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Local government finances in Hungary: From the culprit of fiscal slippages to a source of stability?

Author(s): LÁSZLÓ JANKOVICS / Language(s): English Issue: 4/2016

While in the decade prior to 2010 Hungarian local governments had been a notorious contributor to budgetary slippages and growing public indebtedness, the sector’s balance has subsequently turned to positive in the context of a wide-ranging centralisation effort and the corresponding revamp in subnational financing arrangements. The fiscal indicators therefore, prima facie, point to a transformation of a regular sinner into a source of stability. Based on a detailed account of the recent reform steps and the preliminary assessment of their first impacts, this study argues that it is too early to conclude that the observed positive developments are the structural results of the measures taken over the last five years. The enacted institutional streamlining, the new debt authorisation rule and the increased tapping of the local tax potential should all have a lasting positive impact on public finances. Nonetheless, the intended efficiency gains due to economies of scale in service provision are not yet apparent, insofar as no reduction has been achieved in the headcount of the concerned branches. Moreover, the observed non-differentiation in the debt assumption may raise the spectre of moral hazard for the municipalities in the longer run.

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Unorthodoxy in legislation: the Hungarian experience

Author(s): Dániel Deák / Language(s): English Issue: 2/2014

This paper deals with legal unorthodoxy. The main idea is to study the so-called unorthodox taxes Hungary has adopted in recent years. The study of unorthodox taxes will be preceded by a more general discussion of how law is made under unorthodoxy, and what are the special features of unorthodox legal policy. Unorthodoxy challenges equality before the law and is critical towards mass democracies. It also raises doubts on the operability of the rule of law, relying on personal skills, or loyalty, rather than on impersonal mechanisms arising from checks and balances as developed by the division of political power. Besides, for lack of legal suppositions, legislation suffers from casuistry and regulatory capture.

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Fiscal cycle effects in the pattern of the Hungarian state expenditures

Author(s): Ágnes Halász / Language(s): English Issue: 2/2014

In this paper we aim to investigate what role fiscal cycles played in the development of the Hungarian state budget balances since the change of regime in 1989 until the parliamentary elections held in 2010. The literature has found that political budget cycles (PBC) are more typical in less developed countries with a shorter period of experience with democratic institutions, like the post-socialist transition economies. Nevertheless, empirical studies point out that this phenomenon has been disappearing over time. By testing the six parliamentary elections in Hungary until 2010, we show that discretional governmental actions of pork barrel spending were apparent more or less in almost each election period, peaking in the last decade. The most typical form of the fiscal cycles in Hungary proved to be social transfers to households including old-age benefits, family support or price subsidies, but also public sector wages were subject to PBC. As a result, state budget balances were significantly shaped by the cyclical movements of fiscal laxity and restrictions, resulting in strong fluctuations in fiscal balances and an overall high budget deficits in the two decades under review.

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First impressions and perceived roles: Palestinian perceptions on foreign aid

Author(s): Beáta Paragi / Language(s): English Issue: 3/2013

This paper summarizes some results of a wider research on foreign aid that was conducted in the West Bank and Gaza Strip in 2010. It seeks to describe the impressions and feelings of Palestinian aid beneficiaries as well as the roles and functions they attached to foreign aid. To capture and measure local perceptions on Western assistance a series of individual in depth interviews and few focus group interviews were conducted in the Palestinian territories. The interview transcripts were processed by content analysis. As research results show – from the perspective of aid beneficiaries – foreign aid is more related to human dignity than to any economic development. All this implies that frustration with the ongoing Israeli–Palestinian conflict inevitably embraces the donor policies and practices too.

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New methods and results in measuring the efficiency of EU funds: The Spanish case

Author(s): Carmen Ruiz / Language(s): English Issue: 2/2008

Since the reform of the Structural Funds in 1988 resulting from the Single European Act, Spain has been a net beneficiary of structural resources from the EU budget (which includes the Structural Funds and the Cohesion Fund). This situation has changed in the period 2007–2013, when significantly less EU funds will be allocated to Spain. The country will need to adapt to a changeover from being a net beneficiary of EU funds to becoming a net contributor.

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Креирање политики за подобрување на пристапот до здравствените услуги на населението: Расчекор меѓу желбите и практичната примена

Author(s): Vladimir Lazarević / Language(s): Macedonian Issue: 5/2010

The Republic of Macedonia since independence has established social health system based on the principles of mutuality, solidarity and equity. Health system is financed predominantly with social contributions from employees, while smaller percentage comes from the central budget. Primary objective of this organization of the health care system is to secure full coverage to all citizens with health insurance by spreading the burden of financing over different layers of population. Final goal is to protect the citizens from further private expenditures while utilizing the health care services.

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The state and perspectives of the pension and disability insurance system in the Republic of Serbia

Author(s): Goran Obradović / Language(s): English Issue: 11/2/2015

The paper deals with the current state of the system of pension and disability insurance in the Republic of Serbia and the possible directions of change. The author analyses the causes of an extremely poor status of the pension and disability insurance system, based on current financing and intergenerational solidarity. The disadvantages of this system, in addition to its indisputable advantages, are also pronounced in other countries that apply it. However, in countries such as Serbia, there are factors that further complicate its sustainability, such as poor demographic situation, high unemployment rate, and the like. In this context, the text provides a brief overview of the measures taken to date, with the analysis of their short-term and long-term effects. Finally, the author gives a personal view of the direction of development of the pension and disability insurance system in the Republic of Serbia.

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SEÇİMLERİN KAMU MALİYESİ ÜZERİNDEKİ ETKİLERİ VE 2018 SEÇİMLERİ

Author(s): Ahmet Sinan Balyemez / Language(s): Turkish Issue: 04/2018

In the international literature, the public financial policies during the election periods are examined within the scope of 'Public Choice Theory' and 'Political Budget Cycles’. According to this, there is a periodical change in expenditure and tax policies starting from a certain period before the elections and returning to the old level again after a certain period of time following the elections. The existence of such cyclical fluctuations has been tried to prove in a significant part of the academic literature and in the empirical studies in Turkey, as well. As distinct from the others, with this research, not only cyclical but permanent effects are emphasized by legislative acts that have come into force from the result of populist political decisions taken in the election periods and by some of the promises given to the electorates. Accordingly, it has been tried to prove statistically that elections have had a lasting impact on public expenditures as in Peacock - Wiseman Hypothesis. Similarly, due to the fact that some election promises are put into force months after the elections and some developments specific to Turkey; models that examine cyclical movements that start before the elections and end after the elections are inadequate to explain the effects of the elections on public finance. In addition, it is emphasized that within the scope of political economy theory, the relation between public finance policies and elections should not necessarily be cyclical; so, according to 'Partisan Theory', it is emphasized that the ruling parties can make populist (targeted) expenditures on voters who are close to themselves in the whole of the ruling periods. In the light of the findings of the first two parts of the research, in the last part, some evaluations are made about the 2018 Turkey elections.

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KAMU YATIRIM SEVİYESİNE ETKİ EDEN FAKTÖRLER:1975-2014 DÖNEMİ

Author(s): N. Ece Bacaksiz,Erkan Poyraz / Language(s): Turkish Issue: 3/2018

Public investments are unique development tools because of their positive externalities in different fields of the economy. The purpose of this study is to determine the factors affecting the level of public investment in Turkey for the period 1975-2014 using annual data. For this purpose, long-run relationships between public investments and national income, tax revenues, inflation rate and current account balance have been examined. Much of the work on public investments in literature is concerned with the impact of public investments on different areas. This study contributes to the local literature considering the factors affecting public investments. Consistent of the stationarity analyzes applied to the series, the ARDL Bound Test Approach was used which allows for the investigation of the cointegration relationship between the series with different degrees of stability. According to the empirical results, there is a cointegration relationship between the variables examined and the public investments. Findings

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THE IMPACT OF ASYMMETRIC FISCAL DECENTRALIZATION ON EDUCATION AND HEALTH OUTCOMES: EVIDENCE FROM PAPUA PROVINCE, INDONESIA

Author(s): Annisa Cahyaningsih,Ardyanto Fitrady / Language(s): English Issue: 2/2019

This study examines the causal effect of asymmetric fiscal decentralization on education and health outcomes in Papua Province, Indonesia, from 1994 to 2016, using the Synthetic Control Method (SCM). The counterfactual series of this study is constructed by using a synthetic control unit deriving data from 21 provinces in Indonesia. It is found that the asymmetric fiscal decentralization which started with the enactment of Law No 21 as of 2001 on Special Autonomy for the Papua Province has negative effects on education and health outcomes in Papua. It is also observed that the outcome gap between the treatment unit and the synthetic control unit also grows over time. Thus, this paper concludes that asymmetric fiscal decentralization is ineffective as evidenced by education and health outcomes in Papua. This paper makes a valuable contribution to the empirical literature on the macroeconomic effects of asymmetric fiscal decentralization. While fiscal decentralization has positive impacts on education and health outcomes in most literature, this paper shows adverse results for the case of Papua Province.

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PUBLIC DEBT AND PRIVATE CONSUMPTION IN ASIA PACIFIC COUNTRIES: IS THERE EVIDENCE FOR RICARDIAN EQUIVALENCE?

Author(s): Suhal Kusairi,Vinus Maulina,Farah Margaretha / Language(s): English Issue: 1/2019

The study analyses the effect of public debt on private consumption. It indirectly tests whether a Ricardian equivalence proposition exists in differentiated financial development for the yearly data of 18 Asia Pacific countries from 1990 to 2017 using dynamic heterogeneous panel data analysis. The results allow concluding that public debt and private consumption have a long-term co-integrated relationship, and in the general approach, Ricardian equivalence does exist in both long and short term. This implies that an increase in public debt does not increase private consumption because consumers expect governments to raise taxes to service debt such as principal and interest payments. But under the traditional approach Ricardian equivalence does not exist, thus, public debt does affect private consumption. In addition, income, capital accumulation, government expenditure, real interest rate and inflation have a positive effect on private consumption. The key implication of these results is that financial development does not provide evidence for the existence of Ricardian equivalence as it does not have a different effect for different countries.

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POLITICAL CONNECTION AND TAX AGGRESSIVENESS: A STUDY ON THE STATE-OWNED ENTERPRISES REGISTERED IN INDONESIA STOCK EXCHANGE

Author(s): Pipit Iswari,Eko Arief Sudaryono,Wahyu Widarjo / Language(s): English Issue: 1/2019

This study aims to analyze the effect of political connection in the board of directors and board of commissioners on tax aggressiveness in the State-Owned Enterprises listed in Indonesia Stock Exchange. The analysis results show that the political connection between the board of directors and the board of commissioners negatively affects tax aggressiveness. It indicates that state-owned enterprises tend to avert tax aggressiveness. The state-owned enterprises which have political connection incline toward the compliance with the prevailing taxation regulation to enhance their image as obedient taxpayers. Although there is a political connection established with the government and parliament, the board of directors and board of commissioners do not take it into their own advantages regarding taxation. That indicates how state-owned enterprises tend to uphold government’s work plan in relation with tax revenue. Furthermore, the finding of this research signals the effectiveness of monitoring by the independent commissioner in order to synchronize the interest of the board of directors and the board of commissioner in terms of taxation for the long-term objectives of the company.

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APPROACHING VALUE FOR MONEY TO ASSESS VIABILITY OF PUBLIC-PRIVATE PARTNERSHIP PROJECTS

Author(s): Dinh Thi Thuy Hang / Language(s): English Issue: 1/2019

The aim of this paper is to evaluate whether decision-making to pursue a Public-Private partnership model is feasible to finance a project. In order to clarify this issue, this paper carries out an analysis based on an objective method, which is quantitative Value for Money (VFM) assessment. A case study of Trung Luong-My Thuan project in Vietnam is employed to explore the validity of the method. The research result proves that there is 99 percent probability that PPP is an appropriated model to implement this project. Additionally, the stimulated VFM output is positively sensitive to construction cost overrun risk, while it is negatively sensitive to traffic demand inaccuracy.

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DOES EFFICIENCY OF THE NORDIC PENSION SYSTEM EVOLVE AFTER CRISIS?

Author(s): Marcin Brycz / Language(s): English Issue: 4/2018

This study examines efficiency of the pension system in the Nordic countries in comparison to other European counterparts using efficiency indicators proposed by Chybalski (2016). Principal Component Analysis (PCA) is used to check weather Nordic Countries forms a cluster – it is possible to extract Nordic Countries from European Countries by their pension system efficiency before and after 2008 crisis. PCA was applied to the year 2008 and 2013 to investigate whether 2008-financial crisis changed pension system efficiency. According to our analysis pension systems in Iceland, Norway and Sweden are very efficient in terms of labour market and forms a cluster both before and after financial crisis. Denmark and Finland don’t differ significantly from the rest of analysed European countries.

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Роль грошово-кредитної політики України у забезпеченні економічного зростання в умовах цифрових трансформацій

Author(s): Antonina Bazyliuk / Language(s): Ukrainian Issue: 1 (34)/2018

It is substantiated the need to rethinking of the monetary policy of the NBU on the basis of achieving the targets of accelerating economic growth and increasing the productivity of the economy, comprehensively attracting breakthrough digital opportunities, including in the financial sector of the economy.It has been proven that Ukraine has a range of negative trends hampering economic development, which causes the spread of such negative phenomena as: debt growth, blocking domestic investment, increasing dependence on credit resources and increasing of its price, increasing of import dependence, spreading of the social inequality and labor migration. It has been substantiated that the preservation of the existing conservative monetary policy does not meet the needs of accelerating economic growth, which in the conditions of digital transformation acquires tangible opportunities.In the process of research, the main tasks of technical and technological renewal of production and increasing in labor productivity were identified, the achievement of which should be promoted by the monetary policy of the NBU. It is revealed that for the Ukrainian central regulator there is a growing need to solve the problem of developing a cashless society and determine its own position regarding to the possibilities of using crypto currencies not nominated in national currency, which can erode the sovereignty of the NBU.The article proves that the rethinking and modernization of the NBU monetary policy should be carried out taking into account the dominant non-monetary nature of the transformation processes in the Ukrainian economy in conjunction with other economic policy measures, which will provide the prerequisites for accelerating economic growth.

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Державна фінансова підтримка розвитку інноваційної діяльності в Україні

Author(s): Nataliia Shalimova,Оlena Magopets / Language(s): Ukrainian Issue: 1 (34)/2018

The purpose of this study is to assess the state of the state financial support for the development of innovation activities in Ukraine and to identify, on this basis, the priority directions of transformation of financial instruments aimed at activating innovation activity.It is determined that the state financial support for the development of innovation activities is carried out through the use of direct financial support instruments and indirect financial support instruments. Direct financial support instruments are: budget financing, financing of state-owned scientific institutions, financing of state-owned innovative financial and credit institutions, grants, government contracts, state guarantees,preferential loans. Indirect financial support tools include: tax breaks, customs incentives, business incubators,science parks, intellectual property and copyright protection, and the development of innovative infrastructure.The study of the current state of state financial support for the development of innovation activity in Ukraine suggests the passive participation of the state in the financing of innovation activities. As sources of direct state financial support for innovation activity are the funds of state and local budgets, their deficit results in low efficiency of using direct financial support instruments. Given the limited budgetary resources available,the government's focus should be on the implementation of progressive instruments of indirect state financial support that have proven effective in leading economically developed countries. It is established that tax incentives are the most widespread instruments of indirect state financial support and stimulation of innovation activity in world practice.Granting of tax privileges should be aimed at: expansion and (or) development of innovation activity of business entities, carrying out of scientific research and scientific and technical works, use and commercialization of their results; introduction of innovations; modernization of production; encouragement of long-term capital investment in innovative projects, programs, technologies, both domestic and foreign investors,including institutions of the banking sector through the provision of preferential loans to actors of innovation.The priority directions of reforming tax legislation in Ukraine, aimed at ensuring the development and activation of innovation activities, can be: providing a tax credit for research and development; introduction of special depreciation regimes; tax holidays; establishment of a system of tax rebates.

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Проблемні аспекти розвитку системи загальнообов'язкового державного пенсійного страхування в Україні

Author(s): Тatiana Melnyk / Language(s): Ukrainian Issue: 1 (34)/2018

The purpose of the paper is to substantiate the recommendations for further reforming the solidarity system and the introduction of a cumulative system mandatory state pension insurance. The article describes the modern solidarity system mandatory state pension insurance in Ukraine. The biggest problem of the solidarity pension system of the population is connected with the demographic situation - the aging of the population, the early retirement age and numerous early retirement pensions. The main factors affecting the deficit of the Pension Fund in Ukraine are investigated: the number of working population, the number of pensioners, replacement rate, retirement age, load factor. The reasons that hinder the introduction of the accumulative system of state pension insurance are substantiated. Suggestions are provided for further reforming the existing solidarity system: it is proposed to suspend the payment of pensions from the Pension Fund a persons who is not of retirement age; to raise pensions in the solidarity system to all Ukrainian citizens according to one law and one method, without exception; reduce the gap between minimum and maximum pension; cancel the maximum amount of a single social contribution. Provided proposals for the introduction of an accumulation system mandatory state pension insurance are offered: to oblige employers to pay part of the insurance contribution to the accumulation pension system for their employees; to include non-state pension funds as subjects to the system of guaranteeing deposits of individuals. The introduction of the following recommendations in practice will provide an opportunity to provide a decent level of pensions to citizens, who during their working life paid pension contributions and did not conceal their incomes. Thus, the reform of the system of compulsory state pension insurance in Ukraine requires complex interference of the state, employers, employees, financial institutions (banks, insurers, etc.)

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Компаративна анализа кредитног рација банкарског сектора чешке и банкарског сектора Босне и Херцеговине

Author(s): Nikola Kokotović / Language(s): Serbian Issue: 1/2014

The basic rule in the social sciences is that only similar entities are to be compared. Bosnia and Herzegovina and the Czech Republic meet this requirement. Both their economies are small and open economies (small open economy). B&H has undergone a period of planned economy (until 1965), and until the 80s it operated in a regime of market-planned economy. Czech economy was tightly regulated, directional economy, part of the COMECON planning system (Council for Mutual Economic Assistance). In the early 90s both economies replaced planned allocation of funds with the market allocation of funds, chose capitalism and rejected the system of socialist socio-economic relations. The convergence of social organization should, by analogy, bring about convergence in the economic system and its subsystems.

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PERCEPCIJA KORUPCIJE U BOSNI I HERCEGOVINI SA OSVRTOM NA JAVNE NABAVKE

Author(s): Enisa Šehić / Language(s): Bosnian,Croatian,Serbian Issue: 2/2017

The phenomenon of perception of corruption in Bosnia and Herzegovina is part of a larger complex perceptions of Bosnian reality, and having considered the broader context of this reality; incomplete and incorrectly projected transition projects, poor economic situation, extremely limited social resources to meet the elementary existential needs and expectations of the majority of citizens, the democratic process has stalled, inefficient political constitution of the state, the suspension of elementary moral principles as within the ruling elite and in the wider world citizens, corruption in itself does not constitute a special message.The problem of Bosnia and Herzegovina is that previous actions against corruption suffered a complete collapse, not achieved such positive developments have been achieved in countries that were initially stood even worse than Bosnia and Herzegovina. It is known that anti-corruption strategies and programs, which were once under pressure from international institutions created and adopted by public institutions at all levels of the social structure are not rezuiltirali expected changes.When it comes to public procurement is well known to all those requiring the application of legal provisions and procedures, especially in these times of uncertainty, and the growing economic crisis, there are the needs of individuals and groups for the application of corruption. Because of the importance of public procurement, requires a comprehensive approach in the preparation and publication. According to research many agencies in Bosnia and Herzegovina lack of transparency is evident at all levels. Regardless of the change in the law in this area and continue to make significant omissions in the work, which certainly leads to an act of corruption and illicit enrichment of individuals.

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Вплив реформи місцевого оподаткування на формування доходів сільських бюджетів

Author(s): Vitaliy Pysmennyi / Language(s): Ukrainian Issue: 2 (35)/2019

The purpose of the study is to substantiate the need to introduce a subsystem of own taxation in the countryside and to characterize taxes and fees, which should become an additional source of revenue of rural budgets.The criteria that are consistent with the specifics of introducing own taxes and fees by the authorities in the countryside have been developed. In particular, they relate to a unique tax base, taxation of objects tied to a certain area, ensuring a small difference in the tax burden within different territories, avoiding high costs for tax administration. The order of calculation and the mechanism of the fee payment for collection of biological resources of a forest fund, fees for the extraction of minerals for own use, fees for occupying the territory of the settlement, fees for the use of local symbols for commercial purposes, taxes on trade outside markets, fees for the placement of external advertising, fees for the arrangement of territories have been characterized. Their role in shaping the revenue base of rural budgets has been determined, which should be related to the ability of the government authorities in the village to solve vital tasks on their own and envisages the ability to provide with the necessary revenues without the involvement of external sources. The emphasis has been made on the fact that the subsystem of own taxation should open up opportunities for combining different forms and methods of taxation depending on the principles of fiscal adequacy, economic efficiency, social justice, administrative simplicity, stability, tax flexibility and others, which are acceptable to local governments.It has been established that own taxes and fees should become an additional source of revenue of rural budgets, evolving from the system of local taxation. The peculiarity of their implementation is connected with the expansion of the right of the tax initiative, in which the authorities in the countryside will be able to independently introduce taxes and fees, to determine their elements of taxation, taking into account natural and climatic, geographical, social and demographic, economic and other factors.

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