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.
Contents
Corruption, public integrity, and globalization in South-Eastern European states. A comparative analysis
The risks of Euro adoption in Romania – an analysis based on ten criteria
The impact of foreign direct investment on economic growth: the Portuguese experience
The lack of consistency in budget deficit criteria in the Stability and Growth Pact
Local reforms by political conditionality: trials and erros in Central and Eastern Europe
Employment in the EU countries: a panel data analysis
Territorial efficiency of the cohesion policy in Romania
Corporate social responsibility and organizational identity in post-crisis economy
Urban and rural educational system disparities in Romania
Adaptation of the tourism in Romania to the new economic context imposed by the global economic crisis (in 2010)