1. Fiscal multiplier and the role of income and wealth inequalityMarko Senekovič, Jani Bekő, 2025, izvirni znanstveni članek Opis: There is a lack of research concerning the influence of economic inequality on the size of fiscal multipliers. To address this, we apply a VAR methodological framework to assess the magnitude of fiscal multipliers for 47 economies, using a new quarterly dataset spanning the period from 1995 to 2021. We then gauge the impact of the battery of income and wealth inequality measures on the size of government consumption multipliers. To ensure the robustness of the results, a yearly panel data sample was also tested. The key findings of our empirical exercise can be outlined as follows. First, the estimated government consumption multipliers exhibit a generally positive trajectory throughout the forecast horizon in approximately 66% of the countries analysed, while in 19% of the sample, they remain largely negative, and in the remaining 15% of cases, they display a mixed pattern, being positive only during certain periods. Second, in 53% of the countries examined, the fiscal multiplier exceeds the threshold of one at least once during the forecast period, suggesting a greater output effect of fiscal expansion in these countries. Third, the more pronounced the income and wealth inequality in a country, the higher the value of the fiscal multiplier. This research outcome supports the proposition that higher economic inequality, especially income inequality, will generate greater government spending effects.
Ključne besede: fiscal policy, fiscal multiplier, economic inequality, panel VAR
Objavljeno v DKUM: 12.06.2025; Ogledov: 0; Prenosov: 442
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2. Economic policy and confidence of economic agents - a causal relationship?Silvo Dajčman, 2020, izvirni znanstveni članek Opis: The purpose of this paper is to study whether innovations in monetary and fiscal policy are a leading indicator of future business and consumer confidence and reverse applying the panel Granger causality analysis to two periods in the history of the euro area: before and after the start of the Great Recession. The results show that Granger causality interaction between the confidence of economic agents and the stance of monetary policy (measured by the shadow rate) is stronger than between the former and the fiscal policy instruments. The European Central Bank (ECB) shadow rate innovations Granger caused business and consumer confidence in both periods, but also indicators of confidence Granger caused the shadow rate. No such feedback could be established between two fiscal policy instruments (government expenditure and revenue growth) and the indicators of confidence. Government spending and revenues Granger caused business confidence in the first subperiod, but not in the second subperiod when the causality reversed. The government revenues Granger caused consumer confidence in the first subperiod, while government expenditures in the second subperiod. Consumer confidence Granger caused government spending in the first subperiod.
Ključne besede: fiscal policy, monetary policy, consumer confidence, business confidence, panel Granger causality
Objavljeno v DKUM: 20.01.2025; Ogledov: 0; Prenosov: 9
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3. Effects of renewal investments in immovable cultural heritage on Slovenian public finances : convergence with selected EU countriesBorut Vojinović, France Križanič, Vasja Kolšek, 2020, izvirni znanstveni članek Opis: In our paper we provide a measure of the optimal state incentive needed for the purpose of regular investment in maintaining immovable cultural heritage. Slovenia annually needs 32.7 million euros of investment for the maintenance of its immovable cultural heritage, which is feasible with 16.4 million euros of state subsidies. Comparing the mechanisms of selected EU countries, we show convergence occurrences using an indirect approach. Investments in cultural heritage represent an increase in one of the components of final
demand with a positive impact on the economy. This was assessed with Leontief's production function (effect via reproduction chain). Investments in the maintenance of immovable cultural heritage also have a positive impact on tourism revenue. According to the results of the input-output analysis, regular maintenance annually results in 60.9 million euros' value added with 22.4 million euros higher general government revenue. The net fiscal effect of incentives for these investments is positive for 36.5% of public funds spent.
Ključne besede: cultural property, cultural heritage, investments, fiscal policy, convergence (economics), European Union, EU
Objavljeno v DKUM: 06.01.2025; Ogledov: 0; Prenosov: 327
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4. What is the nature of the dynamics between government spending and aggregate output in the Nordic countries?Marko Senekovič, 2022, izvirni znanstveni članek Opis: The main aim of this paper is to examine the relationship between government
consumption and aggregate output in five Nordic countries in two different
scenarios: first, in periods when government consumption increases and,
second, in periods when government consumption decreases. Therefore, the
nonlinear ARDL model is applied to test for the presence of a short-run and
long-run asymmetry in output response to government consumption. The key
findings are as follows. First, based on the linear model, a positive connection
between government consumption and economic activity has been confirmed,
both in the short and long term, which is also in line with the predictions of
economic theory. Second, based on the nonlinear model, six out of ten shortterm coefficients are statistically significant, as are six out of ten long-term
coefficients, with statistically significant asymmetry detected in four out of
ten cases. Thus, estimated test statistics and graphical analysis suggest the
presence of a negatively inclined asymmetry in the relationship between
government consumption and the dynamic of aggregate output with stronger
output response in periods when government consumption decreases.
Ključne besede: fiscal policy, Nordic countries, nonlinear ARDL model
Objavljeno v DKUM: 19.06.2023; Ogledov: 611; Prenosov: 14
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