EconPapers    
Economics at your fingertips  
 

Similarities and Differences in European Crisis Management

Árpád Kovács () and Péter Halmosi
Additional contact information
Árpád Kovács: University of Szeged, Hungary
Péter Halmosi: University of Szeged, Hungary

Public Finance Quarterly, 2012, vol. 57, issue 1, 9-27

Abstract: The crisis of financial intermediary systems uncovered not only the consequences of the shifting of the centre of gravity of world economic development, and with it the structural problems of the European economy, but also highlighted the disequilibria of state budget management – of fiscal policy – more clearly than ever before. The problems primarily surfaced in countries where the harmony between economic performance and the financing of social services and welfare systems had been missing for some time and the consequences of the lack of performance were obscured by loans. In the resulting situation, it became clear that the fight against the financial-economic crisis would be futile without adjusting fiscal policy. The improvement of the efficiency of fiscal management is a strategic issue. Generating and maintaining the harmony between the performance of the economy and resources spent on publicly financed services is a condition of socio-economic stability. Under the circumstances of the crisis, this requires the solving of financing 'equations' that are adapted to new domestic and foreign policy qualities and social realities, the solution of which goes far beyond the world of traditional 'budgetary mathematics'. Our study will outline the common features and action patterns found within the measures of crisis management aimed at public finances. We will present the features and characteristics of the European practice of fiscal crisis management and in light of this try to position the measures of Hungarian fiscal practice.

Keywords: fiscal policy; crisis management; debt management (search for similar items in EconPapers)
JEL-codes: E62 H12 H63 (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://www.asz.hu/public-finance-quarterly-article ... ovacs-halmosiasv.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pfq:journl:v:57:y:2012:i:1:p:9-27

Access Statistics for this article

Public Finance Quarterly is currently edited by Erzsebet Nemeth

More articles in Public Finance Quarterly from State Audit Office of Hungary
Series data maintained by Pal Peter Kolozsi ().

 
Page updated 2017-09-29
Handle: RePEc:pfq:journl:v:57:y:2012:i:1:p:9-27