Suchergebnisse

During the financial crisis it was observable, significant increase in budgetary expenditure in the euro area. This was associated with an increase inter alia in public investment expenditure. Fiscal authorities trying to stimulate the economy have decided to increase spending to inhibit the effects of the financial crisis such as the decline in investment, employment and overall GDP in the euro area. Also, the monetary authorities cutting interest rates to the lowest levels in history, aimed at encouraging businesses to borrow and invest. However, the financial crisis is causing too much uncertainty in the financial markets, causing aversion of entities to borrow, invest, increasing spending. Thus, the level of investment in the economy has been significantly reduced. Gross fixed capital formation of businesses fell up to about - 20% of GDP. During the financial crisis, despite a coordinated fiscal and monetary policy in the euro zone, the economic authorities did not prevent EMU, before a significant decline in investment and economic activity. However, it should be noted that without the ECB's anti-crisis measures and the fiscal authorities the recent financial crisis could even lead to the collapse of the euro zone. ; The study presents the impact of monetary-fiscal policy mix on economic growth, mainly for the investments of euro area in financial crisis. Fiscal policy and monetary policy play an important role in the economy, influencing each other and on a number of economic variables as well. In the face of the recent financial crisis, which turned into a debt crisis, fiscal and monetary authorities have been working together to revive economic activity. There was a significant economic impact on the level of government investments. The central bank kept interest rates at very low levels and used nonstandard instruments of monetary policy. Fiscal authorities have increased government spending to stimulate investment and economic recovery. The paper concludes that the management of the fiscal and monetary authorities in a crisis situation has been modified compared to the period before the crisis, when the coordination of these policies was clearly weaker. Appropriate coordination of monetary and fiscal policy has a positive impact on many economic variables. The lack of cooperation between fiscal and monetary authorities can lead to many adverse effects on the economy. Using graphic presentation method there were analysed presented economic variables, reflecting the strength at which the financial crisis has affected the economy in the euro zone. It also highlights the impact of the policy mix for investment and economic growth. Analyzing in this article the macroeconomic policy mix, there is emphasized that the ECB (European Central Bank) focuses too much on low inflation target and price stability. The object of the research is the extent of cooperation between monetary and fiscal authorities in the face of the financial crisis. The purpose of the research is to highlight the importance of cooperation between monetary and fiscal policies for the growth of investment and economic activity. Tasks of research: to analyze the impact of monetary and fiscal decisions on the level of economic growth in euro area; to point to the size of government expenditure and investment during the financial crisis, to present the factors which influence on the level of the investment in the economy of the Eurosystem in the financial crisis. Following methods were used in this research: review of scientific literature, statistic research methods, graphic presentation methods and others. ; Stebint ECB ir euro zonos fiskalinių institucijų politiką, galima daryti išvadą, kad mišrios politikos koordinavimas finansų krizės metu pasiekė aukštą lygį. Bet ar tai buvo pakankama? Ar galima būtų išvengti skolų krizės euro zonoje? ECB, Europos Komisija ir nacionalinės vyriausybės siekia skatinti investicijas ir vartojimą. ECB reikšmingai sumažino palūkanų normas ir taikė kiekybines nestandartines sušvelninimo priemones. Nepaisant to, kyla klausimas, ar rinkos likvidumo palaikymo veiksmai buvo būtini ir efektyvūs. Žinoma, pinigų politika, apimanti tik palūkanų normų kontrolę, pasirodė esanti nepakankama. Tuo tarpu mokesčių institucijos darė stimuliuojantį poveikį ekonominei veiklai euro zonoje. Vykstant globalizacijos procesui, euro zonos finansų valdymo poveikis atsispindėjo ne tik Europos Sąjungoje, bet ir visame pasaulyje.

The importance of the central bank and the government conduct- ing their policies has increased recently, with more attention being given to the effectiveness of policy mix. The non-cooperative models of the monetary and fiscal game are frequently employed to study interactions between both authorities. The models assume that the authorities take into account each other's choices when making decisions. It is also important to remember when seeking equilibrium in the non-cooperative models that in the Nash Equilibrium (which is sought in this study) the parties try to come up with the best response to the opponent's decision. The aim of the paper is to present the Nash Equilibrium in a non-cooperative game between the government and the central bank using a non-cooperative model of a fiscal-monetary game (a policy-mix MODEL). This study demonstrates that in the Nash Equilibrium in the model, the budget deficit and interest rate of an EU member state depend on the exogenous data (external to the model), such as inflation target, base inflation and the Maastricht deficit limit. This study is enhanced by an analysis of the government and central bank's sensitivity to the deep parameters of economic variables.

The aim of the article: The outbreak of the Covid-19 pandemic made it necessary to involve the state in the process of rescuing numerous business entities from bankruptcy. In the European Union, the aid measure for entrepreneurs takes a form of public aid, which, as it turns out, is the necessary and the only tool to protect SME sector enterprises against bankruptcy. Social isolation caused by the virus that spread on a large scale effectively inhibited the development of entrepreneurship, which is inherently related to the economic development of countries. The aim of the article is therefore to indicate that supporting entrepreneurs within the framework of public aid may help to reverse the unfavorable economic trends related to the disturbed development of entrepreneurship. Methodology: The article analyzes and assesses the government solutions introduced to the Polish economic reality, the purpose of which is to counteract the effects of Covid-19. The paper presents the current public aid tools available to entrepreneurs along with their financial dimension. Results of the research: State aid granted by the state to entrepreneurs during the crisis caused by Covid-19 is indispensable for their further functioning. The paper presents aid instruments related to COVID-19 that are available to entrepreneurs. The analysis shows that public aid addressed to entrepreneurs injured as a result of the lockdown comes from many sources and is almost tailored to the individual entrepreneur. The entities providing aid on the basis of state aid include: banks, local government units, executive bodies of local government units, Social Insurance Fund, State Fund for Rehabilitation of Disabled People, financial intermediaries, bodies constituting local government units, the European Investment Bank, Polish Development Fund, district and voivodeship labor offices and BGK (Bank Gospodarstwa Krajowego). Having prepared a package of systemic solutions, the government introduced them systematically, depending on the situation of individual sectors of the economy. Special solutions in the form of financial shields were addressed directly to the tourism sector (e.g. loans for tour operators) or the catering sector, which in the face of the pandemic were most exposed to a decrease in revenues. The impact of introduced solutions on the country's economy can be assessed only in the next few years, but the multitude and diversified nature of the anti-crisis solutions introduced in Poland will certainly contribute to slowing down the negative consequences of Covid-19 in the economy.

The aim of the article: The outbreak of the Covid-19 pandemic made it necessary to involve the state in the process of rescuing numerous business entities from bankruptcy. In the European Union, the aid measure for entrepreneurs takes a form of public aid, which, as it turns out, is the necessary and the only tool to protect SME sector enterprises against bankruptcy. Social isolation caused by the virus that spread on a large scale effectively inhibited the development of entrepreneurship, which is inherently related to the economic development of countries. The aim of the article is therefore to indicate that supporting entrepreneurs within the framework of public aid may help to reverse the unfavorable economic trends related to the disturbed development of entrepreneurship.Methodology: The article analyzes and assesses the government solutions introduced to the Polish economic reality, the purpose of which is to counteract the effects of Covid-19. The paper presents the current public aid tools available to entrepreneurs along with their financial dimension.Results of the research: State aid granted by the state to entrepreneurs during the crisis caused by Covid-19 is indispensable for their further functioning. The paper presents aid instruments related to COVID-19 that are available to entrepreneurs. The analysis shows that public aid addressed to entrepreneurs injured as a result of the lockdown comes from many sources and is almost tailored to the individual entrepreneur. The entities providing aid on the basis of state aid include: banks, local government units, executive bodies of local government units, Social Insurance Fund, State Fund for Rehabilitation of Disabled People, financial intermediaries, bodies constituting local government units, the European Investment Bank, Polish Development Fund, district and voivodeship labor offices and BGK (Bank Gospodarstwa Krajowego). Having prepared a package of systemic solutions, the government introduced them systematically, depending on the situation of individual sectors of the economy. Special solutions in the form of financial shields were addressed directly to the tourism sector (e.g. loans for tour operators) or the catering sector, which in the face of the pandemic were most exposed to a decrease in revenues. The impact of introduced solutions on the country's economy can be assessed only in the next few years, but the multitude and diversified nature of the anti-crisis solutions introduced in Poland will certainly contribute to slowing down the negative consequences of Covid-19 in the economy.