Original scientific paper
https://doi.org/10.1080/1331677X.2015.1041779
The optimal fiscal rule in the context of accession to the Eurozone
Piotr Krajewski
Michał Mackiewicz
Katarzyna Piłat
Abstract
The aim of the paper is to compare the macroeconomic effects of fiscal rules that can be applied in the context of the future full participation of Poland in the Economic and Monetary Union. The results of our analyses show that we observe the smallest changes in the structural balance when fiscal policy is aimed at both GDP stabilisation and business cycles synchronisation. Unfortunately, when we analyse the characteristics of the fiscal rule we discover that the possibility of effective practical application of such a rule is very limited. The reason for this may be the lack of transparency and delays we face in publishing macroeconomic data, which is indispensable for fiscal rule application.
Keywords
fiscal policy; fiscal rules; EMU; business cycles; synchronisation; budget deficit
Hrčak ID:
171528
URI
Publication date:
20.12.2015.
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