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At the turn of 2019 and 2020 the world economy experienced a slowdown resulting from the COVID-19 pandemic. Negative repercussions of the measures taken, related to the slowdown in economic activity, have been experienced by all EU Member States. The article aims to present the influence of the pandemic on the EU economy and to identify the selected EU measures and instruments implemented to counteract the implications of COVID-19 in 2020 and 2021–2027. The authors attempt to answer the following questions: (1) Will the actions taken by the European Commission and temporary state aid measures positively impact reducing the negative implications of the economic and social crisis caused by the pandemic? (2) Are the proposed instruments and their financing sources ensuring the recovery of the EU economy sufficient? The article puts forward a hypothesis that the prepared financial instruments implemented at the EU level should reduce the negative implications of the pandemic to some extent; however, close cooperation between the Member States and European institutions in terms of coordination of the implemented measures and instruments is necessary to render them more effectively. The authors utilise the descriptive, normative and diachronic methods. The analysis of the implemented remedial actions at the EU level and at the level of a Member State (Poland) leads to the conclusion that despite the economic crisis prevention measures introduced by the European Commission, the burden of counteracting the consequences of the epidemic rests mainly with the countries whose governments have introduced anti-crisis packages.
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The aim of the article is to determine the degree, direction and strength of impact of the studied variables, i.e. the state budget balance and the current account balance as part of Poland’s balance of payments in the years 2009-2018 against the background of selected European Union (EU) countries. The main research questions focus on determining the type of relationships connecting the studied deficits in the light of previous studies dedicated to the twin deficits hypothesis. The methodology used is based on integrated correlation analysis, linear regression and an analysis of the coefficient of variation. As a result of the study, a strong correlation was found between the cumulative values of the studied deficits, which confirms the existence of the twin deficits hypothesis in Poland in the examined period and means that the budget deficit affects the current account balance. A change in the cumulative balance of the budget by 1% leads to a change in the cumulative balance of the current account of the balance of payments by 0.89%. It can be presumed that the problem of budget deficits and the related debt crisis as well as balance of payments balances under the dichotomy of “surplus north” and “deficit south” in the next decade will be one of the most conflicting and disintegrative for the EU. Thus, the search for a path to budget (internal) balance and balance of payments (external) is one of the key challenges for maintaining cohesion and maintaining sustainable development both in Poland and the entire EU
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The social policy investigates a multitude of interdependent social and economic events, related to well-being at the individual, family or society level. In this article are studied certain moments of aligning Romania's social policy with European Union standards. However, there is no social policy specific to the European Union. This area falls primarily within the competence of the member states, and the European legislator sets only the minimum rules that states must comply.
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The purpose of the paper is to find out how digitalization makes it possible to simplify the fulfilment of tax obligations of taxable persons - entrepreneurs. Digital development of tax administration means the level of digital services to tax entities. Taxpayers are perceived by the tax administration as clients who need to be simplified as much as possible. Introducing or increasing the provision of online services, pre-filled forms or electronization of invoices are current trends that reduce the time devoted to taxes. By monitoring the relationship between the development of the level of digital public services and the evolution of the number of hours needed to meet the tax obligations of the entrepreneur, it was found that the gradual introduction of digital projects reduces the administrative burden on taxable persons.
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This article has examined the differences in performance between the Islamic and conventional stocks and bond indices in the developed and emerging countries. The sample period is consisted of 2007 to 2018 in equity, whereas the period of debt is from 2014 to 2018. Different risk-adjusted return measurements have been applied to investigate that Islamic stock indices' performance is better than conventional indices. The results show that the Islamic equity indices have better performance than the traditional indices in financial crisis. The individual sample concludes that Islamic equity indices of Germany and the UK perform better than traditional indices, but in the USA conventional indices perform better. The performance of Shariah equity indices in all selected emerging countries is better than the traditional equity indices. This shows that Islamic indices are highly demanded throughout the world as an alternative to traditional indices.
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The study analyzed the response of agricultural growth to foreign direct investment and public agricultural spending from 1980 to 2018. Data were collected from secondary sources and analyzed using Johansen Co integration, Vector Error correction model and Monte Carlo Simulation. The result showed that foreign direct investment and public agricultural spending increased agricultural production in the long but decreased it in the short run. The study concluded that an increase in foreign direct investment and an increase in public agricultural spending (scenario 3) provided the best alternative for the sustainability of agricultural growth in Nigeria. It was recommended friendly business policies should be made to attract more foreign direct investment into the country and the issues of insecurity and infrastructures should be handled for meaningful and sustainable FDI to be attracted into Nigeria.
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Governments need financial resources to provide public services. Taxes are the most important source of income for the governments. Governments collect taxes from economic activities under their authority. In case of not paying taxes, there is a burden on individuals, causing an accumulation in tax administration and tax judgment. The government may give up partially or completely because of this or any other reason. Governments may declare amnesty for these uncollected taxes. Throughout the history of the Republic of Turkey has frequently refer to the tax amnesty application. 36 amnesty practices implemented throughout the history of the Republic, tax revenues did not change or decreased in 26 of them; only 10 amnesties helped the tax revenues to increase. This situation shows that the tax amnesty is generally not positive.
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This paper examined the nexus between fiscal discipline and the budget process in Nigeria over the period from 1990 to 2020. Findings showed that the level of fiscal discipline in Nigeria as measured by two proxies of fiscal deficit gap and public debt gap is more enhanced under zero-based budgeting than under current incremental budgeting system. The study also established that civilian administrations are more prone to fiscal indiscipline relative to military dispensations. The paper also revealed the significant role of net foreign aid receipts in significantly narrowing fiscal deficit and public debt gaps in the short-run and long-run, respectively, as well as noted the significant widening impact of an increasing government size on the public debt gap in the long run. The study recommends, among others, the urgent need for the Nigerian government to restore fiscal discipline in public affairs through a reversion to zero-based budgeting system.
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The cooperation needed in the tax sense in the European Union, which was established for the purpose of economic integration, constitutes an important part of the integration process. For this reason, there is a need for the approximation of the tax systems of the member states and thus harmonization studies. Within the scope of harmonization studies, the directives published by the Council of the European Union are mostly used. It is understood from the published directives that Value Added Tax is prioritized compared to other tax types in harmonization studies aimed at ensuring taxation integration. Within the scope of harmonization studies related to Value Added Tax, many directives have been published from the past to the present, and the directives that are determinative on the common value added tax system among these directives have been examined in the study. Considering the rules determined in the directives examined in the study, the reduced rates, super-reduced rates, standard rates and parking rates applied within the scope of value added tax in member countries were compared. As a result of the comparison, it is understood that although significant progress has been made in the harmonization of value added tax in the European Union, there are still significant differences in the rate.
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Artykuł skupia się na współcześnie gorąco dyskutowanym temacie ochrony powietrza i klimatu. Porusza problem istniejącej marginalizacji tej problematyki w wydatkach inwestycyjnych polskich gmin. Utrzymanie się takiej postawy wśród władz samorządowych stawia pod znakiem zapytania realizację w Polsce, deklarowanej przez kraje Unii Europejskiej do 2050 roku neutralności klimatycznej. Trudno będzie osiągnąć polskim władzom centralnym ten ambitny cel bez silniejszego jego zrozumienia ze strony samorządowców. Studium koncentruje się wokół inwestycji władz gminnych w ochronę powietrza i klimatu w jednym z uboższych w dochody regionów Polski centralnej, jakim pozostaje województwo świętokrzyskie. Uwaga pracy skupia się na gminach powiatu pińczowskiego w latach 2010–2018. Stara się ona wykazać, że na terenach, gdzie żyją niewielkie społeczności lokalne, inwestycje w ochronę powietrza i klimatu niejednokrotnie były dotąd marginalizowane. Co więcej, skala istniejącej tam luki inwestycyjnej w tym zakresie nie pozwoli na szybką transformację energetyczną. Analiza artykułu oparła się na wynikach analiz dokumentów lokalnych, sprawozdań finansowych i informacjach pochodzących ze statystyk publicznych. [Article focuse on the hotly discussed topic of air and climate protection. It addresses the problem of the existing marginalization of this issue in the investment expenditure of Polish municipalities. Maintenance of such an attitude of local authorities calls into question the implementation in Poland, as declared by the European Union countries by 2050 climate neutrality. It will be difficult for the Polish central government to achieve this ambitious goal without its stronger understanding on the part of local government officials. Study focuses on investments of municipal authorities in air and climate protection in one from the poorer regions of central Poland, which is the Świętokrzyskie Voivodeship. The work focuses on the communes of the Pińczów poviat in 2010–2018. It tries to show that in areas where small local communities live, investments in air and climate protection have often been marginalized. Moreover, the scale of the investment gap in this area will not allow for a quick energy transformation. The analysis of the article was based on the results of analyzes of local documents, financial statements and information from public statistics.]
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Sąd krajowy (WSA w Warszawie) posiadał wątpliwość w zakresie wykładni pojęcia nieprawidłowości zdefiniowanego w art. 2 pkt 7 rozporządzenia 1083/2006. Powyższa wątpliwość stała się przyczyną wystąpienia do Trybunału z pytaniem prejudycjalnym. Trybunał w wydanym wyroku określił przesłankę, na podstawie której należy odróżnić naruszenie powodujące ryzyko wystąpienia szkody w budżecie UE od naruszenia formalnego, które nie posiada jakiegokolwiek negatywnego wpływu na budżet UE. Dodatkowo Trybunał odniósł się do kwestii ustalenia wartości korekty finansowej, mimo iż sąd zadający pytanie prejudycjalne nie posiadał wątpliwości w tym zakresie. Trybunał podkreślił, iż korekta finansowa w każdym przypadku powinna być proporcjonalna. W sytuacjach, gdy wartość korekty finansowej ustalana jest na podstawie ryczałtowego taryfikatora, należy zweryfikować, czy taka korekta będzie proporcjonalna oraz, czy występują w sprawie okoliczności pozwalające na obniżenie lub podwyższenie korekty w stosunku do przyjętego ryczałtowego wskaźnika. [The domestic court (WSA in Warsaw) had doubts as to the interpretation of the notion of irregularities defined in Art. 2 point 7 of Regulation 1083/2006. The above doubt became the reason for referring a question to the Court for a preliminary ruling. In its judgment, the Court defined the condition on the basis of which it is necessary to distinguish a breach causing a risk of harm to the EU budget from a formal breach which does not have any negative impact on the EU budget. In addition, the Tribunal referred to the issue of determining the value of the financial correction – even though the court making the request for a preliminary ruling had no doubts in this respect. The Court underlined that the financial correction in each case should be proportionate. In situations where the value of a financial correction is determined on the basis of a flat-rate tariff, it should be verified whether such a correction will be proportional and whether there are circumstances allowing for a reduction or increase of the correction in relation to the adopted flat-rate ratio.]
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The concept of Hospital-Based Health Technology Assessment (HB-HTA) is conducive to the rationalization of decisions made by the hospital management regarding the implementation of innovative medical technologies in hospital units. This type of HTA is a bottom-up hospital initiative, but usually it is also supported systemically and involves other entities, such as: the Agency for Health Technology Assessment and Tariff System, the payer, or regional authorities. Providing support to the hospital in making the final decision on the implementation of innovative medical technology may include such aspects as: obtaining necessary funding for the implementation of technology, identification of the competitive potential of the planned project, or following the HB-HTA methodology in reporting. The process of decentralization of hospital management in Poland induces scholars to carry out research and draw conclusions about the involvement of regional authorities, mainly voivodeship offices and their departments responsible for health issues, in the HB-HTA process. The primary objectives of this paper are to present the results of research and analysis of the development and popularization of HB-HTA in Poland. These will be discussed in relation to the implementation of a regional functional model for hospital evaluation of innovative medical technologies and the creation of rules of cooperation between important institutions of sectoral (health) policy to support and develop HB-HTA at the regional (voivodeship) level, as well as the dissemination of knowledge, popularization of HB-HTA, and promotion of good practices.
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Hospital-Based Health Technology Assessment (HB-HTA) aims to support local decision-making on investing in new health technologies limited to the hospital level. The goal of this study was to prepare and present the strategic functional model of HB-HTA in Poland with coordinating role of an organization labelled as the independent external organization (NOZ). The stakeholders of the HB-HTA process were identified, together with their interests and relations among them, as well as the goals and consequences of health policy in area of implementation of HB-HTA in Poland. The conduct of HB-HTA process was presented, the tasks foreseen for NOZ, its possible organizational forms, barriers, and possibilities of development; as well as the overall capacity of this organization in area of HB-HTA. It is foreseen that the development of HB-HTA in Poland based on NOZ should take place within a positively inclined environment, having a generally positive impact on the health care system, positive prognoses, and opportunities for implementation of HB-HTAh.
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The implementation of the strategic model for hospital health technology assessment in Poland requires the involvement of many stakeholders. HB-HTA fundamentally concerns hospitals and how they rationalize decision making in implementing innovative medical technologies. However, the need to obtain public funding after verifying the effectiveness of a given medical technology or to keep up with the evolving HB-HTA method¬ology naturally requires the involvement of both the payer (NFZ) and the Agency for Health Technology Assessment and Tariff System in activities connected with the implementation and development of HB-HTA. An important aspect of the coordination of activities in relation to hospital HTA is also the support given to hospitals by regional authorities – competent health departments in voivodeship offices – by assessing HB-HTA reports prepared by the hospitals and indicating regional competitive potential of a given medical technology. This creates a hybrid/mixed system of insti¬tutional support for innovative medical technologies implemented in hospitals. This institutional plurality within HB-HTA is a clear asset, strengthening the hospital’s planned undertaking substantively and financially, especially when the assistance mechanisms undertaken are flexible, soft in nature, and allow hospital units to shape effective HB-HTA activities.
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This paper examines the impact of external debt on the growth of the Nigerian economy between 1990 and 2018 with a view to drawing key implications for the management of the economy. Having ascertained that the variables of the study are non-stationary in levels but stationary after first differencing and also being cointegrated, error correction model (ECM) technique was used for the analysis. The pairwise Granger causality test results show that while a one-way causal relationship exists between fiscal balance and external debt with the causality running from fiscal balance to external debt, no causal relationship exists between external debt and real output. From the short run ECM and long run models, it was found that a statistically insignificant positive relationship exists between external debt and real output both in the short run and the long run. The statistical properties of the estimated ECM model show that the model is consistent, efficient and feasible for forecast and policy making. The recommendations that emanated from the study suggest that the Nigerian government should improve on fiscal policy governance, entrenching transparency and professionalism in the management of the country’s debt and that the larger public finance for debt should be made to be viable instrument for economic growth.
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Restrictions on the economy stifled by the devastating effects of the COVID-19 pandemic have forced private companies to find their economic recovery levers. Survival or even economic growth can also be achieved through government support in the sense of tax cuts, the state bearing part of the wage costs, or by accessing funds that make it possible to reformulate businesses.
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In many countries the narrowing of horizontal fiscal imbalance at local government level is an important issue of national fiscal policy. Large fiscal disparities at municipal level could lead either to lower service levels in fiscally poor regions or to higher tax rates for similar service levels in these regions. In turn, this could thwart efforts to reduce inequality in income distribution between individuals or could induce fiscally inefficient migration of business and individuals. Since the launch of fiscal decentralization reforms in Bulgaria in 2003 part of central government grants system for municipalities has been the equalization grant aimed at financing a minimum level of local services delivery. The equalization formula has undergone many changes during the years, and the last one was implemented in 2019. The main focus of the current study is to compare the equalizing effect of the equalization schemes applied in Bulgaria in 2018 and 2019. In order to test whether the 2018 and 2019 distribution formulas carry an equalizing effect with respect to municipal expenditure needs, per capita transfers received is regressed on three variables or indicators reflecting the differences in the municipal expenditure needs. Our results show that the new equalization mechanism as of 2019 is better designed to capture the differences in municipal expenditure needs and to alleviate fiscal disparities at local level when compared to the mechanism applied in 2018.
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One of the more current economic problems is stimulating the competitiveness of economies, both nationally and internationally. The competition of Asian economies with the US economy has been observed. The European Union also participates in this rivalry by undertaking multi-track activities supporting, among others innovation of the economies of the member countries. One of them is the proper creation of the EU public procurement system. Tools are being introduced to stimulate the competitiveness of entities performing orders, which is supposed to translate into an increase in the competitiveness of the economy. The major activities undertaken in this area include the introduction of a new public procurement procedure from 2017 – the innovation partnership. In the paper the structure of the EU awarding entities using the new mode was determined and compared, with particular emphasis on the national specificity in terms of effectiveness and the appropriateness of using the mode.
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The global COVID-19 pandemic caused a severe blow to the world economy, bringing the biggest economic downturn since the Great Depression. This economic downturn was accompanied by various controversies regarding the role of the state in the economy. To withstand these shocks, most of the states started to use fiscal stimulus measures. The main purpose of this paper is to present the effects that COVID-19 caused on the world economy, as well as to review Keynes's ideas regarding the need for state intervention in the economy. The results of the study show that many countries have used monetary and fiscal stimulus measures to cope with the negative effects caused by the COVID-19 pandemic. Thus, Keynes's ideas for state intervention in the economy are still relevant and necessary in today’s economy, until the number of people infected with COVID-19 decreases and the economy reopens completely as it was before.
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