexte de contagion financière, les gouvernements ont dû réagir en adoptant dans un premier temps des mesures visant à relancer l'économie, puis, dans un deuxième temps, face à l’endettement croissant, des mesures de stabilisation économique. L'objectif de cette thèse est de mettre en évidence l'importance des caractéristiques spécifiques à la fois régionales et nationales dans la prise de décision publique visant à stimuler la croissance économique. La thèse analyse la relation entre le PIB et le chômage, ainsi que les effets des programmes de relance budgétaire. Dans la première partie, la loi d'Okun est examinée, au niveau régional, dans trois pays émergents d’Europe Centrale et de l’Est. Dans la deuxième partie, un éclairage particulier est porté sur le concept de multiplicateur budgétaire et ses implications de politique économique. Dans la troisième partie, les multiplicateurs budgétaires sont calculés dans des pays émergents, en particulier ceux des régions méditerranéennes et d’Europe Centrale et de l’Est. La thèse mobilise les outils de l’économétrie sur séries temporelles et sur panels de longue durée

Output effects of fiscal stimulus in Central and Eastern European Countries

In spite of the rapidly growing research on fiscal multipliers over the recent years, little evidence has been so far accumulated in developing and emerging economies. This paper investigates the nature and the size of fiscal multipliers in Central and Eastern European Countries (CEEC). Unlike most of existing literature, we draw upon a panel vector error correction model, which appropriately captures the common long-term path of CEEC, while allowing for different short-run dynamics, in an integrated setup. Our main results show that the spending multiplier is positive, but low on average. Moreover, its sign,significance and magnitude vary across CEEC. Finally, both impulse and cumulative fiscal multipliers are sensitive to a wide range of CEEC characteristics, including the exchange rate regime, the level of economic development,the fiscal stance, and the openness degree

Output effects of fiscal stimulus in Central and Eastern European Countries

In spite of the rapidly growing research on fiscal multipliers over the recent years, little evidence has been so far accumulated in developing and emerging economies. This paper investigates the nature and the size of fiscal multipliers in Central and Eastern European Countries (CEEC). Unlike most of existing literature, we draw upon a panel vector error correction model, which appropriately captures the common long-term path of CEEC, while allowing for different short-run dynamics, in an integrated setup. Our main results show that the spending multiplier is positive, but low on average. Moreover, its sign,significance and magnitude vary across CEEC. Finally, both impulse and cumulative fiscal multipliers are sensitive to a wide range of CEEC characteristics, including the exchange rate regime, the level of economic development,the fiscal stance, and the openness degree

A fresh look at fiscal multipliers: one size fits it all? Evidence from the Mediterranean area

Following the adoption of important fiscal stimuli to fight the recent crisis,a large literature estimated fiscal multipliers. Focusing on an area particu-larly appealing, given its diversity and the diversity of the response ofcountries that compose it to the current crisis, namely the Mediterraneanarea, we unveil major disparities regarding the significance, sign and sizeof fiscal multipliers depending mainly on the economic characteristics, thetype of multiplier, the time span and the type of fiscal stimulus. Evidenceof such important heterogeneities highlights the need for better coopera-tion among countries, particularly regarding the design of fiscal policy.Failing to do so might divert public resources to ineffective fiscal policiesin some countries, or, on the contrary, deprive other countries of poten-tially high benefits of appropriate fiscal policies, including a reliable toolfor exiting the current crisis

Une analyse des multiplicateurs budgétaires : quelles leçons pour les pays en développement et émergents ?

Un moment crucial dans l’analyse des effets de la politique budgétaire aété la publication de Barro (1974) formalisant l’équivalencenéoricardienne selon laquelle les agents en ajustant leur comportement à lapolitique budgétaire la rendent neutre

Regional evidence on Okun's Law in Czech Republic and Slovakia

We present regional evidence on Okun's Law using original data for two emerging countries, namely the Czech Republic and Slovakia.We unveil the presence of important regional heterogeneities, as in many Czech and Slovak regions Okun's Law is not significant. Among the drivers of these regional differences,we outline the level of unemployment and output, domestic and foreign investments, and R&D and infrastructure spending. Subsequently, we show that unemployment, output, and domestic investment are equally related to regional magnitude nonlinearities, when it comes to Czech and Slovak regions in which Okun's Law is at work.We draw upon these rich results to discuss policies that could be implemented to avoid underemployment traps in the Czech and Slovak regions

The Euro and the Crisis: Evidence on Recent Fiscal Multipliers

Only several years after Euro banknotes and coins were put into circulation, the 1Eurozone was struck by the global financial and economic crisis. Originated from theUS, the crisis progressively gained in intensity when reaching the Eurozone,nourished by a wide variety of factors such as major fiscal worsening caused byextreme increases in public spending (for example, wages and pensions, as in Greeceor Portugal), property bubbles weakening the financial sector (Spain), loss ofconfidence due to false public statements on the condition of fiscal accounts (Greece)generating skyjumping spreads and snow-ball effects on debt dynamics, etc. In acontext of financial contagion, these imbalances coagulated into a Eurozone crisis, ofsuch a magnitude to the point of being a major threatening for the perenity of theEurozone itself. At a global level, the economic importance of the Eurozone andthe negative spillovers to integrated markets arising from its potential disappearanceurged major institutions, including the IMF, the World Bank, the EIB or the EBRD,to join effort with EU- (such as the European Financial Stability Mechanism) orEurozone-based (such as the European Financial Stability Facility) mechanisms inproviding massive bailout for many Eurozone countries. At a national level, thecrisis was associated to changes in the political colour of governments in manyEurozone countries (for example, Greece, Italy, Portugal or Spain). But moreimportantly, many governments adopted national-level massive fiscal stimuli, inaddition to European-level fiscal stimuli, such as the European Economic RecoveryPlan, estimated to around 2 % of the EU GDP cumulated for the 2009- 2010 period.However, since 2011, given the deterioration of their public finances, many Europeancountries adopted large fiscal consolidation plans

Output effects of fiscal stimulus in Central and Eastern European countries

In spite of the rapidly growing research on fiscal multipliers over recentyears, little evidence has been so far accumulated in developing andemerging economies. This paper investigates the nature and the sizeof fiscal multipliers in Central and Eastern European (CEE) countries.Unlike most of the existing literature, we draw upon a panel vectorerror correction model, which appropriately captures the commonlong-term path of CEE countries, while allowing for different shortrundynamics, in an integrated setup. Our main results show that thespending multiplier is positive, but low on average. Moreover, its sign,significance and magnitude vary across CEE. Finally, both impulseand cumulative fiscal multipliers are sensitive to a wide range ofCEE characteristics, including the exchange rate regime, the level ofeconomic development, the fiscal stance and the openness degree

Challenges and Drawbacks of the EU Medical System Generated by the COVID-19 Pandemic in the Field of Health Systems’ Digitalization

The COVID-19 pandemic and the digitalization of medical services present significant challenges for the medical sector of the European Union, with profound implications for health systems and the provision of high-performance public health services. The sustainability and resilience of health systems are based on the introduction of information and communication technology in health processes and services, eliminating the vulnerability that can have significant consequences for health, social cohesion, and economic progress. This research aims to assess the impact of digitalization on several dimensions of health, introducing specific implications of the COVID-19 pandemic. The research methodology consists of three procedures: cluster analysis performed through vector quantization, agglomerative clustering, and an analytical approach consisting of data mapping. The main results highlight the importance of effective national responses and provide recommendations, various priorities, and objectives to strengthen health systems at the European level. Finally, the results reveal the need to reduce the gaps between the EU member states and a new approach to policy, governance, investment, health spending, and the performing provision of digital services