1. 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: 4
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2. 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: 2
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