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CHAPTER1.PRACTICALDIMENSIONOFRESEARCHONPUBLICFINANCES
•
analysisofnationallegalactswithspecialregardtothelegislationofthecoun-
triesexaminedbythecaseanalysismethod,
•
analysisofconvergenceprogrammesandstabilityprogrammesofmember
countriesdevelopedaccordingtostandardssetbytheEuropeanUnion,
•
analysisofresearchresultscarriedoutbyvariousresearchersandresearch
centres0
Thestartingpointofthequalitativeresearchisacomparativeanalysisofthefis-
calsurveillancesystemintheEuropeanUnionwhichfunctionedbeforetheglobal
financialcrisiswiththesystemhavingbeenimplementedsince2011aspartofthe
neweconomicgovernance0Theaimofthisanalysiswillbetoidentifytheweaknesses
andstrengthsofbothsystems,whichwillbethebasisforapreliminaryassessmentof
thereformcurrentlybeingcarriedout0Aspartofthequalitativeapproach,acom-
parativeanalysiswillbemadeofconvergenceprogrammesandstabilityprogrammes
developedfirstlybythenationalfiscalauthorities,thenbyprogrammesofagreed
andapprovedbytheEuropeanUnionauthoritieswiththeimplementationofthese
programmesintheperiodunderconsideration0Thisanalysiswillallowassessing
theeffectivenessofdiscipliningpublicfinancesusingthemedium-termbudgetary
objective(MTO)0
Inthepast,discipliningpublicfinancesofthememberstatesbytheauthorities
oftheEuropeanUnion,reliedpredominantlyontheexpenditureapproach,i0e0con-
centratedonspendinganditsreduction(cuts)0Theauthorsoftheresearchfoundthis
approachinsufficient,thereforeinthiswork,thereformsinthetaxsystemand–more
broadly–inthepubliclevysystem,aswellastheirimpact(positiveornegative)on
thefiscalpositionofindividualcountrieswillbeassessed0
Inquantitativestudies,commonlyusedmethodofquantificationofcorrelation
betweentheeventswillbeappliedaswellasthemethodsforstudyingthedynamics
andchangesinthestructureoftheanalysedphenomena0
Duetothefactthatfiscalparameters(quantities)arenormallyreferredtothe
output(GDP),includingpotentialproduction,inthestudiesonfiscalconsolidation
anddiscipliningpublicfinance,thefollowingmethodswillbeusedbytheeconomic
servicesoftheEuropeanCommission:
•
Cobb–Douglassproductionfunction,
•
the4outputgap+flexibilityofthepublicfinance’method(outputgap+elas-
ticityapproach),
•
statisticalfilters:Hödrick–PrescottfilterandKalmanfilter0
Quantitativemethodswillbeusedtoassesstheeconomicconvergenceprocesses
ofEuropeancountriesoveralongertimespan(1950–2015)0Thebasicmeasureis
GDPpercapita,bothwhenitcomestoitslevel,aswellaschangestakingplace0
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